EANS-News

S IMMO AG / results higher again

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9-month report

S IMMO AG: results higher again

· Net profit for period increased to EUR 22.2m
· EBIT up at EUR 74.9m
· EBT improved by 6.6%
· Successful issue of EUR 100m corporate bond
· Targets for 2014 confirmed

Stock exchange listed S IMMO AG (Bloomberg: SPI.AV, Reuters: SIAG.VI)
looks back on a highly successful third quarter of 2014. Ernst
Vejdovszky, Chairman of S IMMO AG's Management Board, comments: "We
are definitely on the way to achieving our targets for the current
financial year. Based on these impressive quarterly figures, we are
happy to confirm that for the year as a whole we shall improve upon
the Group's very good results in 2013."

Friedrich Wachernig, member of S IMMO AG's Management Board,
continues: "We sense movement and growing optimism in the countries
we are active in. Successful lettings - such as those in Budapest
recently - provide further confirmation. In addition, the
historically low level of interest rates is also having very
beneficial effects on our industry."

Gross profit In the first nine months of 2014, S IMMO's revenues
amounted to EUR 140.5m, compared with EUR 145.3m in the same period
last year. Despite property disposals, the rental income still came
out at EUR 84.5m (Q3 2013: EUR 88.3m). Revenues from hotel operations
rose to EUR 30.2m, after EUR 29.2m for the first three quarters of
2013. Gross profit from hotel operations improved from EUR 6.5m to
EUR 6.9m.

Property management expenses of EUR 41.0m in the first three quarters
of 2014 decreased by 10.6%, compared with EUR 45.9m for the same
period last year. Reductions in property related costs, combined with
a higher gross profit from hotel operations, largely made up for the
lower rental income as a result of property sales. The good operating
performance meant that the gross profit remained nearly unchanged as
against the previous year despite the reduction in rental income
resulting from property disposals.

EBITDA and EBIT EBITDA for the first three quarters was EUR 67.6m,
compared with EUR 75.4m in the same period in 2013. Total property
revaluations amounted to EUR 12.8m (Q3 2013: EUR 4.0m). EBIT came to
EUR 74.9m, being higher than the EUR 72.2m in the same period last
year.

Net profit for period higher again The financial result for the first