Earnings Presentation Q1-3 2020
11/2020
→ Highlights
Portfolio
95.5% | MEUR 215.1 | MEUR 158.9 |
Occupancy rate | Rental income | Results of asset management |
-1.3PP | +5.7% | +3.3% |
(12/2019: 96.8%) | (Q1-3 2019: MEUR 203.4) | (Q1-3 2019: MEUR 153.8) |
MEUR 4,944.0
Portfolio value -3.5%
(12/2019: MEUR 5,122.1)
6.1%
Gross return
Based on invoiced rents
(12/2019: 6.5%)
Financials
MEUR 113.1 | MEUR 89.2 | MEUR 601.9 |
Results of operations | FFO 1 | Cash and cash equivalents |
-19.1% | -3.9% | +74.4% |
(Q1-3 2019: MEUR 139.7) | (Q1-3 2019: MEUR 92.8) | (12/2019: MEUR 345.1) |
MEUR -98.3 | 38.4 % |
Net profit | Net LTV |
(Q1-3 2019: MEUR 202.6) | (12/2019: 43.0%) |
→ Results and Financing
FFO 1 per share only slightly below previous year's level
Amounts in MEUR
Results of asset management Results of property sales
Results of property development Other operating income
Other operating expenses Results of operations Other revaluation results Operating profit (EBIT) Financial results
FFO 1 before tax
FFO 1 before tax/share in EUR
Including accrued interest bonds FFO 1 before tax (excl. S IMMO)
Accrued interest on 2023 corporate bond
FFO 1 before tax adjusted for accrued interest (excl. S IMMO)
FFO 1 per share adjusted for accrued interest (excl. S IMMO) in
Amounts in MEUR | P&L Q1-3 2020 | Adjustments | FFO Q1-3 2020 |
Results of asset management | 158.9 | 46 | 159.0 |
Results of property sales | 9.5 | -9.5 | 0.0 |
Results of property development | -21.0 | 21.0 | 0.0 |
Other operating income | 1.5 | -0.2 | 1.3 |
Other operating expenses | -35.8 | 7.4 | -28.4 |
Results of operations | 113.1 | 18.8 | 131.8 |
Other revaluation results | -144.8 | 144.8 | 0.0 |
Operating profit (EBIT) | -31.7 | 163.6 | 131.8 |
Financial results | -60.5 | 17.9 | -42.7 |
FFO 1 before tax | 89.2 | ||
FFO 1 before tax/share in EUR | 0.83 | ||
Including accrued interest bonds | |||
FFO 1 before tax (excl. S IMMO) | 89.2 | ||
Accrued interest on 2023 corporate bond | 3.3 | ||
FFO 1 before tax adjusted for accrued interest (excl. S IMMO) | 92.4 | ||
FFO 1 per share adjusted for accrued interest (excl. S IMMO) in EUR | 0.86 | ||
*FFO 1 includes the total MEUR 13.1 annual coupon payment for the 2023 corporate bond, which was made for the first time in January 2020. If the coupon payment were spread across the whole year, FFO 1 in Q1-3 2020 would amount to MEUR 92.4, which exceeds last year's level of MEUR 84.0.
