euro adhoc: Sparkassen Immobilien AG
other
Sparkassen Immobilien AG with
excellent results for first half 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
20.08.2008
For the first half of 2008, stock exchange listed Sparkassen Immobilien AG (Bloomberg: SPI.AV, Reuters: SIAG.VI) has again posted increases in its major financial indicators.
In the first two quarters of 2008 revenues were up by 20% to EUR 54.1m and rental income was up 19% to EUR 42.9m due to active portfolio management and additions to the portfolio. German properties continue to contribute the largest share of rental income (42%), with 30% coming from Austria and 28% from the CEE.
As a result of the prevailing market climate, there were no significant gains on revaluation of Sparkassen Immobilien AG's properties during the first half of 2008 (EUR 0.1m), but equally, there was also no loss in value of the total portfolio.
EBITDA climbed 34%, from EUR 25.5m to EUR 34.3m, while EBIT was down to EUR 32.2m after EUR 40.8m in the first six months of 2007, due to lower revaluation gains this year so far, and increased operating expenses. For the first six months of 2008 operating expenses came to EUR 27.4m (first half 2007: EUR 21.4m); the increase is attributable to higher service charges and maintenance expenses on German residential properties.
With the absence of a one-time expense incurred in the same period last year (EUR 21m in connection with the restructuring of s IMMO INVEST participating certificates), consolidated net profit increased particularly vigorously, from EUR 1.0m to EUR 9.0m. Earnings per share were also up significantly, from EUR 0.01 in first half 2007 to EUR 0.13 in first half 2008.
Net operating income (NOI) and operating cash flow in the first six months of 2008 both grew by roughly 11%: NOI came out at EUR 35.8m and cash flow at EUR 28.3m. Net asset value (NAV) at 30 June 2008 of EUR 9.9 per share was 5% higher than a year earlier.
Property portfolio in the first six months 2008 grew from EUR 1.3 bn to EUR 1.7 bn. The portfolio at 30 June 2008 included 265 properties with total lettable space of 1,444,100 m2 (+ 33% as compared with the position a year earlier). The portfolio's overall gross rental yield as of 30 June 2008 was 6.3%, with the occupancy rate standing at 91%.
s IMMO Aktie continued to suffer under the impact of negative developments in the world's capital markets, and in the first six months of 2008 its share price slipped 10.6% (I-ATX down 11.6% in the same period), so that at 30 June 2008 it stood at a roughly 30% discount to NAV.
Given the continuing tensions in financial and capital markets, Sparkassen Immobilien AG's Management confirms its guidance for 2008 issued at the beginning of the year: revenues of EUR 99m, rental income of EUR 78m and EBIT of EUR 72m. Management expects the overall value of the portfolio to remain steady - any individual writedowns necessary will be compensated for by gains on revaluations. Further sales of properties in Austria and Germany at prices above latest valuations in the third and fourth quarters of 2008 should also provide additional contributions to earnings.
Consolidated income statement for the half year ended 30 June 2008 EUR m / fair value basis
|01.01. - |01.01. - |Change %
|30.06.2008 |30.06.2007|Revenues |54.1 |45.1 |+20 whereof rental income |42.9 |35.9 |+19 | |Revaluation of properties |0.1 |16.8 | | |Other operating income |2.2 |1.8 | | |Gains on property disposals |5.4 |0 | | |Operating revenue (EBIT) |61.9 |63.7 |(3) | |Depreciation and amortisation |(2.2) |(1.5) | | |Other operating expenses |(27.4) |(21.4) | | |Operating profit (EBIT) |32.2 |40.8 |(21) | |Net financing costs |(21.2) |(17.1) | | |Expenses of restructuring |0.0 |(21.0) | | |participating certificates | | | | |Profit before tax (EBT) |11.0 |2.7 |+306 | |Taxes on income |- 2.0 |(1.2) | | |Consolidated net profit |9.0 |1.0 |+ 486 | |Minority interests |0.1 |(0.5) | | |Interests of shareholders |9.0 |0.1 |+814 | in parent company
Property indicators as at 30 June 2008
|Number of properties |265 | |Total lettable space (m2) |1,444,100 | |- Austria |330,900 | |- Germany |601,100 | |- CEE |512,100 | |Property portfolio at fair value (EUR) |1,666 | |Gross rental yield |6.3% |
end of announcement euro adhoc
Further inquiry note:
Elke Koch
PR/IR Manager
Tel.: +43(0)50100-27867
Fax: +43(0)05100-927867
mailto:elkepetra.koch@s-immoag.at
wwww.sparkassenimmobilienag.at
Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, Immobilien-ATX
Börsen: Wiener Börse AG / official market