November 28, 2017 / 5:08 PM / 18 days ago

BRIEF-Immofinanz swings back to 9m net profit without Russian assets

Nov 28 (Reuters) - Immofinanz Ag:

* DGAP-NEWS: IMMOFINANZ STRENGTHENS BALANCE SHEET AND POSTS SIGNIFICANT IMPROVEMENT IN NET PROFIT FOR THE FIRST THREE QUARTERS OF 2017

* DIVIDEND 0.06 EURPER SHARE

* ‍LIKE-FOR-LIKE RENTAL INCOME RISES 3.9%​

* ‍NET PROFIT FOR PERIOD FROM CONTINUING OPERATIONS (EXCLUDING. RUSSIA) INCREASES SIGNIFICANTLY TO EUR 116.3 MILLION (PRIOR YEAR: EUR -217.8 MILLION) AND NET PROFIT (INCL. RUSSIA) TO EUR -59.1 MILLION (PRIOR YEAR: EUR -409.5 MILLION)​

* ‍DEBT LEVELS DOWN SHARPLY: NET LOAN-TO-VALUE RATIO IMPROVES TO 42.3%** (EXCLUDING. RUSSIA) AND EQUITY RATIO TO 41.9%**​

* ‍FFO 1 MORE THAN DOUBLES TO EUR 48.6 MILLION (Q1-3 2016: EUR 19.3 MILLION)​

* ‍IMMOFINANZ POSTED A SIGNIFICANT INCREASE IN NET PROFIT FROM CONTINUING OPERATIONS (EXCLUDING. RUSSIA) FOR FIRST THREE QUARTERS OF 2017, TO EUR 116.3 MILLION (Q1-3 2016: EUR -217.8 MILLION)​

* ‍THIS ENABLES US TO TARGET AN INVESTMENT GRADE RATING AS NEXT STEP​

* ‍A NEGATIVE VALUATION EFFECT OF EUR -157.8 MILLION WAS RECOGNISED FROM SALE IN NET PROFIT OR LOSS FROM DISCONTINUED OPERATIONS IN Q3 OF 2017​

* ‍IMMOFINANZ, HOWEVER, HAS SOME ADDITIONAL EARNINGS POTENTIAL FROM TRANSACTION OF UP TO APPROX. EUR 145 MILLION​

* ‍PLANS FOR 2017 FINANCIAL YEAR STILL INCLUDE DISTRIBUTION OF A DIVIDEND OF EUR 0.06 PER SHARE​ Source text for Eikon: Further company coverage:

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