S IMMO AG
Upcoming SlideShare
Loading in...5
×

Like this? Share it with your network

Share
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
554
On Slideshare
406
From Embeds
148
Number of Embeds
10

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 148

http://www.companyspotlight.com 72
http://www.bloombergmarketsspotlight.com 34
http://www.bloombergmarketspotlight.com 22
http://beta.companyspotlight.com 12
http://bloombergmarketspotlight.com 2
http://dev1.companyspotlight.com 2
http://localhost 1
http://admin.companyspotlight.com 1
http://beta.bloombergmarketsspotlight.com 1
http://dev3.companyspotlight.com 1

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Half-Year Results 2012 S IMMO AG Conference Call Vienna, 23 August 2012Holger Schmidtmayr | Ernst Vejdovszky | Friedrich Wachernig
  • 2. Agenda 1. Portfolio & markets 2. Key figures HY 2012 3. S IMMO Share 4. Outlook 5. Appendix 2
  • 3. HY Highlights• Profitable property sales amounting to EUR 97.4m• Renewal of rental agreements with major tenants in Hungary• Eurocenter in Zagreb fully occupied• 10-year rental agreement for nearly 4,000 m² with the City of Vienna in Arcade Meidling• Start of further repurchase programmes for shares and participating certificates• First ever distribution of a dividend in June 2012 3
  • 4. Portfolio & markets 4
  • 5. Our markets | FORECAST 2012Real GDP growth in % CEEPublic debt in % of GDP HU: GDP: -0.8% Debt: 77.0% SK: GDP: 2.0% Debt: 48.0% SEE RO: GDP: 1.2% CZ: GDP: -0.8% Germany Debt: 34.8%Germany Debt: 43.0% BG: GDP: 0.5%GDP: 0.7% Debt: 17.6% Czech Republic HR: GDP: -1.8%Debt: 82.2% Slovakia Debt: 68.0% Austria Hungary Romania Austria Croatia GDP: 0.9% Debt: 74.8% BulgariaSources: Erste Group, European Commission 5
  • 6. Property portfolio Floor space 1,320,513 m² Portfolio rental yield 6.9% Occupancy rate 93.4% 6
  • 7. Diversified portfolio 7
  • 8. Rental income 8
  • 9. Highlights of our over 6,800 tenants 9
  • 10. Sales | AUSTRIA AND GERMANYIn the first half of 2012, S IMMO sold 16properties at a profit.The sales were made up as follows:• one office building in Munich• eleven residential properties in Germany (eight in Berlin and three in Hamburg)• two office buildings in Vienna• one residential property in Vienna• one apartment in the office and residential building Neutor 1010 in Vienna 10
  • 11. Key figures HY 2012 11
  • 12. Highlights key figures HY 2012In EUR ’000 - 1.8% + 2.8% + 46,9% + 49.3% 12
  • 13. Income statementIn EUR ’000 30 June 2012 30 June 2011Revenues 98,599 102,328 of which rental income 60,604 61,739 of which revenues from operating costs 19,361 21,012 of which revenues from hotel operations 18,634 19,577Other operating income 3,724 4,314Expenses directly attributable to properties -33,871 -36,705Hotel operating expenses -15,285 -15,401Gross profit 53,167 54,536Gains on property sales 5,841 3,949Management expenses -8,091 -8,944EBITDA 50,917 49,541 13
  • 14. Income statementIn EUR ’000 30 June 2012 30 June 2011EBITDA 50,917 49,541Depreciation and amortisation -4,531 -4,830Gains / losses on property valuation 4,650 6,600Operating result (EBIT) 51,036 51,311Financing costs -28,639 -32,038Participating certificates result -6,491 -6,773Net income before tax (EBT) 15,906 12,500Taxes on income -808 -2,385Consolidated net income for the period 15,098 10,115 14
  • 15. Gross profit result I PROPERTIESIn EUR ’000 30 June 2012 30 June 2011Rental income 60,604 61,739Revenues from operating costs 19,361 21,012Expenses directly attributable to properties -33,871 -36,705Gross profit result 46,094 46,046Gains on property sales 5,841 3,949 15
  • 16. Gross operating profit (GOP) I HOTELIn EUR ’000 30 June 2012 30 June 2011Revenues from hotel operations 18,634 19,577Hotel operating expenses -15,285 -15,401Gross operating profit from hotels withmanagement contracts 3,349 4,176 16
