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Financing

IMMOFINANZ’s financing strategy is designed to ensure sufficient liquidity at all times, to achieve and maintain a balanced composition and maturity profile for the capital structure and to optimise financing costs. The best possible structuring of debt financing is an important priority and, in addition to successful property management, is a decisive factor for the results generated by IMMOFINANZ’s business activities.

EXCLUDING SUBSCRIPTION RIGHTS FOR THE ISSUE OF CONVERTIBLE BONDS

Report of the Management Board of IMMOFINANZ AG on excluding subscription rights for the issue of convertible bonds, as authorised by the resolution adopted at the 22nd Annual General Meeting of IMMOFINANZ AG of 1 December 2015. Please find the details in the PDFs below:

Download: Report on excluding subscription rights for the issue of convertible bonds, 23 December 2016 (476,43 kB, PDF)
Download: Report on excluding subscription rights for the issue of convertible bonds, 20 April 2016 (136,45 kB, PDF)

1st quarter 2018

Financial liabilities totalled EUR 2.6 billion as of 31 March 2018 (31 December 2017: EUR 2.6 billion). Cash and cash equivalents rose to EUR 509.4 million (31 December 2017: EUR 477.9 million). Net debt, i.e. debt after the deduction of cash and cash equivalents held by the Group, equalled EUR 2.1 billion (31 December 2017: EUR 2.1 billion).

Robust balance sheet structure

IMMOFINANZ has a robust balance sheet structure with an equity ratio of 46,5% (31 December 2017: 46.3%) and achieved a further reduction in the net loan-to-value ratio (net LTV) during the reporting period to 40.6% (31 December 2017: 40.8%).

The net LTV shows the carrying amount of financing less cash and cash equivalents in relation to the total carrying amount of the properties and the EPRA net asset value (EPRA NAV) of the investment in CA Immobilien Anlagen AG (CA Immo).

Further reduction in financing costs

Financing costs declined to EUR 16.4 million during the first quarter of 2018 (Q1 2017: EUR 26.7 million). The average financing costs for IMMOFINANZ equalled 2.27% per year as of 31 March 2018 including the derivatives used for interest rate hedging (31 December 2017: 2.31% per year) and 1.93% per year excluding the derivatives used for interest rate hedging (31 December 2017: 1.97% per year).

The average financing costs for the standing investments amount to 2.47% per year including derivatives and 2.00% per year excluding derivatives.

Unencumbered properties

In addition to properties which carry external financing and are encumbered through standard market collateral (e.g. mortgages, pledge of company shares), EUR 769.8 million, or 17.4%, of the total property carrying amount was not externally financed and therefore unencumbered as of 31 March 2018 (31 December 2017: EUR 846.1 million or 19.0%). The unencumbered standing investments have a combined carrying amount of EUR 479.3 million or 13.8%
(31 December 2017: EUR 566.7 million or 16.1%).

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