euro adhoc: Sparkassen Immobilien AG
Financial Figures/Balance Sheet /
Sparkassen Immobilien AG: revenues and rental income in third quarter 2008 up,
business stable
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
9-month report
18.11.2008
Despite continuing turmoil in world finance and capital markets, stock exchange listed Sparkassen Immobilien AG (Bloomberg: SPI.AV; Reuters: SIAG.VI) is pleased to be able to report a stable business performance in the first nine months of 2008.
In the first three quarters of 2008 - compared with the same period last year - revenues were up by 19% to EUR 81.5m and rental income climbed 16% to EUR 63.9m. These positive developments are the result of additions during last year and of Sparkassen Immobilien AG's active property portfolio management. The bulk of the rental income (41%) continues to come from the German part of the portfolio. The CEE proportion already amounts to 29%, while Austria's share remains virtually unchanged at 30%.
The valuation of Sparkassen Immobilien AG's properties as at 30 September 2008 showed an overall slight decline, amounting to EUR 1.0m. In the first nine months of 2008 the total realised gains on property disposals were EUR 7.7m (EUR 11.1m in the same period last year). Gains even under the currently prevailing conditions are a clear demonstration of the conservatism of Sparkassen Immobilien AG's valuation policies (sale of properties 17% above latest fair market values).
EBITDA rose from EUR 46.9m in the first three quarters of 2007 by 6% to EUR 49.6m for the nine months to 30 September 2008. EBIT was EUR 45.4m, a reduction of 47% in comparison with the first three quarters of 2007 (EUR 86.0m), as a consequence of the slightly negative revaluation results and higher operating expenses on newly acquired properties.
EBT fell from EUR 32.3m last year to EUR 14.2m. As in the preceding periods, income tax payments were very low, at EUR 0.6m. The resulting consolidated net profit for the first three quarters was EUR 11.7m, compared with EUR 21.4m in the same period last year. Earnings per share were some EUR 0.17, as against EUR 0.31 in the comparable period in 2007. The reduction in earnings is the result of the absence of revaluation gains as a result of the financial markets crisis. The results are still very solid.
Sparkassen Immobilien AG's net operating income (NOI) grew from EUR 48.4m to EUR 52.2m, and the NOI margin (NOI / revenues) was some 62%. Cash flow from operating activities rose to EUR 41.3m for the first nine months of 2008, after EUR 35.5m in the same period last year. Funds from operations (FFO) increased to EUR 16.1m, as compared with EUR 22.9m a year ago.
In the first nine months of 2008 the real estate portfolio grew from EUR 1.6bn to EUR 1.7bn, largely as a result of the new acquisitions that took place in the first half of the year. At 30 September 2008 the portfolio comprised 261 properties with total usable space of 1,448,400 m². The gross rental yield as at 30 September 2008 was 6.4%, with the occupancy rate standing at 91%. Sparkassen Immobilien AG's net asset value (NAV) continues to hold up well, and at 30 September 2008 stood at EUR 9.7 per share, unchanged from a year earlier. The NAV includes completed properties and undisclosed reserves on hotels under management. Development projects are valued at cost of acquisition or construction.
The continuing unfavourable climate for stocks, and for property shares in particular, meant that at 30 September 2008 s IMMO Aktie's market price of EUR 4.81 represented a discount of 51% to its NAV of EUR 9.7 per share, and a fall of 37.8% compared with its price at the beginning of the year.
In the light of the financial markets crisis and the current extreme fluctuations in property valuations, from today's perspective Sparkassen Immobilien AG now expects a significantly positive EBIT for 2008 of between EUR 36m and EUR 48m (original forecast: EUR 72m). Revenue and rental income targets of EUR 99.0m and EUR 78m remain unchanged. Sparkassen Immobilien AG's strategy continues to be supported by two core elements: optimisation of earnings from the existing property portfolio and concentration on completing ongoing development projects.
Consolidated income statement for the nine months ended 30 September 2008
EUR m / fair value basis
|01.01. - |01.01. - |Change %
|30.09. 30.09.
|2008 |2007|Revenues |81.5 |68.4 |+ 19 |whereof rental income |63.9 |54.9 |+ 16 |Revaluation of properties |- 1.0 |41.5 |Other operating income |4.3 |2.8 |Gains on property disposals |7.7 |11.1 |Operating revenue |92.5 |123.7 |(25) |Depreciation and amortisation |- 3.2 |- 2.3 |Other operating expenses |- 43.9 |- 35.4 |Operating profit (EBIT) |45.4 |86.0 |(47) |Net financing costs |- 31.2 |- 32.7 |Expenses of restructuring |0.0 |- 21.0 participating certificates |Profit before tax (EBT) |14.2 |32.3 |(56) |Taxes on income |- 2.6 |- 8.2 |Consolidated net profit |11.5 |24.1 |(52) |Minority interests |0.1 |- 2.7 |Interests of shareholders |11.7 |21.4 |(45) in parent company
Property information as at 30 September 2008 |Number of properties |261 | |Total lettable space (m2) |1,448,400 | |- Austria |322,200 | |- Germany |601,100 | |- CEE |525,100 | |Property portfolio at fair value (EUR m) |1,705 | |Gross rental yield |6.4% |
end of announcement euro adhoc
Further inquiry note:
Holger Schmidtmayr
Managing Director
Tel.: +43(0)50100-27550
Fax: +43(0)05100-927550
E-Mail: investor@s-immoag.at
wwww.sparkassenimmobilienag.at
Bosko Skoko
Corporate Communications
Tel.: +43(0)50100-27522
Fax: +43(0)05100-927522
E-Mail: 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