¹ Number of shares for calculation: 107,667,310 (time weighted due to capital measures) as of 30 September 2020; 107,387,703 (time weighted due to share buybacks) as of 30 September 2019 Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
FFO 1 (before tax)
MEUR 89.2 -3.9%
(Q1-3 2019: MEUR 92.8)
FFO 1 (before tax)/share¹
EUR 0.83 -4.1%
(Q1-3 2019: EUR 0.86)
FFO 1 (before tax) adj.*
MEUR 92.4 +10.1%
(Q1-3 2019: MEUR 84.0)
FFO 1 (before tax)/share¹ adj.*
EUR 0.86 +10.3%
(Q1-3 2019: EUR 0.78)
P&L - rental income and results from AM and property sales increased
-30.1
Results of property development
-21.0
9.1
n/a
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
Higher rental income due to portfolio growth resulting from acquisitions and completions
Increase in receivables write-offs from AM to MEUR 19.2 mainly related to Covid-19 in Q2 2020 (Q1-3 2019: MEUR -0.8) led to rise in property expenses to MEUR 49.1 (Q1-3 2019: MEUR -38.3)
Property sales of MEUR 51.9 in Q1-3 2020 - positive impact from sale of German office building
Revaluation of development projects in the amount of MEUR -20.4 (Q1-3 2019: MEUR 15.0) reflects slight increase in market yields due to Covid-19 and cost increases
P&L - revaluation results reflect Covid-19 impact
Q1-3 2020 in MEURQ1-3 2019 in MEUR
Change absoluteChange in %
Revaluation - country split
All Amounts in MEUR AT
Carrying amount 30.09.2020
Revaluation results
Q1-3 2020
738.4 -16.8
DE PL CZ SK HU RO
522.7 -6.4
1,005.0 -39.6
536.0 -6.2
319.6 -11.3
422.5 -14.1
618.0 -42.8
Other countries Total
304.3 -7.7
4,466.5 -144.8
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
Revaluation - asset class split
Revaluation loss is equivalent to approximately 3.2% of the portfolio's carrying amount at 30 September 2020 (retail: 4.2% of carrying amount; office: 2.7% of carrying amount)
Retail Other Total
1,631.6 -68.4
7.3 -0.9
4,466.5 -144.8
P&L - consolidated earnings therefore burdened
Earnings per share (in EUR)
-0.91
1.90
-2.81
n/a
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
Adjusted for one-time effects (non-cash adjustments of effective interest method), financing costs fell by MEUR 2.0
Income from investments accounted by using the equity method amounts to MEUR 9.4 (Q1-3 2019: MEUR 47.1), thereof MEUR 6.3 from S IMMO
Robust liquidity profile and diversified debt structure
Maturity profile by year as of 30 September 2020
1200
Liquidity strongly increased to MEUR 601.9 after capital measures in July
Bank financing regular
Bank financing end of maturity
500
1000
Corporate bond 2023
Convertible bond 2024 as of 30 September 2020 not in the money
Cash and cash equivalents as of 30 September 2020
800
Undrawn revolving credit line
600
400
200
0
487
Further financial flexibility from MEUR 100.0 credit line arranged in March 2020 and MEUR 500 benchmark bond issue in October 2020 (7-year maturity, 2.5% fixed coupon)
Remaining term of financing: 4.75 years after issuance of benchmark bond in October
Financing costs (weighted average interest rate including hedging costs) at a low level of 1.88% (12/2019: 1.91%)
Unencumbered asset pool of MEUR 1,468.8 (28.7%) / MEUR 1,920.5 (34.5%) including S IMMO shares based on EPRA NAV)
Outstanding liability in TEUR as of 30 September 2020 | Weighted average interest rate incl. derivatives costs in %1 | |
Convertible bonds2 | 301,007.2 | 1.50 |
Corporate bond³ | 491,434.2 | 2.63 |
Bank liabilities4 | 1,949,929.3 | 1.76 |
IMMOFINANZ | 2,742,370.7 | 1.88 |
1 Calculation basis: remaining debt (nominal amount) excl. mandatory convertible bond ² Convertible bond 2024 (coupon reduced by 50 basis points to 1.5% after receipt of IG rating) with MEUR 295.0 as well as future coupon payments of the mandatory convertible bond 2023 ³ Only corporate bond 2023 included, as corporate bond 2027 was issued in October 2020 and therefore after balance sheet date.
4 Including IFRS 5
Hedging quota: 90.3% (12/2019: 90.7%)
9.7% | 58.6% | 31.7% |
Floating rate
Floating rate (hedged)
Fixed rate
→ Status Covid-19
Prompt and effective measures to minimize negative crisis effects (I)
Commercial agreements with all large retailers closed - contract extensions of 300,000 sqm in retail signed as compensation
Reduction of operating expenses by more than MEUR 2.0 in Q1-3 despite portfolio growth and prioritization of energy efficiency measures in our buildings
Rent collection improved: 83% of contractual rent paid for Q3, 11%rent reductions and 6% deferred or due
Write-off of receivables from asset management due to Covid-19 amount to MEUR -16.9 in Q1-3 to support our tenants in the crisisFast recovery of footfall and larger tickets per shopping tripStrong increase in number of social media interactions and followers in retail: number of users increased by 7% to 620,000 and page views by 13% to 820,000 (Q3 vs. Q2)
Efficient back-to-office concepts and roll-out of flexible myhive products
Prompt and effective measures to minimize negative crisis effects (II)
1 Excluding personnel expenses
Savings of MEUR 7.2 in expenses from investment property achieved by deferral/reduction of non time-critical maintenance, marketing
Tax deferrals and savings of MEUR 9.2 in Q1-3 2020
Additional liquidity generated and secured from property sales closed in Q1-3 (MEUR 51.9 book value) and already signed (MEUR 192.9)
Revolving credit facility of MEUR 100 arranged in March 2020
Placement of shares and issuance of mandatory convertible notes raised MEUR 356 in July 2020; and placement of a benchmark bond of MEUR 500 in October 2020
Suspension of dividend for financial year 2019
Second Covid-19 wave affects retailers to different extents
CZECH REPUBLIC
Lockdown - until 12 December
• All non-essential shops closed
• F&B only for takeaway
• Night-time curfew
AUSTRIA
Lockdown - until 6 December
• All non-essential shops closed
• F&B only for takeaway
• Curfew
SLOVAKIA
POLAND
Lockdown - until 29 November
• All non-essential shops > 2,000 sqm (zoning) closed
• F&B only for takeaway
ROMANIA
Partial "soft" lockdown
• Shops open/cinemas closed
• Retail closing on weekend (Baja Mare, Constanta)
• F&B only for takeaway in Bucarest and Cluj
CROATIA
Selective containment measures
• Shops open
• Restaurants open
HUNGARYSLOVENIA
Lockdown (until further notice)
• Shops closed, but numerous exceptions
• F&B only for takeaway
• Night-time curfew
As of 23 November 2020
35% (352,000 sqm) of retail space is temporarily closed again. Reopening expected in the next weeks.
