ARTICLES LABELLED WITH TAG financial report

JSE listed Echo Polska Properties (EPP) released its interim results for the six-month period ended June 2017. During the period EPP successfully concluded €262 million in acquisitions, boosting the portfolio to €1.7 billion.

Immofinanz recorded a significant increase in net profit to €105.3 million in the first half of 2017 (H1 2016: €-243.3 million). Net profit from continuing operations, i.e. excluding Russia, totalled €113.1 million (H1 2016: €-123.9 million). Rental income remained stable at €114.9 million (H1 2016: €115.9 million) despite the continuing sale of non-strategic properties. After an adjustment for new acquisitions, completions and sales (like-for-like), rental income rose by a sound 4.6% to €92.4 million. The results of asset management increased by 10.0% to €79.1 million, and financial results turned sharply positive at €104.4 million (H1 2016: €-58.0 million). This improvement resulted, above all, from positive valuation effects related to the investments in CA Immo and BUWOG.

It the first six months of 2017 GTC refinanced and concluded loans for almost €400 million through euro bonds offering, project loans and construction loans.

AFI Europe Romania published its Q2 and H1 2017 financial results, generating a Net Operating Income (NOI) from its income producing assets in Romania of €12.5 million in Q2 and close to €25 million in H1, representing respectively 10.4% and 11.5% higher results compared to the same periods in 2016.

The operating results recorded by Immofinanz were stable in year-on-year comparison at EUR 45.3 million in the first quarter of the abbreviated 2016 financial year (Q1 2015/16: EUR 46.9 million). Rental income fell from EUR 82.2 million to EUR 76.8 million due to temporary rent reductions in Moscow and the planned sale of properties.