SPARKASSEN IMMOB. : S IMMO AG: final results for 2011 confirm tenfold increase …

• Consolidated net income up from EUR 2.1m to EUR
21.2m
• reaches 9.4%
• Dividend proposal for Annual General Meeting of EUR
0.10 per share

and were much higher than in the previous year.

Gross profit up 33.4%
S IMMO Group’s rental income in 2011 was remarkably strong,
at EUR 125.9m (2010: EUR 104.0m, a year-on-year increase
of 21.1%. The development projects completed in 2010 were a
major contributor in this improvement, together with the
Group’s acquisitions. Gross profit from hotel operations
also rose by 3.9%, in spite of the difficulties posed by
the uncertain economic climate, and ended the year at EUR
9.0m (2010: EUR 8.7m. Total gross profit climbed by an
impressive EUR 26.8m, to EUR 107.0m, compared to EUR 80.2m
in 2010. This represents an increase of 33.4%.

up 42.0%
In 2011, management expenses were cut back by EUR 1.5m from
EUR 18.7m to EUR 17.2m, a reduction of more than 8%. In
addition, eleven properties and 16 freehold apartments in
Vienna and Berlin were sold. This is in line with the
Group’s strategy of disposing of parts of the portfolio
where a profit can be realised. The properties were sold
well above most recent estimated values, and the gains on
disposal amounted to EUR 11.6m (2010: EUR 9.9m.
Altogether, these factors accounted for a 42.0% increase in
, or EUR 30.0m, to EUR 101.4m (2010: EUR 71.4m.

Significant growth in
As in 2010, valuation adjustments were not material coming
in at EUR 0.1m (2010: EUR -0.8m. Germany and Austria in
particular showed significant valuation gains, while values
in Central and Southeastern Europe were down. Operating
profit ( of EUR 92.3m improved by EUR 31.7m compared with
the EUR 60.5m achieved in 2010, an increase of 52.4%.

Excellent financial results
Net financing costs totalled EUR 51.5m (2010: EUR 41.2m,
including a non-cash foreign exchange gain of EUR 7.3m. The
gain was attributable to the rise of the euro against
functional currencies in Central and Southeastern Europe
(Romanian leu, Hungarian forint, Czech crown and Croatian
kuna. The income entitlements of participating certificate
holders for 2011 resulted in expenses of EUR 11.2m (2010:
EUR 10.2m.

Consolidated net income up to EUR 21.2m

All key performance indicators up
S IMMO’s in 2011 improved by 54.6% to EUR 28.9m (2010: EUR
18.7m. This gives a very respectable (ratio of to share
price of 9.4%. The Group’s excellent performance was also
reflected in the improved , which rose from EUR 75.2m to
EUR 99.3m, also partly as a result of the projects
completed in 2010. Operating for the year was also very
satisfactory, and rose from EUR 74.2m in 2010 to EUR 96.0m
in 2011.

As at 31 December 2011, the balance sheet stood at EUR 6.96
per share (31 December 2010: EUR 7.07 per share. The , the
of the share calculated in accordance with the guidelines
of the , was EUR 8.70 per share (31 December 2010: EUR 8.34
per share. represents the value of equity adjusted for the
factors that have no long-term effect on the business
activities of the Group, such as valuations of derivatives
and deferred taxes.

ital markets: share repurchase and second market maker
The S IMMO Share performed considerably better than the
industry average in 2011, most notably in the fourth
quarter. The Management took advantage of the gap between
market price and of the share and launched a share
repurchase programme last autumn. By adding a second market
maker S IMMO is also aiming to improve the share’s
liquidity and to gain greater access to new groups of
investors.

Outlook and proposed dividend
In spite of the positive developments in Germany, the
European property market overall presents a far from stable
picture. D crises, euro crash scenarios, and the Austrian
ital gains tax on securities are just some of the negative
issues that will continue to dominate the headlines in the
coming months. Even though the overall economic situation
will remain challenging, S IMMO is exceptionally well
positioned to meet the tasks of the coming years.

In Germany, the refurbishment programme will, for the most
part, be completed by the end of the year. This will reduce
exceptional investment costs, while simultaneously
increasing the value of the properties. S IMMO will take
advantage of opportunities to sell properties at a profit,
particularly in Austria and Germany, and aims to dispose of
approximately 5% of its portfolio every year. In the medium
term, the focus will be on the Quartier Belvedere Central
development project, part of one of Europe’s largest
inner-city development projects centred next to Vienna’s
future Central Station. In successive stages, S IMMO and
its partners will be constructing a mixture of office,
hotel and retail properties with a gross floor space of
around 136,000 m².

S IMMO will continue to buy back shares until the
repurchase programme ends on 31 May 2012, with the aim of
further increasing the Group’s attractiveness in the ital
markets. At the Annual General Meeting on 01 June 2012 S
IMMO’s Management Board will propose a dividend
distribution of EUR 0.10 per share to the shareholders.

01 – 12/2011

01 – 12/2010

Revenues 

207.8

174.9

Rental income 

125. 9

104.0

Revenues from service charges

41.3

32.6

Revenues from hotel operations

40.6

38. 3

Other operating income 

7.7

5.0

Expenses directly attributable to properties

-77.0

-70. 1

Hotel operating expenses 

-31.6

-29.6

Gross profit

107.0

80.2

Income from property disposals 

46. 5

102.7

of property disposals 

-34.9

-92.8

Gains on property disposals

11.6

9. 9

Management expenses

-17.2

-18.7

101.4

71.4

Depreciation and amortisation

-9. 3

-10.1

Gains / losses on property valuation 

0.1

-0.8

Operating result (

92.3

60. 5

Financing costs 

-51.5

-41.2

results

-11.2

-10.2

Net income before taxes ( 

29. 6

9.1

Taxes on income 

-8.4

-7.0

Consolidated net income for the period

21.2

2. 1

of which attributable to shareholders in parent
company

20.0

1.8

of which attributable to non-controlling
interests 

1.2

0. 3

Earnings per share (EUR 

0.29

0. 03

Property indicators  

31 December 2011 

Standing properties

units

236

Total let floor space

m2

1,409,623

Gross rental

%

6. 7

Occupancy rate

%

92.

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