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Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG starts 2010 with a strong first quarter

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
3-month report
20.05.2010
Ad hoc release   Vienna, 20 May 2010
Sparkassen Immobilien AG starts 2010 with a strong first quarter
* Successful opening of both major development projects
    * Further property disposals significantly above estimated values
    * EBIT increased to EUR 15.8 million (Q1 2009: EUR 13.5m)
    * Outlook: cash flow from operations to double starting in 2011
Stock exchange-listed Sparkassen  Immobilien  AG  (Bloomberg:  
SPI:AV,  Reuters: SIAG.VI) has started the financial year 2010 with a
strong  first  quarter:  the major financial indicators have improved
significantly compared  with  the  same period last year.
High quality property portfolio These two international flagship 
projects - the shopping centres Sun  Plaza  and Serdika Center - have
further  strengthened  Sparkassen  Immobilien  AG's  high quality 
property portfolio. The  Group  has  now  added  two  more  top  
quality properties in excellent locations and with long-term, 
reliable  tenants  to  its portfolio.
The Group´s property investments  at  31 March  2010  totalled  
EUR 1.847bn,  as compared with EUR 1.828bn a year  earlier.  In  the 
first  quarter  of  2010  a package of three properties in Vienna was
sold  significantly  above  estimated values. The portfolio now 
contains 253 properties with  total  usable  space  of 1.407 million 
m². The occupancy rate is 89%, the gross  rental  yield  increased 
slightly to 6.8%.
Excellent operating performance Rental income for the  first  quarter
of  2010  was  EUR 21.9m,  compared  with EUR 22.3m for the same 
period last year. Contributions to earnings from the  two shopping 
centres opened in Bucharest and Sofia towards  the  end  of  the  
first quarter will make themselves felt in the quarters to come.
Expenses for property management declined - for the first quarter of 
2010  they were EUR 10.6m, compared with  EUR 11.4m  a  year  
earlier.  Income  from  hotel operations rose slightly to EUR 7.1m, 
while the corresponding  expense  remained at the same level as in 
the comparison period last year.
As in 2009,  office  property  formed  the  largest  rental  income  
segment  by property use type, with 33.7%, followed by residential 
property with  31.4%  and retail property with 30.0%. Hotels, with 
4.9%, made up the  smallest  share,  as they did a year ago. The  
Vienna  Marriott  and  Budapest  Marriott  Hotels  are operated under
management agreements, and are not included here.
The gross profit in the first quarter of 2010 increased by 6% to 
EUR 19.7m.
Marked improvement in results EBITDA for the first quarter of 2010 
was EUR 18.1m  (Q1  2009:  EUR 15.9m).  The operating profit (EBIT) 
improved significantly from EUR 13.5m in the  comparison quarter last
year to EUR 15.8m in the first quarter of 2010. The sharp  increase 
in  profit  before  taxes  (EBT)  from  EUR 0.4m  to  EUR 4.1m   is  
especially satisfactory.
Funds From  Operations  (FFO)  in  the  first  three  months  rose  
to  EUR 9.1m (Q1 2009: EUR 6.8m), and EPRA NAV per share rose from 
EUR 8.13  at  the  end  of 2009 to EUR 8.15 at 31 March 2010. Net 
operating  income  (NOI)  increased  from EUR 17.7m in the comparison
period last year to EUR 18.6m, as a  result  of  the changes in the 
portfolio in the  first  quarter  of  2010  (property  sales  and 
opening of the shopping centres).
In the first quarter of 2010 operating cash flow fell  slightly,  to 
EUR 15.3m, as compared with EUR 15.9m in the same period last year. 
This  is  a  reflection of the property sales and the fact that the 
shopping centres  were  only  opened towards the end of the first 
quarter.
Successful progress with development projects Within only three 
weeks, in the first quarter of 2010 Sparkassen  Immobilien  AG opened
the biggest property developments in the Group´s  history.  The  
official opening ceremony for Romania´s largest shopping centre, Sun 
Plaza,  took  place on 25 February 2010. Only a  few  weeks  later,  
on  16 March  2010,  Bulgaria´s largest shopping centre, Serdika 
Center, opened its doors to the public.
The Neutor 1010 Project, an office and residential development  with 
11,000  m² of usable space in Vienna´s city centre, is in the final 
stages  of  completion, and will be opened  in  the  third  quarter  
of  2010.  Three  quarters  of  the commercial space has already been
let long-term  to  tenants  with  first  class credit ratings, and 