Covid-19: overview of closed retail space as of mid-November 2020
Country | AT | CZ | HU | PL | RO | SK | RS | SI | HR | Total1 | ||||
Brand | ||||||||||||||
Leased area in sqm | 60,765 | 73,253 | 21,644 | 131,430 | 72,920 | 106,538 | 5,901 | 143,295 | 110,284 | 31,363 | 92,394 | 93,664 | 13,171 | 956,622 |
Closed | 42,560 | 60,411 | 10,389 | 5,434 | 24,422 | 81,692 | 0 | 16,935 | 3,638 | 6,050 | 0 | 70,922 | - | 322,453 |
Closed in % | 70 | 82 | 48 | 4 | 33 | 77 | 0 | 12 | 3 | 19 | 0 | 76 | - | 34 |
Duration of measures | 7.12. | 12.12. | 12.12. | 10.12. | 29.11. | 29.11. | - | 31.12. | 31.12. | 31.12. | - | 15.12. | - | |
Number of affected tenants | 96 | 111 | 16 | 135 | - | 75 | 36 | - | 101 | - |
Retail spaces in office buildings
Country | AT | CZ | DE | HU | PL | RO | SK | HR | Total |
Leased area in sqm Retail areas in office | 16,766 | 11,579 | 696 | 6,042 | 8,271 | 5,441 | 0 | 1,578 | 50,373 |
Closed | 12,863 | 10,839 | 696 | 2,307 | 1,124 | 1,680 | - | 0 | 29,509 |
Closed in % | 77 | 94 | 100 | 38 | 14 | 31 | - | 0 | 59 |
Closed retail spaces in office
buildings amount to 3% of overall
leasable office space
As of 23 November 2020 1Retail other 9,677 sqm not included
Status Covid-19
Fast recovery in summer months, new lockdowns dampen development
portfolio YTD
Number of visitors per week since January 2020
4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000
500,000
1,200,000
portfolio YTD
Number of visitors per week since January 2020
1,000,000
800,000
600,000
400,000
200,000
C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C…
C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C… C…
Visitor numbers below 2019 level but higher revenues per shopping trip (larger tickets) especially in STOP SHOPs
STOP SHOP (like for like) | Q3 20 vs. Q3 19 | Q1-3 20 vs. Q1-3 19 |
Footfall | -5.7% | -17.4% |
Sales | 5.5% | -9.4% |
Note: CW refers to calendar week
VIVO! (like for like) | Q3 20 vs. Q3 19 | Q1-3 20 vs. Q1-3 19 |
Footfall | -16.6% | -28.6% |
Sales | -11.8% | -29.1% |
C…
Office: Covid-19 slows leasing activity and acts as catalyst for existing trends
Current situation
Pandemic slows rental activity, but take-up still reached 106,500 sqm in Q1-3 2020 (~11% of standing office space)
Advanced negotiations for several larger new rentals
Office tenants are differently affected depending on industry, mainly tourism, restaurants & cafes, entertainment, fitness (Covid-19 affected sectors ~8.0% of rented space)
Rejection of opportunistic requests for rent reductions, but provision of temporary support for affected tenants
"New Normal" in the office segment Covid-19 acts as catalyst for digitalization and demand for flexibility
Home office present as topic, but demand will decline significantly as personal interaction with colleagues is crucial for innovation, productivity, training of young employees and corporate culture
myhive prime flexible offices - the perfect solution in volatile times
Full flexibility for corporates as they …
pay only for the space they really need and can adapt quickly to changing needs
are not tied to long-term contracts
can quickly move into prime office space without long planning periods
can enjoy all-inclusive services and concentrate fully on their business
• Workspace of any sizeprivate office, room or desk
• Lease-terms from one month
• Workspace on demand
• Work from any myhive
• Fully furnished and serviced
• All-inclusive monthly fee
Cash collection¹ from contractual rent as of mid-November 2020
33.4% | ||
2.8% | ||
