EANS-Adhoc: S IMMO AG /third quarter net profit up again

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Financial Figures/Balance Sheet/9-month report
21.11.2013

S IMMO AG: third quarter net profit up again

- EBIT increased by 12.7%
- Attractive FFO yield of 11.6%
- Net income for the period up again to EUR 21.4m
- Higher net profit for 2013 and increase in dividend expected

For stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters:
SIAG.VI) the third quarter of 2013 was once again highly successful.
Once again, financial indicators such as gross profit, EBT and funds
from operations have been successfully raised compared to the same
period last year.

Highly satisfactory improvement in gross profit In the first three
quarters of 2013, S IMMO AG's total revenues came to EUR 145.3m (Q3
2012: EUR 146.3m). As expected, the rental income of EUR 88.3m was
lower than the EUR 89.5m achieved in the same period last year, as a
result of property disposals. According to plan, the property
portfolio was reduced by more than 4% since the beginning of the
year, while rental income decreased by only 1.3%. In the first three
quarters of 2013 expenses directly attributable to properties of
EUR 45.9m were 8.8% lower than in the same period last year. The
increase in gross profit from hotel operations and the reduction in
property-related expenses more than made up for the decrease in
rental income, leading to a higher gross profit of EUR 81.3m
(Q3 2012: EUR 77.8m), an improvement of 4.6%.

Successful property sales In 2013 S IMMO plans to dispose of
properties to the value of around EUR 100m. The sales during the
first nine months consisted of two freehold apartments, four
residential properties and one retail property, all in Austria and
Germany. As at 30 September 2013 the sale proceeds totalled
EUR 90.9m, compared with EUR 130.1m in the first three quarters of
2012. Gains on disposals came to EUR 5.1m, as against EUR 9.7m in the
same period last year. Compared with the estimated values as at
30 September 2012, the gains were EUR 10.1m.

Net profit for period up again Similarly to property-related
expenses, management expenses were also reduced again, and for the
first nine months amounted to EUR 11.0m (Q3 2012: EUR 12.2m) - a
reduction of 9.5%. EBITDA rose to EUR 75.4m (Q3 2012: EUR 75.3m). As
at 30 September 2013 properties with a fair value of EUR 49.9m were
classified as "held for sale". Selling prices in signed contracts for
sale were EUR 14.3m higher than the estimated values of the
respective properties as at 30 June 2013, and their fair values were
adjusted to match. At the same time, it became necessary to recognise
impairments on Budapest office properties. Overall valuation gains
amounted to EUR 4.0m (Q3 2012: EUR 5.5m), and EBIT came out at
EUR 72.1m (Q3 2012: EUR 73.9m).

In the first three quarters of 2013 financing costs were down by 9.8%
to EUR 37.7m (Q3 2012: EUR 41.8m), reflecting among other things the
lower borrowings. Financing costs also include non-cash effects from
the valuation of derivatives and foreign currencies totalling
EUR -0.6m (Q3 2012: EUR -1.7m). Lower financing costs also resulted
in a 12.7% increase in EBT to EUR 25.6m (Q3 2012: EUR 22.7m).
Overall, net profit for the period improved by 5.2% to EUR 21.4m,
compared with EUR 20.4m for the first nine months of 2012.

Number one in efficiency The positive earnings performance was also
reflected in higher funds from operations (FFO): At the end of the
third quarter of 2013, it had climbed 10.6% to EUR 27.5m, compared to
EUR 24.9m a year earlier. With a market capitalisation of EUR 315.4m
as at 30 September 2013, the FFO yield is a very attractive 11.6%.
The cost savings detailed above resulted in a further increase in net
operating income (NOI), which amounted to EUR 76.7m (Q3 2012:
EUR 72.7m) at balance sheet date. For the first three quarters of
2013, operating cash flow was up 10.7% to EUR 75.2m (Q3 2012:
EUR 68.0m). In the same period both book value (balance sheet NAV)
per share and EPRA NAV were up again: As at 30 September 2013 book
value stood at EUR 7.62 (31 December 2012: EUR 7.17) per share, while
EPRA NAV was EUR 9.45 (31 December 2012: EUR 9.18) per share.

Capital markets Daily volumes traded for the S IMMO Share have
increased in the past few months, but the overall share price
performance at balance sheet date was still lacklustre at -3.7%.
Taking the dividend distribution into account improves the
performance to -0.6% since the beginning of the year. In the third
quarter S IMMO continued its repurchase programmes for the S IMMO
Share and the S IMMO INVEST participating certificate.

Since October 2013 an upward trend has become noticeable, with
respect to the share price and the traded volumes. This encouraging
development is supported by two new analysts' coverage reports - both
buy recommendations - underlining the Share's potential. The average
Share price target of the six analysts is EUR 5.915. The current
price of the S IMMO Share is EUR 5.050 (closing price 20 November
2013).

Outlook for 2013 confirmed Over the coming months S IMMO AG's main
focus will continue to be on the booming residential property market
in Germany. The Group is planning to selectively sell properties in
Berlin and Hamburg, while at the same time looking at various
investment possibilities in Berlin. The Management is expecting a
strong performance in the final quarter of 2013 as well. For the
financial year 2013 as a whole S IMMO AG is expecting better results
than in 2012, which suggests that a further increase in dividend will
be justified. Consolidated income statement for the nine months ended
30 September 2013 EUR m / fair value basis

| |01 - 09/2013 |01 - 09/2012 |
|Revenues |145.3 |146.3 |
| Rental income |88.3 |89.5 |
| Revenues from operating costs |27.9 |27.3 |
| Revenues from hotel operations |29.2 |29.5 |
|Other operating income |4.6 |5.1 |
|Expenses directly attributable to properties |-45.9 |-50.3 |
|Hotel operating expenses |-22.8 |-23.3 |
|Gross profit |81.3 |77.8 |
|Proceeds of property disposals |90.9 |130.1 |
|Carrying value of property disposals |-85.8 |-120.4 |
|Gains on property disposals |5.1 |9.7 |
|Management expenses |-11.0 |-12.2 |
|Earnings before interest, tax, depreciation and |75.4 |75.3 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-7.2 |-6.8 |
|Gains on property valuation1 |4.0 |5.5 |
|Operating profit (EBIT) |72.1 |73.9 |
|Financing costs |-37.7 |-41.8 |
|Participating certificates result |-8.8 |-9.4 |
|Net income before tax (EBT) |25.6 |22.7 |
|Taxes on income |-4.2 |-2.3 |
|Consolidated net income |21.4 |20.4 |
| of which attributable to shareholders in parent|19.6 |19.3 |
|company | | |
| of which attributable to non-controlling |1.8 |1.1 |
| interests | | |
|Earnings per share (EUR) |0.29 |0.29 |

1 Includes EUR 14.3m revaluation gains resulting from already signed sales
contracts.

|Property information | |30 September 2013 |
|Standing properties |number |213 |
|Total usable space |m² |1,277,309 |
|Gross rental yield |% |6.9 |
|Occupancy rate |% |89.6 |

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