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21st Austria weekly - Immofinanz, Porr, Vienna Insurance Group (26/08/2020)

30.08.2020

Immofinanz: Austrian real estate company Immofinanz started the 2020 financial year with strong operational performance, but the development of business in the second quarter was negatively influenced by the Covid-19 pandemic. Rental income rose by 10.4% to Euro 145.5 mn due to the expansion of the portfolio through acquisitions and completions, but a crisis-related increase in receivables write-offs led to substantially higher property expenses. The results of asset management still improved by 1.8% to Euro 102.8 mn despite these write-offs. The pandemic also influenced the valuation of investment property: revaluations totalled Euro -159.2 m, compared with clearly positive results in the first half of the previous year (Q1-2 2019: Euro 123.5 mn). This reduction represents 3.1% of the total property portfolio. Net profit for the first half of 2020 amounted to Euro -120.4 mn (Q1-2 2019: Euro 185.3 mn). In light of the recent events and after careful consideration of all circumstances known at the present time and the possible consequences of the Covid-19 pandemic, the Executive Board and Supervisory Board approved a recommendation to the annual general meeting on 1 October 2020 which calls for the waiver of a dividend for the 2019 financial year and the carry forward of balance sheet profit.
Immofinanz: weekly performance: 1.57%

Porr: Austrian construction group Porr announced that the ongoing coronavirus pandemic impacted both production output (Euro 2.3 bn) and EBT (Euro -26.6m) and has led to a year-on-year decrease. In the first half of 2020, Porr generated production output of Euro 2,273 mn, which was around 9.0% below the previous year’s level.  Around 95% of production output was generated on the seven stable home markets. In the first half of 2020, a record order backlog of Euro 7.6 bn was secured. Here Porr is benefiting from its broad positioning on the home markets and its strong market presence.  “In the second quarter of 2020 we were hit by the effects of the coronavirus crisis – as can be seen in the decline in production output and earnings. The order backlog stands at an all-time high which is extremely positive as it gives us a solid foundation. This allows us to accelerate the ongoing PORR 2025 transformation in order to improve our competitive position”, said Karl-Heinz Strauss, CEO of Porr. “We also see this challenge as an opportunity and will continue our growth course on our home markets.” Revenue shrank by 5.1% or Euro 110.4 mn to Euro 2,071.2 mn, caused by the lower contribution from consortiums and projects realised in joint ventures. EBT decreased – mainly because of the negative effects of the coronavirus pandemic – to Euro -26.6 mn.
Porr: weekly performance: -8.26%

Vienna Insurance Group: Vienna Insurance Group (Wiener Versicherung Gruppe) achieved satisfying results in the first half of 2020, despite the ongoing COVID-19 pandemic. The broad diversity of the Group and the strong start into 2020 is the reason for a premium volume of Euro 5,577.4 mn in the first half of 2020, representing a year-on-year increase of 2.4%. “In spite of the exceptional situation in which the world finds itself because of COVID-19, we achieved an increase in premiums, an improved combined ratio due to a reduction in claims expenses and lower weather-related claims, and a solvency ratio of 183%. Despite the goodwill impairments, we reported a solid result before taxes of slightly more than Euro 200 mn. I consider our strong capital resources and our impressive 2019 balance sheet as well as the consequent continuation of Agenda 2020 to be a very good foundation for us to master the challenges facing us. The extensive investments we made in the digital transformation have particularly paid off in this respect. We see ourselves well-positioned to successfully continue our business operations. Nevertheless, due to the existing pandemic, we have to expect dampening effects on our business development in the remainder of this year. Because of the continued uncertainty worldwide it is currently not possible to provide a business outlook for the end of the year,” explained General Manager Elisabeth Stadler. The result after taxes and non-controlling interests was Euro 126.3 mn (-16.3%) in the first half of 2020.
VIG: weekly performance: 2.75%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (26/08/2020)


