IMMOFINANZ 2Q 20 - Valuations, receivables write-offs drive net loss, no dividend
Results of IMMOFINANZ (IIA) were significantly impacted by the pandemic mainly driven by (1) receivables write-offs (EUR 15.8 mn) which resulted in higher property expenses and (2) negative property valuations amounting to EUR -114 mn (standing assets and developments), driving the net loss of EUR 82.7 mn for the quarter. While gross rental income still increased by 7% yoy to EUR 71.5 mn the receivables impairment resulted in a net rental income of EUR 43.3 mn (vs. 2Q 19: EUR 50.6 mn, RCBe EUR 51.4 mn). Results were further impacted by a EUR -16 mn negative result on property development (mostly development valuation effects) resulting in EBITDA of EUR 16.3 mn (vs. EUR 62 mn in 2Q 19, RCBe EUR 41 mn). Standing property asset valuations were lowered by EUR -98 mn (EUR 143 mn in 1H, 3.1% of portfolio value) resulting in a negative EBIT of EUR -82.1. FFO I (adj. for accrued interest) amounted to EUR 21 mn in 2Q (vs. RCBe EUR 25 mn, 2Q 19: EUR 30.8 mn excl. S IMMO dividend). EPRA NAV (based on post capital increase number of shares) declined by ca. EUR 0.7 per share to EUR 27.8.Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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