Immofinanz recorded a loss of 182 million Euro for 2016 financial year
Immofinanz group posted a loss of 182 million Euro for abbreviated 2016 financial year, the result negatively influenced by Russia and valuation effects, a press release shows. Net profit (including the results of discontinued operations) amounted to -182.0 million Euro, compared to -150.5 million Euro in 2015. 2017-04-07 14:40:19
"Our efforts during the abbreviated 2016 financial year were concentrated on working through negative issues from the past and increasing the occupancy rate in our portfolio to roughly 90 per cent," said Oliver Schumy, CEO of Immofinanz. "Other previously implemented optimisation measures are related to our cost structures and include a substantial reduction in personnel expenses. In the financing area, we reduced the outstanding volume of bonds with interest rates that reflect previously high levels and secured long-term financing at attractive conditions through the issue of a new convertible bond shortly after the end of the reporting period."
The occupancy rate across the entire portfolios (excluding Russia) rose to 89.6 per cent as of 31 December 2016. In the office sector, the occupancy rate increased from 81.7 per cent to 87.3 per cent during the abbreviated 2016 financial year.
The Immofinanz properties in Romania represent 21.1 per cent of the company's total portfolio (excluding Russia), including 73 properties (17 standing investments, three developments, nine real estate inventories [apartments that are intended for sale after completion] and 44 pipeline projects) with a carrying amount of 843.2 million Euro. The expected fair value after completion of the current Group's development projects in Romania amounts to 71.2 million Euro. During the 2016A financial year the occupancy rate of the Romanian portfolio increased to 95.8 per cent (30 April 2016: 90.4%).
At the end of the 2016A financial year, rental income in Romania totals 31.4 million Euro, which accounts for 20.1 per cent of the Group's total rental income.
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