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EANS-News: S IMMO AG
results higher again
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 9-month report S IMMO AG: results higher again · Net profit for period increased to EUR 22.2m · EBIT up at EUR 74.9m · EBT improved by 6.6% · Successful issue of EUR 100m corporate bond · Targets for 2014 confirmed Stock exchange listed S IMMO AG (Bloomberg: SPI.AV, Reuters: SIAG.VI) looks back on a highly successful third quarter of 2014. Ernst Vejdovszky, Chairman of S IMMO AG's Management Board, comments: "We are definitely on the way to achieving our targets for the current financial year. Based on these impressive quarterly figures, we are happy to confirm that for the year as a whole we shall improve upon the Group's very good results in 2013." Friedrich Wachernig, member of S IMMO AG's Management Board, continues: "We sense movement and growing optimism in the countries we are active in. Successful lettings - such as those in Budapest recently - provide further confirmation. In addition, the historically low level of interest rates is also having very beneficial effects on our industry." Gross profit In the first nine months of 2014, S IMMO's revenues amounted to EUR 140.5m, compared with EUR 145.3m in the same period last year. Despite property disposals, the rental income still came out at EUR 84.5m (Q3 2013: EUR 88.3m). Revenues from hotel operations rose to EUR 30.2m, after EUR 29.2m for the first three quarters of 2013. Gross profit from hotel operations improved from EUR 6.5m to EUR 6.9m. Property management expenses of EUR 41.0m in the first three quarters of 2014 decreased by 10.6%, compared with EUR 45.9m for the same period last year. Reductions in property related costs, combined with a higher gross profit from hotel operations, largely made up for the lower rental income as a result of property sales. The good operating performance meant that the gross profit remained nearly unchanged as against the previous year despite the reduction in rental income resulting from property disposals. EBITDA and EBIT EBITDA for the first three quarters was EUR 67.6m, compared with EUR 75.4m in the same period in 2013. Total property revaluations amounted to EUR 12.8m (Q3 2013: EUR 4.0m). EBIT came to EUR 74.9m, being higher than the EUR 72.2m in the same period last year. Net profit for period higher again The financial result for the first three quarters of 2014 including the participating certificates results amounted to EUR -47.6m, as against EUR -46.6m for the first nine months of 2013. This was achieved in spite of negative foreign currency effects. EBT came out at EUR 27.3m, an increase of 6.6% on the EUR 25.6m for the same period last year. The consolidated net profit rose to EUR 22.2m (Q3 2013: EUR 21.4m). Key indicators at last year's very satisfactory levels FFO I (Funds from operations) for the first three quarters of 2014 amounted to EUR 17.9m, compared with EUR 22.5m a year earlier. FFO II, which includes gains on property sales and valuation gains on properties sold in the current year, was EUR 33.1m, 3.2% better than the EUR 32.1m in the same period in 2013. Net operating income (NOI) for the period was EUR 76.3m, compared with EUR 76.7m a year earlier. The NOI margin improved by 1.5 percentage points to 54.3%. As at 30 September 2014, both balance sheet NAV (book value) and EPRA NAV per share rose: the book value per share stood at EUR 7.97 (31 December 2013: EUR 7.83), while EPRA NAV per share was EUR 9.89 (31 December 2013: EUR 9.76). Capital markets Capital markets continue to be dynamic: The S IMMO share closed the third quarter at EUR 6.160 for a very satisfactory year-to-date gain of 16.5%. This means that the share significantly outperformed the ATX and IATX. At the end of September, S IMMO issued a EUR 100m five-year corporate bond with a coupon of 3% p.a., thus using the favourable interest environment to drive the growth of the Group forward. The bond was almost three times oversubscribed when placed with institutional investors and was a complete success. Outlook S IMMO AG's strategy remains unchanged: the Group invests in four property use types and in four regions, focusing on European Union capital cities. This makes it possible to take advantage of different real estate cycles, and recognise potential early. The focus is primarily on the booming property market in Berlin, where the home ownership ratio of around 15% and continuing high influx make for a very attractive scenario. S IMMO is planning to construct freehold apartment projects on land it already owns. At the same time, the Group is looking into investments in commercial properties. On the basis of the good quarterly results, the Management Board reaffirms its goal for the financial year 2014: once again to increase the results of the previous year. The Group also intends to continue to pursue its steady dividend policy. S IMMO AG As Austria's first stock exchange listed real estate investment company, S IMMO AG has stood for experience, a balanced portfolio and sustainable growth since 1987. The Group invests in residential, office, hotel and retail property in Austria, Germany, the Czech Republic, Slovakia, Hungary, Croatia, Romania and Bulgaria. The Company's strategic core shareholders, Erste Group and Vienna Insurance Group, are two of the region's largest financial services groups. Consolidated income statement for the three quarters ended 30 September 2014 (EUR m) 01 - 09/2014 01 - 09/2013 1 Revenues 140.5 145.3 Rental income 84.5 88.3 Revenues from operating costs 25.9 27.9 Revenues from hotel operations 30.2 29.2 Other operating income 3.5 4.6 Expenses directly attributable to properties -41.0 -45.9 Hotel operating expenses -23.2 -22.7 Gross profit 79.7 81.4 Income from property disposals 48.4 90.9 Book value of property disposals -48.4 -85.8 Gains on property disposals 0 5.1 Management expenses -12.1 -11.0 Earnings before interest,tax, depreciation and amortisation (EBITDA) 67.6 75.4 Depreciation and amortisation -5.5 -7.2 Gains on property valuation 12.8 4.0 Operating profit (EBIT) 74.9 72.2 Financing cost -45.6 -39.7 Financing income 1.7 1.9 Income from companies 0.4 0 measured at equity Participating certificates results -4.1 -8.8 Net income before tax (EBT) 27.3 25.6 Taxes on income -5.1 -4.2 Consolidated net income 22.2 21.4 of which attributable to shareholders in parent company 20.2 19.6 of which attributable to 2.0 1.8 non-controlling interests Earnings per share (EUR) 0.30 0.29 1 Adjusted Property information 30 September 2014 Standing properties number 203 Total usable space (million m²) 1.2 Gross rental yield (%) 7.0 Occupancy rate (%) 90.9 Further inquiry note: Investor Relations: Andreas J. Feuerstein Phone: +43(0)50100-27556 Fax: +43(0)05100-927556 E-mail: email@example.com www.simmoag.at Corporate Communications: Bosko Skoko Phone: +43(0)50100-27522 Fax: +43(0)05100-927522 E-mail: firstname.lastname@example.org www.simmoag.at end of announcement euro adhoc -------------------------------------------------------------------------------- company: S IMMO AG Friedrichstraße 10 A-1010 Wien phone: +43(0)50100-27550 FAX: +43(0)050100-927559 mail: email@example.com WWW: www.simmoag.at sector: Real Estate ISIN: AT0000652250 indexes: ATX Prime, IATX stockmarkets: official market: Wien language: English