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DECIDE FOR YOURSELF.

FACTS, FIGURES AND THE LATEST NEWS FOR PRIVATE INVESTORS D EC EMBER 2011


Dear Shareholders, After a profitable financial year 2010/11 IMMOFINANZ Group is now concentrating on the further develop­ ment of the company and on future opportunities for growth. During the strategic optimization the Execu­ tive Board was strengthened, the positions of the Chief Executive Officer and Chief Financial Officer were separated and the areas of responsibility of the individual members of the Executive Board have been newly defined. Per 01/10/2011, the Supervisory Board of IMMOFINANZ Group appointed Birgit Noggler as the new Chief Financial Officer. Noggler, a graduate in business administration and licensed tax consultant has managed the financial area of IMMOFINANZ Group since November 2008. At the same time, the Super­ visory Board extended the term of service of Manfred Wiltschnigg by one year.

ASSET CLASS OFFICE: Largest acquisition since 2008 In September, IMMOFINANZ Group took over the fully let top office property Park Postepu in Warsaw. The newly acquired top property fits extremely well into our International High-Class Office-Portfolio, the purchase price equalled approximately EUR 102 million. This is the largest office property acquisition for IMMOFINANZ Group since 2008. In addition, despite partially difficult framework conditions we successfully increased the occupancy rates of our office properties continuously. For example: 83.7% of our office space in Romania was leased at the end of July and 86.3% at the end of October; after 31/10/2011 this figure rose to over 90%. In total, the occupancy rate of our existing office properties increased slightly to 81.7% in the current financial year. Following the strategy to either sell projects with non-controlling interests or to con­ vert them into controlling interests, IMMOFINANZ Group sold its participation in the development project Andreasquartier in Düsseldorf with a profit. Generated funds out of this transaction will be invested in our eastern European core countries where we can expect the highest mid-term and long-term returns in the future.

LOGISTICS ASSET CLASS: Deutsche Lagerhaus stays on the road of success Deutsche Lagerhaus, a wholly owned subsidiary of I­MMOFINANZ Group and our competence center for the logistics segment, recorded the best rental results in its history during the finan­ cial year 2010/11 with the closing of contracts for 196,000 sqm. In the first 6 months of the financial year 2011/12 approximately 140,000 sqm were already leased. This is an increase of 65% compared to the same period of the previous year. RESIDENTIAL ASSET CLASS: Strong transaction results BUWOG, a fully owned subsidiary of IMMOFINANZ Group and our competence center in the residen­ tial segment has sold 188 individual residences with profit in the reporting period. Daniel Riedl,


Spokesman of the Board of BUWOG, will retire from his functions at the end of 2011 and focus on his responsibilities as a Board Member of IMMOFINANZ Group in the future. As of 09/11/2011 IMMOFINANZ Group completed the 100% takeover of the leading Rumanian residential developer Adama. Adama Group consists of 68 companies and covers a property development portfolio of roughly 1.4 million sqm. The ­know­how and the strong regional networks of Adama are important advantages for IMMOFINANZ Group in the planned expansion of residential construction activities in southeast Europe.

SUCCESSFUL DEVELOPMENT ACTIVITIES Through the expansion of development activities IMMOFINANZ Group profited strongly from the results of this pillar of income. In the reporting period IMMOFINANZ Group finished several projects and placed them in operation. Silesia City Center was expanded by 20,000 sqm and is with now 86,000 sqm selling space and 310 shops ranked in the top 5 shopping centers in Poland. The new selling spaces were already completely let at the opening on 12/10/2011. On 27/10/2011 IMMOFINANZ Group opened the doors of the development Maritimo Shopping Center. The mall in the city of Constanta in Southern Romania is home to more than 130 stores in a rental area of 50,000 sqm and was leased at 99% as of the opening. In Septem­ ber BUWOG completed 239 apartments in Heller Park. 73% of the condominium apartments are already sold; 97% of the rental apartments are leased. 11 office lofts and the geriatric center, which is rented to the Krankenanstaltenverbund (KAV) with 217 apartments, will be opened in April 2012. Earnings indicators confirm the sound development of our operating business in the previous months. Sales income increased during the first half of the year by 2.9% to EUR 374.7 million. Results of operations also significantly rose from EUR 176.3 million to EUR 270.3 million compared to the previous quarter due to con­ tinuous improvements of all operative indicators. Operating profit (EBIT) was more than doubled (+131.4%) – also due to positive valuation results – and is currently at EUR 619.3 million (previous year: EUR 267.7 million). Under financial results, non-cash, accountingrelated foreign exchange effects and negative other financial results lead to a significant negative result of EUR -315.7 million. A strong development of the operative indicators results in earnings before taxes (EBT) of EUR 303.6 million (EUR 118.4 in the previous year). Diluted net asset value (NAV) per share rose compared to 30/04/2011 from EUR 5.36 to EUR 5.47 despite a dividend distribution of EUR 0.10 per share in October 2011.

