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3-month report
S IMMO AG: Successful start to 2015
· Net income for the period up to EUR 8.1m
· EBT increases to EUR 9.6m
· Book value and EPRA NAV per share improved again
· Capital market measures open up additional strategic possibilities
· EUR 180m investment volume for the current year
Following the publication of the successful annual results for 2014 a couple of
weeks ago, stock exchange listed real estate company S IMMO AG (Bloomberg: SPI:
AV, Reuters: SIAG.VI) is now continuing the positive trend in the first quarter
of 2015. Ernst Vejdovszky, CEO of S IMMO AG, comments: "We got off to a
successful and energetic start this year - the signs are clearly pointing to
growth."
Development of earnings
During the first three months of 2015, S IMMO AG's total revenues amounted to
EUR 44.3m (Q1 2014: EUR 44.8m), roughly equal to the prior-year figure. The
rental income included in this figure was impacted by property sales as expected
and came to EUR 27.2m (Q1 2014: EUR 28.2m). Gross operating profit from hotel
operations totalled EUR 1.2m (Q1 2014: EUR 1.2m). In the first quarter of 2015,
expenses directly attributable to properties came in at EUR 14.1m (Q1 2014: EUR
12.9m). The gross operating profit was EUR 23.3m (Q1 2014: EUR 25.6m).
EBITDA amounted to EUR 19.7m in the first quarter of 2015 (Q1 2014: EUR 22.4m).
The decline was caused by the lower rental income resulting from the sale of
properties as well as increased costs due to timing effects. As a result, EBIT
came to EUR 18.6m (Q1 2014: EUR 26.5m).
The financing result including the participating certificate result totalled EUR
-9.0m as at 31 March 2015 (Q1 2014: EUR -17.8m). The significant improvement was
due to positive currency translation and derivative valuation effects. This
pushed EBT up to EUR 9.6m, which is 10.3% higher than the prior-year figure (Q1
2014: EUR 8.7m). The profit for the period edged up by 20.9% to EUR 8.1m (Q1
2014: EUR 6.7m).
In the first quarter of 2015, both NAV (book value of equity) and EPRA NAV per
share increased compared with the first quarter of 2014, NAV per share improving
to EUR 8.41 as at 31 March 2015 (31 December 2014: EUR 8.31) and EPRA NAV
advancing to EUR 10.71 (31 December 2014: EUR 10.63) per share.
Financing and loan-to-value (LTV)
In order to better illustrate its financing structure, S IMMO reports two LTV
ratios. S IMMO's on-balance-sheet property assets amounted to EUR 1,759.9m as at
31 March 2015 (31 December 2014: EUR 1,764.4m). The LTV ratio for mortgage-
secured financing improved to 46.4% during the reporting period (31 December
2014: 48.0%). S IMMO also has unsecured financing. The LTV ratio for unsecured
financing minus cash and cash equivalents came to 13.4% in the reporting period
(31 December 2014: 12.0%). As a result, the company's total LTV ratio is 59.8%
(31 December 2014: 60.0%).
Capital market
The S IMMO share significantly outperformed the ATX and the IATX, with a year-
to-date performance of 36.95% as at 31 March 2015. The closing price at the end
of the quarter was EUR 8.45. Although the share has undergone a slight
correction in recent weeks, it remains at an encouragingly high level. Due to
the exchange offer for S IMMO INVEST participating certificates from March 2015,
the outstanding participating certificate capital was reduced by another EUR 40m
to roughly EUR 56m. In mid-April, the company successfully placed a 12-year-bond
with a volume of EUR 65m, thus ensuring additional room for strategic
opportunities.
Outlook for 2015: investments and a further increase in consolidated net income
The goal of S IMMO's management for the current financial year is to once again
improve the company's consolidated net income. The company aims to grow its
property portfolio by around EUR 700m to EUR 2.4bn in the medium-term. An
investment volume of EUR 180m is planned for 2015. Roughly two thirds of this is
earmarked for acquisitions in Germany with a focus on commercial properties in
Berlin and large cities in the surrounding area. With this in mind, S IMMO
launched a purchasing offensive at the start of the year and acquired commercial
properties with a useable area of roughly 35,000 m² and a land area of over
90,000 m² in the first quarter. S IMMO is evaluating attractive opportunities in
its home market of Vienna on an ongoing basis and also purchased a property here
during the first quarter. Purchases and development projects are also planned in
Central and Southeastern Europe, where the recovery of the real estate markets
continues.
Friedrich Wachernig, Member of the Management Board, comments: "Our robust
business model puts us in an excellent position for the coming years: 100%
European Union, a focus on capital cities, and emphasis on commercially used
properties and high-potential residential properties. We once again had a strong
start and are looking ahead to the following months of the 2015 financial year
with a tremendous sense of optimism."
S IMMO AG
As Austria's first stock exchange listed real estate investment company, S IMMO
AG has stood for expertise, a strong portfolio, and profitable growth since
1987. The company invests in commercial property (office, retail, and hotel) as
well as residential property in four regions (Austria, Germany, and Central and
Southeastern Europe). S IMMO AG's strategic core shareholders are Erste Group
and Vienna Insurance Group.
Consolidated income statement for the period 01 January 2015 - 31 March 2015
in EUR m/ fair value method
01 - 03/2015 01 - 03/2014
Revenues 44.3 44.8
thereof rental income 27.2 28.2
thereof revenues from operating costs 8.5 8.7
thereof revenues from hotel operations 8.7 7.9
Other operating income 0.5 0.4
Expenses directly attributable to properties -14.1 -12.9
Hotel operating expenses -7.4 -6.7
Gross profit 23.3 25.6
Income from property disposals 6.7 21.6
Book value of disposed properties -6.7 -21.6
Gains on property disposals 0 0
Management expenses -3.7 -3.2
Earnings before interest,tax,depreciation,
and amortisation (EBITDA) 19.7 22.4
Depreciation and amortisation -1.9 -1.9
Results on property valuation 0.8 5.9
Operating result (EBIT) 18.6 26.5
Financing costs -13.0 -15.5
Financing income 4.2 0.4
Results from companies measured at equity 0.8 0
Participating certificates result -1.0 -2.7
Net income before tax (EBT) 9.6 8.7
Taxes on income -1.5 -2.0
Profit for the period 8.1 6.7
thereof attributable to shareholders
in parent company 7.5 6.7
thereof attributable to non-controlling
interests 0.6 1.0
Earnings per share (in 0.11 0.08
EUR)
Key data on properties 31 March 2015
Portfolio properties Number 202
Total useable space million m2 1.2
Gross rental yield % 7.0
Occupancy rate % 91.7
Further inquiry note:
Investor Relations:
Andreas J. Feuerstein
Phone: +43(0)50100-27556
Fax: +43(0)05100-927556
E-mail: andreas.feuerstein@simmoag.atwww.simmoag.at
Corporate Communications:
Bosko Skoko
Phone: +43(0)50100-27522
Fax: +43(0)05100-927522
E-mail: bosko.skoko@simmoag.atwww.simmoag.at
end of announcement euro adhoc
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company: 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
company: 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 ...
company: 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 ...
company: 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 ...
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