S IMMO AG

EANS-News: Preliminary results for S IMMO AG
Record profit in 2015

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annual result

Preliminary results for S IMMO AG: Record profit in 2015
 

·    Earnings per share up from EUR 0.46 to EUR 1.17
·    EBIT improved by roughly 20%
·    EBT nearly doubled to EUR 112m
·    Net income increased to EUR 77.2m
 

The stock exchange listed real estate investment company S IMMO AG (Bloomberg:
SPI:AV, Reuters: SIAG.VI) has once again achieved a significant increase in its
annual results, thus exceeding the goals it set for the financial year 2015. The
primary contributors to this success were the positive developments in Germany
and the substantial reduction of financing costs.
 
Ernst Vejdovszky, CEO of S IMMO AG: "These results clearly show that our
strategy is paying off. We are benefiting from cycles and are able to quickly
use market conditions to our advantage. Securing the low interest rate level was
a major step towards ensuring a favourable environment for ourselves in the
coming years. Against this backdrop, I am very optimistic for the coming
quarters."
 
Rental income and gross profit
In 2015, S IMMO AG's total revenues amounted to EUR 190.7m (2014: EUR 188.5m),
slightly higher than the prior-year figure. The rental income included in this
figure was on target at EUR 111.7m (2014: EUR 111.8m). Revenues from hotel
operations improved to EUR 45.5m (2014: EUR 42.1m). Higher room occupancy and an
increase in room rates contributed to this positive development. Gross profit
for the financial year totalled EUR 105.2m (2014: EUR 105.7m). EBITDA for the
financial year 2015 came to EUR 88.7m (2014: EUR 89.8m).
 
Positive valuation results
As expected, valuation gains developed very positively, amounting to EUR 84.6m
as at 31 December 2015 (2014: EUR 56.6m). This was largely due to the asset
management activities aimed at raising the value of the properties along with
the steadily improving sentiment in S IMMO's markets. EUR 73.1m (2014: EUR
33.4m) of this amount can be attributed to Germany alone.
 
Thanks to this positive development, S IMMO was able to boost EBIT by 19.4% to
EUR 165.7m (2014: EUR 138.7m).
 
Significant improvement in financing result
The financing result including the participating certificate result totalled EUR
-53.4m as at 31 December 2015 (2014: EUR -79.2m). This significant improvement
can be attributed to lower interest payments due to newly concluded interest
rate hedging instruments and a better foreign currency result compared to the
prior year.
 
Annual result improves once again
As a result, EBT came in at EUR 112.3m (2014: EUR 59.5m), an increase of 88.6%
over the previous year. On balance, S IMMO ended the financial year 2015 with
net income of EUR 77.2m (2014: EUR 33.8m). Earnings per share also improved
significantly and came to EUR 1.17 (2014: EUR 0.46).
 
Outlook
The company plans to further improve its FFO (Funds from Operations) during the
financial year 2016. The positive trend on the German real estate market will
persist and this will likely continue to be reflected in the valuation results
for properties in Germany this year. Therefore, S IMMO expects additional value
increases in its portfolio.
 
In terms of investments, S IMMO sees the greatest potential in Berlin,
especially for commercial properties offering development opportunities. In
Vienna, S IMMO is involved in office development projects at Vienna Central
Station. Construction is expected to start on one of these projects this spring.
In addition, various activities have been launched in Bucharest.
 
Friedrich Wachernig, Member of S IMMO AG's Management Board, comments: "We are
especially pleased that the ongoing recovery in Bucharest has reached a point
that also makes us optimistic with regards to our development projects. We will
soon start on the development of the office property The Mark and are expanding
our Sun Plaza shopping centre. Along with Vienna, there are several exciting
projects in the pipeline in Berlin as well."
 
Please note the changes to our financial calendar:
 

 ________________________________________________________________________
|Publication_of_the_annual_results_for_2015__|Thu.,_28_April_2016________|
|Record_date_Annual_General_Meeting__________|Tue.,_24_May_2016__________|
|Results for the first quarter of 2016       |Tue., 24 May 2016          |
|____________________________________________|(previously_31_May_2016)___|
|Annual_General_Meeting______________________|Fri.,_03_June_2016_________|
|Dividend_ex-date____________________________|Wed.,_08_June_2016_________|
|Record_date_for_dividend____________________|Thu.,_09_June_2016_________|
|Dividend_payment_date_______________________|Fri.,_10_June_2016_________|

|Results for the first half-year of 2016     |Thu., 25 August 2016       |
|____________________________________________|(previously_31_August_2016)|
|Results_for_the_first_three_quarters_of_2016|Tue.,_29_November_2016_____|

 
 
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 company invests in four property use types (residential, office,
hotel, and retail properties) in four regions (Austria, Germany, and Central and
Southeastern Europe). S IMMO AG's strategic core shareholders are Erste Group
and Vienna Insurance Group.

Preliminary consolidated income statement according to IFRS for the period 01
January 2015-31 December 2015
in EUR m
 


                                          01-12/2015               01-12/2014
Revenues                                     190.7                    188.5
 thereof rental income                       111.7                    111.8
 thereof revenues from operating costs        33.5                     34.5
 thereof revenues from hotel operations       45.5                     42.1
Other operating income                         3.5                      4.7
Expenses directly attributable to properties -55.8                    -56.2
Hotel operating expenses                     -33.2                    -31.3
Gross profit                                 105.2                    105.7
Income from property disposals                15.9                     51.6
Book value of disposed properties            -15.9                    -51.4
Gains or losses on property disposals          0                        0.2
Management expenses                          -16.5                    -16.1
EBITDA                                        88.7                     89.8
Depreciation and amortisation                 -7.7                     -7.6
Results on property valuation                 84.6                     56.6
Operating result (EBIT)                      165.7                    138.7
Financing result                             -48.9                    -71.7
Participating certificates result             -4.6                     -7.5
Net income before tax (EBT)                  112.3                     59.5
Taxes on income                              -35.0                    -25.7
Consolidated net income                       77.2                     33.8
 thereof attributable to shareholders          
 in parent company                            78.2                     31.0
 thereof attributable to non-controlling
 interests                                     -1.0                     2.8

                                                                    
Earnings per share (in EUR)                   1.17                     0.46
                                                                    

 
 

Key data on properties                                          31 December 2015
Portfolio properties   Number                                                221
Total useable space    millions of m2                                        1.2
Gross rental yield     %                                                     6.7
Occupancy rate         %                                                    92.7

Further inquiry note:
Investor Relations:
Andreas J. Feuerstein
Tel.: +43(0)50 100-27556
Fax:  +43(0)50 100 9-27556
E-Mail: andreas.feuerstein@simmoag.at
www.simmoag.at 

Corporate Communications:
Bosko Skoko
Tel.: +43(0)50 100-27522
Fax:  +43(0)50 100 9-27522
E-Mail: bosko.skoko@simmoag.at
www.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
 

 


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