the upper floors consist of 34 luxury apartments,  of  which 24 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 land bank  currently  totals  some  
12 hectares,  and consists of six parcels of land in Bratislava, 
Prague, Sofia and Bucharest.
s IMMO Share more than doubles its weighting in the IATX Compared 
with its market value a year ago, s IMMO Share  improved  
impressively, gaining 110% by 31 March 2010.  The  s  IMMO  INVEST  
participating  certificate closed the first quarter down slightly on 
its closing price at the year  end.  A merger in the Austrian real 
estate sector meant that the IATX,  Austria´s  index of major 
Austrian property companies, required to be reweighted. The  
adjustment of the weighting factor means that as of 15 April 2010 
s IMMO Share´s  weighting in the IATX has more than doubled, from 
8.7% to 18.2%.
Outlook for 2010/2011 Following the successful opening  of  the  
shopping  centres  in  Bucharest  and Sofia, further projects will be
completed during the course of the  year.  These include the office 
space in the two shopping  centres,  the  top-quality  office and 
residential building Neutor 1010  in  Vienna,  and  the  Galvaniho  
Business Center in Bratislava.
Sparkassen Immobilien AG  is  expecting  a  significant  improvement 
in  rental revenues and cash flows  in  the  current  financial  
year.  It  is  forecasting operating cash flows of EUR 75-85m in 
2010.  In  the  following  year  operating cash flows are set to 
increase to EUR 100m - more than double what they were  in 2009.
Consolidated income statement for the three months ended 31 March 
2010
EUR m / fair value basis
|                                           |Q1/2010     |Q1/2009 1    |
|Revenues                                   |35,575      |35,619       |
| whereof rental income                     |21,880      |22,260       |
| whereof income from service charges       |6,575       |6,287        |
| whereof income from hotel operations      |7,120       |7,072        |
|Other operating income                     |1,122       |782          |
|Property management expenses               |-10,625     |-11,411      |
|Hotel operating expenses                   |-6,381      |-6,469       |
|Gross profit                               |19,691      |18,521       |
|Income from property disposals             |56,664      |0            |
|Carrying values of property disposals      |-54,300     |0            |
|Gains on property disposals                |2,364       |0            |
|Management expenses                        |-3,925      |-2,644       |
|Profit before interest, taxes, property    |18,130      |15,877       |
|valuation adjustments, and depreciation and|            |             |
|amortisation (EBITDA)                      |            |             |
|Depreciation and amortisation              |-2,359      |-2,399       |
|Gains / losses on property valuations      |0           |0            |
|Operating profit (EBIT)                    |15,771      |13,478       |
|Finance costs                              |-8,922      |-10,232      |
|Participating certificates results         |-2,750      |-2,815       |
|Profit before taxes (EBT)                  |4,099       |431          |
|Taxes on income                            |1,919       |36           |
|Consolidated net profit / loss             |6,018       |467          |
| of which attributable to shareholders in  |5,982       |482          |
|parent company                             |            |             |
| of which attributable to minority         |36          |-15          |
|interests                                  |            |             |
|                                           |            |             |
|Earnings per share                         | 0.09       | 0.01        |
1 Adjusted
|Property indicators    |                 |31.03.2010  |
|Completed properties   |Units            |253         |
|Total usable space     |m2               |1.407m      |
|Rental yield           |%                |6.8         |
|Occupancy rate         |%                |89          |
|Land bank              |Number of plots  |6           |
end of announcement                               euro adhoc

Further inquiry note:

Investor Relations:
Sylwia Milke
phone: +43(0)50100-27402
fax: +43(0)05100-927402
mailto:sylwia.milke@s-immoag.at
www.sparkassenimmobilienag.at

Corporate Communications:
Bosko Skoko
phone: +43(0)50100-27522
fax: +43(0)05100-927522
mailto:bosko.skoko@s-immoag.at
www.sparkassenimmobilienag.at

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

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