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Immofinanz

Immofinanz's Cash & Cash Equivalents rose 65.6% yoy to EUR 391 mil in 2014

By Helgi Library - April 2, 2020

Immofinanz's total assets reached EUR 8,848 mil at the end of 2014, down 5.76% compared to the previous year. Curr...

Immofinanz's Cash & Cash Equivalents rose 65.6% yoy to EUR 391 mil in 2014

By Helgi Library - April 2, 2020

Immofinanz's total assets reached EUR 8,848 mil at the end of 2014, down 5.76% compared to the previous year. Curr...

Profit Statement 2012 2013 2014
Sales EUR mil 1,067 1,000 903
Gross Profit EUR mil 711 768 626
EBITDA EUR mil 542 597 148
EBIT EUR mil 509 470 216
Financing Cost EUR mil 259 249 565
Pre-Tax Profit EUR mil 195 326 -349
Net Profit EUR mil 111 174 -357
Dividends EUR mil 152 152 0
Balance Sheet 2012 2013 2014
Total Assets EUR mil 12,581 9,388 8,848
Non-Current Assets EUR mil 10,675 8,327 7,775
Current Assets EUR mil 1,906 1,061 1,073
Working Capital EUR mil -0.343 -52.2 -80.5
Shareholders' Equity EUR mil 5,327 4,217 3,700
Liabilities EUR mil 7,254 5,171 5,148
Total Debt EUR mil 5,418 4,157 4,133
Net Debt EUR mil 4,679 3,922 3,742
Ratios 2012 2013 2014
ROE % 2.05 3.64 -9.03
ROCE % 1.01 1.83 -4.48
Gross Margin % 66.6 76.8 69.3
EBITDA Margin % 50.8 59.7 16.4
EBIT Margin % 47.7 47.0 23.9
Net Margin % 10.4 17.4 -39.6
Net Debt/EBITDA 8.63 6.56 25.2
Net Debt/Equity 0.878 0.930 1.01
Cost of Financing % 4.79 5.19 13.6
Valuation 2012 2013 2014
Market Capitalisation USD mil 4,145 4,155 3,481
Enterprise Value (EV) USD mil 10,320 9,561 8,011
Number Of Shares mil 1,010 1,129 1,073
Share Price EUR 3.11 2.67 2.68
EV/EBITDA 14.8 12.1 41.9
EV/Sales 7.53 7.20 6.88
Price/Earnings (P/E) 28.3 17.3 -8.05
Price/Book Value (P/BV) 0.590 0.786 0.836
Dividend Yield % 4.85 5.06 0

