May 28, 2020 / 01:00PM GMT
Stefan Schönauer Bakk - IMMOFINANZ AG - CFO & Member of Executive Board
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increased by 18% to EUR 43.5 million. And as we preannounced, our net profit was negative with EUR 37.6 million, mainly because of negative revaluation results due to COVID-19 and the yield widening.
Our FFO increased by 3.6% to EUR 29.1 million. However, I have to say that this FFO fully includes the annual coupon payment of our EUR 500 million benchmark bond. And if you would spread this coupon over the year, the FFO 1 would have increased to EUR 38.9 million. This means an increase of nice 38.7% compared to the previous year's quarter.
Our net LTV is still in our target range and below 45% and came in with 43.8%. The cash and cash equivalents in our balance sheet amount to EUR 312.5 million, and we also managed, as already announced, to secure a revolving credit facility of an additional EUR 100 million that has not been drawn yet.
Let us now dive a little bit deeper into the profit and loss statement on Page 6 of the presentation. Rental income was
Q1 2020 Immofinanz AG Earnings Call Transcript
May 28, 2020
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