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Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG
Financial year 2009 - a year of contrasts

  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.
annual report
28.04.2010
Ad hoc release   Vienna, 28 April 2010
Sparkassen Immobilien AG
Financial year 2009 - a year of contrasts
* First ever post-tax full-year loss following market-related property
      revaluations
    * Increase in revenues less directly attributable expenses to EUR 70.9
      million
    * Occupancy rate steady at 90.3%
    * Conversion of participating certificates into shares planned
    * Outlook: strong Q1, cash from operations set to double starting in 2011
For stock exchange listed Sparkassen Immobilien AG (Bloomberg: SPI:AV,  Reuters:
SIAG.VI), the financial year 2009 was a successful year 
operationally.  However, for the first time in the Group´s 22-year 
history  the  final  results  for  the year were negative, as a 
result of the effects of the financial crisis and  non- cash property
revaluations.
For Sparkassen Immobilien AG the financial year 2009 was a  year  of 
contrasts. While for 2009 the effects on post-tax results of the 
financial crisis and  non- cash  revaluations  were  significantly  
negative,  the  consistent,   long-term business strategy  produced  
satisfactory  operating  results.  Major  operating indicators such 
as rental income, occupancy rate and cash flow  were  maintained at 
their existing level or even improved. Starting in the financial  
year  2011, the Company will more than  double  its  operating  cash 
flow,  as  development projects are completed.
Operating results: rental income up, occupancy rate stable at high 
level The  highly  satisfactory  operating  results  were  primarily 
attributable  to persisting high occupancy levels.  Despite  the  
difficult  market  environment, Sparkassen Immobilien AG has been  
successful  in  holding  its  occupancy  rate constant, at 90.3%. The
rental yield was  6.65%.  In  the  last  financial  year rental 
income rose by 2% and property assets  increased  to  EUR 1.901bn  
(2008: EUR 1,808bn). As  at  31 December  2009,  Sparkassen  
Immobilien  AG´s  property portfolio comprised 256 properties with 
total lettable space of 1,355,000 m².
The revenues less directly attributable expenses increased to  
EUR 70.9m,  after EUR 70.5m in 2008. Cash flow from operations of 
EUR 49.4m was  approximately  at the same level as last year  
(EUR 50.0m).  The  completed  development  projects will be making 
their full contribution to  profits  starting  in  the  financial 
years 2010/2011.      One-off increases  in  expenses  in  connection
with  the successful completion  of  the  projects  resulted  in  a  
fall  in  Funds  From Operations (FFO) to EUR 22.0m.
Taking advantage of favourable sales opportunities During 2009 six 
rental properties were disposed of at a  profit.  This  included the 
Gemini office building in Prague, which was sold  to  Deka  
Immobilien  GmbH for a price far in excess of the land acquisition 
costs and construction  costs. This transaction, with a value of 
around EUR 110m,  was  not  only  the  biggest sale in the history of
Sparkassen Immobilien AG, but also one of  the  Company´s most 
successful development projects to date.
Increased transparency with EPRA standards The financial statements 
for 2009 have been  prepared  in  accordance  with  the standards of 
the European Public Real Estate Association (EPRA). The changes  in 
presentation affect the income statement and  the  method  of  
calculating  NAV. This change as a result of the increased 
transparency  makes  the  Company  even more attractive to 
institutional investors, and easier  to  compare  with  other 
property companies. EBITDA fell from EUR 59.2m to EUR 53.3m. The good
operating results  were  outweighed  by  non-cash  property  
revaluations  of   EUR 97.2m, resulting in a negative EBIT of 
EUR 53.1m (2008: positive EBIT of EUR 23.8m).
Sparkassen Immobilien AG´s  cash  reserves  as  at  31 December  2009
stood  at EUR 210m.
All development projects on schedule In spite of the extremely  
difficult  market  environment,  in  2009  Sparkassen Immobilien AG 
was able to continue  all  development  projects  -  the  shopping 
centres and office buildings Serdika Center in Sofia and Sun Plaza in
Bucharest - as planned.  Two  other  projects  -  the  fully  let  
student  residence  and geriatric centre in Sechshauser Strasse in 
Vienna and the  Austria  Trend  Hotel in Bratislava - were 
successfully completed in 2009 and officially opened.
The two biggest projects in the history of  the  Group  to  date,  
the  shopping centres Serdika Center in Sofia and Sun Plaza in  
Bucharest,  are  almost  fully let. The biggest shopping centres  in 
their  respective  countries,  they  were successfully opened in the 
first quarter of 2010.
s IMMO Share: year-to-date gain of 152.5% Sparkassen Immobilien AG´s 
share performed outstandingly in  2009,  closing  the year at 
EUR 5.00  (closing  price  27 April  2010:  EUR  5.10),  a  
year-on-year increase of 152.5%. Erste Group and Vienna Insurance 
Group, two of the  region´s largest established financial  service  
providers,  continue  to  be  Sparkassen Immobilien AG´s strategic 
core shareholders.
Analysts´ interest in the s IMMO Share also continued to  strengthen:
Prominent names such as HSBC and SRC Research  have  started  
providing  coverage  of  the share. All the analysts have currently 
issued "buy" recommendations, and  stress as a special strength the 
balanced portfolio in terms of use type  and  regional spread, the 
consistently high occupancy rate, the good tenant mix and the  broad 