Rent reductions acc. to | Deferred or due, | |
commercial agreements | not yet paid | |
100.0% | ||
10.7% | 6.1% | |
Contractual rent | Rent reductions acc. to | Deferred or due, |
commercial agreements | not yet paid |
Agreements with all top retailers signed for the first lockdown and reopening period
High quality and international tenant base helps to mitigate challenges
Office
Balanced international tenants base of high creditworthiness
No industry dependency due to diversified tenant structure - 12% public/state tenants
Largest ten tenants represent 23% of office space
No tenant accounts for more than 3.7% of office space
Retail
Long-term partnership with Europe's best retail brands
Balanced tenant mix to ensure optimal environment for retailers and their customers
Largest ten tenants represent 31.7% of retail space
No tenant accounts for more than 4.0% of retail space
Selected top tenants
Selected top tenants
Industry mix
Due to high quality tenant base nearly no loss of tenants due to insolvency in 2020 (≤5,000 sqm or 0.3% of total rentable space)
→ Portfolio
Overview - occupancy rate unchanged at high level
Portfolio value
MEUR 4,944.0
(12/2019: MEUR 5,122.1)
Standing investments
MEUR 4,466.5
(12/2019: MEUR 4,749.5)
Gross return
5.9% IFRS rent (12/2019: 6.2%)
6.1% on invoiced rent basis1
(12/2019: 6.5%)
Unexpired lease term
(weighted, average)
4.2 years
(12/2019: 4.3)
Portfolio segmentation
Portfolio allocation office and retail
Other 1.7%
Office 64.6%Retail 33.7%
Solid standing investments/developments ratio
Standing investments 90.3%
Development projects 6.1%
Pipeline 3.6%
Invested in Austria, Germany and CEE
CZ 10.8%
AT 17.7%DE 12.3%PL 20.3%RO 15.3%
Clear focus on three brands
HU 10.2%
SKOther countries
6.5% 6.8%
VIVO! 19.1%
Occupancy rate
Overall
95.5%
OfficeRetail
93.4%
12/2019 09/2020
97.6%
myhive offices 28.7%
STOP SHOP 26.8%Other offices (primarily single tenant buildings)
24.9%
12/2019 09/2020
¹ Information provided for better comparability in relation to peer group
Segmentation information based on portfolio value; for brands based on Q3 rental income
Successful with brands
myhive offices
Further myhive locations in Vienna, Düsseldorf and Bucharest in pipeline - more flexibility for tenants planned with myhive 2.0
STOP SHOP retail parks
Positioned as leading retail park operator in Europe - further growth from acquisitions and developments
VIVO! shopping centers
Convenient shopping with entertainment factor. Europe's best retail brands as strong anchor tenants
22 properties in six countries
90 properties in nine countries
10 properties in four countries
Rentable space | 512,044 sqm | Rentable space | 665,448 sqm | Rentable space | 314,095 sqm |
Occupancy rate | 92.5% | Occupancy rate | 98.2% | Occupancy rate | 96.4% |
Rental income Q3 20201 | MEUR 18.8 | Rental income Q3 20201 | MEUR 17.6 | Rental income Q3 20201 | MEUR 12.5 |
Carrying amount | MEUR 1,461.0 | Carrying amount | MEUR 950.6 | Carrying amount | MEUR 670.2 |
Gross return IFRS | 5.1% | Gross return IFRS | 7.4% | Gross return IFRS | 7.5% |
Return invoiced rent2 | 5.5% | Return invoiced rent2 | 7.5% | Return invoiced rent2 | 7.5% |
23 |
¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; marginal deviations to P&L are therefore possible)
² Information provided for better comparability in relation to peer group; difference to return based on IFRS rent is due to accrual of rental incentives, which are accrued on a straight line basis over the contract term under IFRS but are not included in the invoiced rent.