For the team of the new IMMOFINANZ Group,

Eduard Zehetner Chief Executive Officer


HIGHLIGHTS. 1ST HALF-YEAR 2011/2012

MAY IMMOFINANZ Group takes over 100% of Zagreb’s top office property Grand Centar 5 May 2011

IMMOFINANZ sells 30% stake to “MyPlace-SelfStorage“ 18 May 2011

JUNE

IMMOFINANZ takes over 100% of the GoodZone shopping centre in Moscow 11 May 2011

IMMOFINANZ Group sells fund investments for over EUR 137 million 8 June 2011

IMMOFINANZ Group sells office and retail property in Simmering (Vienna) 30 May 2011

IMMOFINANZ Group acquires 100% of top office property Equator in Warsaw 10 June 2011

AUGUST Sale of Office Campus Gasometer Phase Two in Vienna completed 1 August 2011

IMMOFINANZ Group optimises office and retail portfolio in Austria 5 September 2011 IMMOFINANZ Group secures prime office property Park Postepu in Warsaw 22 September 2011

JULY

IMMOFINANZ Group acquires 1A shopping centre development site in the Polish city of Lublin 2 August 2011

SEPTEMBER

IMMOFINANZ Group acquires 100% of leading residential property developer Adama 16 June 2011

Successful refinancing of the Russian logistics facility Shushary generates new funds for IMMOFINANZ Group 21 July 2011

OCTOBER IMMOFINANZ Group boosts Silesia City Center’s market position with the opening of a new and fully let extension 12 October 2011 Cornerstone ceremony for the Gerling Quartier in Cologne – Germany’s third largest inner city quarter development project 18 October 2011

IMMOFINANZ Group opens Maritimo Shopping Center in Romania 27 October 2011


A profitable, stable and risk-optimised real estate company.

80%

WHAT WE DO We generate sustainable income for our shareholders with first-class prop­ erties. Our activities are concentrated on prime properties in four core segments – retail, office, logistics and residential. The diversification of risk is supported by our portfolio in eight core countries: projects in Austria and Germany form the basis for investments in Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. WHERE WE GENERATE OUR EARNINGS Our core business involves 1 the acquisition and management of standing investments, 2 the realisation of development projects and 3 the sale of properties. Roughly 80% of our earnings come from the rental of prime properties in top locations. The other 20% come from the pur­ chase and sale of properties as well as the development of our own real estate projects. Together these three sources of earnings form the basis for the profitable, stable and risk-optimised business of IMMOFINANZ Group. OUR FOCAL POINTS FOR THE CURRENT FINANCIAL YEAR Following the successful restructuring of the company, we are working hard to generate increasing profits for our shareholders with each and every one of our projects. The sale of selected properties outside our four core segments and the reinvestment of these funds in high-quality properties will support the continuous strengthening of our portfolio. We are reactivating development projects that were suspended during the crisis and also starting new assignments. In the operating area, our focus is placed on the active management of the standing investments. Our goals are to increase occupancy levels and rents in our properties and further optimise the cost structure.

INCOME SOURCES

SEGMENTS OFFICE 

30.9%

RETAIL27.0%

10%

10%

LOGISTICS9.3% RESIDENTAL30.5%

1 Asset 2 Develop- 3 Trade Management ment

OTHER2.3%

Distribution of standing investments as of 31/10/2011, rounded

MMOFINANZ Group is a real estate investment and development corpo­ ration that is listed on the Vienna Stock Exchange. Since its founding in 1990, the company has com­ piled a high-quality prop­ erty portfolio that now includes more than 1,600 standing investments with a carrying amount of approx. EUR 8.7 bil­ lion. Our standing invest­ ment portfolio covers 6.7 million sqm of rentable space, which currently has an occupancy rate of 90%.


IMMOFINANZ GROUP.

Successful in four segments. OFFICE

30.9% SHARE OF STANDING INVESTMENT PORTFOLIO as of 31/10/2011

A well-known investor in high-quality office buildings for international corporations.

109

%

81.7%

STANDING INVESTMENTS OCCUPANCY as of 31/10/2011 as of 31/10/2011 €

2.696 bill.

