S IMMO AG

EANS-Adhoc: S IMMO AG
Consolidated net income for the year increased tenfold


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Preliminary results S IMMO AG

21.03.2012

Preliminary results S IMMO AG: Consolidated net income for the year increased
tenfold

  • Rental income increase of 21.1%
  • EBIT increase of 52.4%
  • Consolidated net income for year rose from EUR 2.1m to EUR 21.3m
  • FFO yield reaches 9.4%
  • Dividend proposal for Annual General Meeting of EUR 0.10 per Share

S IMMO AG´s preliminary results show a thoroughly positive picture for the
financial year 2011.
Gross profit increased by 33.4%
S IMMO Group´s rental income in 2011 was exceptionally strong, at EUR 125.9m
(2010: EUR 104.0m), a year-on-year increase of 21.1%. The development projects
completed in 2010 were a major factor in this improvement, together with the
Group´s acquisitions. Gross profit from hotel operations also put on 3.9% in
spite of the difficulties posed by the overall uncertain economic climate, and
ended the year at EUR 9.0m (2010: EUR 8.7m). The total gross profit climbed by
an impressive EUR 26.8m, to EUR 107.0m, after EUR 80.2m in 2010, an increase of
33.4%.

Growth in EBIT and cash flow
Operating profit (EBIT) of EUR 92.3m improved by EUR 31.7m compared with the
EUR 60.5m achieved in 2010, a marked increase of 52.4%. Consolidated net income
for the financial year 2011 came out at EUR 21.3m (2010: EUR 2.1m).

Operating cash flow for the year was also very satisfactory and rose to
EUR 96.0m, compared with EUR 74.2m in 2010. The cash flow from investing
activities was EUR 4.5m, compared with EUR -36.5m in 2010, while the cash flow
from financing activities in 2011 amounted to EUR -124.9m (2010: EUR -84.4m).

Funds from operations (FFO)
S IMMO´s funds from operations (FFO) in 2011 improved considerably - by 54.6% -
to EUR 28.9m (2010: EUR 18.7m). This gives a very respectable FFO yield related
to the Share price of 9.4%. FFO before participating certificates expense was
EUR 40.1m, compared with EUR 28.9m in 2010.

Dividend for the financial year 2011
At the Annual General Meeting on 01 June 2012 the Management Board will for the
first time in the Group´s history propose a dividend distribution of EUR 0.10
per Share and propose an adjustment in the annual distribution on the
S IMMO INVEST participating certificates to bring it into line with current
earnings.

S IMMO AG´s final results for the year will be presented on 20 April 2012.

Preliminary consolidated income statement according to IFRS for the year ended
31 December 2011
EUR m


|                                                  |01 - 12/2011 |01 - 12/2010 |
|Revenues                                          |207.8        |174.9        |
| Rental income                                    |125.9        |104.0        |
| Revenues from service charges                    |41.3         |32.6         |
| Revenues from hotel operations                   |40.6         |38.3         |
|Other operating income                            |7.7          |5.0          |
|Expenses directly attributable to properties      |-77.0        |-70.1        |
|Hotel operating expenses                          |-31.6        |-29.6        |
|Gross profit                                      |107.0        |80.2         |
|Income from property disposals                    |46.5         |102.7        |
|Carrying value of property disposals              |-34.9        |-92.8        |
|Gains on property disposals                       |11.6         |9.9          |
|Management expenses                               |-17.2        |-18.7        |
|Earnings before interest, tax, depreciation and   |101.4        |71.4         |
|amortisation                                      |             |             |
|Depreciation and amortisation                     |-9.3         |-10.1        |
|Gains/losses on property valuation                |0.1          |-0.8         |
|Operating result (EBIT)                           |92.3         |60.5         |
|Financing costs                                   |-51.5        |-41.2        |
|Participating certificates result                 |-11.2        |-10.2        |
|Net income before taxes (EBT)                     |29.7         |9.1          |
|Taxes on income                                   |-8.4         |-7.0         |
|Consolidated net income for the year              |21.3         |2.1          |
| of which attributable to shareholders in parent  |20.0         |1.8          |
| of which attributable to non-controlling interests|1.2         |0.3          |
|                                                  |             |             |
|Earnings per share (EUR)                          |0.29         |0.03         |


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

end of announcement                               euro adhoc 
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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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