Developments - first flexible myhive successfully opened in Vienna in 10/2020
myhive Haller Gardens, Budapest (Opening Q3 2021)
myhive Ungargasse, Vienna
(Opened in Q4 2020)
Slight delays in construction progress due to Covid-19 but no major constraints
Development | Number of | Carrying amount | Carrying amount | Outstanding construction | Rentable space | Expected fair value after | Expected rental income at | Expected yield after |
projects | properties | in MEUR | in % | costs in MEUR | in sqm | completion in MEUR | full occupancy in MEUR | completion in %¹ |
Austria | 2 | 91.4 | 33.0 | 7.8 | 26,572 | 99.1 | 4.2 | 4.2 |
Germany | 1 | 84.6 | 30.5 | 42.1 | 21,690 | 161.0 | 5.8 | 4.6 |
Hungary | 1 | 68.0 | 24.6 | 15.0 | 34,218 | 83.0 | 6.3 | 7.5 |
Romania | 2 | 33.0 | 11.9 | 5.3 | 27,956 | 38.3 | 3.6 | 9.4 |
Active projects | 6 | 276.9 | 100.0 | 70.2 | 110,436 | 381.5 | 19.8 | 5.7 |
In pipeline | 7 | 24.9 | ||||||
IMMOFINANZ | 13 | 301.8 |
Development projects: 6.1% of portfolio value with moderate costs to completion
1 Expected rental income after completion in relation to the current carrying amount including outstanding construction costs
Property sales
Property marketing and transactions continue succesfully
Property sales with a value of MEUR 51.9 in Q1-3 2020 (asset and share deals)
Largest transactions comprised an office building in Warsaw (buyer: CPI) and land in Romania (buyer: Kaufland)
Sale of an office building in Düsseldorf at a level significantly above carrying amount - signing in August 2020, closing expected at year-end
Outlook
As of 30 September 2020, assets with a carrying amount of approximately MEUR 193.5¹ are classified as "held for sale" (IFRS 5) - mainly Polish office buildings (smaller office properties and parts of the EMPARK office location) and a German office building. Of this amount, MEUR 192.9 have already been signed
Property sales 2020
MEUR 0.6
approx. MEUR 250
Sales Q1-3 2020 (closed)
IFRS 5 per 30.09.2020 (signed)
IFRS 5 per 30.09.2020 (not signed)
¹ Investment property and property under construction
→ Outlook
Crisis-proof with strengthened equity base and liquidity
Capital measures in July 2020 - MEUR 356.0 gross proceeds
Strengthening of capital and key figures for existing IG rating
Diversification of financing structure through mandatory convertible notes issuance (first time in Austria) and broadening of shareholder base
Proceeds partially used for repayment of a retail financing (MEUR 79.0)
Reduction of net LTV and strengthening of equity ratio
Benchmark bond issuance in October 2020 - MEUR 500.0 nominal value Further optimization of capital structure and average debt maturity
Equity ratio
48.6%
31.12.2019
Share placement details
11.2 million new shares and 4.2 million treasury shares
Gross proceeds: MEUR 236.0
Placement without a discount at the closing price of EUR 15.31
Net LTV
43.0%
Cash available (MEUR)
1,202
500
30.09.2020
31.12.2019
30.09.2020
31.12.2019
30.09.2020 (including credit line and benchmark bond issued in October)
Mandatory convertible notes
Nominal: MEUR 120
Convertible into ca. 7 million shares
3 year maturity, 4% coupon
Recognized as equity (except coupon payments)
Strong capital structure to enable swift return to value-creating growth
Growing out of the crisis
Return to profitable growth trajectory through acquisitions and the company's own developments, for example in the form of efficient "densification" on existing properties in Vienna, Bratislava and Bucharest
STOP SHOP retail parks
Further growth with crisis-resistant retail parks and strengthening of leading operator position in the CEE region
Medium-term increase in rentable space to approximately 1 million sqm or around 140 locations
myhive offices
Increase in number of myhive locations in capital cities of IMMOFINANZ core markets
Country focus: CEE and selectively in SEE and Western Europe
Focus on innovative, flexible office solutions
→ Appendix
Development of EPRA NAV and book value per share
Development of EPRA NAV per share in EUR
