IMMOFINANZ 1Q 20 - Net loss mostly driven by revaluation, strong FFO I

IMMOFINANZ reported 1Q 20 results which were, as previously communicated, significantly affected by negative revaluation effects of EUR 45 mn. The company recorded strong top-line growth of more than 13% yoy, this was however mostly driven by GLA additions over the period and thus does not come as a surprise. Net rental income grew by 18.1% as a result of a smaller increase in investment property and operating expenses. Lfl rents increased by 1.8% yoy. Those effects were also the driver behind the significant yoy growth in EBITDA of 18% to EUR 43 mn, despite the ca. EUR 3 mn (or 29%) yoy higher other operating expenses which included costs related to the resignation of Mr. Schumy as member of the management board. EBIT was impacted by the above mentioned revaluation effects and thus came in at EUR -1.5 mn, while a EUR 12 mn lower financial result yoy (EUR 5 mn higher interest due to a higher debt level and negative contribution from S IMMO of EUR -5.5 mn) resulted in a PBT loss of EUR 30 mn and net profit of EUR -32 mn.