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Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG
successful first half year

31.08.2010 – 07:44

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
6-month report
31.08.2010
Ad hoc release   Vienna, 31 August 2010
Sparkassen Immobilien AG: successful first half year
Following a successful first quarter of 2010, stock exchange  listed 
Sparkassen Immobilien AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) has an
equally  satisfactory first half year to report.
Differing economic climates The first half year  saw  gradual  
macroeconomic  improvements  in  the  Group´s markets, although the 
pace of recovery was very varied. While recovery  is  best advanced  
in  Germany,  Austria,  the  Czech  Republic  and  Slovakia,  and  
the performance of these economies on a year-on-year basis  is  
excellent,  Hungary, Romania and Bulgaria have not yet returned to 
growth.
Top quality property portfolio As at 30 June 2010, Sparkassen 
Immobilien AG´s property portfolio  consisted  of 251 residential, 
office, commercial and hotel properties with a total  value  of 
EUR 1,853.7m (31.12.2009: EUR 1,900.8m). The occupancy rate was  a  
steady  90%, and the gross rental yield was an excellent 6.8%. Rental
income  for  the  first half of 2010 increased by EUR 3.5m and 
amounted  to  EUR 48.2m  (HY1  2009:  EUR 44.7m).
Continuing excellent operating performance The general increase in 
overnight stays and hotel occupancy rates in  the  first half year 
had a positive effect on income from hotel operations, which  rose  
to EUR 17.0m (HY1 2009: EUR 16.2m). This was an increase of  5.2%,  
while  expenses of hotel operations only increased by 3.4%, to 
EUR 13.7m.
According to property use type, commercial properties  contributed  
the  largest share  of  rental  income,  with 35.5%,  followed  by  
offices  with 31.1%   and residential  properties  with 28.4%.  In  
the  period  under  review  the  share contributed by hotels was 5%. 
The income  of  the  hotels  Vienna  Marriott  and Budapest Marriott 
-  which  are  operated  under  management  agreements  -  is 
disclosed as income from hotel operations.
Earnings increase Sparkassen Immobilien AG sold a total of  five  
residential  properties  in  the first half of 2010, three  of  them 
in  Vienna  and  two  in  Berlin.  All  the properties were sold  
above  their  estimated  value.  The  resulting  gains  on disposal 
came to EUR 2.6m (HY1 2009: EUR 0.3m). EBITDA, at  EUR 36.8m,  was  
10% up on the comparable period last year (HY1 2009: EUR  33.5m).  
Operating  profit (EBIT) rose to EUR 30.1m in the period under  
review,  which  is  a  significant improvement (HY1 2009: 23.8m).
Higher borrowings meant that net financial expense in the  first  
half  of  2010 changed from EUR 15.0m to EUR 18.5m. Profit before tax
(EBT) compared  with  the same period last year climbed 73.2% to 
EUR 6.6m (HY1 2009:  EUR 3.8m).  The  net profit of EUR 5.0m for  the
period  was  up  an  impressive  57.5%  (HY1  2009: EUR 3.2m).
Positive key performance indicators Operating cash flow improved 
slightly to  EUR 33.2m  (HY1  2009:  33.0m).  Funds From Operations 
(FFO) in the period increased from EUR 11.3m to  EUR 11.4m.  Net 
Operating Income (NOI) compared with the same period last year 
improved  by  17% to EUR 38.7m (HY1 2009: EUR 33.0m) due to increased
rental  income.   EPRA  NAV (Net Asset Value measured by EPRA 
standards) rose from EUR 8.13  at  31 December 2009 to EUR 8.23 per 
share at 30 June 2010.
Quality strategy ensures successful progress of development projects 
Sparkassen Immobilien AG´s biggest development projects  so  far,  
the  shopping centres Sun Plaza in Bucharest and Serdika Center in 
Sofia,  were  completed  on schedule and opened successfully in 
February and March. Both  sites  are  almost fully let, and are now 
generating regular income streams for the Group.
The Neutor 1010 project, an office and residential  development  with
11,000 m² of usable space in Vienna´s Inner City, is in the  final  
stages  of  completion and will be opened on schedule in the autumn 
of  2010.  Three  quarters  of  the commercial space has already been
let long-term. The  upper  floors  consist  of 34 luxury apartments, 
of which 27 have already been sold before  completion.  In 
Bratislava,  the  Galvaniho 4  office  building  is  in  the  process
of  being completed and is already three-quarters let.
Sparkassen Immobilien AG´s roughly 12-hectare land bank includes  six
plots  of development land in the EU-capital cities of Central and 
South  Eastern  Europe. In Bratislava there is a site for which  
planning  permission  for  offices  has been granted. In the centre  
of  Prague  there  is  a  site  available  for  the development of a 
150-room hotel. The Group  also  owns  sites  in  Bulgaria  and 
Romania with high development potential. An office project  is  
planned  in  the centre of Sofia in conjunction with Immorent AG. A 
40,000 m²  specialist  retail park is planned in the south of 
