IMMOFINANZ 3Q 20 - Recovery in FFO I driven by cost reductions
IMMOFINANZ´s earnings, which in 2Q were significantly impacted by Covid-19 effects (EUR 24 mn) have recovered in the most recent quarter to a level of EUR 35.9 mn (+6.3% yoy). The recovery is mostly driven by lower operating cost (3Q 19: EUR 41 mn, 3Q 20: EUR 36 mn, RCBe EUR 40 mn), partially due to more efficient operations and also deferrals and reductions of maintenance and marketing expenses, while gross rental income decreased by ca. 3% yoy to EUR 69.5 mn (3Q 19: 71.5 mn, RCBe 70.5 mn). This resulted in a net rental income of EUR 56 mn (3Q 19: 53 mn, RCBe 53 mn). Earnings were also supported by a positive result on property sales amounting to EUR 10 mn, as a result of the sale of the Panta Rhei office building in Düsseldorf. The company only recorded a minor, EUR 1.4 mn, negative valuation result in the period. EPRA NAV decreased to EUR 28.0 per share in the quarter as a result of the capital increase at the beginning of July.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.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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