Immofinanz increases net profit by roughly 62% in 2019

  • Rental income +18.1% and results of asset management +19.1%. Occupancy rate at record 96.8%.
  • Robust balance sheet: net LTV of 43.0%, liquid funds of EUR 345.1 million at year-end 2019.

Immofinanz net profit rose by 61.9% to EUR 352.1 million and goes hand in hand with a solid financial position: cash and cash equivalents total EUR 345.1 million.

In order to strengthen this very good cash position, an unsecured revolving credit facility of EUR 100 million was concluded at the end of March 2020.

The results of asset management improved by 19.1% to EUR 207.3 million (2018: EUR 174.0 million).

The results of property development totalled EUR -12.4 million (2018: EUR -4.3 million) and were influenced, among others, by higher construction costs for development projects and expenses for real estate inventories.

As a consequence, the operating profit (EBIT) more than doubled to EUR 345.6 million (2018: EUR 159.1 million).

The SIMMO investment represented the main component in 2019 (EUR 76.9 million). Financial results were again positive and amounted to EUR 4.5 million (2018: EUR 44.2 million).

Net profit rose by 61.9% to EUR 352.1 million in 2019 (2018: EUR 217.5 million). Basic earnings per share equalled EUR 3.37 (2018: EUR 1.97) and diluted earnings per share EUR 3.03 (2018: EUR 1.80).

Record occupancy level

The real estate portfolio included 213 properties with a combined carrying amount of approximately EUR 5.1 billion as of 31 December 2019. Most of these properties – 92.7% or EUR 4.7 billion – are standing investments.

Acquisitions and completions led to an increase of more than EUR 1.0 billion or 27.7% in the standing investment portfolio during the past year.

The occupancy rate reached a record level of 96.8% (31 December 2018: 95.8%). The gross return equalled 6.2% based on IFRS rental income and 6.5% based on invoiced rents.