23.05.2012 – 18:17

S IMMO AG

EANS-Adhoc: S IMMO AG
after a record year in 2011, net income for period up again

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3-month report

23.05.2012

S IMMO AG: after a record year in 2011, net income for period up again

  - Consolidated net income for the first quarter up by 18% to EUR 6.4m
  - Rental income steady despite successful property disposals
  - Balance sheet NAV up at EUR 7.06 per share
  - FFO increased again to EUR 5.9m
  - Dividend proposal for Annual General Meeting of EUR 0.10 per share

The results for the first quarter of 2012 for stock exchange listed S IMMO AG
(Bloomberg: SPI:AV, Reuters: SIAG.VI) continue last year's successful
performance. The Company has closed the first quarter with success, and has
increased the consolidated net income for the period by 18.2%.

Gross profit
Although the real estate assets were reduced by 3.9% compared to the year
before following the sale of several properties at a profit, rental income for
the first quarter of 2012 was down only very slightly by 0.6% to EUR 30.1m (Q1
2011: EUR 30.3m ). Gross profit from hotel operations was EUR 0.7m for the
first quarter of 2012 (Q1 2011: EUR 1.2m). Last year there was a positive
special effect that has to be taken into account: Hungary's EU-presidency in
the first half of 2011. The expense of property operations was reduced from
EUR 16.9m in the first quarter of 2011 to EUR 16.3m in the first quarter of
this year. The gross profit came to EUR 26.7m (Q1 2011: EUR 27.7m).

Property sales at above estimated values
In the first quarter of 2012 S IMMO took advantage of the continuing strong
demand for properties and sold five residential properties in Berlin, an office
building in Munich and a residential building in Vienna at above their
estimated values. The proceeds of property disposals amounted to EUR 39.5m
(Q1 2011: EUR 4.3m), and the gains on property disposals according to IFRS came
to EUR 0.7m (Q1 2011: EUR 0.6m). Compared to the estimated values as at 30
September 2011, gains on property disposals amounted to EUR 4.2m. S IMMO's
administrative costs in the first quarter were once again reduced, down to
EUR 3.7m (Q1 2011: EUR 4.3m). EBITDA decreased by a minimal 1.8% to EUR 23.6m
(Q1 2011: EUR 24.1m).

Further increase in consolidated net profit for period
Gains from property valuations in the first quarter of 2012 came to EUR 3.9m
(Q1 2011: EUR 5.0m) and were entirely attributable to the German portfolio.
Overall, compared with the first quarter of 2011, EBIT fell 5.6% from EUR 26.6m
to EUR 25.1m. Financing costs for the first quarter of 2012 amounted to
EUR 16.3m (Q1 2011: EUR 17.6m), including a non-cash foreign exchange loss of
EUR 2.6m. The Group's consolidated net income for the quarter came out at
EUR 6.4m (Q1 2011: EUR 5.4m). This was a respectable increase of 18.2% compared
with the same period last year.



Key indicators at last year's very high levels
S IMMO's funds from operations (FFO) increased by an impressive 65.2% to EUR
5.9m in the first quarter of 2012 (Q1 2011: EUR 3.6m). Despite the lower gross
profit from hotel operations, net operating income (NOI) of EUR 23.6m was
almost unchanged compared with last year's EUR 24.1m because the expenses for
property management were reduced. As at 31 March 2012 balance sheet NAV stood
at EUR 7.06 per share (31 December 2011: EUR 6.96 per share). The EPRA NAV, the
inner value of the share calculated in accordance with the guidelines of the
European Public Real Estate Association, was EUR 8.88 per share (31 December
2011: EUR 8.70 per share).

Property portfolio
As at 31 March 2012, the Group owned a total of 229 properties, with total
usable space of some 1,400,000 m² and a carrying value of EUR 1,934.4m. The
portfolio's overall occupancy rate is an excellent 93.1%. The overall rental
yield was 6.8%.

Outlook
In 2012 S IMMO is planning to sell around 5% of its portfolio with a value of
at least EUR 100m. Over the coming years the loan-to-value ratio will be
reduced from its present level of 60% to under 55%. Furthermore, the Management
Board will propose to the Annual General Meeting on 01 June 2012 new
authorisation rights for the Management Board to repurchase further own shares.

Consolidated income statement for the three months ended 31 March 2011
EUR m / fair value basis


|                                                  |01 - 03/2012 |01 - 03/2011 |
|Revenues                                          |46.9         |48.3         |
| Rental income                                    |30.1         |30.3         |
| Revenues from operating expenses                 |9.1          |9.5          |
| Revenues from hotel operations                   |7.7          |8.4          |
|Other operating income                            |3.1          |3.6          |
|Property operating expenses                       |-16.3        |-16.9        |
|Hotel operating expenses                          |-7.0         |-7.2         |
|Gross profit                                      |26.7         |27.7         |
|Income from property disposals                    |39.5         |4.3          |
|Carrying value of property disposals              |-38.8        |-3.7         |
|Gains on property disposals                       |0.7          |0.6          |
|Management expenses                               |-3.7         |-4.3         |
|Earnings before interest, tax, depreciation and   |23.6         |24.1         |
|amortisation (EBITDA)                             |             |             |
|Depreciation and amortisation                     |-2.3         |-2.4         |
|Gains on property valuation                       |3.9          |5.0          |
|Operating result (EBIT)                           |25.1         |26.6         |
|Financing costs                                   |-16.3        |-17.6        |
|Participating certificates result                 |-3.2         |-3.5         |
|Net income before tax (EBT)                       |5.6          |5.5          |
|Taxes on income                                   |0.8          |-0.1         |
|Net income for the period                         |6.4          |5.4          |
| of which attributable to shareholders in parent  |6.0          |2.8          |
|company                                           |             |             |
| of which attributable to non-controlling         |0.4          |2.7          |
|                                                  |             |             |
|Earnings per share (EUR)                          |0.09         |0.04         |






|Property information       |                 |31 March 2012    |
|Standing properties        |units            |229              |
|Floor space                |m²               |1,355,797        |
|Gross rental yield         |%                |6.8              |
|Occupancy rate             |%                |93.1             |



Further inquiry note:
Investor Relations:
Andreas J. Feuerstein
Phone: +43(0)50100-27556
Fax:  +43(0)05100-927556
E-mail:  andreas.feuerstein@simmoag.at
www.simmoag.at 

Corporate Communications:
Bosko Skoko
Phone: +43(0)50100-27522
Fax:  +43(0)05100-927522
E-mail:  bosko.skoko@simmoag.at
www.simmoag.at

end of announcement                               euro adhoc 
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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