spread of investors.
Conversion of participating certificates into shares planned 
On 22 April 2010 the Management and Supervisory Boards  resolved  on 
a  further step to standardise the treatment of the two groups of 
investors  in  Sparkassen Immobilien AG, the shareholders (ISIN 
AT0000652250),  and  the  holders  of  the participating certificates
(ISIN AT0000630694 und ISIN AT0000795737). On 21  May the Annual 
General Meeting of Sparkassen Immobilien AG will vote on a motion  to
offer  participating  certificate  holders   the   option   to   
convert   their certificates into ordinary shares during three 
conversion windows.
The new shares necessary for the conversion will be issued  out  of  
conditional capital.  Based  on  the  book  value  of  the  
participating  certificates  and depending on the conversion window 
in question, the subscription price  will  be between 15% and 35% 
above the current share price of the s IMMO  share  (closing price 
27 April 2010: EUR 5,10). Exercising the  conversion  option  enables
the participating certificate holders to convert to the significantly
more liquid  s IMMO Share. The shareholders in Sparkassen Immobilien 
AG  benefit  from  a  more transparent capital structure and an 
increase in market  capitalisation,  making the s IMMO Share more 
attractive.
Outlook: strong Q1, cash from operations set to double staring in 
2011 For Sparkassen Immobilien AG, 2010 will be another good year, 
which has  already started with a strong first  quarter.  The  years 
of  project  development  and construction, during which several 
hundred million euro were not generating  any rental  income,  are  
over  and  the  projects  are   contributing   positively. .For 2010,
the  Group  is  calculating  on  cash  flows  of   EUR 75-85m   from 
operations, compared with EUR 49.4m in  2009,  and  for  2011  cash  
flows  from operations are expected to be in excess of EUR 100m.
Sparkassen Immobilien AG Sparkassen Immobilien AG (Bloomberg: SPI.AV,
Reuters: SIAG.VI) has  been  listed on  the  Vienna  Stock  Exchange 
for  22 years,  making  it  Austria´s   oldest established real 
estate investment company. It is a long-term value investor  in
residential, office, hotel and retail property in Austria,  Germany,  the  Czech
Republic, Slovakia, Croatia, Hungary, Romania and Bulgaria.  As  at  31 December
2009 the total value of the property portfolio was EUR 1.901 billion  and  total
lettable space was 1,355,100 m2.
Consolidated income statement for the year ended 31 December 2009
EUR m / fair value basis
|                                           |2009        |2008 1)      |
|Revenues                                   |153.555     |125.682      |
| Rental income                             | 87.553     | 85.737      |
| Revenues from service charges             | 29.105     | 23.474      |
| Revenues from hotel operations            | 36.897     | 16.471      |
|Other operating income                     | 8.246      | 2.587       |
|Property management expenses               | -61.192    | -45.207     |
|Hotel operating expenses                   | -29.701    | -12.575     |
|Revenues less directly attributable        | 70.908     | 70.487      |
|expenses                                   |            |             |
|Income from property disposals             | 152.173    | 52.975      |
|Carrying values of property disposals      | -150.273   | -44.657     |
|Gains on property disposals                | 1.900      | 8.318       |
|Management expenses                        | -19.533    | -19.594     |
|Profit before interest, tax, property      | 53.275     | 59.211      |
|valuation adjustments, and depreciation and|            |             |
|amortisation (EBITDA)                      |            |             |
|Depreciation and amortisation              | -9.113     | -4.737      |
|Losses on property valuations              | -97.238    | -30.682     |
|Operating profit (EBIT)                    | -53.076    | 23.792      |
|Finance costs                              | -35.541    | -9.552      |
|Participating certificates results         | 11.161     | -6.442      |
|Profit before taxes (EBT)                  | -77.456    | 7.798       |
|Taxes on income                            | -1.412     | -2.072      |
|Profit on taxes                            | -78.868    | 5.726       |
| of which attributable to shareholders in  | -78.559    | 5.813       |
|parent     company                         |            |             |
| of which attributable to minority         | -309       | -87         |
|interests                                  |            |             |
|                                           |            |             |
|Earnings per share                         | -1.15      | 0.09        |
1) Adjusted
|Property indicators       |             |31.12.2009  |
|Completed properties      |Units        |256         |
|Total usable space        |m2 million   |1,355       |
|Rental yield              |%            |6.65        |
|Occupancy rate            |%            |90.3        |
|Land bank                 |Units        |6           |
end of announcement                               euro adhoc

Further inquiry note:

Investor Relations:
Sylwia Milke
Tel.: +43(0)50100-27402
Fax: +43(0)05100-927402
mailto:sylwia.milke@s-immoag.at
wwww.sparkassenimmobilienag.at

Corporate Communications:
Bosko Skoko
Tel.: +43(0)50100-27522
Fax: +43(0)05100-927522
mailto:bosko.skoko@s-immoag.at
wwww.sparkassenimmobilienag.at

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, IATX
Börsen: Wien / official market

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