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   874 739 861 928 1,067    
Gross Profit EUR mil ... ...               594 458 538 592 711    
EBIT EUR mil                   -2,071 181 424 693 509    
Net Profit EUR mil                   -1,968 80.8 316 272 111    
ROE %                   -30.9 1.61 6.12 5.09 2.05    
EBIT Margin %                   -237 24.5 49.3 74.7 47.7    
Net Margin %                   -225 10.9 36.7 29.3 10.4    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 1,132    
balance sheet                                
Total Assets EUR mil                   11,540 11,774 11,756 12,332 12,581    
Non-Current Assets EUR mil                   10,339 10,401 10,528 11,280 10,675    
Current Assets EUR mil ... ...               1,435 1,355 1,228 1,051 1,906    
Shareholders' Equity EUR mil                   4,850 5,157 5,170 5,518 5,327    
Liabilities EUR mil                   6,691 6,617 6,586 6,814 7,254    
Non-Current Liabilities EUR mil                   5,346 5,170 5,128 5,275 5,507    
Current Liabilities EUR mil                   1,345 1,446 1,452 1,538 1,538    
Net Debt/EBITDA                   15.6 13.5 10.5 10.2 8.63    
Net Debt/Equity                   0.999 0.957 0.929 0.873 0.878    
Cost of Financing % ...                 5.40 4.32 4.52 4.67 4.79    
cash flow                                
Total Cash From Operations EUR mil ...                 108 402 317 340 396    
Total Cash From Investing EUR mil ...                 -248 -242 173 -113 -26.3    
Total Cash From Financing EUR mil ...                 -474 -306 -445 -268 -201    
Net Change In Cash EUR mil ...                 -614 -146 45.3 -41.3 169    
valuation                                
Market Capitalisation USD mil ...                 3,917 2,207 4,204 3,470 4,145    
Number Of Shares mil ...                 459 475 1,053 1,007 1,010    
Share Price EUR ...                 6.14 3.24 3.21 2.66 3.11    
Earnings Per Share (EPS) EUR ...                 -4.29 0.170 0.300 0.270 0.110    
Book Value Per Share EUR ...                 10.6 4.94 5.49 5.48 5.27    
Dividend Per Share EUR ...                 0 0 0.094 0.154 0.151    
Price/Earnings (P/E) ...                 -1.43 19.1 10.7 9.85 28.3    
Price/Book Value (P/BV) ...                 0.580 0.656 0.584 0.485 0.590    
Dividend Yield % ...                 0 0 2.93 5.80 4.85    
Earnings Per Share Growth % ... ...               -792 -104 76.5 -10.0 -59.3    
Book Value Per Share Growth % ... ...               -34.0 -53.3 11.2 -0.232 -3.78    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   874 739 861 928 1,067    
Cost of Goods & Services EUR mil ... ...               280 281 323 336 356    
Gross Profit EUR mil ... ...               594 458 538 592 711    
Staff Cost EUR mil ... ...             ... ... ... ... ... ...    
Other Cost EUR mil ... ...             ... ... ... ... ... ...    
EBITDA EUR mil                   310 365 459 470 542    
Depreciation EUR mil                   2,382 184 34.7 -223 33.2    
EBIT EUR mil                   -2,071 181 424 693 509    
Financing Cost EUR mil                   310 238 243 250 259    
Extraordinary Cost EUR mil                   1,022 -265 -161 125 55.3    
Pre-Tax Profit EUR mil                   -3,403 208 342 319 195    
Tax EUR mil                   -352 12.7 28.8 47.3 84.2    
Minorities EUR mil                   -1,084 115 -2.30 -0.585 -0.259    
Net Profit EUR mil                   -1,968 80.8 316 272 111    
Dividends EUR mil                   0 0 99.0 155 152    
growth rates                                
Total Revenue Growth % ...                 9.58 -15.5 16.5 7.80 15.0    
Operating Cost Growth % ... ... ...           ... ... ... ... ... ... ...  
EBITDA Growth % ...                 1.40 17.5 25.7 2.49 15.3    
EBIT Growth % ...                 -503 -109 134 63.4 -26.6    
Pre-Tax Profit Growth % ...                 -713 -106 64.4 -6.95 -38.8    
Net Profit Growth % ...                 -745 -104 291 -14.0 -59.1    
ratios                                
ROE %                   -30.9 1.61 6.12 5.09 2.05    
ROCE % ...                 -19.4 0.777 3.01 2.49 1.01    
Gross Margin % ... ...               68.0 62.0 62.5 63.8 66.6    
EBITDA Margin %                   35.5 49.4 53.3 50.7 50.8    
EBIT Margin %                   -237 24.5 49.3 74.7 47.7    
Net Margin %                   -225 10.9 36.7 29.3 10.4    
Payout Ratio %                   0 0 31.4 57.2 137    
Cost of Financing % ...                 5.40 4.32 4.52 4.67 4.79    
Net Debt/EBITDA                   15.6 13.5 10.5 10.2 8.63    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets EUR mil                   10,339 10,401 10,528 11,280 10,675    
Property, Plant & Equipment EUR mil                   8,490 8,887 8,887 10,279 10,488    
Intangible Assets EUR mil                   185 212 208 282 275    
Current Assets EUR mil ... ...               1,435 1,355 1,228 1,051 1,906    
Inventories EUR mil                   0 0 0 0 0    
Receivables EUR mil                   83.9 105 105 66.6 74.6    
Cash & Cash Equivalents EUR mil                   713 505 505 559 738    
Total Assets EUR mil                   11,540 11,774 11,756 12,332 12,581    
Shareholders' Equity EUR mil                   4,850 5,157 5,170 5,518 5,327    
Of Which Minority Interest EUR mil                   2,384 40.9 14.3 288 10.8    
Liabilities EUR mil                   6,691 6,617 6,586 6,814 7,254    
Non-Current Liabilities EUR mil                   5,346 5,170 5,128 5,275 5,507    
Long-Term Debt EUR mil                   4,548 4,536 4,483 4,346 4,632    
Deferred Tax Liabilities EUR mil ... ... ... ...           381 421 471 541 577    
Current Liabilities EUR mil                   1,345 1,446 1,452 1,538 1,538    
Short-Term Debt EUR mil                   1,008 905 827 1,029 785    
Trade Payables EUR mil                   72.5 64.3 61.3 67.2 75.0    
Provisions EUR mil ... ...               92.6 140 144 81.1 57.0    
Equity And Liabilities EUR mil                   11,540 11,774 11,756 12,332 12,581    
growth rates                                
Total Asset Growth % ...                 -12.8 2.03 -0.157 4.90 2.02    
Shareholders' Equity Growth % ...                 -38.4 6.34 0.246 6.72 -3.45    
Net Debt Growth % ...                 -6.35 1.91 -2.66 0.221 -2.83    
Total Debt Growth % ...                 -6.28 -2.07 -2.41 1.21 0.800    
