27.08.2013 – 08:01

S IMMO AG

EANS-Adhoc: S IMMO AG /sucessful half-year results for 2013

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Mid Year Results/6-month report
27.08.2013


S IMMO AG: successful half-year results for 2013


  - Increased efficiency - administrative and property-related cost reductions
  - Gross profit increased to EUR 55.1m
  - Funds from operations up by 14.1%
  - Net income for the period up again to EUR 16.0m
  - Property sales target already largely achieved

For stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) the
results for the first half of 2013 once again proved the success of its
activities. Major performance indicators were up again. The excellent results
are in line with the targets for the current financial year.

Gross profit up again
Total income for the first half of 2013 was EUR 97.0m compared with EUR 98.6m
in the same period last year. As expected, the rental income of EUR 59.0m was
lower than in the first half of 2012 (EUR 60.6m), because of the property
sales. The property portfolio was reduced by 5.6%, however rental income fell
by only 2.7%. Revenues for the half year from hotel operations increased by
2.9% to EUR 19.2m (first half of 2012: EUR 18.6m). As a result, the gross
profit from hotel operations improved by 14.4% to EUR 3.8m compared with
EUR 3.3m a year ago. This and the reduced property-related expenses more than
compensated for the lower rental income. Gross profit rose to EUR 55.1m, a 3.6%
improvement on the EUR 53.2m achieved in the first half of 2012.

Successful property sales
S IMMO's plan for 2013 is to sell around 5% of its property portfolio. As at
30 June 2013, this target was already largely achieved. In the first half year,
one apartment, three residential properties and one retail property in Austria
and Germany were sold. Total sale proceeds for the period came to EUR 83.8m
compared with EUR 97.4m in the first half of 2012. Gains on disposals came to
EUR 2.4m, as against EUR 5.8m in the same period last year. Compared with the
estimated values as at 30 September 2012, the gains on disposal were EUR 7.4m.

Number one in efficiency
In addition to reduced property-related expenses, administrative expenses were
also once again cut back: for the first half of 2013 they came to EUR 7.6m,
compared with EUR 8.1m in the same period last year. EBITDA was EUR 49.9m
(first half of 2012: EUR 50.9m), and EBIT came out at EUR 48.0m (first half of
2012: EUR 51.0m). EBT increased to EUR 17.6m, compared with EUR 15.9m for the
same period last year, and the EBT margin was a very satisfactory 18.2%. As a
result of the successful property sales, the resulting reduction in borrowing
and lower interest rates compared to the first half of 2012, the financial
result for the first half of 2013 improved by 14.7%, from EUR -28.6m in the
first half of 2012 to EUR -24.4m. Overall, net profit for the first half of
2013 rose 6.2% to EUR 16.0m, compared with EUR 15.1m in the same period last
year.




Key performance indicators up
The positive earnings performance was also reflected in higher funds from
operations (FFO). In the first half of 2013 FFO was up by 14.1%, to EUR 18.5m,
compared with EUR 16.2m a year earlier. The cost reductions discussed above
also resulted in a further improvement in net operating income (NOI) for the
period, which totalled EUR 51.5m, compared with EUR 49.4m for the first six
months of 2012. As at 30 June 2013 operating cash flow increased by 6.5% to
EUR 49.2m, compared with EUR 46.2m a year earlier. In the first half of 2013
both book value per share (balance sheet NAV) and EPRA NAV rose again: Book
value as at 30 June 2013 stood at EUR 7.47 (31 December 2012: EUR 7.17) per
share, while EPRA NAV was EUR 9.31 (31 December 2012: EUR 9.18) per share.

Start of further repurchase programmes
The S IMMO Share again performed better than the ATX and IATX, although price
movements during the period were predominantly sideways. It closed on 30 June
2013 at EUR 4.729. In the second quarter of 2013 S IMMO started an open-ended
repurchase programme for participating certificates. A further repurchase
programme for S IMMO Shares was also decided on, authorising the repurchase of
a further 3% of the share capital from 09 July 2013 until 18 December 2013 at
the latest.

Outlook for 2013 confirmed
S IMMO AG confirms its goal for the financial year 2013 - to build and improve
on the already excellent results of 2012. The Group develops and operates
properties across four different property use types in capital cities within
the European Union. This diversification makes it possible to take advantage of
differences in real estate cycles, at present principally in Germany and
Austria. A part of the proceeds from property sales is used to take up
attractive investment opportunities, particularly in Berlin. In Vienna the
Company is focusing on the Quartier Belvedere Central project, which will be
implemented together with partners at Vienna Central Station.


Consolidated income statement for the six months ended 30 June 2013
EUR m / fair value basis


|                                                |01 - 06/2013 |01 - 06/2012 |
|Revenues                                        |97.0         |98.6         |
| Rental income                                  |59.0         |60.6         |
| Revenues from operating costs                  |18.8         |19.4         |
| Revenues from hotel operations                 |19.2         |18.6         |
|Other operating income                          |3.5          |3.7          |
|Expenses directly attributable to properties    |-30.1        |-33.9        |
|Hotel operating expenses                        |-15.4        |-15.3        |
|Gross profit                                    |55.1         |53.2         |
|Income from property disposals                  |83.8         |97.4         |
|Carrying value of property disposals            |-81.4        |-91.5        |
|Gains on property disposals                     |2.4          |5.8          |
|Management expenses                             |-7.5         |-8.1         |
|Earnings before interest, tax, depreciation and |49.9         |50.9         |
|amortisation (EBITDA)                           |             |             |
|Depreciation and amortisation                   |-4.7         |-4.5         |
|Result from property valuation                  |2.8          |4.7          |
|Operating result (EBIT)                         |48.0         |51.0         |
|Financing costs                                 |-24.4        |-28.6        |
|Participating certificates result               |-5.9         |-6.5         |
|Net income before tax (EBT)                     |17.6         |15.9         |
|Taxes on income                                 |-1.6         |-0.8         |
|Consolidated net income for the period          |16.0         |15.1         |
| of which attributable to shareholders in parent|14.5         |14.3         |
|company                                         |             |             |
| of which attributable to non-controlling       |1.5          |0.8          |
| interests                                      |             |             |
|Earnings per share (EUR)                        |0.22         |0.21         |



|Property information       |                 |30 June 2013 |
|Standing properties        |number           |214          |
|Total usable space         |m²               |1,279,440    |
|Gross rental yield         |%                |6.8          |
|Occupancy rate             |%                |89.4         |


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