EANS-Adhoc: S IMMO AG / after a record year in 2011, net income for period up again

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3-month report

23.05.2012

S IMMO AG: after a record year in 2011, net income for period up
again

- Consolidated net income for the first quarter up by 18% to EUR 6.4m
- Rental income steady despite successful property disposals -
Balance sheet NAV up at EUR 7.06 per share - FFO increased again to
EUR 5.9m - Dividend proposal for Annual General Meeting of EUR 0.10
per share

The results for the first quarter of 2012 for stock exchange listed
S IMMO AG (Bloomberg: SPI:AV, Reuters: SIAG.VI) continue last year's
successful performance. The Company has closed the first quarter with
success, and has increased the consolidated net income for the period
by 18.2%.

Gross profit Although the real estate assets were reduced by 3.9%
compared to the year before following the sale of several properties
at a profit, rental income for the first quarter of 2012 was down
only very slightly by 0.6% to EUR 30.1m (Q1 2011: EUR 30.3m ). Gross
profit from hotel operations was EUR 0.7m for the first quarter of
2012 (Q1 2011: EUR 1.2m). Last year there was a positive special
effect that has to be taken into account: Hungary's EU-presidency in
the first half of 2011. The expense of property operations was
reduced from EUR 16.9m in the first quarter of 2011 to EUR 16.3m in
the first quarter of this year. The gross profit came to EUR 26.7m
(Q1 2011: EUR 27.7m).

Property sales at above estimated values In the first quarter of 2012
S IMMO took advantage of the continuing strong demand for properties
and sold five residential properties in Berlin, an office building in
Munich and a residential building in Vienna at above their estimated
values. The proceeds of property disposals amounted to EUR 39.5m
(Q1 2011: EUR 4.3m), and the gains on property disposals according to
IFRS came to EUR 0.7m (Q1 2011: EUR 0.6m). Compared to the estimated
values as at 30 September 2011, gains on property disposals amounted
to EUR 4.2m. S IMMO's administrative costs in the first quarter were
once again reduced, down to EUR 3.7m (Q1 2011: EUR 4.3m). EBITDA
decreased by a minimal 1.8% to EUR 23.6m (Q1 2011: EUR 24.1m).

Further increase in consolidated net profit for period Gains from
property valuations in the first quarter of 2012 came to EUR 3.9m
(Q1 2011: EUR 5.0m) and were entirely attributable to the German
portfolio. Overall, compared with the first quarter of 2011, EBIT
fell 5.6% from EUR 26.6m to EUR 25.1m. Financing costs for the first
quarter of 2012 amounted to EUR 16.3m (Q1 2011: EUR 17.6m), including
a non-cash foreign exchange loss of EUR 2.6m. The Group's
consolidated net income for the quarter came out at EUR 6.4m
(Q1 2011: EUR 5.4m). This was a respectable increase of 18.2%
compared with the same period last year.

Key indicators at last year's very high levels S IMMO's funds from
operations (FFO) increased by an impressive 65.2% to EUR 5.9m in the
first quarter of 2012 (Q1 2011: EUR 3.6m). Despite the lower gross
profit from hotel operations, net operating income (NOI) of EUR 23.6m
was almost unchanged compared with last year's EUR 24.1m because the
expenses for property management were reduced. As at 31 March 2012
balance sheet NAV stood at EUR 7.06 per share (31 December 2011:
EUR 6.96 per share). The EPRA NAV, the inner value of the share
calculated in accordance with the guidelines of the European Public
Real Estate Association, was EUR 8.88 per share (31 December 2011:
EUR 8.70 per share).

Property portfolio As at 31 March 2012, the Group owned a total of
229 properties, with total usable space of some 1,400,000 m² and a
carrying value of EUR 1,934.4m. The portfolio's overall occupancy
rate is an excellent 93.1%. The overall rental yield was 6.8%.

Outlook In 2012 S IMMO is planning to sell around 5% of its portfolio
with a value of at least EUR 100m. Over the coming years the
loan-to-value ratio will be reduced from its present level of 60% to
under 55%. Furthermore, the Management Board will propose to the
Annual General Meeting on 01 June 2012 new authorisation rights for
the Management Board to repurchase further own shares.

Consolidated income statement for the three months ended 31 March
2011 EUR m / fair value basis

| |01 - 03/2012 |01 - 03/2011 |
|Revenues |46.9 |48.3 |
| Rental income |30.1 |30.3 |
| Revenues from operating expenses |9.1 |9.5 |
| Revenues from hotel operations |7.7 |8.4 |
|Other operating income |3.1 |3.6 |
|Property operating expenses |-16.3 |-16.9 |
|Hotel operating expenses |-7.0 |-7.2 |
|Gross profit |26.7 |27.7 |
|Income from property disposals |39.5 |4.3 |
|Carrying value of property disposals |-38.8 |-3.7 |
|Gains on property disposals |0.7 |0.6 |
|Management expenses |-3.7 |-4.3 |
|Earnings before interest, tax, depreciation and |23.6 |24.1 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-2.3 |-2.4 |
|Gains on property valuation |3.9 |5.0 |
|Operating result (EBIT) |25.1 |26.6 |
|Financing costs |-16.3 |-17.6 |
|Participating certificates result |-3.2 |-3.5 |
|Net income before tax (EBT) |5.6 |5.5 |
|Taxes on income |0.8 |-0.1 |
|Net income for the period |6.4 |5.4 |
| of which attributable to shareholders in parent |6.0 |2.8 |
|company | | |
| of which attributable to non-controlling |0.4 |2.7 |
| | | |
|Earnings per share (EUR) |0.09 |0.04 |

|Property information | |31 March 2012 |
|Standing properties |units |229 |
|Floor space |m² |1,355,797 |
|Gross rental yield |% |6.8 |
|Occupancy rate |% |93.1 |

Further inquiry note:
Investor Relations:
Andreas J. Feuerstein
Phone: +43(0)50100-27556
Fax: +43(0)05100-927556
E-mail: andreas.feuerstein@simmoag.at
www.simmoag.at

Corporate Communications:
Bosko Skoko
Phone: +43(0)50100-27522
Fax: +43(0)05100-927522
E-mail: bosko.skoko@simmoag.at
www.simmoag.at

end of announcement euro adhoc
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issuer: S IMMO AG
Friedrichstraße 10
A-1010 Wien
phone: +43(0)50100-27550
FAX: +43(0)050100-927559
mail: office@simmoag.at
WWW: www.simmoag.at
sector: Real Estate
ISIN: AT0000652250
indexes: ATX Prime, IATX
stockmarkets: official market: Wien
language: English