S IMMO share still in green: Less S IMMO nine-month profit – real estate revaluation almost at zero | 11/24/20


At the listed company S IMMO AG, the nine-month profit was also depressed by a significantly lower real estate valuation result.

The real estate valuation result was still positive at EUR 3 (137) million, but was almost zero in the reporting period.

While earnings before interest, taxes, depreciation and amortization (EBITDA) hardly declined at EUR 57 (68) million, the operating result (EBIT) fell – including the real estate valuation result – to EUR 54 (199) million, and the period result (net profit ) fell to 22 (159) million euros, S IMMO announced on Tuesday.

Total revenues fell to EUR 130 (155) million. The main reason for this was the hotel management revenues, which fell to EUR 15 (42) million. The state-prescribed measures to combat the Covid 19 pandemic and the sharp decline in city tourism had an impact here. However, the failures were partially compensated by halving the expenses in the hotel sector to 15 (29) million euros.

The rental income rose to 92 (88) million euros – like the EBIT almost exactly in line with the forecasts of the analysts surveyed by the APA. The gross profit decreased to EUR 72 (83) million. There were revenues from the sale of real estate in the nine months of EUR 45 (53) million – as this corresponded to the book values, the result from the real estate sale remained at zero. The operating result from rentals (FFO I) fell to EUR 33 (53) million, while FFO II rose to EUR 69 (56) million.

The 2019 dividend of EUR 0.70 per share was paid on October 21, after the Annual General Meeting on October 12. “It was particularly important to us to pay out the originally planned dividend for the record year 2019 in full,” it said today. Major shareholders are Immofinanz (with over 26 percent) and the investor and Immofinanz CEO Ronny Pecik with business partners.

In terms of real estate revaluations by S IMMO, the third quarter in itself showed a minus of EUR 6.8 million, after a positive EUR 3.2 million a year earlier. With the real estate revaluation result in the first nine months of this year at EUR 3 (137) million, this figure was -2 (13) million in Austria, 33 (96) million in Germany and -27 ( 28) million euros.

At the end of September, S IMMO’s real estate portfolio consisted of 351 properties (after 331 at the end of 2019) with a book value of EUR 2.43 (2.37) billion and unchanged around 1.3 (1.2) million m2 of total usable space. The occupancy rate in the reporting period was 94.3 percent, compared to 95.4 percent a year earlier.

The total rental return is estimated at 5.1 percent, after 5.5 percent a year earlier. Almost 19 percent of the book values ​​were recently in Austria, 49 percent in Germany, and almost 33 percent in the CEE region. Most recently, 43 percent of the portfolio consisted of office buildings (by main type of use), 19 percent of commercial property, 30 percent of residential properties, and 9 percent of hotels.

According to S IMMO, concrete statements for the following year 2021 cannot be made seriously given the current situation. It was clear that the Covid-19 pandemic in the autumn / winter months could lead to new, unfortunately in some cases very severe, restrictions. “We are now in the feared second wave,” but this crisis will also pass, according to the outlook. Examine acquisition opportunities and prepare to take advantage of future opportunities. They are “extremely confident” of getting back on the growth path.

The S IMMO share ultimately rose 1.65 percent to EUR 16.04 in Vienna. (APA)

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