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MarketScreener Homepage  >  Equities  >  Wiener Boerse  >  S Immo AG    SPI   AT0000652250

S IMMO AG

(SPI)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 01/15 10:45:58 am
17.81 EUR   -1.60%
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S IMMO : Full year result 2019 reaches again a record level

03/18/2020 | 10:06am EST
  • 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 www.simmoag.at.

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

in EUR m

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

Disclaimer

S IMMO AG published this content on 18 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2020 15:02:09 UTC


© Publicnow 2020
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Financials
Sales 2020 172 M 208 M 208 M
Net income 2020 34,3 M 41,6 M 41,6 M
Net Debt 2020 1 329 M 1 611 M 1 611 M
P/E ratio 2020 38,2x
Yield 2020 2,10%
Capitalization 1 298 M 1 576 M 1 573 M
EV / Sales 2020 15,3x
EV / Sales 2021 13,7x
Nbr of Employees 623
Free-Float 57,4%
Chart S IMMO AG
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Technical analysis trends S IMMO AG
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TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 18,93 €
Last Close Price 18,10 €
Spread / Highest target 21,5%
Spread / Average Target 4,60%
Spread / Lowest Target -11,6%
EPS Revisions
Managers and Directors
NameTitle
Ernst Vejdovszky Chief Executive Officer
Wilhelm Bayer Head-Controlling & Finance
Christian Hager Member-Supervisory Board
Manfred Rapf Member-Supervisory Board
Hanna Bomba Member-Supervisory Board