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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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22.08.2012
S IMMO AG: profit for the first half year up by nearly 50%
– EBITDA increased to EUR 50.9m
– FFO rose to EUR 16.2m
– Income from property disposals totalling EUR 97.4m
– Dividend payment as part of new long-term strategy
For stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI the
first half of 2012 was highly satisfactory.
Gross profit
Despite the property portfolio reduction as a result of profitable property
sales, rental income performed very satisfactorily; amounting to EUR 60.6m,
compared to EUR 61.7m for the first half of 2011. Gross profit from hotel
operations was EUR 3.3m (first half of 2011: EUR 4.2m. S IMMO’s gross profit
totalled EUR 53.2m (first half of 2011: EUR 54.5m.
EBITDA up by 2. 8%
In the first half of 2012 S IMMO successfully sold 16 properties, with the
income from property disposals amounting to EUR 97.4m, compared to EUR 18.4m in
the same period last year. The gains on disposals totalled EUR 5.8m. Compared
with the fair values as at 30 September 2011, the gains equalled EUR 10.8m.
Following a considerable reduction in administration costs in 2011, S IMMO AG
achieved further savings in the first half of 2012. This pushed EBITDA up to
EUR 50.9m (first half of 2011: EUR 49.5m. Gains from property valuation in the
first half of 2012 came to EUR 4.7m, compared to EUR 6. 6m for the same period
last year, and were entirely attributable to the German property portfolio.
EBIT was EUR 51.0m, compared to EUR 51.3m in the first half of 2011.
Significant increase in net profit for period
For the six months ended 30 June 2012 net financing costs totalled EUR 28.6m
(first half of 2011: EUR 32.0m, including a non-cash foreign exchange loss of
EUR 1.8m. In total, the Group’s consolidated net income for the period amounted
to EUR 15.1m, as against EUR 10.1m for the first half of 2011, resulting in an
impressive 49.3% increase.
Key indicators at very satisfactory levels
Funds from operations (FFO climbed 46.9% in the first half of 2012 to
EUR 16.2m. The corresponding figure last year was EUR 11.0m. This gives a very
respectable FFO yield of 11.1%. The profit on property sales combined with the
lower gross profit from hotel operations resulted in a slight reduction in net
operating income (NOI to EUR 49.4m for the first half of 2012 (first half of
2011: EUR 50.2m. Following the dividend distribution, balance sheet NAV stood
at EUR 7.00 per share at the end of the half year (31 December 2011: EUR 6.96
per share. EPRA NAV, the inner value of the share calculated in accordance
with the guidelines of the European Public Real Estate Association, was
EUR 8.88 per share (31 December 2011: EUR 8.70 per share.
Successful asset management
S IMMO had additional satisfactory renewals of rental agreements with major
tenants in Hungary to report, with new rental successes in Southeastern Europe.
The Eurocenter in Zagreb is now fully occupied, following the signing up of
another international tenant. Additionally, S IMMO’s asset management team has
accomplished some impressive achievements in Austria, including the signature
of a 10-year rental agreement with the City of Vienna for nearly 4,000 m² of
office and warehouse space in Arcade Meidling. Serdika Center, the shopping
centre in Sofia, was awarded a further prize – «SEE Green Building of the
Year».
Capital markets
In recent weeks an upwards trend has been observed in the capital markets in
spite of generally high levels of volatility and reduced liquidity on the
Vienna Stock Exchange. The S IMMO Share closed at EUR 4,64 on 22 August 2012.
Towards the end of July the Group was informed that Erste Group Bank AG had
increased its holding in S IMMO AG to more than 10%.
For the remainder of 2012 S IMMO will be concentrating primarily on the share
repurchase programme and the S IMMO INVEST participating certificate repurchase
programme, which will run until the end of June 2013. S IMMO’s first ever
distribution of a dividend in June 2012 represents a shift in the company’s
long-term strategy, and the intention is to continue to pay dividends in the
years to come.
Outlook
Optimisation of the earnings potential of the portfolio continues to be on the
agenda for the next months, with a clear focus on sustainable and stable value
growth. Over the coming years S IMMO’s loan to value ratio will be reduced to
under 55%. S IMMO will also take advantage of the current excellent climate in
the German and Austrian property market to dispose of approximately 5% of the
portfolio annually for a total of at least EUR 100m. With the sales carried out
in the first half of 2012, this goal has already almost been reached for the
current year. Letting activities will remain focused on the office buildings in
Sofia and Bucharest. In the medium term the Group will concentrate on the
Quartier Belvedere Central development project in Vienna, where, together with
its partners, it will develop – in successive phases – a mixture of office,
hotel and retail properties with gross floor space of around 130,000 m².
Consolidated income statement for the six months ended 30 June 2012
EUR m / fair value basis
| |01 – 06/2012 |01 – 06/2011 |
|Revenues |98. 6 |102.3 |
| Rental income |60.6 |61.7 |
| Revenues from operating costs |19.4 |21.0 |
| Revenues from hotel operations |18.6 |19.6 |
|Other operating income |3.7 |4.3 |
|Expenses directly attributable to properties |-33.9 |-36.7 |
|Hotel operating expenses |-15.3 |-15.4 |
|Gross profit |53.2 |54. 5 |
|Income from property disposals |97.4 |18.4 |
|Carrying value of property disposals |-91.5 |-14.4 |
|Gains on property disposals |5.8 |3.9 |
|Management expenses |-8.1 |-8.9 |
|Earnings before interest, tax, depreciation and |50.9 |49.5 |
|amortisation (EBITDA | | |
|Depreciation and amortisation |-4.5 |-4.8 |
|Gains on property valuation |4. 7 |6.6 |
|Operating result (EBIT |51.0 |51.3 |
|Financing costs |-28.6 |-32.0 |
|Participating certificates result |-6.5 |-6.8 |
|Net income before tax (EBT |15.9 |12.5 |
|Taxes on income |-0.8 |-2.4 |
|Consolidated net income |15.1 |10.1 |
| of which attributable to shareholders in parent |14.3 |7. 3 |
|company | | |
|of which attributable to non-controlling interests|0.8 |2.8 |
| | | |
|Earnings per share (EUR |0.21 |0.11 |
|Property information | |30 June 2012 |
|Standing properties |units |221 |
|Total rented floor space |m² |1,320,513 |
|Gross rental yield |% |6. 9 |
|Occupancy rate |% |93.4 |
end of announcement euro adhoc
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