EANS-News

S IMMO AG / results for the first half year right on target - Seite 2

39.6m, compared with EUR 83.8m in the first six months of 2013. There
were no gains to be recognised on these sales in the income statement
for the first half of 2014, because the properties in question had
already been revalued in 2013 to reflect the final selling prices.

EBITDA and EBIT EBITDA came to EUR 47.0m, compared with EUR 49.9m in
the same period last year. At 30 June 2014, properties with a total
fair value of EUR 8.8m were classified as held for sale and the value
was increased correspondingly. Total property revaluations amounted
to EUR 8.9m (HY 2013: EUR 2.8m). EBIT for the period was also
significantly higher than last year: at EUR 52.2m, it was up EUR 4.2m
- nearly 9% - on the EUR 48.0m reported for the first half of 2013.

Net profit for period higher again The financial results for the
first half of 2014 including the participating certificate results
amounted to EUR -31.6m, as against EUR -30.4m for the first half of
2013. In spite of negative foreign currency effects, this was
essentially at the same level as last year. EBT came out at EUR
20.6m, an increase of 17% on the result for the same period last
year. The consolidated net profit was once again higher at EUR 16.4m
(HY 2013: EUR 16.0m).

Key indicators at very satisfactory levels The lower rental income
resulting from property sales had only minor effects on Funds from
Operations not including the effects of property sales (FFO I),
because operating performance was very good, and the negative effects
of lower rents and other operating income were largely balanced out
by cost savings. FFO I for the first half of 2014 came to EUR 15.2m,
compared with EUR 16.0m in the same period last year. FFO II, which
includes gains on property sales in the year to date and valuation
gains on properties still forming part of the portfolio, was EUR
29.1m, markedly better than the EUR 23.0m achieved in the first half
of 2013.

The cost savings discussed above also resulted in a further
improvement in Net Operating Income (NOI) for the period, which
totalled EUR 52.4m, compared with EUR 51.6m for the first six months
last year. The NOI margin also improved by 3.0 percentage points
despite the reduced property portfolio.

In the first half of 2014 both book value (balance sheet NAV) and
EPRA NAV per share rose: the book value at 30 June 2014 stood at EUR
7.87 (31 December 2013: EUR 7.83) per share, while EPRA NAV was EUR
9.80 (31 December 2013: EUR 9.76) per share.

Capital markets During the most recent quarter, the exchange offer to
the holders of participating certificates was a further important and