Immofinanz with top performance in Q1-3 2021

Immofinanz demonstrated its strong earning power in the first three quarters of 2021. The results of operations rose by nearly 60% year-on-year to EUR 180.4 million and even substantially exceeded the comparable 2019 pre-crisis level (+29% versus Q1–3 2019). Net profit turned clearly positive at EUR 295.7 million and also surpassed the pre-crisis level in 2019 (Q1–3 2019: EUR 202.6 million), according to Business-Review.eu.

Immofinanz delivered strong results for the first three quarters of 2021, even though the markets generally remained under the influence of the COVID-19 pandemic. An increase in the results of asset management, significant improvement in the earnings from property sales and property development as well as cost savings led to a substantial increase of 59.5% in the results of operations to EUR 180.4 million. The progress of vaccination campaigns and the related economic upturn supported the recovery of part of the crisis-related property write-downs from the previous year. Results from the revaluation of standing investments equalled EUR 54.0 million, compared with EUR -144.8 million in the first three quarters of 2020. Financial results improved to EUR 91.8 million despite a higher financing volume and increased results from equity-accounted investments. IMMOFINANZ generated net profit of EUR 295.7 million in the first three quarters of 2021 (Q1-3 2020: EUR -98.3 million). FFO 1, which does not include revaluation results, basically reflected the previous year at EUR 90.7 million (Q1–3 2020: EUR 93.6 million). This slight decline is attributable, above all, to an increase in financing costs as a result of the higher financing volume.

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