In 2012/13 IMMOFINANZ Group confirmed the positive operating trend from the past year despite weaker growth in the core markets. Results of operations for the 2012/13 financial year totaled €542.1 million, which represents an increase of 15.3% or €71.9 million.
Rental income rose substantially year-on-year by €70.2 million or 12.0%. Revenues rose by 11.2% to €869.2 million in 2012/13. Results of asset management were 15.1% higher at €513.0 million. Results of property sales rose by an impressive 108.3% year-on-year to €110.8 million. Results of property development amounted to €-18.4 million (2011/12: €30.1 million), above all due to delays in the GOODZONE project in Russia.
“The 2012/13 financial year was characterized by a concentration on the operating business – and we generated more than solid growth rates. Gross cash flow rose by 8.0% to €408.5 million, and sustainable cash flow (FFO) increased by 27.1% to €341.0 million or from €0.27 to €0.33 per share“, commented Eduard Zehetner, CEO of IMMOFINANZ Group. “The decline of €160.4 million in net profit resulted primarily from lower positive effects from property valuation which, after an adjustment for foreign exchange effects, fell by €170.7 million to €37.9 million", added Zehetner.
“Our real estate machine gained significant speed during the past year. This is true, above all, for our sales activities, where we set a new record since the beginning of our sales program with a volume of approx. €661.3 million. With these results, we exceeded our target of €1.5 billion by €153.2 million or 10.2% after three years. This figure does not include properties with a carrying value of €583.4 million that were classified as held for sale on the balance sheet as of April 30, 2013. Many of these transactions have closed or the contract has already been signed.”
Source: Immofinanz Group
