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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
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
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
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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
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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
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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
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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
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31. HY Results 2012
Thanks for
your attention!
Holger Schmidtmayr | Ernst Vejdovszky | Friedrich Wachernig