IMMOFINANZ AG – Earnings update
Earnings update 1Q16-ended 31-July-2016: revenue slipped 3.7% YoY to EUR 103.4m, which was due to drop in rental income in its major markets like Russia, Austria and Poland. EBIT dropped 3.6% YoY to EUR 45.3m, in line with reduced revenue growth.
For 1Q16, IMMOFINANZ reported a free cash flow of EUR 34.2m as compared to a burn of EUR 52.3m, which was a result of improved OCF and a 63.9% YoY decline in capital expenditure.
As per the balance sheet on 31 July 2016, the company had EUR 562.3m debt maturing in the coming twelve months against cash of EUR 795.2m.
Recent events: 9-June-16 – Sale of approx. 18.5m BUWOG shares to SAPINDA Group for EUR 352m. Proceeds to finance the acquisition of 26% stake in CA Immobilien Anlagen AG. Post this IMMOFINANZ will hold approx. 10m shares of BUWOG, which will be used to service the convertible bonds issued by the company.
Securities:
Ticker: IIA ISIN: AT0000809058
Debt:
Convertible bond 2007–2017 – XS0332046043
Convertible bond 2011–2018 – XS0592528870
Corporate bond 2012–2017 – AT0000A0VDP8
Upcoming:
19 December 16 — 1H16 results
(Source: IMMOFINANZ AG, Rsquaredanalytics)
