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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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Financial Figures/Balance Sheet/9-month report
22.11.2012
S IMMO AG: third quarter results confirm successful business performance
– Consolidated net income up to EUR 20m
– Proceeds of property sales totalling EUR 130.1m
– Earnings per share up from EUR 0. 24 to EUR 0.29
– S IMMO Share: upwards trend in the capital market
For stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI the
first three quarters of the financial year 2012 have proved highly successful.
The Company has achieved increases in key indicators such as consolidated net
income and funds from operations.
Gross profit
Total revenues for the first three quarters of 2012 amounted to EUR 146.3m. The
rental income continued at a satisfactory level in spite of the successful
property sales – while the property portfolio decreased by 5. 8%, rental income
declined by only 2.5% to EUR 89.5m, compared with EUR 91.8m for the same period
last year. Revenues from hotel operations (revenues from the Vienna and
Budapest Marriott Hotels, both operated under management agreements increased
slightly, from EUR 29.3m to EUR 29.5m. The gross profit from hotel operations
in the third quarter of 2012 came to EUR 6.2m, compared with EUR 6.9m in the
third quarter of 2011. In total, gross profit for the first three quarters
dropped slightly by 2.9% to EUR 77.8m, compared with EUR 80.1m in the same
period last year.
Successful property disposals
As at 30 September 2012 the sale proceeds totalled EUR 130.1m, compared with
EUR 40.5m for the same period last year. This means that by the end of the
third quarter, S IMMO had already more than achieved its goal of disposing of
properties to the value of EUR 100m in 2012. The gains on disposals came to
EUR 9.7m. Despite the property sales, EBITDA fell by only 1.8%, to EUR 75.3m,
compared with EUR 76.6m for the first nine months of 2011. Gains from property
valuations for the first three quarters of 2012 came to EUR 5.5m (Q3 2011:
EUR 4. 3m and were entirely attributable to the German property portfolio. At
EUR 73.9m (Q3 2011: EUR 74.0m, EBIT for the period remained more or less
unchanged.
Further increase in net profit for the period
Financing costs for the first three quarters of 2012 amounted to EUR 41.8m,
compared with EUR 40.3m for the same period last year. The difference was
partly due to a non-cash foreign exchange loss of EUR 2.0m, as opposed to a
foreign exchange gain of EUR 3.3m for the first three quarters of 2011. The
Group’s consolidated net income for the third quarter came to a very
satisfactory EUR 20. 4m, compared with EUR 20.3m for the same period last year,
a slight increase of 0.7% despite the reduced portfolio.
Key indicators at very satisfactory levels
Funds from operations (FFO rose by 7.7% in the first three quarters of 2012 to
EUR 24.9m. The corresponding figure last year was EUR 23.1m. With S IMMO’s
market capitalisation of EUR 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 EUR 72.7m, compared with EUR 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 EUR 7.01 per share (31 December 2011: EUR 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 EUR 9.02 per share
(31 December 2011: EUR 8.70 per share. Earnings per share increased to
EUR 0.29 (Q3 2011: EUR 0.24.
Successful asset management
S IMMO has considerable successes to report in asset management: In Romania and
Bulgaria – still the two most challenging markets – the Group was thrilled to
welcome well-known companies such as Atos, Merck and Abbott as new tenants in
its office developments. Sun Offices in Bucharest was awarded a Green Building
Certificate by BREEAM. Further freehold apartments in S IMMO’s Vienna office
and residential property Neutor 1010 were also disposed of, at very favourable
prices. The extensive refurbishment activities of the past few years have had a
positive effect on the German portfolio: In Munich and Berlin approximately
2,200 m² have been let to well-known tenants such as the Konrad-Adenauer-
Stiftung.
Upwards trend in the capital markets
After some challenging quarters, over the past few months there have been
definite signs of an upwards trend in the capital markets. Since the beginning
of the year the S IMMO Share price has increased by 6.0%, to close the third
quarter at EUR 4.77. On 21 November 2012 the S IMMO Share stood at EUR 4.91.
This rise went hand in hand with an increase in trading volumes. In the coming
months the Company will continue the repurchase programmes for the S IMMO Share
and the S IMMO INVEST participating certificate as planned. S IMMO’s dividend
distribution start in June 2012 represents a change in long-term strategy with
the intention to continue to pay dividends in the years to come.
Outlook: in excellent shape for 2013
In the currently still challenging environment, S IMMO benefits from the
diversification of its portfolio by region and property use type. In Germany,
at present the most profitable of its markets, the Group is taking advantage of
the current buoyancy of the residential market. The goal of disposing of around
5% of the portfolio for at least EUR 100m this year has already been achieved.
S IMMO’s plan for 2013 is to do the same. The Group will use the proceeds of
sale, among other things, to reduce the loan to value ratio from its current
level of around 55% to under 50%.
Development activities over the next few years will be concentrated on the
inner city Quartier Belvedere Central project around Vienna’s new Central
Station. In the coming years, S IMMO and its partners will be developing a
mixture of office, hotel and retail properties with gross floor space of
around 130,000 m².
Consolidated income statement for the nine months ended 30 September 2012
EUR m / fair value basis
| |01 – 09/2012 |01 – 09/2011 |
|Revenues |146.3 |151.9 |
| Rental income |89.5 |91.8 |
| Revenues from operating costs |27.3 |30. 8 |
| Revenues from hotel operations |29.5 |29.3 |
|Other operating income |5.1 |5.1 |
|Expenses directly attributable to properties |-50.3 |-54.5 |
|Hotel operating expenses |-23.3 |-22.5 |
|Gross profit |77.8 |80.1 |
|Income from property disposals |130.1 |40.5 |
|Carrying value of property disposals |-120.4 |-31. 3 |
|Gains on property disposals |9.7 |9.2 |
|Management expenses |-12.2 |-12.6 |
|Earnings before interest, tax, depreciation and |75.3 |76.6 |
|amortisation (EBITDA | | |
|Depreciation and amortisation |-6.8 |-7.0 |
|Gains on property valuation |5.5 |4.3 |
|Operating result (EBIT |73.9 |74.0 |
|Financing costs |-41. 8 |-40.3 |
|Participating certificates results |-9.4 |-9.8 |
|Net income before taxes (EBT |22.7 |23.9 |
|Taxes on income |-2.3 |-3.7 |
|Consolidated net income |20.4 |20.3 |
| of which attributable to shareholders in parent |19.3 |16.7 |
|company | | |
| of which attributable to non-controlling |1.1 |3. 6 |
|interests | | |
|Earnings per share (EUR |0.29 |0.24 |
|Property information | |30.09.2012 |
|Standing properties |Units |218 |
|Total rented floor space |m² |1,303,841 |
|Gross rental yield |% |6.9 |
|Occupancy rate |% |93.2 |
end of announcement euro adhoc
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