ANNUAL RESULTS 2023
MANAGEMENT BOARD S IMMO AG
Radka Doehring
Member of the Management Board
Tomáš Salajka
Member of the Management Board
Member of S IMMO Management Board since June 2023More than 20 years experience in financeFinance/Controlling/ICS, HR/Organisation, IT, Finance/Treasury,
Audit, Compliance, Investor Relations/Public Relations/Marketing, Law, ESG
Member of S IMMO Management Board since February 2024More than 20 years experience in the real estate sector
Risk Management, Investments/Transactions, Project
Development, Asset Management
KEY HIGHLIGHTS AND FINANCIALS
HIGHLIGHTS FY 2023
Total revenues Rental income Occupancy rate1) Gross profit
FFO I per share Real estate portfolio (IFRS Book value)
EUR 336.5m EUR 202.6m 90.6% EUR 179.3m
EUR 260.5m | EUR 76.0m | 29% |
EUR 155.7m | EUR 46.9m | 30% |
92.6% | -2.0% | n.a. |
EUR 140.2m | EUR 39.1m | 28% |
Change absolute | Change in % |
EUR 3,477.6m
1) Excluding owner-operated hotels
EUR 0.92 | EUR 0.49 | 54% |
EUR 3,273.8m | EUR 203.8m | 6% |
EUR -78.4m | -EUR 30.9m | -39% |
39.4% | 8.4% | n.a. |
EUR 26.09 | - EUR 1.09 | -4% |
in EUR m
Revenues
Rental income
Revenues from operating costs Revenues from hotel operations
Other operating income
Property operating expenses Hotel operating expenses
Gross profit
Result from property disposals Management expenses
EBITDA
01-12/2023
336.5
202.6
63.8 70.0
4.2
-108.7 -52.7
0 -36.6
142.6
01-12/2022
Change absolute
Change in %
260.5 155.7
76.0 29
46.9 30
48.4 56.4
15.4 32
13.6 24
2.2
2.0 89
-79.5 -43.0
-29.2 -37
-9.7 -23
140.2
39.1 28
0 -34.1
0 0
106.1
-2.5 36.6
-7 34
in EUR m
EBITDA
Depreciation and amortisation Results from property valuation
Operating income (EBIT)
Financial result
Earnings before tax (EBT)
Taxes on income
Consolidated net income of which attributable to shareholders in the parent company of which attributable to non-controlling interests
01-12/2023 01-12/2022
142.6
24.1
5.0
-41.4
Change absolute
Change in %
106.1
36.6 34
-9.7 -78.4
0.5 5
18.0
-30.9
6.1
-39 34
16.9
-87.3 -518
34.8
-81.2 -233
-15.9
20.9
131
18.9
-60.3 -319
-32.2
27.2
-59.4 -218
-9.2
-8.3
-0.9 -11
VALUATION RESULT
Valuation result by type of use (in EUR m) as of 31 December 2023 | as of 31 December 2022 |
Residential -72.2 -55.1 | |
Office -86.3 -11.7 | |
Retail 48.5 -13.4 | |
Hotel -0.1 -0.4 | |
Land plots 0.8 2.2 | |
Total -109.3 -78.4 |
Valuation result by country (in EUR m) as of 31 December 2023 | as of 31 December 2022 |
Austria -27.6 -6.6 | |
Germany -118.5 -73.3 | |
Hungary -17.4 2.9 | |
Romania -9.8 -1.9 | |
Czech Republic 69.4 0.2 | |
Slovakia -6.2 -4.7 | |
Croatia 0.1 5.0 | |
Bulgaria 0.6 -0.005 | |
Total -109.3 | -78.4 |
DEBT FINANCING PROFILE
Maturity profile (in EUR m)
700 600 500 400 300 200 100
0
2024
2025
2026
Regular installments asset based loans
2027
2028
Maturity asset based loans
2029
from 2030 onBond repayments
Overview of the debt structure
Breakdown by instruments
Fixed vs. variable interest rates
Bank loan - non-current 62.6%
1) 99.4% of which are hedged
9
2) Incl. hedging
Less
EPRA LTV in %
47.8
Average cost of funding
Current cost of debt by instruments
Average: 2.44%
Real estate financing
2.43% | 2.47% |
2
Cost of funding incl. hedging
Bonds
2019
2020
2021
2022
2023
SHARE DATA
Share price performance (04 January 2016 - 31 December 2023) |
Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 S IMMO AG: 51.52% IATX: 37.78% ATX: 46.27% |
Key share data as of 31 December 2023 | |
ISIN | AT0000652250/SPI |
Ticker symbols | Reuters: SIAG.VI / Bloomberg: SPI:AV |
Market | Wiener Börse |
Market segment | Prime Market |
Index | IATX / GPR General |
Share price | EUR 12.50 |
Market capitalisation | EUR 920.1m |
Free float | 11.63% |
Number of shares | 73.608.896 |
Market maker | Hauck & Aufhäuser |
Free float 11.63%
CPI Property Group S.A. 88.37% of which 50.00%1) plus one share via IMMOFINANZ AG
Shareholder structure
Coverage | |||
Research house | Target price | Recommendation | Last update |
Erste Group | EUR 17.00 | Buy | 29 November 2023 |
NuWays | EUR 18.40 | Buy | 06 February 2024 |
SRC Research | EUR 18.00 | Buy | 30 August 2023 |
1) Based on the number of share capital held as reported by IMMOFINANZ AG and CPI Property Group S.A. on 28 December 2022
10
The Mark
Bucharest, Romania
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Disclaimer
S IMMO AG published this content on 25 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2024 13:35:02 UTC.