IMMOFINANZ improved its operating result further in the first quarter of the 2008/09 business year (1 May 2008 to 31 July 2008). Adjusted for special effects from the sale of real estate and real estate holdings in the first quarter of the previous year, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose year-on-year by 98.3% from EUR 50.2 million to EUR 99.6 million. The rise in cash flow was even stronger with an increase of 124.4% from EUR 43.4 million to EUR 97.4 million. Revenues grew solidly increasing 18.8% from EUR152.9 million to EUR 181.6 million.
The overall result, however, was impacted by the devaluation of the subsidiary IMMOEAST’s real estate portfolio as well as by on-balance-sheet but economically neutral currency effects, likewise at IMMOEAST. The devaluations totalled EUR 291.0 million, thus the EBIT declined from plus EUR 183 million to minus EUR 190.7, while a loss of EUR 119.4 million was posted for earnings before tax (EBT) after a profit of EUR 171.3 million the year before.
EUR 293.6 million of these devaluations was accounted for by IMMOEAST, EUR 187.7 million of it economically neutral balance-sheet effects resulting from the revaluation of Central and Eastern European currencies with respect to the euro. Devaluations totalling EUR 105.9 million occurred as a result of rising market yields in a large number of countries in which IMMOEAST invests. At IMMOAUSTRIA fair values remained unchanged, at IMMOWEST occurred a small revaluation profit of EUR 2.6 million.
The market yields used for calculating the value of the portfolio rose at IMMOEAST by 0.25 percentage points. Yields in Austria and western European markets, the areas of operation of IMMOAUSTRIA and IMMOWEST, remained widely unchanged. The devaluations at IMMOEAST resulting from the rise in yields were compensated for in part by increasing rents in important market segments. In an adjusted annual comparison (like-for-like, including only objects which generated revenues in the portfolio the same quarter the year before) the rental revenues rose 4.6%. Likewise positive was the high average occupancy rate of 93.8%
The net asset value declined 0.7% from EUR 11.30 to EUR 11.22 year-on-year. Book value, with which development projects are estimated not at market values but at incurred costs, showed an increase of 3.7% from EUR 9.11 per share to EUR 9.45. |
