The financial year 2011 is turning out to be very successful for Austrian stock exchange listed S Immo AG. "Despite the challenging economic environment, we can look back on an outstanding third quarter; all key indicators are up, and once again we have good news to report from our asset management division. In addition, we have sent the capital markets an important signal by initiating the share repurchase programme at the start of October and continuing the repurchase programme for participating certificates," says Ernst Vejdovszky, Member of S Immo AG's Management Board.
The excellent performance in the first half of 2011 continued into the third quarter. Rents were thoroughly satisfactory at € 91.8m (Q3 2010: € 75.5m. A major part of the rental income came from the buildings on the Viennese Viertel Zwei site, acquired last December, and from the development projects completed in 2010.
The continuing positive trend in the hotel industry in Vienna and Budapest was also reflected in the performance of S Immo's hotels. Income from hotel operations for the first three quarters climbed from € 27.1m in 2010 to € 29.3m this year. Profits from hotel operations were up 16.7% to € 6.9m. In the first nine months of 2011 S Immo improved its gross profit by an impressive 30.9% to € 80.1m (Q3 2010: € 61.2m.
In the first three quarters of 2011, properties were sold in Austria and Germany. Proceeds from disposals came to € 40.5m and the gains on disposal came to a very satisfactory € 9.2m. EBITDA climbed significantly to € 76.6m (Q3 2010: € 55.0m, an increase of 39.4% compared with the same period last year. EBIT also increased, by roughly 63%, to € 74.0m (Q3 2010: € 45.5m. For the nine months ending 30 September 2011, net financing result totalled € -40.3m, including a non-cash foreign exchange gain of € 3.3m, which was attributable to the rise of the €O's value against currencies in Central and Southeastern Europe. Overall, S Immo's consolidated net income for the period was a very impressive € 20.3m, compared with € 1.3m for the same period last year.
S Immo's funds from operations (FFO in the first three quarters improved markedly – by 45.7% – to € 32.9m, compared with € 22.6m for the same period last year. Including participating certificates expenses, FFO for the first nine months in 2011 was € 23.1m, compared with € 14.5m in 2010. The Group's excellent performance was also reflected in the improved NOI, which rose from € 57.5m last year to € 75.0m. The operating cash flow amounted to € 74.0m, a 40.0% increase compared with the same period last year. As at 30 September 2011 the balance sheet NAV was € 7.11 per share (31 December 2010: € 7.07 per share. The EPRA NAV, the net asset value of the share calculated in accordance with the guidelines of the European Public Real Estate Association, was € 8. 64 per share (31 December 2010: € 8.34 per share.
S Immo Group owns a total of 239 properties in Austria, Germany and six other countries in Central and Southeastern Europe. It will continue to concentrate its investments mainly in European Union capitals and large German cities. The value of the Group's property portfolio as at 30 September 2011 was € 1,988.2m with a floor space of approximately 1,400,000 m². The portfolio is diversified by region and by property use type. At the balance sheet date, around 60% of the property portfolio was in Western Europe and roughly 40% in Central and Southeastern Europe. A detailed breakdown by region shows that 31.7% of the properties were in Austria, 27.8% in Germany, 21.3% in SEE and 19.2% in CEE. According to property use type, the portfolio is made up of office properties (36.0%, retail properties (26.7%, residential properties (23.3% and hotels (14.0%. The occupancy rate was a highly satisfactory 91.8%. The overall rental yield is 6.6%.
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