about us | newsletter | contact | archive | members area
Corina Popescu, Transelectrica
High need for quality improvement in the public tenders area»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

Immofinanz recorded a loss of 182 million Euro for 2016 financial year

Immofinanz group posted a loss of 182 million Euro for abbreviated 2016 financial year, the result negatively influenced by Russia and valuation effects, a press release shows. Net profit (including the results of discontinued operations) amounted to -182.0 million Euro, compared to -150.5 million Euro in 2015.

2017-04-07 14:40:19

"Our efforts during the abbreviated 2016 financial year were concentrated on working through negative issues from the past and increasing the occupancy rate in our portfolio to roughly 90 per cent," said Oliver Schumy, CEO of Immofinanz. "Other previously implemented optimisation measures are related to our cost structures and include a substantial reduction in personnel expenses. In the financing area, we reduced the outstanding volume of bonds with interest rates that reflect previously high levels and secured long-term financing at attractive conditions through the issue of a new convertible bond shortly after the end of the reporting period."

The occupancy rate across the entire portfolios (excluding Russia) rose to 89.6 per cent as of 31 December 2016. In the office sector, the occupancy rate increased from 81.7 per cent to 87.3 per cent during the abbreviated 2016 financial year.

The Immofinanz properties in Romania represent 21.1 per cent of the company's total portfolio (excluding Russia), including 73 properties (17 standing investments, three developments, nine real estate inventories [apartments that are intended for sale after completion] and 44 pipeline projects) with a carrying amount of 843.2 million Euro. The expected fair value after completion of the current Group's development projects in Romania amounts to 71.2 million Euro. During the 2016A financial year the occupancy rate of the Romanian portfolio increased to 95.8 per cent (30 April 2016: 90.4%).

At the end of the 2016A financial year, rental income in Romania totals 31.4 million Euro, which accounts for 20.1 per cent of the Group's total rental income.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  6845 Views
Daily Info
Energy price for households to increase as of 1 January

The price of energy for consumers who are powered in universal service will increase as of 1 January, while the peak energy consumption, between 18:00 hrs and 22:00 hrs will b...

E-Distributie Muntenia invested 14.5 million RON for the modernisation of the Cotroceni primary station

E-Distributie Muntenia invested about 14.5 million RON (3.15 million Euro) for the first stages of the modernization of the Cotroceni primary station in Bucharest, a 3-year pr...

Intesa Sanpaolo finalizes the migration to take over the operations of Veneto Banca in Romania

Intesa Sanpaolo has finalized the migration for the transfer of certain assets and certain liabilities from the former Romanian branch of Veneto Banca, including its 19-agenci...

Citi Romania appoints Ivan Vrhel as general manager

Citi announced the appointment of Ivan Vrhel as general manager of Citi Romania, keeping at the same time the current responsibilities as director of Citi Commercial Bank divi...

Euler Hermes estimates the Romanian retail market is worth 40 billion Euro

Euler Hermes, part of Allianz Group, estimates the Romanian retail market is worth 40 billion Euro, a study shows.

 
 
   
advertising

advertising

advertising

advertising

advertising

advertising

More on News
Iohannis: Justice independence, public positions' integrity are constitutional values not to be negotiated

Promoting the rule of law and Justice independence, fighting against corruption, ensuring integrity in public positions and dignities are constitutional values that cannot ...

Garanti Leasing signs a loan agreement for 15 million Euro with EFSE

Garanti Leasing, part of Garanti Romania, has signed a loan agreement of 15 million Euro with the European Fund for Southeast Europe (EFSE). The facility is meant to increa...

Energy price for households to increase as of 1 January

The price of energy for consumers who are powered in universal service will increase as of 1 January, while the peak energy consumption, between 18:00 hrs and 22:00 hrs wil...

Mega Image to continue expansion in Romania in 2018

Local retailer Mega Image will continue its expansion next year, according to Vassilis Stavrou, the general manager of the Mega Image operations in Romania.

EBRD acquires 4.4 per cent stake in Globalworth

The European Bank for Reconstruction and Development (EBRD) has acquired a 4.4 per cent stake in real estate developer Globalworth, whose portfolio in Romania reached 1.08 ...

Construction works for the first pediatric oncology and radiotherapy hospital in Romania to begin with 8 million euro

Daruieste Viata Association is an NGO to start the construction works for the first pediatric cncology and radiotherapy hospital in Romania, in the court yard of the “Mar...

Posta Romana auto park to increase by 180 units, following investment of 3 million Euro

Posta Romana auto park will increase by 180 units, out of which 80 cars of 3.5 tones will be functional this week, following that until the end of the month to be distribut...