S Immo presents third-quarter figures

Austrian-based S Immo raised its profit for the quarter by 0.7% to €20m. Earnings per share came in at €0.29, 5 Cent more than in 3Q 2011 (€0.24. Total gains from property divestments were €130m. Accordingly, the company’s EBITDA fell slightly, due to disposals, by 1.8% from €76.6m to €75.3m.

"All results are in line with our company goals," said board member Ernst Vejdovzsky. The company profited especially from the friendly German apartment market. This made it easier to fulfill the goal of selling at least 5% of S Immo’s portfolio for a total consideration of at least €100m by the end of the year. This goal was already reached in the third quarter, the total gain from these disposals amounted to €10m.

Total 3Q revenue was €146mln with rental income dropping slightly by 2.5% to €89.5m (3Q 2011: €92m, due to divestments. Income from two hotels remained stable at €20m, gross profit from the hotel operations amounted to €6m. Total gross profit shrank 3% to €78m (3Q 2011: €80m.

Funds from operations (FFO rose by 7. 7% in the first three quarters of 2012 to €24.9m. The corresponding figure last year was €23.1m. With S IMMO’s market capitalisation of €324.9m at 30 September 2012, the FFO yield was a very satisfactory 10.2%. Because of property disposals, net operating income (NOI fell by 3.1% to €72.7m, compared with €75.0m for the same period last year. However, the NOI margin improved by 0.3 percentage points to 49.7%. This is attributable to increases in efficiency and a reduction in property related costs. As at 30 September 2012 the balance sheet net asset value (NAV stood at € 7.01 per share (31 December 2011: €6. 96 per share. The EPRA NAV, the inner value of the share calculated in accordance with the guidelines of the European Public Real Estate Association, was €9.02 per share (31 December 2011: €8.70 per share. Earnings per share increased to €0.29 (Q3 2011: €0.24.

The company sees itself well-prepared for a good start into 2013. The main focus of development will be on the Quartier Belvedere Central, a new project area near Vienna’s main train station.

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