Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG
successful first half year

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6-month report


Ad hoc release    Vienna, 31 August 2010

Sparkassen Immobilien AG: successful first half year

Following a successful first quarter of 2010, stock exchange  listed Sparkassen Immobilien AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) has an equally  satisfactory first half year to report.

Differing economic climates The first half year  saw  gradual   macroeconomic  improvements  in  the  Group´s markets, although the pace of recovery was very varied. While recovery  is  best advanced   in  Germany,  Austria,  the  Czech  Republic  and  Slovakia,  and   the performance of these economies on a year-on-year basis  is   excellent,  Hungary, Romania and Bulgaria have not yet returned to growth.

Top quality property portfolio As at 30 June 2010, Sparkassen Immobilien AG´s property portfolio  consisted  of 251 residential, office, commercial and hotel properties with a total  value  of EUR 1,853.7m (31.12.2009: EUR 1,900.8m). The occupancy rate was  a   steady  90%, and the gross rental yield was an excellent 6.8%. Rental income  for  the  first half of 2010 increased by EUR 3.5m and amounted  to  EUR 48.2m  (HY1  2009:  EUR 44.7m).

Continuing excellent operating performance The general increase in overnight stays and hotel occupancy rates in  the  first half year had a positive effect on income from hotel operations, which  rose   to EUR 17.0m (HY1 2009: EUR 16.2m). This was an increase of  5.2%,   while  expenses of hotel operations only increased by 3.4%, to EUR 13.7m.

According to property use type, commercial properties  contributed   the  largest share  of  rental  income,  with 35.5%,  followed  by   offices  with 31.1%    and residential  properties  with 28.4%.  In   the  period  under  review  the  share contributed by hotels was 5%. The income  of  the  hotels  Vienna  Marriott  and Budapest Marriott -  which  are  operated  under  management  agreements  -  is disclosed as income from hotel operations.

Earnings increase Sparkassen Immobilien AG sold a total of  five   residential  properties  in  the first half of 2010, three  of  them in  Vienna  and  two  in  Berlin.  All  the properties were sold   above  their  estimated  value.  The  resulting  gains  on disposal came to EUR 2.6m (HY1 2009: EUR 0.3m). EBITDA, at  EUR 36.8m,  was   10% up on the comparable period last year (HY1 2009: EUR  33.5m).   Operating  profit (EBIT) rose to EUR 30.1m in the period under   review,  which  is  a  significant improvement (HY1 2009: 23.8m).

Higher borrowings meant that net financial expense in the  first   half  of  2010 changed from EUR 15.0m to EUR 18.5m. Profit before tax (EBT) compared  with  the same period last year climbed 73.2% to EUR 6.6m (HY1 2009:  EUR 3.8m).  The  net profit of EUR 5.0m for  the period  was  up  an  impressive  57.5%  (HY1  2009: EUR 3.2m).

Positive key performance indicators Operating cash flow improved slightly to  EUR 33.2m  (HY1  2009:  33.0m).  Funds From Operations (FFO) in the period increased from EUR 11.3m to  EUR 11.4m.  Net Operating Income (NOI) compared with the same period last year improved  by  17% to EUR 38.7m (HY1 2009: EUR 33.0m) due to increased rental  income.    EPRA  NAV (Net Asset Value measured by EPRA standards) rose from EUR 8.13  at  31 December 2009 to EUR 8.23 per share at 30 June 2010.

Quality strategy ensures successful progress of development projects Sparkassen Immobilien AG´s biggest development projects  so  far,   the  shopping centres Sun Plaza in Bucharest and Serdika Center in Sofia,  were  completed  on schedule and opened successfully in February and March. Both  sites  are  almost fully let, and are now generating regular income streams for the Group.

The Neutor 1010 project, an office and residential  development  with 11,000 m² of usable space in Vienna´s Inner City, is in the  final   stages  of  completion and will be opened on schedule in the autumn of  2010.  Three  quarters  of  the commercial space has already been let long-term. The  upper  floors  consist  of 34 luxury apartments, of which 27 have already been sold before  completion.  In Bratislava,  the  Galvaniho 4  office  building  is  in  the  process of  being completed and is already three-quarters let.

