Tous Actualités
Suivre
Abonner Sparkassen Immobilien AG

Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG: final results 2008 Profit despite difficult environment

  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.
annual report
29.04.2009
Stock exchange listed Sparkassen  Immobilien  AG  (Bloomberg:  
SPI:AV,  Reuters: SIAG.VI) closed 2008 - an  economically extremely 
difficult year - with a  clear profit despite devaluations, and 
boosted both revenues and rental income.
In comparison with the previous year Sparkassen  Immobilien  AG's  
revenues  and rental income both grew by 14%, to  EUR109.2m  and  
EUR85.7m  respectively.  The Group exceeded its revenue forecasts 
considerably. This positive performance  is attributable to 
additional property purchases  and  new  lettings.  Analysis  of 
rental income by region shows that the majority  of  rents  (71%)  
continued  to come from Austria  and  Germany.  By  property  use  
type,  rental  income  from residential property  has  shown  the  
greatest  increase.  The  acquisition  of additional residential 
buildings in Germany, which are generally less  dependent on economic
fluctuations, increased the proportion of residential rental  income 
from 22% in the previous year to 33% in the year under review.
Market turbulence and the general sector trends led to Sparkassen 
Immobilien  AG devaluing its portfolio by a  total  of  EUR101.7m.  
The  German  portfolio  was devalued by 8% and the CEE portfolio by 
13.5%. A major part of these  writedowns was made good by increases  
in  value  elsewhere,  so  that  the  net  writedown amounted  to  
EUR-30.7m.  The  valuation  gains  were  largely  the  result   of 
successful completion of the Gemini commercial and  office  property 
in  Prague and the consequent revaluation from at cost to current 
market value, as well  as profitable asset management activities, 
such as the conversion  of  the  Novotel hotel in Bucharest.
The sale of eight properties from the property portfolio in 2008  
brought  gains of EUR8.3m. The assets were sold on average 19% in 
excess  of  the  most  recent estimated values.
EBITDA fell by 25%, from EUR78.9m to EUR59.2m.  The  target  EBIT  
for  2008  of EUR36-48m was not attainable because of the marked 
deterioration in  the  market environment in the last quarter of the 
year. Actual EBIT for  2008  of  EUR23.8m was nonetheless still 
significantly positive (2007: EUR100m). The  decrease  was 
predominantly a consequence of valuation write-downs,  compared  with
gains  of EUR41.1m in the previous year, leading to a  valuation  
difference  of  EUR71.8m compared to the previous year. The net 
financing cost fell back  from  EUR-20.5m to EUR-9.6m, reflecting the
greatly increased financing income in  the  form  of interest income,
currency gains and income from interests.
EBT fell from EUR35.4m to EUR7.8m. The consolidated net profit for 
the year  was EUR5.7m. Sparkassen  Immobilien  AG's  net  operating  
income  (NOI)  rose  from EUR64.5m to EUR67.9m, an increase of 5%. 
The NOI margin (NOI/revenues) stood  at 60%. Cash flow from 
operations  rose  from  EUR49.4m  to  EUR50.0m.  Funds  from 
operations (FFO) fell by  22%,  and  for  the  year  under  review  
amounted  to EUR34.2m (2007: EUR43.8m).
Sparkassen Immobilien AG's property portfolio in financial 2008 grew 
by  9%  to 1,511,400 m2 and 263 properties, mainly  as  a  result  of
the  acquisition  of 34 standing properties in Germany and six 
properties  in  Austria,  Croatia  and Slovakia. The value of the 
portfolio at the end of 2008, at EUR 1.78bn, was  15% higher than at 
the end of the previous year.  Development  projects,  which  are 
recognised at cost of construction, made up  16%  of  the  total  
value  of  the portfolio.
Residential property made up 44% of the standing  portfolio,  with  
the  balance consisting of office properties (28%), commercial 
properties (17%), hotels  (7%) and other properties (4%). More than 
half of the rental property is in  Germany, with 27% of the portfolio
in Austria and the  remaining  22%  in  Slovakia,  the Czech 
Republic, Croatia, Romania and Hungary. With the  exception  of  a  
single office property in EU candidate country Croatia, all 
Sparkassen Immobilien  AG's properties are in EU states.
The occupancy rate of the  rental  portfolio  at  balance  sheet  
date  remained unchanged, at 91%. The average  gross  rental  yield  
(rent  divided  by  market value) for all countries together at 31 
December 2008 was 6.7%.
The accumulated investment in development projects at 31 December 
2008  totalled EUR160.8m. The following are currently under  
construction:  a  residential  and office building  on  Neutorgasse  
(Vienna),  a  student  hall  of  residence  on Sechshauser  Strasse  
(Vienna),  shopping  centres  Sun  Plaza  (Bucharest)  and Serdika 
