PTA-News: S IMMO AG: Full year result 2019 reaches again a record level

3/18, 3:40 PM (Source: pressetext)

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Wien (pta031/18.03.2020/15:40) - * Earnings per share increased to EUR 3.21 * Record FFO I of EUR 64.7m * EPRA NAV per share amounts to EUR 26.45 as of 31 December 2019 * Due to issued bonds with long maturity and capital increase, company is prepared for challenges resulting from corona crisis

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Wien (pta031/18.03.2020/15:40) - * Earnings per share increased to EUR 3.21
* Record FFO I of EUR 64.7m
* EPRA NAV per share amounts to EUR 26.45 as of 31 December 2019
* Due to issued bonds with long maturity and capital increase, company is prepared for challenges resulting from corona crisis

In the financial year 2019, the listed company S IMMO AG reached a group result of EUR 213.3m and thereby achieved a record high. Consequently, earnings per share also attained a record level of EUR 3.21 (2018: EUR 3.08). EPRA NAV per share increased from EUR 21.25 per share as of 31 December 2018 to EUR 26.45 per share as of 31 December 2019. FFO I of EUR 64.7m - corresponding to EUR 0,98 per share - also achieved a record high.

Ernst Vejdovszky, CEO of S IMMO AG, had the following comment: "In 2019, we have reached excellent operative results and have taken some important measures. With the issuance of two further corporate bonds we significantly extended the maturity of our financial liabilities. Moreover, in January 2020 we have carried out a very successful capital increase and thereby strengthened our liquidity and equity structure enormously. In the current challenging situation, we benefit from these measures." As of 31 December 2019 - hence before the capital increase in January 2020 - the company's liquid funds amounted to EUR 111.6m (31 December 2018: EUR 73.3m). The equity ratio came to 43% (before the capital increase).

Strong operative performance
Revenues for the financial year 2019 came to EUR 210.4m, up by 9.4% on the prior-year figure of EUR 192.4m. This rise was driven by a positive like-for-like performance of the portfolio properties and an increase in revenues from hotel operations as well as by property purchases. The operating success is reflected in the gross profit, which rose to EUR 109.7m (2018: EUR 103.0m).

Property investments - focus on Germany
Also, in the financial year 2019, a strong focus was put on investments in the property assets and external growth. Investment focused was on medium-sized German cities and on land plots in the area surrounding Berlin. In addition, there were selective acquisitions of properties in Hungary, Romania and Croatia.

Significant rise of EBIT
The result from property valuation improved again, reaching EUR 192.7m (2018: EUR 167.8m). It is particularly gratifying that positive valuations were achieved in all regions.Germany accounted for EUR 122.1m (2018: EUR 86.0m), Austria for EUR 29.5m (2018: EUR 45.4m) and CEE for EUR 41.1m (2018: EUR 36.4m). This means that EBIT reached EUR 271.4m (2018: EUR 243.2m).

Earnings per share at record level
Operating successes and the excellent results from property valuation contributed to the increase in net income to EUR 213.3m (2018: EUR 204.2m). The net income attributable to shareholders was increased to the record level of EUR 212.8m (2018: EUR 203.7m). Consequently, earnings per share also reached a record level of EUR 3.21 (2018: EUR 3.08).

Capital market
S IMMO also achieved a record on the capital market last year. The S IMMO share turned in the best annual performance of any share in the Austrian benchmark index, the ATX, with a gain of 53.37%. Amidst generally solid conditions, we were able to position our share as a reliable dividend-paying stock and convince domestic and international investors of S IMMO's long-term potential. The successful issue of two additional bonds and the placement of the capital increase confirm S IMMO's high acceptance on the capital market. Based on the successful full year results 2019 the Management Board will propose a dividend per share in the amount of EUR 0.70 to the Annual General Meeting. Until the beginning of March, the S IMMO share was performing very well in the current financial year and reached an all-time high of over EUR 27. Due to the corona crisis, the share price dropped significantly in March.

Outlook 2020
Within the last weeks, all economic forecasts were revised and reworked nearly on a daily basis. Friedrich Wachernig, member of S IMMO AG's Management Board, says: "It is impossible for us to predict the economic impacts of the current corona crisis, but we have to expect that it will affect us significantly, especially in the hotel and retail sector. 2020 is certainly not expected to be another record year. However, S IMMO is well positioned, we have a strong, crisis-tested team, a broadly diversified and high-quality portfolio - almost a quarter of our rental income is generated from our residential properties - as well as a comfortable cash cushion. Our strong equity structure certainly offers us opportunities, if the corona crisis ends in a few months. As entrepreneurs, we do not plan only a year ahead, instead we are already thinking about 2021."

The complete annual report 2019 will be published on 02 April 2020 and made available on the company's website

Consolidated income statement for the period 01 January 2019-31 December 2019
in EUR millions / fair value method

01-12/2019 01-12/2018
Revenues 210.4 192.4
rental income 119.4 104.3
revenues from operating costs 32.0 33.4
revenues from hotel operations 59.1 54.7
Other operating income 2.5 1.9
Property operating expenses -61.0 -53.4
Hotel operating expenses -42.3 -38.0
Gross profit 109.7 103.0
Income from property disposals 58.8 52.4
Book value of property disposals -58.8 -52.4
Gains on property disposals 0 0
Management expenses -22.7 -19.9
EBITDA 87.0 83.1
Depreciation and amortisation -8.3 -7.7
Results from property valuation 192.7 167.8
Operating result (EBIT) 271.4 243.2
Financial income -20.0 -7.3
Net income before tax (EBT) 251.4 236.0
Taxes on income -38.1 -31.8
Consolidated net income 213.3 204.2
of which attributable to shareholders in parent company 212.8 203.7
of which attributable to non-controlling interests 0.5 0.5
Earnings per share (in EUR) 3.21 3.08

Balance structure as of 31 December 2019

Non-current assets 2,937,229 Equity 1,345,085
of which held as investment properties 2,210,163 of which attributable to non-controlling interests 2,910
of which other financial assets* 554,090
Non-current debts 1,603,971
Current assets 200,459 of which issued bonds 525,352
of which cash and cash equivalents 111,564
Current debts 188,632
Assets 3,137,688 Equity and liabilities 3,137,688
*includes among other things equity investments in IMMOFINANZ AG and CA Immobilien Anlagen AG


emitter: S IMMO AG
address: Friedrichstraße 10, 1010 Wien
country: Austria
contact person: Elisabeth Wagerer
phone: +43 1 22795-1120

ISIN(s): AT0000652250 (share)
stock exchanges: official trade in Vienna

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