Sparkassen Immobilien AG´s roughly 12-hectare land bank includes  six plots  of development land in the EU-capital cities of Central and South  Eastern  Europe. In Bratislava there is a site for which   planning  permission  for  offices  has been granted. In the centre   of  Prague  there  is  a  site  available  for  the development of a 150-room hotel. The Group  also  owns  sites  in  Bulgaria  and Romania with high development potential. An office project  is   planned  in  the centre of Sofia in conjunction with Immorent AG. A 40,000 m²  specialist  retail park is planned in the south of Bucharest, and at a prime  location  within  the Grivitei district an office and hotel complex is projected. All projects are  in the planning and approval stages and will be  begun  as  soon  as  the   economic climate permits.

Annual General Meeting 2010 The Annual General Meeting 2010 was held on  21 May  2010.  Eight  of  the  ten agenda items were  adopted  by a  large  majority.  Only  the  motion  for  the conversion of   participating  certificates  into  ordinary  shares  and  another motion in connection with the conversion failed to  achieve  the   necessary  75% majority, the motion was approved by 56% of the votes. Sparkassen Immobilien  AG continues to work for a simplification of the capital structure  and  towards  a resolution of the issue that will be in the best interest of all its  investors.

s IMMO share´s weighting in IATX doubled Several mergers in the industry meant the amalgamation of a number  of  Austrian property stocks, and resulted in a narrowing of the base of the  IATX,  much   to the benefit of the s IMMO share. Its weighting in the index doubled to 18.2%.

The performance of the s IMMO share in the first half of 2010  was   affected  by overall developments in Europe. The weakness of the EURO and the debt crisis  of several European economies resulted in sinking share prices.  The  s IMMO  share also fell back slightly: its market price at 30 June  2010  was  EUR 4.78,  just under the EUR 4.95 quoted at 31 March 2010.  Compared  with  the  price  a   year earlier, however, its performance was more satisfactory - a gain of  11.5%.  In comparison, the ATX, which  reflects  the  performance of  the  Austrian  stock market as a whole, increased by 8.5%.The current price of the s  IMMO  share  is EUR 5.15 (closing price 30 August 2010).

Outlook Sparkassen Immobilien AG aims to more than double its operating cash  flow  from EUR 49.0m in 2009 to over EUR 100m within the next two years.

Consolidated income statement for the first half year ended 30 June 2010

EUR m / fair value basis

@@start.t2@@|                                                                    |1 - 6/2010  |1 - 6/2009 1 |
|Revenues                                                        |79,356         |73,481          |
| Rental income                                              |48,228         |44,681          |
| Revenues from service charges                    |14,082         |12,590          |
| Revenues from hotel operations                  |17,046         |16,210          |
|Other operating income                                 |3,056          |7,056            |
|Expenses directly attributable to                |-26,906        |-27,205         |
|properties                                                    |                  |                    |
|Hotel operating expenses                              |-13,707        |-13,260         |
|Revenues less directly attributable            |41,798         |40,072          |
|expenses                                                        |                  |                    |
|Income from property disposals                    |57,670         |24,060          |
|Carrying values of property disposals         |-55,060        |-23,770         |
|Gains on property disposals                         |2,610          |290                |
|Management expenses                                      |-7,623         |-6,912          |
|Earnings before interest, tax, depreciation|36,785         |33,450          |
|and amortisation (EBITDA)                            |                  |                    |
|Depreciation and amortisation                      |-4,970         |-4,728          |
|Gains / losses on property valuation          |-1,730         |-4,900          |
|Operating result (EBIT)                                |30,084         |23,822          |
|Finance costs                                                |-18,526        |-14,976         |
|Participating certificates result                |-5,001         |-5,059          |
|Net income before taxes (EBT)                      |6,558          |3,787            |
|Taxes on income                                            |-1,542         |-603              |
|Net income / loss for the period                 |5,016          |3,184            |
| of which attributable to shareholders of  |6,215          |3,216            |
|parent company                                              |                  |                    |
| of which attributable to minority              |-1,199         |-32                |
|interests                                                      |                  |                    |
|                                                                    |                  |                    |
|Earnings per share                                        |0.09            |0.05              |

|Property indicators          |                    |30.06.2010  |
|Completed properties         |Units            |251              |
|Total usable space            |m2                 |1,409,201    |
|Rental yield                      |%                  |6.8              |
|Occupancy rate                  |%                  |90                |
|Land bank                          |Number of      |6                 |
|                                         |plots            |                  |

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ots Originaltext: Sparkassen Immobilien AG
Im Internet recherchierbar:

Further inquiry note:
Investor Relations:
Sylwia Milke
Phone: +43(0)50100-27402
Fax:  +43(0)05100-927402

Corporate Communications:
Bosko Skoko
Phone: +43(0)50100-27522
Fax:  +43(0)05100-927522

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

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