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    SPI   AT0000652250

S IMMO AG

(SPI)
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S Immo : Interim Financial Statements Q1 2021 (.pdf)

05/28/2021 | 01:53am EDT

S IMMO

Interim Financial

Statements as of

31 March 2021

Q1 2021

S IMMO - Interim financial statements as of 31 March 2021

KEY FIGURES

01.01.-31.03.2021

01.01.-31.03.2020

Revenues

EUR m

43.0

50.6

EBITDA

EUR m

18.1

21.4

EBIT

EUR m

18.2

-12.5

EBT

EUR m

12.8

-25.7

Net income for the period

EUR m

9.9

-21.4

Total assets

EUR m

3,319.0

3,109.9

Equity

EUR m

1,416.7

1,363.9

Liabilities

EUR m

1,902.2

1,746.0

Equity ratio

in %

43

44

Operating cash flow

EUR m

15.5

20.6

Cash flow from investing activities

EUR m

-4.8

-25.3

Cash flow from financing activities

EUR m

143.4

128.8

Cash and cash equivalents as of 31 March

EUR m

216.2

232.1

NOI ratio

in %

50

50

FFO I

EUR m

9.5

13.8

FFO II

EUR m

9.0

15.8

Earnings per share

EUR

0.14

-0.30

Book value per share

EUR

19.93

18.67

Difference between share price and book value per share (2021: premium, 2020:

discount)

in %

8

-6

Operating cash flow per share

EUR

0.22

0.29

Property assets

EUR m

2,482.8

2,363.1

whereof properties under construction

EUR m

40.6

26.0

Key figures // Contents

1

CONTENTS

p. 2  - Letter from the management p. 3  - S IMMO in the capital market

p. 8  - Business development and performance

p. 10  - Condensed consolidated interim financial

statements as of 31 March 2021

p. 20  - Financial calendar 2021 p. 21  - Contact/publication details

2

S IMMO - Interim financial statements as of 31 March 2021

It seems as if spring is now actually bringing a sustained recovery from the pandemic that has occupied us all for nearly a year and a half. Based on the progress of the vaccinations, it can be assumed that the opening steps being taken at the moment will no longer have to be rescinded. The result is a much more positive economic climate and the expectation of an increasingly strong economic upswing. We are likewise very optimistic for the coming months, even though the current figures for the first quarter of 2021 naturally still contain COVID-19-related effects.

Net income for the period clearly positive, ­dampened only by hotel income

While the effects of the pandemic are still highly apparent in the hotel income, rental income increased versus the same period of the previous year. Net income for the period amounted to EUR 9.9m - thanks to a slightly positive valuation result and an improved financial result, among other factors - and was therefore not only clearly positive but also much better than in the previous year (Q1 2020: EUR -21.4m).

Revaluation as of 30 April 2021

The German market in particular has developed very dynamically in the last few months. In addition, the German Federal Constitutional Court declared Berlin's rent cap law void in mid-April. Against the backdrop of IMMOFINANZ AG's takeover offer, we have carried out a value analysis of our German and Austrian portfolio as of 30 April 2021, with the involvement of an inde- pendent, external appraiser. Based on this analysis, we expect an increase in value of around EUR 85m as of this date. The results of this value analysis underline the quality and the high potential for value growth of our portfolio.

Capital market

In January 2021, we issued the first green bond in our com­ pany's history, with a nominal value of EUR 150m, a term of seven years and a coupon of 1.75%. We are proud to demon-

strate our commitment to sustainability on the capital market­ as well.

Our share performed very positively in the first quarter and was trading at EUR 21.45 as of 31 March 2021. The price increase and the associated growth in interest from investors also relate partly to the voluntary takeover offer of IMMOFINANZ­ AG. The takeover documents were published on 19 May 2021. Together with the Supervisory Board, we will examine them in detail and subsequently issue a statement in order to enable you to make the most well-founded and informed decision possible. How­ ever, it should be noted that the offer price of EUR 22.25 is

From left: Friedrich Wachernig, Bruno Ettenauer, Herwig Teufelsdorfer

significantly­below the EPRA NAV and does not take into

account­ the value analysis of the real estate portfolio carried out as of 30 April 2021 or any further foreseeable increases.

