EANS-Adhoc: S IMMO AG / sucessful start to 2013

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Annual Reports/3-month report
23.05.2013

S IMMO AG: successful start to 2013

- EBITDA up 6.8%
- EBT increased to EUR 9.3m
- Funds from operations up by 42.6%
- Net profit for the period: EUR 6.5m
- Successful property sales in the first quarter

For stock exchange listed S IMMO AG (Bloomberg: SPI:AV, Reuters:
SIAG.VI) the results for the first quarter of 2013 confirmed its
successful record over the past quarters. Key performance indicators
were up again.

Gross profit up again Total income for the first quarter of 2013 was
EUR 46.7m (Q1 2012: EUR 46.9m). As expected, the rental income of
EUR 29.4m was lower than in the first quarter of 2012 (EUR 30.1m)
because of the successful property sales during the course of that
year. The property portfolio was reduced by 6.3%, however, rental
income fell by only 2.4%. Quarterly revenues from hotel operations
(revenues from the Vienna and Budapest Marriott Hotels, both operated
under management agreements) increased by 3.6%, from EUR 7.7m to
EUR 8.0m, confirming the positive trend. The gross operating profit
(GOP) from hotel operations improved by 12.4% to EUR 0.8m (Q1 2012:
EUR 0.7m). The overall gross profit rose by 2.6% to EUR 27.4m,
compared with EUR 26.7m in the same period last year.

Successful property sales S IMMO AG's objective in 2013 is to sell
approximately 5% of its property portfolio at a profit during the
course of the year, and in the first quarter it made a successful
start. At 31 March 2013 sale proceeds to date totalled EUR 32.6m,
compared with EUR 39.5m in the first quarter of 2012. The gains on
sale came to EUR 1.4m (Q1 2012: EUR 0.7m), while compared with the
fair values as at 30 September 2012, the gains were EUR 5.3m.

Success through efficiency The reduction in property related costs
and administration expenses resulted in an increase in EBITDA for the
quarter ended 31 March 2013 to EUR 25.2m (Q1 2012: EUR 23.6m), an
increase of 6.8%. EBIT also increased by 7.1%, to EUR 26.9m (Q1 2012:
EUR 25.1m), and EBT was up from EUR 5.6m to EUR 9.3m. Despite an
increase in the tax charge to EUR -2.8m (Q1 2012: EUR 0.8m) and
losses on foreign currency valuation of EUR 1.8m (Q1 2012: EUR 2.6m),
the profit for the period was up to EUR 6.5m (Q1 2012: EUR 6.4m).

Key performance indicators up Funds from operations (FFO) for the
first quarter of 2013 improved by an impressive 42.6% to EUR 8.4m,
compared with EUR 5.9m a year earlier. Efficiency gains led to an
improvement in net operating income (NOI), which increased to
EUR 25.1m (Q1 2012: EUR 23.6m). Operating cash flow for the quarter
came to EUR 26.2m (Q1 2012: EUR 22.6m). In the first quarter of 2013
both balance sheet net asset value (book value per share) and EPRA
net asset value rose again: Balance sheet NAV at 31 March 2013 stood
at EUR 7.37 (31 December 2012: EUR 7.17) per share, while EPRA NAV
was EUR 9.34 (31 December 2012: EUR 9.18) per share.

Capital markets Like most other Prime Market stocks, the S IMMO Share
declined in value, and closed the first quarter at EUR 4.69. Its
performance was however still better than both the IATX and the ATX,
and over the past twelve months it appreciated by 4.5%. Since April
2013, S IMMO is again working with a second market maker in
Frankfurt. This makes it possible to buy the S IMMO Share through
XETRA DAX and via the internet portal FLATEX, one of Germany's
leading online brokers.

Outlook for 2013 In a still challenging economic environment, S IMMO
continues to pursue its tried-and-tested strategy, and deliberately
invests in four property segments. The focus of investment is on
properties in capital cities within the European Union - from Berlin
via Prague and Vienna to Bucharest. This allows the Group to take
advantage of differences in property cycles: In 2013 it will again be
selling around 5% of the existing property portfolio, mainly in
Vienna, Hamburg and Berlin, and thereby realising profits. The sale
proceeds will among other things be used to take up attractive
investment opportunities in Berlin. The first acquisition was the
Sonnenallee office property. Sale proceeds are also being used to
reduce the loan to value ratio.

Consolidated income statement for the three months ended 31 March
2013 EUR m / fair value basis

| |01 - 03/2013 |01 - 03/2012 |
|Revenues |46.7 |46.9 |
| Rental income |29.4 |30.1 |
| Revenues from operating costs |9.3 |9.1 |
| Revenues from hotel operations |8.0 |7.7 |
|Other operating income |2.3 |3.1 |
|Expenses directly attributable to properties |-14.5 |-16.3 |
|Hotel operating expenses |-7.2 |-7.0 |
| | | |
|Gross profit |27.4 |26.7 |
|Proceeds of property disposals |32.6 |39.5 |
|Carrying value of property disposals |-31.2 |-38.8 |
|Gains on property disposals |1.4 |0.7 |
|Management expenses |-3.6 |-3.7 |
|Earnings before interest, tax, depreciation and |25.2 |23.6 |
|amortisation (EBITDA) | | |
|Depreciation and amortisation |-2.4 |-2.3 |
|Result from property valuation |4.1 |3.9 |
|Operating result (EBIT) |26.9 |25.1 |
|Financing costs |-14.4 |-16.3 |
|Participating certificates result |-3.2 |-3.2 |
|Net income before tax (EBT) |9.3 |5.6 |
|Taxes on income |-2.8 |0.8 |
|Consolidated net income for the period |6.5 |6.4 |
| of which attributable to shareholders in parent |5.8 |6.0 |
|company | | |
| of which attributable to non-controlling |0.7 |0.4 |
| interests | | |
|Earnings per share (EUR) |0.09 |0.09 |

|Property information | |31 March 2013|
|Standing properties |number |216 |
|Total usable space |m² |1,308,927 |
|Gross rental yield |% |6.9 |
|Occupancy rate |% |91.0 |

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