26.03.2013 – 07:31

S IMMO AG

EANS-Adhoc: S IMMO AG
Preliminary results highest EBIT in the Group's history

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annual result/Preliminary results S IMMO AG
26.03.2013


Preliminary results S IMMO AG: highest EBIT in the Group's history


  - EBIT of EUR 106.8m exceeds pre-crisis level
  - Net income for the year increased by 22.5% to EUR 26.0m
  - Ratio of EBITDA to portfolio value exceptionally strong at 5.3%
  - FFO yield of 10.1%
  - Dividend increase planned

After a very successful financial year 2011, S IMMO AG (Bloomberg: SPI:AV,
Reuters: SIAG.VI) continued the positive trend in 2012 and significantly
improved its key performance indicators once again.

Profitable property sales
In the course of 2012 S IMMO took advantage of the excellent climate in the
German and Austrian property markets and disposed of 21 properties at a profit.
Sale proceeds during the year under review totalled EUR 132.2m, compared with
EUR 46.5m in 2011, so that S IMMO well exceeded its target of property sales of
EUR 100m for 2012. The gains on disposals came to EUR 10.8m.

Positive developments in hotel market
Rental income in 2012 totalled EUR 118.5m, compared with EUR 125.9m in 2011.
The slight difference is mainly explained by the successful property disposals.
However, the effect on earnings was more than compensated for by increases in
efficiency and further optimisation of costs. Revenues from hotel operations
(revenues from hotels operated under management agreements) increased slightly,
from EUR 40.6m in 2011 to EUR 42.0m. This pushed the gross profit from hotel
operations up from EUR 9.0m to EUR 9.9m, an increase of 9.1%. The total gross
profit for the year came to EUR 104.4m, as against EUR 107.0m in 2011. S IMMO
AG continues to be successful in reducing its administrative costs by 4.4% in
2012. EBITDA was EUR 98.8m (2011: EUR 101.4m). The ratio of EBITDA to the value
of the property portfolio is 5.3% - an exceptionally good result compared with
the international average for the industry of roughly 4%.

Highest EBIT in the Group's history
Operating profit for the year (EBIT) of EUR 106.8m showed an improvement of
EUR 14.5m compared with the EUR 92.3m achieved in 2011. This was an increase of
15.7% and the highest EBIT in the Group's history. It was also EUR 6.8m
higher in comparison with the figure in 2007, the most recent year before the
financial crisis. For the whole of the financial year 2012, the Group's
consolidated net income came out at a very satisfactory EUR 26.0m, compared
with EUR 21.2m the year before, a marked increase of 22.5% despite the smaller
property portfolio.

Impressive FFO yield
S IMMO AG continued the positive trend of the first three quarters in the
fourth quarter as well: FFO for the year totalled EUR 33.0m (2011: EUR 28.9m).
The FFO yield, in relation to the Group's market capitalisation, was a very
respectable 10.1%, compared with 9.4% in 2011.
Dividend increase planned
At the Annual General Meeting on 12 June 2013 the Management Board will propose
the distribution of a dividend. In the Management's opinion, the significant
improvement in results justifies an increase in dividend.

Outlook: S IMMO excellently positioned for 2013
S IMMO will continue to pursue its tried-and-tested strategy in the current
year: In 2013, the Group again plans to dispose of around 5% of its portfolio.
It also intends to take advantage of favourable opportunities for property
purchases, especially in Germany.

S IMMO AG's final results for the year will be presented on 25 April 2013.


Preliminary consolidated income statement (in accordance with IFRS) for the
year ended 31 December 2012
EUR m


|                                                  |01 - 12/2012 |01 - 12/2011 |
|Revenues                                          |196.7        |207.8        |
| Rental income                                    |118.5        |125.9        |
| Revenues from operating costs                    |36.2         |41.3         |
| Revenues from hotel operations                   |42.0         |40.6         |
|Other operating income                            |6.9          |7.7          |
|Expenses directly attributable to properties      |-67.0        |-77.0        |
|Hotel operating expenses                          |-32.1        |-31.6        |
|Gross profit                                      |104.4        |107.0        |
|Income from property disposals                    |132.2        |46.5         |
|Carrying value of property disposals              |-121.4       |-34.9        |
|Gains on property disposals                       |10.8         |11.6         |
|Management expenses                               |-16.4        |-17.2        |
|Earnings before interest, tax, depreciation and   |98.8         |101.4        |
|amortisation (EBITDA)                             |             |             |
|Depreciation and amortisation                     |-8.8         |-9.3         |
|Gains on property valuation                       |16.8         |0.1          |
|Operating result (EBIT)                           |106.8        |92.3         |
|Financing costs                                   |-61.8        |-51.5        |
|Participating certificates' result                |-12.8        |-11.2        |
|Net income before tax (EBT)                       |32.2         |29.6         |
|Taxes on income                                   |-6.2         |-8.4         |
|Consolidated net income                           |26.0         |21.2         |
| of which attributable to shareholders in parent  |24.3         |20.0         |
|company                                           |             |             |
| of which attributable to non-controlling         |1.7          |1.2          |
|  interests                                       |             |             |
|Earnings per share (EUR)                          |0.36         |0.29         |



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