Austrian developer S Immo’s earnings before interest, tax, depreciation and amortisation rose to €49.5m in the six months to June 2011, up from €36.8m for the same period last year.
During the period, S Immo disposed of four properties in Vienna and Berlin as well as four apartments in the mixed residential and office building Neutor 1010 in Vienna.
The gains on property disposal amounted to €3.9m and were a major contributor to raising EBITDA, which rose by 34.7% compared with the same period last year. EBIT was up by 70.6% to €51.3m (2010: €30.1m).
In comparison with the first half of 2010, S Immo’s funds from operations jumped by 31.6% to €21.6m. The performance was also reflected in improved net operating income, which rose from €38.7m to €50.2m.
Operating cash flow for the first half-year was €51.3m, a rise of 81.9% compared with the same period last year.
EPRA net asset value per share increased to €8.54, compared with €8.34 at the end of 2010.
The group owned a total of 244 properties – mostly in EU capitals and large German cities – with a total market value of €2bn and covering a total of 1,400,000 m².
The portfolio is diversified by region as well as by property use type, with around 60% of the property portfolio in western Europe and the remaining 40% in central and south-eastern Europe.
A detailed breakdown by region showed that 31.5% of the portfolio is in Austria, 28.3% in Germany, 21.1% in SEE and 19.1% in CEE. By property use type, the portfolio is made up of office properties (35.7%), retail properties (26.5%), residential properties (23.9%) and hotels (13.9%).
Rental yield was 6.6%.
