EANS-News: Preliminary results of S IMMO AG Net income up by 20%
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annual result
Preliminary results of S IMMO AG:
Net income up by 20%
· EBIT roughly 45% higher
· Net income for the year increased to EUR 33.8m
· Earnings per share up to EUR 0.46
Stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) has
maintained the sound trend of recent years with its preliminary figures for the
financial year 2014 and another significant increase in net income. The positive
development across all the company's markets was a key factor in this success.
Ernst Vejdovszky, CEO of S IMMO AG, comments: "These preliminary results confirm
the positive trend that we have been noticing for several quarters both in our
markets and on the capital market. Our business model enables us to draw long-
term benefit from the positive developments in the real estate markets and to
create value for our shareholders."
Friedrich Wachernig, Member of S IMMO AG's Management Board, adds: "We are
particularly pleased that there is good news from all our markets. The
performance of the Berlin property market continues to be strong, and we are
delighted about this. Even markets that were fairly challenging in previous
quarters are increasingly recovering, and benefiting from a resurgence in
interest from investors."
Rental income and gross profit
Rental income totalled EUR 111.8m in the financial year 2014 (2013: EUR 116.7m),
and reflected the property disposals made, as expected. Revenues from hotel
operations (Vienna Marriott and Budapest Marriott Hotel) improved to EUR 42.1m
(2013: EUR 40.2m). Gross profit from hotel operations increased to EUR 10.8m
(2013: EUR 10.5m).
In the last financial year, the Group's gross profit came to EUR 105.7m (2013:
EUR 109.6m). The sales-related decrease in rental income was a factor here.
EBITDA amounted to EUR 89.8m (2013: EUR 100.9m).
Revaluation gains
In the last financial year, revaluation gains were bolstered by the positive
market development in the regions in which S IMMO operates. Property valuation
was very pleasing across all segments. The upswing on the German property market
is continuing and is also positively reflected in the revaluation gains, of
which Germany's share amounts to EUR 33.4m. Around EUR 7m of the revaluation
gains relate to properties that were sold in 2014 or held for sale as at
31 December 2014.
As a result of the strong performance in its markets, S IMMO saw EBIT rise to
EUR 138.7m (2013: EUR 95.8m), an increase of around 45% year-on-year.
Further increase in net income
In the financial year 2014, the financial result (excluding participating
certificates) amounted to EUR -71.7m (2013: EUR -53.9m). It included non-cash
effects from the valuation of derivatives and currency translation. Overall,
S IMMO ended the financial year 2014 with a net income of EUR 33.8m (2013: EUR
28.1m), an increase of 20%.
Outlook
S IMMO is benefiting from the current low interest rates and the sound economic
development in its markets. The company is using this potential for future
investments in the countries in which it already operates. Around two thirds of
the investment volume planned will be used for acquisitions in Germany.
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.
S IMMO AG will present its final annual results on 29 April 2015.
Preliminary consolidated income statement as per IFRS for 01 January 2014 to 31
December 2014
in EUR m
01 - 12/2014 01 - 12/2013
Revenues 188.5 193.7
Rental income 111.8 116.7
Revenues from operating costs 34.5 36.8
Revenues from hotel operations 42.1 40.2
Other operating income 4.7 6.2
Expenses directly -56.2 -60.6
attributable to properties
Hotel operating expenses -31.3 -29.7
Gross profit 105.7 109.6
Income from property disposals 51.6 128.1
Book value of property disposals -51.4 -121.7
Gains on property disposals 0.2 6.4
Management expenses -16.1 -15.1
EBITDA 89.8 100.9
Depreciation and amortisation -7.6 -12.0
Gains on property valuation 56.6 6.9
Operating profit (EBIT) 138.7 95.8
Financing result -71.7 -53.9
Participating certificates results -7.5 -9.3
Net income before tax (EBT) 59.5 32.6
Taxes on income -25.7 -4.6
Consolidated net income 33.8 28.1
of which attributable to
shareholders in parent company 31.0 27.3
of which attributable to non-
controlling interests 2.8 0.7
Earnings per share (EUR) 0.46 0.41
Property key figures 31 December 2014
Standing properties number 203
Total usable space million m² 1.2
Gross rental yield % 6.9
Occupancy rate % 91.1
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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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
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 ...