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21st Austria weekly - Immofinanz, Porr, Vienna Insurance Group (26/08/2020)


30.08.2020, 4399 Zeichen



Immofinanz: Austrian real estate company Immofinanz started the 2020 financial year with strong operational performance, but the development of business in the second quarter was negatively influenced by the Covid-19 pandemic. Rental income rose by 10.4% to Euro 145.5 mn due to the expansion of the portfolio through acquisitions and completions, but a crisis-related increase in receivables write-offs led to substantially higher property expenses. The results of asset management still improved by 1.8% to Euro 102.8 mn despite these write-offs. The pandemic also influenced the valuation of investment property: revaluations totalled Euro -159.2 m, compared with clearly positive results in the first half of the previous year (Q1-2 2019: Euro 123.5 mn). This reduction represents 3.1% of the total property portfolio. Net profit for the first half of 2020 amounted to Euro -120.4 mn (Q1-2 2019: Euro 185.3 mn). In light of the recent events and after careful consideration of all circumstances known at the present time and the possible consequences of the Covid-19 pandemic, the Executive Board and Supervisory Board approved a recommendation to the annual general meeting on 1 October 2020 which calls for the waiver of a dividend for the 2019 financial year and the carry forward of balance sheet profit.
Immofinanz: weekly performance: 1.57%

Porr: Austrian construction group Porr announced that the ongoing coronavirus pandemic impacted both production output (Euro 2.3 bn) and EBT (Euro -26.6m) and has led to a year-on-year decrease. In the first half of 2020, Porr generated production output of Euro 2,273 mn, which was around 9.0% below the previous year’s level.  Around 95% of production output was generated on the seven stable home markets. In the first half of 2020, a record order backlog of Euro 7.6 bn was secured. Here Porr is benefiting from its broad positioning on the home markets and its strong market presence.  “In the second quarter of 2020 we were hit by the effects of the coronavirus crisis – as can be seen in the decline in production output and earnings. The order backlog stands at an all-time high which is extremely positive as it gives us a solid foundation. This allows us to accelerate the ongoing PORR 2025 transformation in order to improve our competitive position”, said Karl-Heinz Strauss, CEO of Porr. “We also see this challenge as an opportunity and will continue our growth course on our home markets.” Revenue shrank by 5.1% or Euro 110.4 mn to Euro 2,071.2 mn, caused by the lower contribution from consortiums and projects realised in joint ventures. EBT decreased – mainly because of the negative effects of the coronavirus pandemic – to Euro -26.6 mn.
Porr: weekly performance: -8.26%

Vienna Insurance Group: Vienna Insurance Group (Wiener Versicherung Gruppe) achieved satisfying results in the first half of 2020, despite the ongoing COVID-19 pandemic. The broad diversity of the Group and the strong start into 2020 is the reason for a premium volume of Euro 5,577.4 mn in the first half of 2020, representing a year-on-year increase of 2.4%. “In spite of the exceptional situation in which the world finds itself because of COVID-19, we achieved an increase in premiums, an improved combined ratio due to a reduction in claims expenses and lower weather-related claims, and a solvency ratio of 183%. Despite the goodwill impairments, we reported a solid result before taxes of slightly more than Euro 200 mn. I consider our strong capital resources and our impressive 2019 balance sheet as well as the consequent continuation of Agenda 2020 to be a very good foundation for us to master the challenges facing us. The extensive investments we made in the digital transformation have particularly paid off in this respect. We see ourselves well-positioned to successfully continue our business operations. Nevertheless, due to the existing pandemic, we have to expect dampening effects on our business development in the remainder of this year. Because of the continued uncertainty worldwide it is currently not possible to provide a business outlook for the end of the year,” explained General Manager Elisabeth Stadler. The result after taxes and non-controlling interests was Euro 126.3 mn (-16.3%) in the first half of 2020.
VIG: weekly performance: 2.75%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (26/08/2020)



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