Immofinanz’s operational results were stable at €169.5m in the first half of the 2014/15 fiscal year. However, the Austrian developer and investor recorded a loss of €30.2m. Immofinanz blames the loss on the revaluation of its investment assets as well as the collapse of the ruble, which has hit the value of the company’s assets in Russia, Poland and the Czech Republic. Eduard Zehetner, Immofinanz’s CEO, said that the exchange rate fiasco led to reduced rental income from the company’s Russian properties, as Immofinanz continues granting temporary lease payment reductions to its tenants to help them sustain higher rental costs. Rents in its Russian properties are usually charged in euro or US dollar. The Russian crisis has also brought the value of the company’s shares down, something Zehetner says has enabled Immofinanz to buy back its shares at a lower price.