ratios                                
Total Debt EUR mil                   5,557 5,442 5,310 5,375 5,418    
Net Debt EUR mil                   4,844 4,936 4,805 4,815 4,679    
Working Capital EUR mil                   11.3 40.4 43.4 -0.603 -0.343    
Capital Employed EUR mil                   10,351 10,442 10,572 11,280 10,675    
Net Debt/Equity                   0.999 0.957 0.929 0.873 0.878    
Cost of Financing % ...                 5.40 4.32 4.52 4.67 4.79    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit EUR mil                   -1,968 80.8 316 272 111    
Depreciation EUR mil                   2,382 184 34.7 -223 33.2    
Non-Cash Items EUR mil ...                 -295 166 -30.5 247 252    
Change in Working Capital EUR mil ...                 -11.7 -29.1 -3.01 44.1 -0.259    
Total Cash From Operations EUR mil ...                 108 402 317 340 396    
Capital Expenditures EUR mil ...                 -654 -368 -187 -212 -139    
Other Investments EUR mil ...                 406 126 360 99.2 113    
Total Cash From Investing EUR mil ...                 -248 -242 173 -113 -26.3    
Dividends Paid EUR mil                   0 0 -99.0 -155 -152    
Issuance Of Debt EUR mil ...                 -372 -115 -131 64.4 43.0    
Total Cash From Financing EUR mil ...                 -474 -306 -445 -268 -201    
Net Change In Cash EUR mil ...                 -614 -146 45.3 -41.3 169    
ratios                                
Days Sales Outstanding days                   35.0 51.7 44.4 26.2 25.5    
Days Sales Of Inventory days ... ...               0 0 0 0 0    
Days Payable Outstanding days ... ...               94.7 83.5 69.3 73.1 76.8    
Cash Conversion Cycle days ... ...               -59.6 -31.8 -24.9 -46.9 -51.3    
Cash Earnings EUR mil                   414 265 350 49.0 144    
Cash Earnings Per Share EUR ...                 0.903 0.557 0.333 0.049 0.143    
Price/Cash Earnings (P/CE) ...                 6.79 5.82 9.64 54.6 21.8    
Free Cash Flow EUR mil ...                 -140 159 490 226 370    
Free Cash Flow Yield % ...                 -5.22 10.0 15.4 9.07 11.5    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   -15.9 0.693 2.68 2.26 0.892    
Gross Margin % ... ...               68.0 62.0 62.5 63.8 66.6    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 1,132    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Staff Cost (As % Of Total Cost) % ... ...             ... ... ... ... ... ...    
Effective Tax Rate %                   10.4 6.08 8.40 14.9 43.2    
Enterprise Value (EV) USD mil ...                 10,659 9,281 10,579 9,712 10,320    
EV/EBITDA ...                 23.5 18.3 17.4 14.9 14.8    
EV/Capital Employed ...                 0.740 0.620 0.754 0.664 0.733    
EV/Sales ...                 8.33 9.03 9.29 7.53 7.53    
EV/EBIT ...                 -3.52 36.8 18.9 10.1 15.8    
Capital Expenditures (As % of Sales) % ...                 74.8 49.8 21.7 22.9 13.0    
Rental Income EUR mil ... ... ... ... ... ... ...     547 542 579 586 656    
Rental Income (Office) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 143 144    
Rental Income (Retail) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 211 281    
Rental Income (Logistics) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 74.0 74.0    
Rental Income (Residential) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 130 126 ... ...
Rental Income (Other) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 28.0 30.0    
Rental Income (As % of Total Income) % ... ... ... ... ... ... ...     62.6 73.4 67.3 63.1 61.5    
Number of Properities ... ... ... ... ... ... ... ... ... ... 1,845 1,847 1,821 1,759    
Total Lettable Space '000 sqm ... ... ... ... ... ... ... ... ... ... 6,843 6,614 6,696 6,527    
Average Size of Property '000 sqm ... ... ... ... ... ... ... ... ... ... 3.71 3.58 3.68 3.71    
Occupancy Ratio % ... ... ... ... ... ... ... ... ... ... 90.0 89.9 90.1 89.5    
Real Estate Portfolio (Investment Property) EUR mil ... ... ... ... ... ... ... ... ... ... ... 8,797 9,915 9,297    
Real Estate Portfolio (Assets Under Development) EUR mil ... ... ... ... ... ... ... ... ... ... ... 300 301 344    
Real Estate Portfolio (Inventories) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 148 263    
Real Estate Portfolio (Austria) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,524    
Real Estate Portfolio (Germany) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 588    
Real Estate Portfolio (Czech Republic) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 591    
Real Estate Portfolio (Hungary) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 518    
Real Estate Portfolio (Poland) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 991    
Real Estate Portfolio (Romania) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,002    
Real Estate Portfolio (Russia) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,770    
Real Estate Portfolio (Slovakia) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 293    
Real Estate Portfolio (Other Countries) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 469    
Real Estate Portfolio (Office) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 2,867    
Real Estate Portfolio (Retail) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 3,428    
Real Estate Portfolio (Logistics) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 801    
Real Estate Portfolio (Residential) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 3,326 ... ...
Real Estate Portfolio (Hotels) EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 67.0 ... ...
Lettable Space (Office) '000 sqm ... ... ... ... ... ... ... ... ... ... ... ... ... 1,288    
Lettable Space (Retail) '000 sqm ... ... ... ... ... ... ... ... ... ... ... ... ... 1,112    
Lettable Space (Logistics) '000 sqm ... ... ... ... ... ... ... ... ... ... ... ... ... 1,454    
Lettable Space (Residential) '000 sqm ... ... ... ... ... ... ... ... ... ... ... ... ... 2,644 ... ...
Lettable Space (Hotels) '000 sqm ... ... ... ... ... ... ... ... ... ... ... ... ... 28.2 ... ...
Loan To Value Ratio % ... ... ... ... ... ... ... ... ... ... ... ... 51.6 54.2    
Net Asset Value per Share EUR ... ... ... ... ... ...       5.21 4.78 5.36 5.25 5.50    
Price to NAV ... ... ... ... ... ...       1.18 0.678 0.599 0.507 0.565    

