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EANS-Adhoc: S IMMO AG / sucessful start to 2013
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Annual Reports/3-month report
23.05.2013
S IMMO AG: successful start to 2013
- EBITDA up 6.8%
- EBT increased to EUR 9.3m
- Funds from operations up by 42.6%
- Net profit for the period: EUR 6.5m
- Successful property sales in the first quarter
For stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) the
results for the first quarter of 2013 confirmed its successful record over the
past quarters. Key performance indicators were up again.
Gross profit up again
Total income for the first quarter of 2013 was EUR 46.7m (Q1 2012: EUR 46.9m).
As expected, the rental income of EUR 29.4m was lower than in the first quarter
of 2012 (EUR 30.1m) because of the successful property sales during the course
of that year. The property portfolio was reduced by 6.3%, however, rental
income fell by only 2.4%. Quarterly revenues from hotel operations (revenues
from the Vienna and Budapest Marriott Hotels, both operated under management
agreements) increased by 3.6%, from EUR 7.7m to EUR 8.0m, confirming the
positive trend. The gross operating profit (GOP) from hotel operations improved
by 12.4% to EUR 0.8m (Q1 2012: EUR 0.7m). The overall gross profit rose by 2.6%
to EUR 27.4m, compared with EUR 26.7m in the same period last year.
Successful property sales
S IMMO AG's objective in 2013 is to sell approximately 5% of its property
portfolio at a profit during the course of the year, and in the first quarter
it made a successful start. At 31 March 2013 sale proceeds to date totalled
EUR 32.6m, compared with EUR 39.5m in the first quarter of 2012. The gains on
sale came to EUR 1.4m (Q1 2012: EUR 0.7m), while compared with the fair values
as at 30 September 2012, the gains were EUR 5.3m.
Success through efficiency
The reduction in property related costs and administration expenses resulted in
an increase in EBITDA for the quarter ended 31 March 2013 to EUR 25.2m
(Q1 2012: EUR 23.6m), an increase of 6.8%. EBIT also increased by 7.1%, to
EUR 26.9m (Q1 2012: EUR 25.1m), and EBT was up from EUR 5.6m to EUR 9.3m.
Despite an increase in the tax charge to EUR -2.8m (Q1 2012: EUR 0.8m) and
losses on foreign currency valuation of EUR 1.8m (Q1 2012: EUR 2.6m), the
profit for the period was up to EUR 6.5m (Q1 2012: EUR 6.4m).
Key performance indicators up
Funds from operations (FFO) for the first quarter of 2013 improved by an
impressive 42.6% to EUR 8.4m, compared with EUR 5.9m a year earlier. Efficiency
gains led to an improvement in net operating income (NOI), which increased to
EUR 25.1m (Q1 2012: EUR 23.6m). Operating cash flow for the quarter came to
EUR 26.2m (Q1 2012: EUR 22.6m). In the first quarter of 2013 both balance sheet
net asset value (book value per share) and EPRA net asset value rose again:
Balance sheet NAV at 31 March 2013 stood at EUR 7.37 (31 December 2012:
EUR 7.17) per share, while EPRA NAV was EUR 9.34 (31 December 2012: EUR 9.18)
per share.
Capital markets
Like most other Prime Market stocks, the S IMMO Share declined in value, and
closed the first quarter at EUR 4.69. Its performance was however still better
than both the IATX and the ATX, and over the past twelve months it appreciated
by 4.5%. Since April 2013, S IMMO is again working with a second market maker
in Frankfurt. This makes it possible to buy the S IMMO Share through XETRA DAX
and via the internet portal FLATEX, one of Germany's leading online brokers.
Outlook for 2013
In a still challenging economic environment, S IMMO continues to pursue its
tried-and-tested strategy, and deliberately invests in four property segments.
The focus of investment is on properties in capital cities within the European
Union - from Berlin via Prague and Vienna to Bucharest. This allows the Group
to take advantage of differences in property cycles: In 2013 it will again be
selling around 5% of the existing property portfolio, mainly in Vienna, Hamburg
and Berlin, and thereby realising profits. The sale proceeds will among other
things be used to take up attractive investment opportunities in Berlin. The
first acquisition was the Sonnenallee office property. Sale proceeds are also
being used to reduce the loan to value ratio.
Consolidated income statement for the three months ended 31 March 2013
EUR m / fair value basis
| |01 - 03/2013 |01 - 03/2012 |
|Revenues |46.7 |46.9 |
| Rental income |29.4 |30.1 |
| Revenues from operating costs |9.3 |9.1 |
| Revenues from hotel operations |8.0 |7.7 |
|Other operating income |2.3 |3.1 |
|Expenses directly attributable to properties |-14.5 |-16.3 |
|Hotel operating expenses |-7.2 |-7.0 |
| | | |
|Gross profit |27.4 |26.7 |
|Proceeds of property disposals |32.6 |39.5 |
|Carrying value of property disposals |-31.2 |-38.8 |
|Gains on property disposals |1.4 |0.7 |
|Management expenses |-3.6 |-3.7 |
|Earnings before interest, tax, depreciation and |25.2 |23.6 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-2.4 |-2.3 |
|Result from property valuation |4.1 |3.9 |
|Operating result (EBIT) |26.9 |25.1 |
|Financing costs |-14.4 |-16.3 |
|Participating certificates result |-3.2 |-3.2 |
|Net income before tax (EBT) |9.3 |5.6 |
|Taxes on income |-2.8 |0.8 |
|Consolidated net income for the period |6.5 |6.4 |
| of which attributable to shareholders in parent |5.8 |6.0 |
|company | | |
| of which attributable to non-controlling |0.7 |0.4 |
| interests | | |
|Earnings per share (EUR) |0.09 |0.09 |
|Property information | |31 March 2013|
|Standing properties |number |216 |
|Total usable space |m² |1,308,927 |
|Gross rental yield |% |6.9 |
|Occupancy rate |% |91.0 |
Further inquiry note:
Investor Relations:
Andreas J. Feuerstein
Phone: +43(0)50100-27556
Fax: +43(0)05100-927556
E-mail: andreas.feuerstein@simmoag.at
www.simmoag.at
Corporate Communications:
Bosko Skoko
Phone: +43(0)50100-27522
Fax: +43(0)05100-927522
E-mail: bosko.skoko@simmoag.at
www.simmoag.at
issuer: S IMMO AG
Friedrichstraße 10
A-1010 Wien
phone: +43(0)50100-27550
FAX: +43(0)050100-927559
mail: office@simmoag.at
WWW: www.simmoag.at
sector: Real Estate
ISIN: AT0000652250
indexes: ATX Prime, IATX
stockmarkets: official market: Wien
language: English
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