IMMOFINANZ 4Q 19 - EPRA NAV ahead of RCBe, Covid-19 crisis update
Cash earnings of EUR 24.3 mn (after tax, adj. for accrued interest in 2023 corporate bond) were in line with our forecast (EUR 24.6 mn) and were above the pre-tax FY 19 FFO I guidance of EUR 115 mn (pre-tax EUR 123.8, excl. EUR 13.65 mn S IMMO dividend). Rental income was ahead of RCBe (EUR 76.5 mn vs. EUR 72.2 mn) while EBITDA was below RCBe due to a negative result on property development. EBIT and net profit were driven by a property revaluation result of EUR 98 mn in 4Q (mostly in Germany and Austria), which was to be expected given the strong revaluation gains previously reported by other real estate firms. On the negative side the NRI-margin continued its decline and slipped from 76.6% in 1H 2019 to 73.9% in 3Q and 70% in 4Q. The vacancy rate stood at a strong 3.2% at year end. Undiluted NAV/share and EPRA NAV/share increased by more than EUR 1.5 since 3Q 19 and stood at EUR 29.3 and EUR 32.5 per share respectively.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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