Results from the revaluation of standing investments equalled EUR 1.0 million, compared with write-downs of EUR -45.0 million to reflect the adverse effects of the Covid-19 pandemic in the first quarter of 2020. Operating profit (EBIT) therefore improved significantly to EUR 47.4 million (Q1 2020: EUR -1.5 million).

Financing costs were stable at EUR -20.0 million (Q1 2020: EUR -19.5 million) despite a year-on-year increase of roughly 13.2% in the financing volume. Average financing costs, including hedging, equalled 1.98% per year (31 December 2020: 1.99%). The other financial results of EUR 8.9 million (Q1 2020: EUR -5.3 million) resulted primarily from the valuation of interest rate derivatives (Q1 2021: EUR 9.5 million) following an increase in long-term interest rates.

The share of results from equity-accounted investments increased to EUR 90.9 million (Q1 2020: EUR -4.2 million). Of this total, EUR 88.0 million are attributable to S IMMO (revaluation of EUR 85.3 million to the investment due to the increase in the share price and a proportional earnings contribution of EUR 2.8 million). Financial results totalled EUR 79.7 million (Q1 2020: EUR -30.3 million).

Profit before tax improved significantly to EUR 127.0 million (Q1 2020: EUR -31.8 million). After the deduction of EUR -4.0 million (Q1 2020: EUR -5.9 million) in income taxes, net profit amounted to EUR 123.1 million (Q1 2020: EUR -37.6 million). That represents earnings per share^[(] of EUR 1.00 (Q1 2020: EUR -0.37).

The interim report by IMMOFINANZ AG for the first quarter of the financial year 2021 as of 31 March 2021 will be available on the company's website under http://www.immofinanz.com/en/investor-relations/financial-reports starting on 1 June 2021. On IMMOFINANZ IMMOFINANZ is a commercial real estate group whose activities are focused on the office and retail segments of seven core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary and Romania. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 5.1 billion and covers roughly 220 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com

For additional information contact: Bettina Schragl Head of Corporate Communications and Investor Relations T +43 (0)1 88 090 2290 M +43 (0)699 1685 7290 communications@immofinanz.com investor@immofinanz.com ^[1] Number of shares used for the calculation: 123,293,795 for Q1 2021 (based on the full inclusion of the dilution from the mandatory convertible bond at 6,998,228 shares) and 100,876.743 for Q1 2020 ^[(] Number of shares used for the calculation: 123,293,795 for Q1 2021 (based on the full inclusion of the dilution from the mandatory convertible bond at 6,998,228 shares) and 100,876.743 for Q1 2020 -----------------------------------------------------------------------------------------------------------------------

2021-05-31 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------


Language:     English 
Company:      IMMOFINANZ AG 
              Wienerbergstraße 9 
              1100 Vienna 
              Austria 
Phone:        +43 (0) 1 88090 - 2290 
Fax:          +43 (0) 1 88090 - 8290 
E-mail:       investor@immofinanz.com 
Internet:     http://www.immofinanz.com 
ISIN:         AT0000A21KS2 
WKN:          A2JN9W 
Listed:       Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; Warschau, Vienna Stock Exchange 
              (Official Market) 
EQS News ID:  1202790 
 
End of News   DGAP News Service 
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1202790 2021-05-31


 
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May 31, 2021 11:55 ET (15:55 GMT)