S Immo: Net income for Q1 up again

The results for the first quarter of 2012 for stock exchange listed S Immo AG continue last year's successful performance. "A few weeks ago we published annual results with the highest recorded EBITDA in the Group's history. In 2012 we shall be concentrating on further stabilising our revenues at their present high levels. We have closed the first quarter with success, and have even increased the consolidated net income for the period by 18.2%," comments Ernst Vejdovszky, member of S Immo's
Management Board.

Although the real estate assets were reduced by 3. 9% compared to the year before following the sale of several properties at a profit, rental income for the first quarter of 2012 was down only very slightly by 0.6% to € 30.1m (Q1 2011: € 30.3m . Gross profit from hotel operations was € 0.7m for the first quarter of 2012 (Q1 2011: € 1.2m. Last year there was a positive special effect that has to be taken into account: Hungary's EUpresidency in the first half of 2011. The expense of property operations was reduced from € 16.9m in the first quarter of 2011 to € 16.3m in the first quarter of this year. The gross profit came to € 26.7m (Q1 2011: € 27.7m.

In the first quarter of 2012 S Immo took advantage of the continuing strong demand for properties and sold five residential properties in Berlin, an office building in Munich and a residential building in Vienna at above their estimated values. The proceeds of property disposals amounted to € 39.5m (Q1 2011: € 4.3m, and the gains on property disposals according to IFRS came to € 0.7m (Q1 2011: € 0.6m. Compared to the estimated values as at 30 September 2011, gains on property disposals amounted to € 4.2m. S Immo's administrative costs in the first quarter were once again reduced, down to € 3. 7m (Q1 2011: € 4.3m. EBITDA decreased by a minimal 1.8% to € 23.6m (Q1 2011: € 24.1m.

Gains from property valuations in the first quarter of 2012 came to € 3.9m (Q1 2011: € 5.0m and were entirely attributable to the German portfolio. Overall, compared with the first quarter of 2011, EBIT fell 5.6% from € 26.6m to € 25.1m. Financing costs for the first quarter of 2012 amounted to € 16.3m (Q1 2011: € 17.6m, including a non-cash foreign exchange loss of € 2.6m. The Group's consolidated net income for the quarter came out at € 6.4m (Q1 2011: € 5.4m. This was a respectable increase of 18. 2% compared with the same period last year.

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