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Maturity Profile

Term structure of the major financial liabilities

The weighted average remaining term of the financial liabilities, excluding Russia, equals three years. The following graph shows the term structure by years as of 30 September 2017. The liabilities scheduled to mature during the 2017 financial year amounted to EUR 676.9 million as of 31 December 2016, whereby EUR 266.2 million had been refinanced by the end of the third quarter of 2017 through planned repayments or extensions. A further EUR 343.2 million are covered by contractual commitments or sale proceeds. The weighted average remaining term of the property financing equals 3.25 years.

IMMOFINANZ refinanced borrowings of EUR 210.0 million which were scheduled to mature in 2018 prior to the end of the term and increased the volume to EUR 250.0 million during the second quarter of 2017. This financing was arranged for the acquisition of roughly 26% of the shares in CA Immo for a total price of approximately EUR 604 million. The refinancing sustainably improved the term structure of the Group’s financial liabilities and led to a significant reduction in interest costs compared with the financing it replaced.
Cash and cash equivalents totalled EUR 242.8 million (incl. IFRS 5), respectively EUR 245.6 million including the cash and cash equivalents in discontinued operations and disposal groups, as of 30 September 2017. The convertible bond 2018 was “in the money” as of 30 September 2017 due to the sound development of the share Price.

Discontinued operation Russia

The Russian financial liabilities totalled EUR 630.1 million at the end of September 2017. An agreement for the full suspension of scheduled repayments was concluded with SBERBANK, which covers the period up to and including the first quarter of 2018. A waiver agreement was also concluded which suspends the calculation of financial covenants up to and including the first quarter of 2018. The purchase contract concluded on 13 November 2017 will transfer all assets held for sale and all liabilities held for sale which are attributable to the retail portfolio Moscow to the FORT Group as the acquirer. The transaction is expected to close by the end of December 2017.
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