1 Number of shares 31.12.2019 in thousand: 114,780 (diluted)
Development of book value per share in EUR
(capital increase, sale of treasury shares, mandatory CB and dilution of potential shares from the CB 2024)
² Number of shares 30.09.2020 in thousand: 123,294 (not diluted)
¹ Number of shares 31.12.2019 in thousand: 100,877
(from increased number of shares: capital increase, sale of treasury shares and mandatory CB)
² Number of shares 30.09.2020 in thousand: 123,294
EPRA NAV/share:
EUR 27.96
(-10.0%)
Book value/share:
EUR 25.61
(-12,7%)
P&L - increased rental income, negative valuation effects from Covid-19
Change | Change | |||
Amounts in MEUR | Q1-3 2020 | Q1-3 2019 | absolute | in % |
Rental income | 215.1 | 203.4 | 11.7 | 5.7 |
Operating costs charged to tenants | 63.1 | 63.3 | -0.2 | -0.3 |
Other revenues | 3.2 | 0.8 | 2.4 | ≥ 100.0 |
Revenues | 281.3 | 267.5 | 13.9 | 5.2 |
Expenses from investment property | -49.1 | -38.3 | -10.8 | -28.2 |
Operating expenses | -73.4 | -75.4 | 2.0 | 2.7 |
Results of asset management | 158.9 | 153.8 | 5.1 | 3.3 |
Results of property sales | ≥ 100.0 | |||
9.5 | 3.7 | 5.8 | ||
Results of property development | -21.0 | 9.1 | -30.1 | n/a |
Other operating income | 1.5 | 5.4 | -3.9 | -72.6 |
Other operating expenses | -35.8 | -32.2 | -3.6 | -11.1 |
Results of operations | 113.1 | 139.7 | -26.7 | -19.1 |
Revaluation result from standing investments and goodwill | -144.8 | 97.4 | -242.2 | n/a |
Operating profit (EBIT) | -31.7 | 237.1 | -268.8 | n/a |
Net financing costs | -54.0 | -50.6 | -3.5 | -6.08 |
FX differences and other financial results | -15.9 | -21.9 | 6.0 | 27.3 |
Net profit or loss from equity-accounted investments | 9.4 | 47.1 | -37.7 | -80.0 |
Financial results | -60.5 | -25.3 | -35.2 | ≤ -100.0 |
Earnings before tax (EBT) | -92.2 | 211.8 | -304.0 | n/a |
Taxes | -6.0 | -13.5 | 7.5 | 55.4 |
Net profit or loss from continuing operations | -98.3 | 198.3 | -296.6 | n/a |
Net profit or loss from discontinued operations | 0.0 | 4.3 | -4.3 | ≤ -100.0 |
Net profit or loss | -98.3 | 202.6 | -300.9 | n/a |
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
Appendix
Rental income like-for-like shows decrease of 5%
A like-for-like analysis (i.e. acquisitions, completions and sales are deducted to facilitate comparison with Q3 2019) shows a decrease of 5.1% in rental income to MEUR 57.0 million in Q3 2020.
In the retail sector, the decline is 5.8%, which is mainly due to the Covid-19 pandemic. In the office sector, the like-for-like rental income declined by 4.6%, which was mainly attributable to the move-out of a larger office tenant and to a mixed-use office property with larger retail space.
Standing investments1 | Number of | Carrying amount | Carrying amount | Change | ||
as of 30 September 2020 | properties | in MEUR | in % | in MEUR | in MEUR | in MEUR |
Austria | 23 | 689.7 | 18.0 | 8.1 | 8.7 | -0.6 |
Germany | 4 | 522.7 | 13.6 | 5.2 | 5.2 | 0.0 |
Poland | 20 | 574.8 | 15.0 | 9.5 | 10.4 | -0.9 |
Czech Republic | 17 | 453.3 | 11.8 | 5.9 | 6.4 | -0.5 |
Hungary | 22 | 422.5 | 11.0 | 6.8 | 7.2 | -0.3 |
Romania | 13 | 618.0 | 16.1 | 12.5 | 11.9 | 0.5 |
Slovakia | 20 | 319.6 | 8.3 | 5.3 | 5.4 | -0.1 |
Other countries | 21 | 228.9 | 6.0 | 3.7 | 4.9 | -1.2 |
IMMOFINANZ | 140 | 3,829.4 | 100.0 | 57.0 | 60.1 | -3.1 |
Rental income from properties sold/acquired, | ||||||
IFRS 15/16 adjustments and development | ||||||
projects | 12,6 | |||||
IMMOFINANZ | ||||||
69,6 | ||||||
Office | 47 | 2,312.5 | 60.4 | 28.8 | 30.2 | -1.4 |
Retail | 92 | 1,509.6 | 39.4 | 28.1 | 29.8 | -1.7 |
Other | 1 | 7.3 | 0.2 | 0.1 | 0.1 | 0.0 |
IMMOFINANZ | 140 | 3,829.4 | 100.0 | 57.0 | 60.1 | -3.1 |
Rental income Q3 2020 Rental income Q3 2019
1 Calculation only includes those properties which were fully owned by IMMOFINANZ in both periods, i.e. it excludes acquisitions, completions and sales. The VIVO! Bratislava (Slovakia) und VIVO! Cluj-Napoca (Romania) shopping centers are not included in the like-for-like analysis due to their extensive modernisation in the previous year.