STANDING INVESTMENTS carrying amount as of 31/10/2011

40.6 mill.*

RENTAL INCOME in Q2 2011/12

Park Postepu, Warsaw, Poland

RETAIL

27

% SHARE OF STANDING ­INVESTMENT PORTFOLIO as of 31/10/2011

A respected international shopping center developer and operator.

191

%

93.4

STANDING INVESTMENTS OCCUPANCY as of 31/10/2011 as of 31/10/2011 €

2.361 bill.

46.1 mill.*

STANDING INVESTMENTS RENTAL INCOME carrying amount as of in Q2 2011/12 31/10/2011

Fifth Avenue, Moscow, Russia *Rental income in Q2 2011/12 based on the main use (Rental income reported in the P&L statement is according to actual use of the property; marginal differences to the P&L statement are hence possible)


LOGISTICS

9.3

% SHARE OF STANDING ­INVESTMENT PORTFOLIO as of 31/10/2011

Rely on the know-how of Deutsche Lagerhaus to realise the opportunities inherent in the growing logistics market.

69

%

84.6%

STANDING INVESTMENTS OCCUPANCY as of 31/10/2011 as of 31/10/2011 €

808.8 mill.

17.3 mill.*

STANDING INVESTMENTS RENTAL INCOME carrying amount as of in Q2 2011/12 31/10/2011

Pharma Park, Budapest, Hungary

RESIDENTIAL

30.5

% SHARE OF STANDING ­INVESTMENT PORTFOLIO as of 31/10/2011

Bundled expertise for residential properties in Western and Eastern Europe.

1,308

%

95.6%

STANDING INVESTMENTS OCCUPANCY as of 31/10/2011 as of 31/10/2011 €

2.666 bill.

33.4 mill.*

STANDING INVESTMENTS RENTAL INCOME carrying amount in Q2 2011/12 as of 31/10/2011

Heller Park, Vienna, Austria *Rental income in Q2 2011/12 based on the main use (Rental income reported in the P&L statement is according to actual use of the property; marginal differences to the P&L statement are hence possible)


KEY DATA ON IMMOFINANZ GROUP.

Results on the first half-year 2011/12 as of 31/10/2011 EARNINGS DATA 1st half-year 2011/12

31 Oct. 2011

+/– in %

31. Oct. 2010

Rental income in EUR mill.

283.7

2.4

277.1

Revenues in EUR mill.

374.7

2.9

364.3

61.9

-22.2

79.5

Administrative expenses in EUR mill. Results of operations in EUR mill.

270.3

53.3

176.3

EBIT in EUR mill.

619.3

131.4

267.7

Net profit for the period in EUR mill.

265.1

144.8

108.3

Net profit for the period (before ­currency effects) in EUR mill.

198.6

101.8

98.4

Cash flow for dividend distribution in EUR mill.*

152.1

32.1

115.1

*The cash flow from the result (EUR 195.8 million) minus interest paid (EUR -73.0 million) plus interest received (EUR 8.8 million) minus cash outflow from derivatives (EUR -8.6 million) plus income from property sales (EUR 24.1 million) plus income from the sale of inventories minus production costs (EUR 4.9 million).

STOCK EXCHANGE DATA

31 Oct. 2011

+/– in %

30 April 2011

Carrying amount per share in EUR

5.26

-4.0

5.48

Net asset value per share (diluted) in EUR

5.47

2.1

5.36

Share price at end of period in EUR

2.39

-25.6

3.21

56.4%

40.5

40.2%

Discount of share price to diluted NAV per share in %

THE IMMOFINANZ SHARE

as of 31/10/2011 €

5.47

NAV (diluted) per share

2.722 bill.

MARKET CAPITALISATION (share price: EUR 2.387)

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INVESTMENT PROPERTY

as of 31/10/2011 €

8.731 bill.

STANDING INVESTMENTS carrying amount

1.140 bill. NUMBER OF SHARES as of 31/10/2011

FACTS, FIGURES AND THE LATEST NEWS.

1,681 STANDING INVESTMENTS number of properties m2

6.651 mill.

RENTABLE SPACE in the standing investments

The current half-year report is available at www.immofinanz.com.

IMMOFINANZ AG Private Investor Communications T +43 (0)5 7111 F +(0)5 7111 – 8888 ­Wienerbergstraße 11 1100 Vienna investor@immofinanz.com www.immofinanz.com

Aktionärsfolder 12/2011 english  

IMMOFINANZ Aktionärsfolder english