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Half-Year Results 2012
                                            S IMMO AG
                                            Conference Call
                                            Vienna, 23 August 2012




Holger Schmidtmayr | Ernst Vejdovszky | Friedrich Wachernig
Agenda


 1. Portfolio & markets
 2. Key figures HY 2012
 3. S IMMO Share
 4. Outlook
 5. Appendix




                          2
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
Portfolio & markets

                      4
Our markets | FORECAST 2012
Real GDP growth in %                               CEE
Public 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%
                                                                           Bulgaria


Sources: Erste Group, European Commission

                                                                                                    5
Property portfolio




                     Floor space              1,320,513 m²



                     Portfolio rental yield          6.9%


                     Occupancy rate                 93.4%




                                                        6
Diversified portfolio




                        7
Rental income




                8
Highlights of our over 6,800 tenants




                                       9
Sales | AUSTRIA AND GERMANY

In the first half of 2012, S IMMO sold 16
properties 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
Key figures HY 2012

                      11
Highlights key figures HY 2012
In EUR ’000
              - 1.8%


                       + 2.8%




                                 + 46,9%   + 49.3%




                                                     12
Income statement


In EUR ’000                                    30 June 2012   30 June 2011

Revenues                                             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        19,577
Other operating income                                3,724         4,314
Expenses directly attributable to properties        -33,871       -36,705
Hotel operating expenses                            -15,285       -15,401
Gross profit                                         53,167        54,536
Gains on property sales                               5,841         3,949
Management expenses                                  -8,091        -8,944
EBITDA                                               50,917        49,541




                                                                        13
Income statement



In EUR ’000                              30 June 2012   30 June 2011

EBITDA                                         50,917         49,541
Depreciation and amortisation                  -4,531         -4,830
Gains / losses on property valuation            4,650          6,600
Operating result (EBIT)                        51,036         51,311
Financing costs                               -28,639        -32,038
Participating certificates result              -6,491         -6,773
Net income before tax (EBT)                    15,906         12,500
Taxes on income                                  -808         -2,385
Consolidated net income for the period        15,098         10,115




                                                                  14
Gross profit result I PROPERTIES


In EUR ’000                                    30 June 2012   30 June 2011

Rental income                                        60,604         61,739
Revenues from operating costs                        19,361         21,012
Expenses directly attributable to properties        -33,871        -36,705
Gross profit result                                  46,094         46,046
Gains on property sales                               5,841          3,949




                                                                        15
Gross operating profit (GOP) I HOTEL


In EUR ’000                               30 June 2012   30 June 2011

Revenues from hotel operations                  18,634         19,577
Hotel operating expenses                       -15,285        -15,401
Gross operating profit from hotels with
management contracts                             3,349         4,176




                                                                  16
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
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
Consolidated statement of financial position
In 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
Bank debt and LTV


In EUR ’000                                                             30 June 2012

Long-term financial liabilities (excluding fair value of derivatives)      1,018,090
Short-term financial liabilities                                              76,400
Total financial liabilities                                                1,094,490
Cash and cash equivalents                                                     54,537
Net financing debts                                                        1,039,953
Total portfolio value                                                      1,883,552
Loan to value ratio (excluding derivative valuation)                            55%




                                                                                       20
Terms of financial liabilities


In EUR ’000                      30 June 2012

Less than 1 year                      76,400
1 to 2 years                          57,518
2 to 3 years                         207,540
3 to 4 years                          29,081
4 to 5 years                          43,518
More than 5 years                    769,238




                                                21
Solid finance structure
Financing 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
Property portfolio


In EUR ’000                                         30 June 2012   31 December 2011

Investment properties                                  1,675,264          1,716,899
Properties under development and undeveloped land         56,544             55,480
Properties held for sale                                  20,900             62,800
Owner-operated properties                                130,844            134,321
Total portfolio value                                  1,883,552          1,969,500




                                                                                 23
S IMMO Share

               24
Stable core shareholders




                           25
S IMMO Share
PERFORMANCE (as at 30 June 2012)   KEY FIGURES as at 30 June 2012
Year-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
Outlook

          27
Outlook
Profitability 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
Outlook
Use 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
Development project | QUARTIER BELVEDERE CENTRAL

District at the future Vienna Central Station
Planned gross floor space: around 130,000 m²
Zoning rights given in January 2012
Mixed use types: offices, hotels, retail space
Development in several phases




                                                   30
HY Results 2012
                                            Thanks for
                                            your attention!




