Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG starts 2009 with stable, positive first quarter

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quarterly report


> Significantly positive EBIT of EUR13.5m (Q1 2008: EUR18.9m)

@@start.t2@@> Consolidated net profit of EUR0.5m (Q1: EUR6.2m)
      > Revenues and rental income up by 6% and 5% respectively
      > Gross rental yield 6.8%, occupancy rate high at 91%
      > Solid, broadly diversified property portfolio of EUR 1.83 billion with
         high proportion of residential properties
      > Core shareholder Vienna Insurance Group increases stake
      > OMV to remain Sparkassen Immobilien AG's most important tenant@@end@@

Stock exchange listed Sparkassen  Immobilien  AG  (Bloomberg:   SPI:AV,  Reuters: SIAG.VI) is happy to be able to report stable results for the first  quarter  of 2009 - significantly positive EBIT, a profit, and  increases  in  rental  income and total revenues.

Operating results: increases in revenues and rental income Sparkassen Immobilien AG's revenues and rental income for the first  quarter  of 2009 grew to  EUR28.5m  and  EUR22.3m,  increases  of  6%  and  5%   respectively compared with the same period last year.  There  were   no  changes  in  property valuations in the quarter, since the annual financial statements  for  2008  had already incorporated the results of  up-to-date  external  valuations  (Q1 2008: EUR0.1m).  Other   operating  income  increased  considerably,  from  EUR0.5m  to EUR1.4m, reflecting the significantly higher gross operating profits of  Hotels Marriott Vienna and Marriott Budapest. In the first   quarter  of  this  year  no properties were disposed of, while in the same period in 2008 there was  a  gain on property disposal of EUR5m. This difference to the property disposals of  the first quarter 2008 is also reflected in the EBIT and FFO.

Earnings performance: EBIT significantly positive EBITDA for the first quarter fell from EUR19.9m by 20% to  EUR15.9m.  Sparkassen Immobilien  AG's  EBIT  of  EUR13.5m  (Q1 2008:  EUR18.9m)    was     significantly positive. Financing  costs  moved  from  EUR-7.5m  to   EUR-10.2m.  Participation certificate expenses fell from EUR-3.8m to EUR-2.8m. EBT fell back from  EUR7.6m to EUR0.4m. Consolidated net profit after minority  interests  for  the  quarter ended 31 March 2009 came  to  EUR0.5m  (Q1 2008:  EUR6.2m).  The  net  operating income (NOI) stands at EUR17.7m slightly below the value of  the   first  quarter of 2008 (EUR17.9m), a decrease of 1%. The NOI margin (NOI / revenues)  stood  at 61%. Cash flow from operating activities increased from  EUR14.3m  to  EUR15.9m. Funds from operations (FFO) fell by 75%  to  EUR2.1m  (Q1 2008:  EUR8.2m).  This also reflects the difference of property disposals of the first quarter 2008.

Portfolio growth Development projects are progressing according to plan,  and  as  a  result  the Group's property portfolio in the past quarter grew  to  EUR1.83bn.  Development projects, which are recognised at cost of acquisition and construction, made  up approximately 17% of the total. The standing portfolio by area  is   made  up  of residential property (44%), office property (28%),   commercial  property  (17%), hotels (7%) and other property (4%).   More  than  half  the  properties  are  in Germany, 27% of the portfolio is  in  Austria,  and  the  remaining  22%  is  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 standing 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 March 2009 was 6.8%.

All development projects on schedule All ongoing development projects of Sparkassen Immobilien AG  are  on  schedule, the progress of construction work is  very  satisfactory,  and  the  pre-letting

@@start.t3@@rates are excellent. For  the  shopping  centres  Sun  Plaza  in  Bucharest  and Serdika Center in Sofia the pre-letting rates are over 80%. The Hotel Vysoká  in Bratislava is also on  schedule,  will  be  completed  this  year  and  will  be operated by Austria Trend Hotels. Together with  the  Viennese  projects  -  the residential  and  office  building  in  Neutorgasse  and  the  student  hall  of residence  in  Sechshauser  Strasse  -  the  development  projects,  which    are scheduled for completion in 2009/2010,  will  return  significant  increases  in rental income in the years to come.@@end@@

s IMMO Share: market  price  up  18.7%  at  end  of  quarter,  core   shareholder increases stake s IMMO Share's closing price at the  end of  the  first  quarter  of  2009  was EUR2.35, an 18.7% improvement since the  beginning  of  the  year,  and  a  very encouraging stock market performance. This positive trend and a marked  increase in trading volumes have continued in recent weeks. Currently (22 May 2009),  the price is EUR4.22. This represents a discount of 52% to Net  Asset  Value  (NAV), which at 31 March 2009 was EUR8.8 compared with  EUR9.6  a  year  earlier.  The second core shareholder after Erste Group - Vienna Insurance  Group  -  exceeded the 10% notification threshold in April.  Sparkassen  Immobilien  AG  sees   this increase in the stake as a long-term vote  of  confidence.  The combination  of these two  major  shareholders,  with  their   networks,  their  size  and  their knowledge and experience of Sparkassen Immobilien AG's core markets is a  source of enduring, long-term strength for the Group and its future development.

Acquisition of new OMV Head Office in Viertel Zwei With the acquisition of OMV AG's new Head Office in Vienna and the  disposal   of its old headquarters, Sparkassen Immobilien AG has demonstrated its  ability  to take advantage of special opportunities even in  a   difficult  environment.  The new Head Office forms part of the Viertel  Zwei  development,  one  of  Vienna's most attractive office locations, and  with  its  47,000 sq m  of  prime  office space provides ideal working  conditions  for  OMV  employees.  Both  deals are expected to close in the coming months.

Consolidated income statement for the three months ended 31 March 2009

EUR m / fair value basis

@@start.t4@@1.1.-31.3.      1.1.-31.3.      Change in %
                                                                2009                2008

|Revenues                                          |28.5                 |26.9                |+ 6
    whereof rental income                  |22.3                 |21.2                |+ 5
|Revaluation of properties                |0                      |0.1                 |
|Other operating income                    |1.4                  |0.5                 |
|Gains on property disposals            |0                      |5.0                 |
|Operating revenue (EBIT)                 |29.9                 |32.6                |- 8
|Depreciation and amortisation         |- 2.4                |- 1.1              |
|Other operating expenses                 |- 14.1              |- 12.6            |
|Operating profit (EBIT)                  |13.5                 |18.9                |- 29
|Finance costs                                  |- 10.2              |- 7.5              |
|Participation certificate expenses |- 2.8                |- 3.8              |
|Profit before tax (EBT)                  |0.4                  |7.6                 |
|Taxes on income                                |0.0                  |- 1.4              |
|Consolidated net profit                  |0.5                  |6.2                 |- 92

Property information as at 31 March 2009

|Number of properties                                        |263                 |
|Total lettable space in sq m                          |1,511,400        |
|- Austria                                                         |339,900          |
|- Germany                                                         |602,700          |
|- Eastern Europe/Southeastern Europe              |568,800          |
|Property portfolio at fair value (EURm)         |1,828.2          |
|Occupancy rate                                                 |91%                 |
|Average rental yield                                        |6.8%                |@@end@@

@@start.t5@@end of announcement                                                 euro adhoc

ots Originaltext: Sparkassen Immobilien AG
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Further inquiry note:
Rebecca Reichmann, MRICS
Investor Relations
Tel.: 0043 50 100 27402

Bosko Skoko
Corporate Communications
Tel.: 0043 50 100 27522

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

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