  • 17. Funds From Operations (FFO)• FFO climbed 46.9% in the first half of 2012 to EUR 16.2m (first half of 2011: EUR 11.0m1)).• In calculating FFO, the results for the period are adjusted for non-cash items such as depreciation and amortisation, valuation gains and losses on interest rate hedges, and exchange rate differences.1) Adjusted 17
  • 18. Net Asset Value• Following the dividend distribution, balance sheet NAV stood at EUR 7.00 per share at the end of the half year (31 December 2011: EUR 6.96 per share).• 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).• EPRA NAV represents the value of equity minus the effects that do not have a long-term impact on the business activities of the Group, such as valuations of derivatives and deferred taxes. 18
  • 19. Consolidated statement of financial positionIn EUR m 2.500 2,026.8 2,026.8 2.000 501.1 1.500 226.1 114.7 1.000 1,914.4 1,184.8 500 112.3 0 Assets Equities and liabilities Non-current assets Equity Current assets Subordinated participating certificate Current liabilities Non-current liabilities 19
  • 20. Bank debt and LTVIn EUR ’000 30 June 2012Long-term financial liabilities (excluding fair value of derivatives) 1,018,090Short-term financial liabilities 76,400Total financial liabilities 1,094,490Cash and cash equivalents 54,537Net financing debts 1,039,953Total portfolio value 1,883,552Loan to value ratio (excluding derivative valuation) 55% 20
  • 21. Terms of financial liabilitiesIn EUR ’000 30 June 2012Less than 1 year 76,4001 to 2 years 57,5182 to 3 years 207,5403 to 4 years 29,0814 to 5 years 43,518More than 5 years 769,238 21
  • 22. Solid finance structureFinancing costs Financial institutions• Cost of funding: 4.59% Erste Group Bank 26%• Variable interest loans are hedged Immorent / Sparkassen 11% with swaps, caps und collars Other Austrian financial 47% institutions German banks 6% Insurance companies 10% 22
  • 23. Property portfolioIn EUR ’000 30 June 2012 31 December 2011Investment properties 1,675,264 1,716,899Properties under development and undeveloped land 56,544 55,480Properties held for sale 20,900 62,800Owner-operated properties 130,844 134,321Total portfolio value 1,883,552 1,969,500 23
  • 24. S IMMO Share 24
  • 25. Stable core shareholders 25
  • 26. S IMMO SharePERFORMANCE (as at 30 June 2012) KEY FIGURES as at 30 June 2012Year-to-date: -4.91% Shares 68,118,718 Share price (EUR) 4.279 Market cap share (EUR m) 291.5 Trading volume shares (100 days Ø) 35,800 Trading volume EUR (100 days Ø) 170,000 Market cap participating certificate (EUR m) 196.9 Earnings per share (EUR) 0.21 EPRA NAV per share (EUR) 8.88 Share price discount from EPRA NAV 52% Balance sheet NAV per share (EUR) 7.00 Share price discount from balance sheet NAV 38% Reuters Ticker SIAG.VI Bloomberg Ticker SPI:AV 26
  • 27. Outlook 27
  • 28. OutlookProfitability increase by• Sales: approx. 5% of portfolio yearly (at least EUR 100m)• Further letting increases in SEE• Completion of refurbishment programme in Germany: cost decrease with a corresponding increase in property value 28
  • 29. OutlookUse of funds to• Repurchase S IMMO Shares• Repurchase S IMMO INVEST participating certificates• Dividend – change in long-term strategy• Reduction of loan to value ratio to under 55% 29
  • 30. Development project | QUARTIER BELVEDERE CENTRALDistrict at the future Vienna Central StationPlanned gross floor space: around 130,000 m²Zoning rights given in January 2012Mixed use types: offices, hotels, retail spaceDevelopment in several phases 30
  • 31. HY Results 2012 Thanks for your attention!Holger Schmidtmayr | Ernst Vejdovszky | Friedrich Wachernig