Holger Schmidtmayr | Ernst Vejdovszky | Friedrich Wachernig

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S IMMO AG

  • 1. Half-Year Results 2012 S IMMO AG Conference Call Vienna, 23 August 2012 Holger 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
  • 5. Our markets | FORECAST 2012 Real GDP growth in % CEE Public 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% Bulgaria Sources: Erste Group, European Commission 5
  • 6. Property portfolio Floor space 1,320,513 m² Portfolio rental yield 6.9% Occupancy rate 93.4% 6
  • 9. Highlights of our over 6,800 tenants 9
  • 10. Sales | AUSTRIA AND GERMANY In the first half of 2012, S IMMO sold 16 properties 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 2012 In EUR ’000 - 1.8% + 2.8% + 46,9% + 49.3% 12
  • 13. Income statement In EUR ’000 30 June 2012 30 June 2011 Revenues 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 19,577 Other operating income 3,724 4,314 Expenses directly attributable to properties -33,871 -36,705 Hotel operating expenses -15,285 -15,401 Gross profit 53,167 54,536 Gains on property sales 5,841 3,949 Management expenses -8,091 -8,944 EBITDA 50,917 49,541 13
  • 14. Income statement In EUR ’000 30 June 2012 30 June 2011 EBITDA 50,917 49,541 Depreciation and amortisation -4,531 -4,830 Gains / losses on property valuation 4,650 6,600 Operating result (EBIT) 51,036 51,311 Financing costs -28,639 -32,038 Participating certificates result -6,491 -6,773 Net income before tax (EBT) 15,906 12,500 Taxes on income -808 -2,385 Consolidated net income for the period 15,098 10,115 14
  • 15. Gross profit result I PROPERTIES In EUR ’000 30 June 2012 30 June 2011 Rental income 60,604 61,739 Revenues from operating costs 19,361 21,012 Expenses directly attributable to properties -33,871 -36,705 Gross profit result 46,094 46,046 Gains on property sales 5,841 3,949 15
  • 16. Gross operating profit (GOP) I HOTEL In EUR ’000 30 June 2012 30 June 2011 Revenues from hotel operations 18,634 19,577 Hotel operating expenses -15,285 -15,401 Gross operating profit from hotels with management 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 position In 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 LTV In EUR ’000 30 June 2012 Long-term financial liabilities (excluding fair value of derivatives) 1,018,090 Short-term financial liabilities 76,400 Total financial liabilities 1,094,490 Cash and cash equivalents 54,537 Net financing debts 1,039,953 Total portfolio value 1,883,552 Loan to value ratio (excluding derivative valuation) 55% 20
  • 21. Terms of financial liabilities In EUR ’000 30 June 2012 Less than 1 year 76,400 1 to 2 years 57,518 2 to 3 years 207,540 3 to 4 years 29,081 4 to 5 years 43,518 More than 5 years 769,238 21
  • 22. Solid finance structure Financing 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 portfolio In EUR ’000 30 June 2012 31 December 2011 Investment properties 1,675,264 1,716,899 Properties under development and undeveloped land 56,544 55,480 Properties held for sale 20,900 62,800 Owner-operated properties 130,844 134,321 Total portfolio value 1,883,552 1,969,500 23
  • 26. S IMMO Share PERFORMANCE (as at 30 June 2012) KEY FIGURES as at 30 June 2012 Year-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. Outlook Profitability 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. Outlook Use 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 CENTRAL District at the future Vienna Central Station Planned gross floor space: around 130,000 m² Zoning rights given in January 2012 Mixed use types: offices, hotels, retail space Development in several phases 30
  • 31. HY Results 2012 Thanks for your attention! Holger Schmidtmayr | Ernst Vejdovszky | Friedrich Wachernig