about us | newsletter | contact | archive | members area
Tal Roma, AFI Europe Romania
In 2017, the companies were facing a more competitive labour market»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

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.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  7028 Views
Daily Info
Believe in people's potential

"The greatest danger for most of us is not that our aim is too high, and we miss it, but that it is too low, and we reach it." (Michelangelo Buonarroti) This is my motto that ...

Veeam estimates record growth, one billion USD turnover in 2018

Veeam Software posts another quarterly growth, 21 per cent higher than last year. Overall, the financial performance for 2017 was remarkable, with revenues of 827 million USD....

TransferGo attracts 8.6 million Euro financing for international expansion

TransferGo, the international fast online transfer company, has attracted a round of investment of 8.6 million Euro, which is the biggest amount received in a single financing...

Bucharest Henri Coanda Airport could get a new terminal

A new passenger terminal could be added to Bucharest's Henri Coanda International Airport (Otopeni), as part of an ample development project estimated at over one billion Euro...

New Kopel Car to import BYD electric vehicles in Romania

New Kopel Car Import, a SIXT Group Romania company, announced that it became the importer of BYD Electric busses and vehicles in Romania.

 
 
   
advertising

advertising

advertising

advertising

advertising

More on News
ING Bank Romania to accelerate business development through digitization

Customers are increasingly interacting with the bank through its digital platforms and are making more card payments, according to a report issued by ING Bank Romania.

4 Comments

TransferGo: We will come to a point where money transfers will be dominated by app usage

Cash will become obsolete and this will be the result of digital finance advancement, Marius Nedelcu, Country Manager at TransferGo told The Diplomat-Bucharest.

1 Comment

Globalworth: The number of green accredited buildings continues to grow every year

Romania today is one of the few economies in Europe that had a consistent expansion over the past six years, outpacing EU average growth, Dimitris Raptis, deputy CEO and Ch...

3 Comments

UniCredit announces updates in the Mobile Banking application

UniCredit Bank launches new facilities in the up-to-date version of its Mobile Banking application to provide customers with a simpler and faster user experience.

3 Comments

ESOP: We expect that the green building trend further grows

The Romanian market is one of the most dynamic in the region due to the accelerated development in IT&C, BPO, shared services industries, and to the expansion of research &...

Immofinanz: Constant, visible shift towards energy efficiency on the local office sector

Romania's strong economic growth in 2017 placed the country in a leading position in the CEE region and the trend is expected be sustainable over the next years, Christian ...

2 Comments

Crosspoint: Currently, there is a relatively small number of green office buildings throughout Romania

2017 has been a good year for the office market all throughout the CEE region: low vacancy rates (Bucharest - nine per cent, Warsaw - 14 per cent, Budapest - 9.2 per cent, ...