3Q16 – does the weak end to the year mark an inflection point?
The last two months of 2016 brought (predictably) weak results for Immofinanz (IIA). The FFO, depressed by elevated expenses related to the ongoing refurbishment of properties, amounted to -EURÂ 9.9m for the two months (when not including the large positive current income taxes in the calculation). Also, the company booked yet another write-off of its Russian assets, whose value now stands just a touch above EURÂ 1.0bn. That said, the figures have come in broadly in line with our expectations, barring the higher (than we expected) property expenses: these, however, are essentially one-off in nature and should be compensated by the improved occupancy in the coming months. As we have not seen any consensus figures, we are not sure how the market will react; however, we would not be surprised if the shares came under pressure.Immofinanz is a real estate company, based in Austria, that invests in private and commercial properties. Co.'s main activities are the rental and management of its portfolio as well as development projects and portfolio optimized sale. Co.'s activities are concentrated on prime properties in four core segments: retail, office, logistics and residential. The diversification of risk is supported by Co.'s portfolio in eight core countries: projects in Austria and Germany form the basis for investments in Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. Co.'s properties include apartments, hotels, offices, retail outlets and garages.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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