Stock exchange listed S Immo AG has positive results to report for the first half of 2011. Compared with the same period last year, rental income, gross profit and EBIT have all increased significantly. "After a successful start to 2011, S Immo's positive performance continued in the second quarter. With our operating results being exactly on target we have further increased the potential of our Share," says Ernst Vejdovszky, Member of S Immo AG's Management Board.
Rental income for the first half of 2011 was more than satisfactory at € 61. 7m (first half of 2010: € 48.2m. The buildings in Vienna's Viertel Zwei, acquired last December, contributed fully to earnings for the first time. The growth in rental income was also partly attributable to income from development projects that were completed during the last financial year.
The continuing positive trend in hotel business in Vienna and Budapest was reflected in the performance of S Immo's hotels. Income from hotel operations increased from € 17.0m to € 19.6m. Despite a slight increase in expenses of hotel operations, profits in the first half of 2011 were up by 25% to € 4.2m. Overall, gross profit for the first half of 2011 rose 30.5% to € 54.5m compared with € 41.8m in the same period last year.
In the first half of 2011, S Immo disposed of four properties in Vienna and Berlin as well as four apartments in the mixed residential and office building Neutor 1010 in Vienna. The gains on property disposal amounted to € 3.9m and were a major contribution to raising the EBITDA from € 36.8m to € 49.5m, an increase of 34.7% compared with the same period last year. EBIT was up by 70.6% to € 51.3m (first half of 2010: € 30.1m.
As at 30 June 2011, financing costs amounted to € 32. 0m, including a non-cash foreign exchange loss of € 3.4m. The loss was a result of the decline of the €O against currencies in Central and Southeastern Europe (Romanian leu, Hungarian forint, Czech crown and Croatian kuna. The overall net income for the period doubled compared with the same period last year and amounted to € 10.1m.
Compared with the first half of 2010, S Immo achieved a significant increase in funds from operations (FFO, which jumped 31.6% to € 21.6m. The Group's excellent performance was also reflected in improved NOI, which rose from € 38.7m to € 50.2m. Operating cash flow for the first half year was € 51.3m, an increase of 81.9% compared with the same period last year.
EPRA NAV, the net asset value of the share calculated in accordance with the guidelines of the European Public Real Estate Association, was also up again to € 8.54 per share, compared with € 8.34 per share at the end of 2010.
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