Center (Sofia), an office building Galvaniho 4  (Bratislava)  and  
Hotel Vysoká (Bratislava).
With a 74% loss over the course of  the  year,  s  IMMO  share  still
performed better than the I-ATX, but the year  end  closing  price  
was  down  to  EUR1.98 (2007: EUR7.73). The NAV (net asset value) at 
the end of  2008  was  EUR8.9  per share (2007: EUR9.7),  which  
combined  with  the  lower  share  price  meant  a discount to NAV of
78% at balance sheet  date.  Earnings  per  share  fell  from EUR0.38
to EUR0.09. At EUR134.9m, market capitalisation was  down  73%  down 
on the value at the beginning of the year under review. Since the end
of 2008,  the market price of s IMMO share has improved considerably,
with a year-to-date  (as at 28 April 2009) performance of + 81.8%.
With Vienna Insurance Group, Sparkassen Immobilien AG gained a second
important core  shareholder  alongside  Erste  Group  in  September  
2008.  The  networks, expertise and integrity of  both  Companies  - 
two  of  the  largest  financial services institutions in the region 
-  strengthen  the  future  development  of Sparkassen Immobilien AG.
In the interests of a lean, easy-to-understand  management  
structure,  in  2008 the most important management  functions  and  
staff  were  brought  inside  the Company and integrated internally. 
In the process, the services provided by  the Group's external 
partner, Immorent AG, were re-negotiated and embodied in a  new 
management agreement. Bringing management in-house was entirely 
without cost  to Sparkassen Immobilien AG's shareholders.
Sparkassen Immobilien AG's strategic focus in 2009 will be  on  
optimisation  of the existing portfolio, proactive asset management, 
completion  of  development projects under construction, and 
concentration on favourable  opportunities  for property purchases 
and sales.  The  property  portfolio  will  grow  to  roughly EUR2bn 
in 2010.
Consolidated income statement for the year ended 31 December 2008
EUR m / fair value basis
|01.01. - 31.12.  |01.01. - 31.12.   |Change %
                                  |2008             |2007
|Revenues                        |109.2             |95.9        |+ 14
|whereof rental income           |85.7              |75.0        |+ 14
|Revaluation of properties       |(30.7)            |41.1        |
|Other operating income          |6.5               |3.9         |
|Gains on property disposals     |8.3               |12.6        |
|Operating revenue               |93.3              |153.5       |(39)
|Depreciation and amortisation   |(4.7)             |(3.9)       |
|Other operating expenses        |(64.8)            |(49.6)      |
|Operating profit (EBIT)         |23.8              |100.0       |(76)
|Finance costs                   |(9.6)             |(20.5)      |
|Expenses of Participating       |(6.4)             |(44.2)      |
Certificates
|Profit before tax (EBT)         |7.8               |35.4        |(78)
|Taxes on income                 |(2.1)             |(6,7)       |
|Consolidated net profit         |5.7               |28.7        |(80)
Property information as at 31 December 2008
|Number of properties                         |263           |
|Total lettable space (m2)                    |1,511,400     |
|- Austria                                    |339,900       |
|- Germany                                    |602,700       |
|- CEE                                        |568,800       |
|Property portfolio at fair value (EURm)      |1,778.0       |
|Occupancy rate                               |91%           |
|Average rental yield                         |6.7%          |
end of announcement                               euro adhoc

Further inquiry note:

Investor Relations:
Rebecca Reichmann
Tel.: +43(0)50100-27402
Fax: +43(0)05100-927402
mailto:rebecca.reichmann@s-immoag.at
wwww.sparkassenimmobilienag.at

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

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, Immobilien-ATX
Börsen: Wiener Börse AG / official market

Plus de actualités: Sparkassen Immobilien AG
Plus de actualités: Sparkassen Immobilien AG
  • 22.04.2009 – 08:07

    EANS-Adhoc: Sparkassen Immobilien AG opens second part of Gemini office building in Prague

    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. 22.04.2009 - Investment worth EUR 68 million now completed - Advance lease agreements for 96 per cent of phase one and 77 per cent of phase two Sparkassen Immobilien AG (Bloomberg: SPI.AV, Reuters: ...

  • 20.04.2009 – 18:13

    EANS-News: Sparkassen Immobilien AG: Core shareholder increases stake

    Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. investments Wien (euro adhoc) - > s Versicherung AG holds over 10 per cent of Sparkassen Immobilien AG Sparkassen Immobilien AG (Bloomberg: SPI.AV, Reuters: SIAG.VI) received a notice pursuant to § 91 paragraph 1 of the ...