Outlook

As mentioned above, we are very optimistic about the coming months and quarters. The first catch-up effects are making themselves felt, and we expect a burgeoning recovery in all ­areas and asset classes. We have a comfortable liquidity situation and are currently looking at exciting acquisition opportunities both in Germany and in the CEE region. We have declared a target of becoming more active in Eastern Europe and sustainably strengthening our market position. S IMMO AG's solid business model and the broadly based portfolio have allowed us to cope very well with the crisis and provide the perfect foundation for future growth.

As always, we would like to take this opportunity to thank you, our esteemed shareholders, for the trust you have placed in us. Stay healthy!

The Management Board

Bruno Ettenauer    Herwig Teufelsdorfer    Friedrich Wachernig   

Letter from the management // S IMMO in the capital market

3

S IMMO IN THE

CAPITAL MARKET

International capital market environment

The predominant topic in the first quarter of 2021 was again the COVID-19 crisis. Vaccinations against the Sars-COV-2 virus started sluggishly in the first quarter, especially in Europe. As the vaccination drive got going, however, life in some regions, such as the USA and the UK, began to return to some degree of nor- mality. The global economy continued to recover and had a positive impact on the stock markets.

After the global stock markets suffered massive losses a year ago due to the COVID-19 outbreak and only subsequently recovered significantly over the course of the year, the positive trend continued in the first quarter. Stock markets around the world made significant gains and in some cases even reached new highs. Dividend stocks in particular delivered a good performance in the first quarter of 2021. The vaccination progress in the second quarter continues to positively influence the economy and the stock markets.

Share price development

indexed 01 January 2021 to 31 March 2021     S IMMO share      ATX      IATX

130

125

120

115

110

105

100

95

90

01/21

02/21

03/21

An overview of the development of selected national and international indices relevant to S IMMO and the S IMMO share is shown in the table below.

S IMMO securities

The S IMMO share performed positively in the first quarter and was trading at EUR 21.45 as of 31 March 2021, which corres­ ponds to a year-to-date performance of 26.5%. The performance of the S IMMO share was therefore better than that of the Austrian benchmark index (ATX), the industry index (IATX) and some relevant international indices. S IMMO AG is benefiting from its robust business model with a high proportion of office and residential properties (the latter being among the benefi-

ciaries of the COVID-19 crisis). The extent of this price increase and the associated growth in interest from investors relate to the voluntary takeover offer announced by IMMOFINANZ AG described below. Over the past twelve months, the share gained 21.9%.

In addition, S IMMO successfully issued its first green bond in the first quarter, with a nominal value of EUR 150m, a term of seven years and a coupon of 1.75%. In line with the Green Bond Framework, the proceeds will be used for future growth in the form of (re)financing for sustainable projects.

Overview of S IMMO share and indices

S IMMO share

ATX

IATX

DAX

DJIA

S&P 500

31

December 2020

16.96

2,780.44

329.19

13,718.78

30,606.48

3,756.07

31

March 2021

21.45

3,159.77

368.25

15,008.35

32,981.55

3,972.89

Year-to-date performance

26.47%

13.64%

11.87%

9.40%

7.76%

5.77%

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

S IMMO AG published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2021 05:52:02 UTC.


© Publicnow 2021
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Financials
Sales 2021 190 M 225 M 225 M
Net income 2021 133 M 157 M 157 M
Net Debt 2021 1 314 M 1 559 M 1 559 M
P/E ratio 2021 10,9x
Yield 2021 2,28%
Capitalization 1 426 M 1 691 M 1 692 M
EV / Sales 2021 14,4x
EV / Sales 2022 12,6x
Nbr of Employees 555
Free-Float 54,4%
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Technical analysis trends S IMMO AG
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 20,10 €
Average target price 22,73 €
Spread / Average Target 13,1%
EPS Revisions
Managers and Directors
Bruno Ettenauer Chairman-Management Board & CEO
Wilhelm Bayer Head-Controlling & Finance
Karin Rest Chairman-Supervisory Board
Thomas Müller Head-Information Technology Specialist
Friedrich Wachernig Chief Operating Officer
Sector and Competitors