Bucharest, and at a prime  location  within  the Grivitei district an
office and hotel complex is projected. All projects are  in the 
planning and approval stages and will be  begun  as  soon  as  the  
economic climate permits.
Annual General Meeting 2010 The Annual General Meeting 2010 was held 
on  21 May  2010.  Eight  of  the  ten agenda items were  adopted  by
a  large  majority.  Only  the  motion  for  the conversion of  
participating  certificates  into  ordinary  shares  and  another 
motion in connection with the conversion failed to  achieve  the  
necessary  75% majority, the motion was approved by 56% of the votes.
Sparkassen Immobilien  AG continues to work for a simplification of 
the capital structure  and  towards  a resolution of the issue that 
will be in the best interest of all its  investors.
s IMMO share´s weighting in IATX doubled Several mergers in the 
industry meant the amalgamation of a number  of  Austrian property 
stocks, and resulted in a narrowing of the base of the  IATX,  much  
to the benefit of the s IMMO share. Its weighting in the index 
doubled to 18.2%.
The performance of the s IMMO share in the first half of 2010  was  
affected  by overall developments in Europe. The weakness of the EURO
and the debt crisis  of several European economies resulted in 
sinking share prices.  The  s IMMO  share also fell back slightly: 
its market price at 30 June  2010  was  EUR 4.78,  just under the 
EUR 4.95 quoted at 31 March 2010.  Compared  with  the  price  a  
year earlier, however, its performance was more satisfactory - a gain
of  11.5%.  In comparison, the ATX, which  reflects  the  performance
of  the  Austrian  stock market as a whole, increased by 8.5%.The 
current price of the s  IMMO  share  is EUR 5.15 (closing price 
30 August 2010).
Outlook Sparkassen Immobilien AG aims to more than double its 
operating cash  flow  from EUR 49.0m in 2009 to over EUR 100m within 
the next two years.
Consolidated income statement for the first half year ended 30 June 
2010
EUR m / fair value basis
|                                           |1 - 6/2010  |1 - 6/2009 1 |
|Revenues                                   |79,356      |73,481       |
| Rental income                             |48,228      |44,681       |
| Revenues from service charges             |14,082      |12,590       |
| Revenues from hotel operations            |17,046      |16,210       |
|Other operating income                     |3,056       |7,056        |
|Expenses directly attributable to          |-26,906     |-27,205      |
|properties                                 |            |             |
|Hotel operating expenses                   |-13,707     |-13,260      |
|Revenues less directly attributable        |41,798      |40,072       |
|expenses                                   |            |             |
|Income from property disposals             |57,670      |24,060       |
|Carrying values of property disposals      |-55,060     |-23,770      |
|Gains on property disposals                |2,610       |290          |
|Management expenses                        |-7,623      |-6,912       |
|Earnings before interest, tax, depreciation|36,785      |33,450       |
|and amortisation (EBITDA)                  |            |             |
|Depreciation and amortisation              |-4,970      |-4,728       |
|Gains / losses on property valuation       |-1,730      |-4,900       |
|Operating result (EBIT)                    |30,084      |23,822       |
|Finance costs                              |-18,526     |-14,976      |
|Participating certificates result          |-5,001      |-5,059       |
|Net income before taxes (EBT)              |6,558       |3,787        |
|Taxes on income                            |-1,542      |-603         |
|Net income / loss for the period           |5,016       |3,184        |
| of which attributable to shareholders of  |6,215       |3,216        |
|parent company                             |            |             |
| of which attributable to minority         |-1,199      |-32          |
|interests                                  |            |             |
|                                           |            |             |
|Earnings per share                         |0.09        |0.05         |
|Property indicators       |             |30.06.2010  |
|Completed properties      |Units        |251         |
|Total usable space        |m2           |1,409,201   |
|Rental yield              |%            |6.8         |
|Occupancy rate            |%            |90          |
|Land bank                 |Number of    |6           |
|                          |plots        |            |
1 Adjusted
end of announcement                               euro adhoc

Further inquiry note:

Investor Relations:
Sylwia Milke
Phone: +43(0)50100-27402
Fax: +43(0)05100-927402
E-mail: sylwia.milke@s-immoag.at
www.sparkassenimmobilienag.at

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

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, IATX
Börsen: Wien / official market

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