Immobilien Anlagen AG seamlessly continued the first half years positive development in the third quarter of the 2005/06 business year. Altogether revenues more than doubled in the first nine months of the current business year. At €283.8 million, revenues were 102.7% higher than in the same period of the previous year.
The companys profits were also very encouraging, with earnings before tax (EBT) increasing 149 percent to €310.8 million and the operating profit (EBIT) gaining by 137 percent to €310.2.
Real estate assets also grew substantially. The portfolio of IMMOFINANZ now includes 1,854 properties with lettable space of 6.22 million m². The number of properties increased by 795 or 75.1 percent compared to 31.01.2005. This strong growth was due in particular to the first complete consolidation of residential property company ESG. Lettable space rose by 55.6 percent compared to the third quarter of 2004/05, totalling 6.22 million m² as of January 31, 2006. This is commensurate with the residential portfolio of a big city with approximately 270,000 inhabitants. Fair value of the real estate reached €6.5 billion.
For the overall 2005/06 business year Chairman Karl Petrikovics anticipates revenues of approx. €400 million, while real estate assets are to increase to a fair value of €6.8 billion by 30 April 2006.
Furthermore, the executive board of the company has announced a capital increase which is planned for no later than the first half year of 2006. A sizeable share of the expected proceeds from the capital increase will be dedicated to financing participation in a capital increase of the subsidiary IMMOEAST, as IMMOFINANZ wants to fully maintain its stake of 51 percent.
Source: IMMOFINANZ
