S Immo : Interim Financial Statements Q3 2021 (.pdf)

S IMMO

Interim Financial

Statements as of

30 September 2021

Q3 2021

S IMMO - Interim financial statements as of 30 September 2021

KEY FIGURES

				01.01.-30.09.2021	01.01.-30.09.2020
Revenues		EUR m	142.9		129.9
EBITDA		EUR m	61.5		57.3
EBIT		EUR m	199.6		53.9
EBT		EUR m	191.3		25.5
Net income for the period		EUR m	160.5		22.3
NOI ratio		in %	55.1		53.5
FFO I		EUR m	39.2		33.3
FFO II		EUR m	39.7		69.3
Earnings per share		EUR	2.25		0.31
Operating cash flow		EUR m	47.7		52.6
Operating cash flow per share		EUR	0.67		0.73
Cash flow from investing activities		EUR m	170.2		-122.3
Cash flow from financing activities		EUR m	166.3		68.4

				30 September 2021	31 December 2020
Total assets		EUR m	3,627.5		3,122.6
Equity		EUR m	1,608.1		1,383.8
Equity ratio		in %	44.3		44.3
Liabilities		EUR m	2,019.5		1,738.8
Cash and cash equivalents as of 30 September		EUR m	442.5		64.5
Closing price as of 30 September		EUR	19.96		16.96
EPRA NAV per share		EUR	28.28		24.32
EPRA NTA per share		EUR	27.98		24.06
Book value per share		EUR	22.68		19.34
Share price discount on book value per share		in %	-12		-12
Property assets		EUR m	2,733.1		2,476.9
whereof properties under construction and undeveloped land		EUR m	55.6		38.2

Key figures // Contents

1

CONTENTS

p. 2  - Letter from the management p. 3  - S IMMO in the capital market

p. 8  - Business development and performance

p. 10  - Condensed consolidated interim financial statements as of 30 September 2021

p. 22  - Financial calendar 2021/22 p. 23  - Contact/publication details

2	S IMMO - Interim financial statements as of 30 September 2021

When these interim financial statements go to press, there will only be a few weeks left until the end of 2021. The figures we present to you in these interim financial statements impressively

prove that it was a very successful year for S IMMO - despite­ a difficult market environment. But it was also a very demanding year with many unexpected challenges and a pandemic that is affecting our lives more than we had hoped just a few months ago. However, the outlook for the coming year continues to make us feel confident and very ­optimistic.

Strong operating result

In the first three quarters of this year, it was not only possible to increase rental income, but the gross profit from hotel ­operations also rose thanks to a rise in occupancy and due to subsidies­. The result from property valuation also made a clearly positive contribution of EUR 145.3m. In combination with the strong

operating­ performance, this led to an increase in EBIT of roughly 270% from EUR 53.9m to EUR 199.6m. This is even more ­remarkable in light of the fact that the COVID-19 crisis has not yet been overcome and there are still considerable uncertain- ties, including for the real estate sector.

Capital market

The Vienna Stock Exchange had a very successful third quarter, with the ATX reaching a new all-time high and the sector index IATX being up significantly with a year-to-date performance of 19.1% as of 30 September 2021. The S IMMO share price increased by 17.7% from the beginning of the year and stood at EUR 19.96 at the end of the quarter.

Investments

In the summer of 2021, S IMMO submitted its shares in CA ­Immobilien Anlagen AG to Starwood Capital Group's take­ over offer and sold them at a price of EUR 37 per share. The generated proceeds of more than EUR 230m before taxes are to be reinvested­ in cash-flowing properties and will thus further strengthen the company's earnings position and ability to pay dividends. In this context, we are particularly pleased about the recently signed acquisition, the purchase of the BudaPart Gate in Budapest. The property, which fully complies with ESG regu- lations, is fully let, has around 20,000 m² of office space and generates annual rental income of around EUR 4m. The high occupancy rate and the profitability of the property will have an immediate positive impact on our cash flow from next year.

From left: Friedrich Wachernig, Bruno Ettenauer, Herwig Teufelsdorfer

Outlook

The acquisition pipeline is far from being exhausted with the latest purchase in Budapest. We are currently examining acquisition options in various markets and are holding concrete talks on some exciting investment opportunities. Our current focus is clearly on the CEE region, but we are also actively looking for interesting acquisition opportunities in Germany and Austria. For 2022, we will continue to focus on growth through direct real estate investments.

We are very confident that - although we are currently in the midst of the feared fourth wave of the COVID-19 pandemic - this global health crisis will be over next year through increasing vaccination coverage, the further development of medicines and other prevention strategies. S IMMO has proven to be crisis-­proof and is back on the growth path. In this context, we would like to explicitly thank the entire team, who has worked on the success of our company with incredible dedication and commitment over the past one and a half years.

We would like to thank you, our valued shareholders, for the trust you have placed in us. Stay healthy!

The Management Board

Bruno Ettenauer    Herwig Teufelsdorfer    Friedrich Wachernig   

Letter from the management // S IMMO in the capital market

3

S IMMO IN THE

CAPITAL MARKET

International capital market environment

The global economy continues to increasingly recover from the slump caused by the COVID-19 pandemic. Economic growth is above long-term forecasts, although some indicators are already pointing to an initial slowdown in the upturn. Major capital market indices in the US and Europe have reached new all-time highs. The ongoing supply chain issues, concerns about rising inflation rates and considerations by the US Federal Reserve (FED) to take steps towards a more restrictive monetary policy had only a minimal impact on international capital markets.

The Vienna Stock Exchange performed very positively in the third quarter of 2021: The Austrian benchmark index ATX, including dividends, reached a new all-time high and leads other developed markets in year-to-date performance. The year-to- date performance was 31.6% as of 30 September 2021. The sector index for real estate shares on the Vienna Stock Ex- change, IATX, also performed well and achieved a gain of 19.1% in the first three quarters. The table below provides an overview.

Share price development

indexed 01 January 2021 to 30 September 2021     S IMMO share      ATX      IATX

130

125

120

115

110

105

100

95

90

01/21

03/21

05/21

07/21

09/21

								S IMMO share and market capitalisation
								The market capitalisation of S IMMO AG as of 30 September
								2021 was EUR 1,469.2m, and the company's share capital
								amounted to EUR 267.5m, divided into 73,608,896 bearer
								shares.
								The S IMMO share closed the third quarter at a price of
								EUR 19.96. The year-to-date performance was a pleasing
								17.7%. The 12-month performance was a remarkable 37.5%.
								Interest in the S IMMO share remains strong among investors
								with a long-term focus on dividends and sustainable growth.
	Overview of S IMMO share and indices
			S IMMO share	ATX		IATX	DAX		DJIA		S&P 500
	31 December 2020		16.96			2,780.44		329.19		13,718.78		30,606.48		3,756.07
	30 September 2021		19.96			3,658.93		391.92		15,260.69		34,124.36		4,347.55
Year-to-date performance	17.69%			31.60%	19.06%		11.24%	11.49%	15.75%