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Apr 2014
Company Report
Apr 2014
Statistical Dossier

Immofinanz AG is an Austria-based real estate company that invests in private and commercial properties. The Company's core activities are the rental and management of its portfolio as well as development projects and portfolio optimized sale. At the end of 2013, the Company had a portfolio of approximately 1,600 investment properties primarily in Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania, Poland, and Russia. Its properties include apartments, hotels, offices, retail outlets, commercial parks and garages. Immofinanz AG was founded in 1990 and is headquartered in Vienna. The Company shares are listed on the Vienna and Warsaw Stock Exchanges

Finance

Immofinanz has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 16.5% a year during that time to total of EUR 148 mil in 2014, or 16.4% of sales. That’s compared to 46.2% average margin seen in last five years.

The company netted EUR -357 mil in 2014 implying ROE of -9.03% and ROCE of -4.48%. Again, the average figures were 1.57% and 0.773%, respectively when looking at the previous 5 years.

Immofinanz’s net debt amounted to EUR 3,742 mil at the end of 2014, or 1.01 of equity. When compared to EBITDA, net debt was 25.2x, up when compared to average of 12.2x seen in the last 5 years.

Valuation

Immofinanz stock traded at EUR 2.68 per share at the end of 2014 resulting in a market capitalization of USD 3,481 mil. Over the previous five years, stock price fell by 17.3% or -3.72% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 41.9x and price to earnings (PE) of -8.05x as of 2014.

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