Rounding differences may result from the use of automatic data processing equipment for the addition of rounded amounts and percentage rates.
Total property portfolio
As of | Number of | Standing investments | Development projects | Pipeline projects | Property portfolio | Property portfolio |
30 September 2020 | properties | in MEUR | in MEUR | in MEUR1 | in MEUR | in % |
Austria | 31 | 738.4 | 109.0 | 29.4 | 876.8 | 17.7 |
Germany | 7 | 522.7 | 85.4 | 0.6 | 608.6 | 12.3 |
Poland | 26 | 1,005.0 | 0.3 | 0.0 | 1,005.3 | 20.3 |
Czech Republic | 18 | 536.0 | 0.0 | 0.0 | 536.0 | 10.8 |
Hungary | 26 | 422.5 | 70.4 | 10.6 | 503.5 | 10.2 |
Romania | 43 | 618.0 | 33.0 | 106.4 | 757.3 | 15.3 |
Slovakia | 21 | 319.6 | 0.0 | 1.2 | 320.8 | 6.5 |
Other countries2 | 36 | 304.3 | 3.7 | 27.6 | 335.6 | 6.8 |
IMMOFINANZ | 208 | 4,466.5 | 301.8 | 175.7 | 4,944.0 | 100.0 |
90.3% | 6.1% | 3.6% | ||||
90.3% | ||||||
Standing investments |
6.1%
Development projects
3.6%
Pipeline projects
¹ Including real estate inventories (Cologne and Adama) totalling MEUR 0.9
² In declining order based on the carrying amount: Slovenia, Serbia, Croatia, Turkey and Bulgaria
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts and percentages
100.0%
50.4%
Developed markets (AT, DE, PL) according to FTSE/NAREIT classification
49.6%
Other CEE markets
Office standing portfolio
GERMANY
Number of properties Carrying amount in MEUR Rentable space in sqm Occupancy rate in %
Rental income Q3 2020 in MEUR1 Gross return in %
AUSTRIA
Number of properties Carrying amount in MEUR Rentable space in sqm Occupancy rate in %
Rental income Q3 2020 in MEUR1 Gross return in %
SLOVAKIA
Number of properties Carrying amount in MEUR Rentable space in sqm Occupancy rate in %
Rental income Q3 2020 in MEUR1 Gross return in %
21.5%
18.2%
175,640 Rentable space in sqm 122,509
35,592 Rentable space in sqm
94,059 Rentable space in sqm 232,718
2.1%
11 605.7
515.4 Carrying amount in MEUR
89.1 Occupancy rate in % 93.9
59.6 Carrying amount in MEUR
90.5 Occupancy rate in %
99.0 Occupancy rate in % 96.0
6.2 Rental income Q3 2020 in MEUR1 4.2
4.1 Gross return in % 4.2
0.6 Rental income Q3 2020 in MEUR1
4.0 Gross return in %
3.9 Gross return in % 5.5
POLAND
3
Number of properties
5.1 Rental income Q3 2020 in MEUR1 9.9
CZECH REPUBLIC
Number of properties Carrying amount in MEUR
HUNGARY
2 Number of properties
181,988 Rentable space in sqm 15,995
89.7 Occupancy rate in % 99.0
5.3 Rental income Q3 2020 in MEUR1 0.4
7.4 Gross return in % 6.3
Data as of 30 September 2020 ¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; deviations to P&L are therefore possible) ² Croatia
IMMOFINANZ
Number of properties Carrying amount in MEUR
100.0%
50 2,827.6
Rentable space in sqm 973,397
Occupancy rate in % 93.4
Rental income Q3 2020 in MEUR1 35.1
Gross return in % 5.0
Carrying amount in MEUR 26.8
AUSTRIA
Retail standing portfolio
CZECH REPUBLIC
Number of properties Carrying amount in MEUR Rentable space in sqm Occupancy rate in %
Rental income Q3 2020 in MEUR1 Gross return in %
Number of properties Carrying amount in MEUR Rentable space in sqm Occupancy rate in %
Rental income Q3 2020 in MEUR1 Gross return in %
HUNGARY
Number of properties Carrying amount in MEUR Rentable space in sqm Occupancy rate in %
