EANS-Adhoc: S IMMO increases earnings to over EUR 20m
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9-month report
23.11.2011
S IMMO increases earnings to over EUR 20m
EBIT up by 63%
Net profit for the period increased to EUR 20.3m
Operating cash flow up by 40%
Strong focus on further improving earnings performance
Dividend payment proposal planned for next Annual General Meeting
The excellent performance of Austrian stock exchange listed S IMMO AG
(Bloomberg: SPI:AV, Reuters: SIAG.VI) in the first half of the year continued
into the third quarter 2011. Rents were thoroughly satisfactory at EUR 91.8m
(Q3 2010: EUR 75.5m). Income from hotel operations for the first three quarters
climbed from EUR 27.1m in 2010 to EUR 29.3m this year. Profits from hotel
operations were up 16.7% to EUR 6.9m. In the first nine months of 2011 S IMMO
improved its gross profit by an impressive 30.9% to EUR 80.1m (Q3 2010:
EUR 61.2m).
EBITDA up by roughly 40%
In the first three quarters of 2011, properties were sold in Austria and
Germany. Proceeds from disposals came to EUR 40.5m and the gains on disposal
came to a very satisfactory EUR 9.2m. EBITDA climbed significantly to EUR 76.6m
(Q3 2010: EUR 55.0m), an increase of 39.4% compared with the same period last
year. EBIT also increased, by roughly 63%, to EUR 74.0m (Q3 2010: EUR 45.5m).
For the nine months ending 30 September 2011, net financing result totalled
EUR -40.3m, including a non-cash foreign exchange gain of EUR 3.3m, which was
attributable to the rise of the EURO´s value against currencies in Central and
Southeastern Europe. Overall, S IMMO´s consolidated net income for the period
was a very impressive EUR 20.3m, compared with EUR 1.3m for the same period
last year.
Operating cash flow up by 40%
S IMMO´s funds from operations (FFO) in the first three quarters improved
markedly - by 45.7% - to EUR 32.9m, compared with EUR 22.6m for the same period
last year. Including participating certificates expenses, FFO for the first
nine months in 2011 was EUR 23.1m, compared with EUR 14.5m in 2010. The Group´s
excellent performance was also reflected in the improved NOI, which rose from
EUR 57.5m last year to EUR 75.0m. The operating cash flow amounted to
EUR 74.0m, a 40.0% increase compared with the same period last year.
As at 30 September 2011 the balance sheet NAV was EUR 7.11 per share
(31 December 2010: EUR 7.07 per share). The EPRA NAV, the net asset value of
the share calculated in accordance with the guidelines of the European Public
Real Estate Association, was EUR 8.64 per share (31 December 2010: EUR 8.34 per
share).
Dividend payment proposal planned for next Annual General Meeting
On the assumption that the financial year 2011 will be a successful year,
S IMMO AG´s Management Board intends to propose the distribution of a dividend
of EUR 0.10 per share at the Annual General Meeting in June 2012.
Participating certificate and share repurchase programmes
At the balance sheet date the S IMMO Share price stood at a discount of more
than 50% to its net asset value. The year-to-date performance showed a drop of
24.8%. To improve the liquidity of the S IMMO Share and also to attract new
investors, the company has been working with a second market maker since August
2011. As a further initiative, S IMMO launched a share repurchase programme at
the beginning of October which, in view of the current difference between share
price and net asset value per share, Management at present considers to be the
most sensible investment possible.
Streamlining the capital structure requires addressing the participating
certificate issue, which S IMMO´s new repurchase programme for the certificates
is intended to do. Overall, approximately 12% of the participating certificates
issued have now been repurchased. The annual participating certificate
distribution will in future be based on actual results.
Consolidated income statement for the nine months ended 30 September 2011
EUR m / fair value basis
| |01 - 09/2011 |01 - 09/2010 |
|Revenues |151.9 |126.2 |
| Rental income |91.8 |75.5 |
| Revenues from service charges |30.8 |23.6 |
| Revenues from hotel operations |29.3 |27.1 |
|Other operating income |5.1 |3.6 |
|Expenses directly attributable to properties |-54.5 |-47.5 |
|Hotel operating expenses |-22.5 |-21.2 |
|Gross profit |80.1 |61.2 |
|Income from property disposals |40.5 |81.2 |
|Carrying value of property disposals |-31.3 |-74.4 |
|Gains on property disposals |9.2 |6.8 |
|Management expenses |-12.6 |-13.0 |
|Earnings before interest, tax, depreciation and |76.6 |55.0 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-7.0 |-7.2 |
|Gains / losses on property valuation |4.3 |-2.2 |
|Operating result (EBIT) |74.0 |45.5 |
|Financing costs |-40.3 |-32.9 |
|Participating certificates results |-9.8 |-8.1 |
|Net income before taxes (EBT) |23.9 |4.5 |
|Taxes on income |-3.7 |-3.3 |
|Consolidated net income for the period |20.3 |1.3 |
| of which attributable to shareholders in parent |16.7 |1.6 |
|company | | |
| of which attributable to non-controlling interest|3.6 |-0.4 |
| | | |
|Earnings per share (EUR) |0.24 |0.02 |
|Property information | |30 September |
| | |2011 |
|Standing properties |units |239 |
|Floor space |m² |1,413,165 |
|Gross rental yield |(%) |6.6 |
|Occupancy rate |(%) |91.8 |
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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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 ...