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Financial Figures/Balance Sheet/Preliminary results
Wien (euro adhoc) - Preliminary results for S IMMO AG: profit up again
- Earnings per share up more than 13%
- All-time high gross profit
- Consolidated net income increased to EUR 28.1m
- Dividend increase planned
After a very successful financial year 2012, S IMMO AG (Bloomberg: SPI:AV,
Reuters: SIAG.VI) continued its good performance in 2013. Earnings per share
increased highly satisfactorily by 13.1% to EUR 0.41 (2012: EUR 0.36).
Administrative expenses were reduced once again by more than 8%. The ratio of
EBITDA to property value came to 5.7%, which compared with the industry average
is a further demonstration of S IMMO AG's high efficiency.
Ernst Vejdovszky, CEO of S IMMO AG, comments: "These preliminary results show
that our record of successes is sustainable. We have improved our key
indicators every year since 2010, and have every intention of continuing the
trend. Our business model has proved its value, and makes us optimistic for the
future."
Gross profit up
In 2013 S IMMO AG sold twelve properties; the sale proceeds came to EUR 128.1m
(2012: EUR 132.2m), which was significantly better than the target. The profits
on sale came to EUR 6.4m (2012: EUR 10.8m).
Rental income for the financial year 2013 came to EUR 116.7m (2012:
EUR 118.5m), the reduction reflecting the property disposals as expected.
Income from hotel operations (Vienna Marriott and Budapest Marriott hotels)
came to EUR 40.2m (2012: EUR 42.0m). Cost reductions helped improve the gross
profit from hotel operations by 6.0% to EUR 10.5m (2012: EUR 9.9m). The overall
gross profit increased from EUR 104.4m in 2012 to EUR 109.6m in 2013 which
represents an all-time high in S IMMO AG's history. The increase was
attributable to the improvement in the gross profit from hotel operations
together with a reduction in property-related costs.
Positive revaluation results
Market sentiment in Germany continued positive in 2013, and a major part of the
valuation results in Germany was attributable to revaluation gains in
connection with property sales. While revaluation results in Germany and
Austria were positive, devaluations were necessary in Central and Southeastern
Europe, above all on office properties in Budapest.
EBIT came out at EUR 95.8m (2012: EUR 106.8m). The effects on EBIT of the
reduced size of the property portfolio were in part compensated for by cost
reductions.
Further increase in consolidated net income
Financing costs (excluding participating certificate results) for the financial
year 2013 amounted to EUR 53.9m (2012: EUR 61.8m), including largely non-cash
foreign exchange losses of EUR 0.8m (2012: EUR 2.0m), which were mainly
attributable to the change in value of the Hungarian forint against the euro.
For the whole of the financial year 2013, the Group's consolidated net income
came out at a very satisfactory EUR 28.1m (2012: EUR 26.0m), an increase of
7.8%.
Dividend increase planned
At the Annual General Meeting on 11 June 2014 the Management Board will again
propose the distribution of a dividend. In Management's opinion, the improved
results justify a higher dividend.
Outlook
S IMMO will continue to pursue its tried-and-tested strategy in the current
year. Friedrich Wachernig, Member of S IMMO AG's Management Board, comments:
"Increasingly, we are seeing a recovery in our markets - optimism is in order
again. Our many years of accumulated expertise and competence enable us to put
property cycles to strategic use, so that we can continue in future to profit
from the various different developments. In the coming months we see the
greatest potential in Berlin, and are planning investments in new projects
there."
S IMMO AG's final results for the year will be presented on 29 April 2014.
Preliminary consolidated income statement (in accordance with IFRS) for the
year ended 31 December 2013
(EUR m)
| |01 - 12/2013 |01 - 12/2012 |
|Revenues |193.7 |196.7 |
| Rental income |116.7 |118.5 |
| Revenues from operating costs |36.8 |36.2 |
| Revenues from hotel operations |40.2 |42.0 |
|Other operating income |6.2 |6.9 |
|Expenses directly attributable to properties |-60.6 |-67.0 |
|Hotel operating expenses |-29.7 |-32.1 |
|Gross profit |109.6 |104.4 |
|Proceeds of property disposals |128.1 |132.2 |
|Carrying value of property disposals |-121.7 |-121.4 |
|Gains on property disposals |6.4 |10.8 |
|Management expenses |-15.1 |-16.4 |
|Earnings before interest, tax, depreciation and |100.9 |98.8 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-12.0 |-8.8 |
|Gains on property valuation |6.9 |16.8 |
|Operating profit (EBIT) |95.8 |106.8 |
|Financing costs |-53.9 |-61.8 |
|Participating certificates result |-9.3 |-12.8 |
|Net income before tax (EBT) |32.6 |32.2 |
|Taxes on income |-4.6 |-6.2 |
|Consolidated net income |28.1 |26.0 |
| of which attributable to shareholders in parent|27.3 |24.3 |
|company | | |
| of which attributable to non-controlling |0.7 |1.7 |
| interests | | |
|Earnings per share (EUR) |0.41 |0.36 |
Further inquiry note:
Investor Relations:
Andreas J. Feuerstein
Phone: +43(0)50100-27556
Fax: +43(0)05100-927556
E-mail: andreas.feuerstein@simmoag.atwww.simmoag.at
Corporate Communications:
Bosko Skoko
Phone: +43(0)50100-27522
Fax: +43(0)05100-927522
E-mail: bosko.skoko@simmoag.atwww.simmoag.at
end of announcement euro adhoc
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company: 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
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 ...
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 ...
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 ...