Rental income Q3 2020 in MEUR1 Gross return in %
12.5%
67,076 Rentable space in sqm 152,474
96,195 Rentable space in sqm 185,575
8.6%POLAND
11 Number of properties 141.0 Carrying amount in MEUR
98.7 Occupancy rate in % 96.7
2.6 Rental income Q3 2020 in MEUR1 5.8
7.4 Gross return in % 8.0
8.1%SLOVAKIA
14 Number of properties 132.7 Carrying amount in MEUR
99.3 Occupancy rate in % 95.4
2.3 Rental income Q3 2020 in MEUR1 4.7
7.0 Gross return in % 7.2
ROMANIA
14 203.2
Number of properties Carrying amount in MEUR
135,335 Rentable space in sqm
97.1 Occupancy rate in %
3.5 Rental income Q3 2020 in MEUR1
6.8 Gross return in %
151,906 Rentable space in sqm 201,265
98.2 Occupancy rate in % 99.0
7.1 Rental income Q3 2020 in MEUR1 4.3
8.7 Gross return in % 6.2
Data as of 30 September 2020 ¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; deviations to P&L are therefore possible) ² Slovenia, Serbia and Croatia
Key figures
Asset data 30 September 2020
Balance sheet total
in MEUR in %
6,450.3
Equity as % of balance sheet total Net financial liabilities
48.6
in MEUR 2,140.5
Cash and cash equivalents Loan to value ratio (net) Gearing
in MEUR 601.9
in % 38.4
in % 70.8
Total average interest rate including costs for derivatives
in % 1.9
Average term of financial liabilities
in years 3.5
Stock exchange data 30 September 2020
Book value per share
in EUR 25.61
Share price at end of period
in EUR 13.51
Discount of share price to NAV per share
in % 51.7
Total number of shares 123,293,795
thereof number of treasury shares 6,998,228
Market capitalisation at end of period
in MEUR 1,760.2
Q1-3 2020
Earnings per share (undiluted)
in EUR -0.91
EPRA indicators 30 September 2020
EPRA net asset value
in MEUR in EUR
3,447.3
EPRA net asset value per share EPRA triple net asset value
27.96
in MEUR 3,403.4
EPRA triple net asset value per share EPRA vacancy rate
in EUR 27.60
in % 4.4
Q1-3 2020
EPRA earnings
in MEUR 40.8
EPRA earnings per share
in EUR 0.38
EPRA earnings after company-specific adjustments EPRA earnings per share after company-specific adjustments
in MEUR 46.4
in EUR 0.43
EPRA net initial yield
in % 5.9
Earnings data Q1-3 2020
Rental income
in MEUR 215.1
Results of asset management Results of property sales
in MEUR 158.9
in MEUR 9.5
Results of property development Results of operations Revaluations
in MEUR -21.0
in MEUR 113.1
in MEUR -153.7
EBIT
in MEUR -31.7
Financial results EBT
in MEUR -60.5
in MEUR -92.2
Net profit for the period FFO 1 before tax
in MEUR -98.3
in MEUR 89.2
FFO 1 before tax per share
in EUR 0.83
Contact
Contact and financial calendar
Investor Relations
Bettina Schragl
Tel: +43 1 88 090 2290
E-mail:investor@immofinanz.com
Simone Korbelius
Tel: +43 1 88 090 2291
E-mail:investor@immofinanz.com
Financial calendar
Publication of annual results 2020
21.04.2021
Annual report 2020
22.04.2021
Q1 results 2021
31.05.20211
Q1 report 2021 28th annual general meeting
01.06.2021
18.06.2021
Q1-2 results 2021
30.08.20211
Q1-2 report 2021
31.08.2021
Q1-3 results 2021
29.11.20211
Q1-3 report 2021
30.11.2021
1 Publication after close of trading on the Vienna Stock Exchange
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Immofinanz AG published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 13:38:06 UTC