Edison Investment Research - S IMMO AG (SPI) S Immo - H120 results affected by hotel business

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Edison Investment Research

Martyn King

S Immo - H120 results affected by hotel business

S Immo’s portfolio saw a varying degree of impact from the COVID-19 crisis in H120, with hotel operations facing the greatest headwinds alongside retail properties. Conversely, residential and office properties remained largely unaffected and were even subject to positive revaluations of €19.5m and €12.0m vs end 2019, respectively. S Immo’s balance sheet remains robust with a moderate net LTV of 44.6% and a cash position of c €224m at end June 2020 (albeit already partially deployed post the balance sheet date). It continues to search for compelling investment opportunities in the residential and office segments.

01/09/2020 6 EN

Underlying

S IMMO AG

S Immo AG is an Austria-based company engaged in the real estate sector. The Company specializes in the acquisition, letting and sale of properties. Furthermore, It offers real estate project developments, which includes Einsteinova office, Quartier Belvedere Central, and The Mark office project, among others, renovation of existing properties, asset and portfolio management and a range of services, such as facility management and brokerage. The Company's real estate portfolio comprises residential, office, retail and hotel properties. It operates four geographical segments: Austria, Germany, Central Europe (CEE) and Southeastern Europe (SEE). In addition, the Company is a parent of CEE Immobilien GmbH, Hansa Immobilien EOOD, Rega Property Invest sro, Ikaruspark GmbH, SC Societate Dezvoltare Comercial Sudului (SDCS) SRL, Maior Domus Hausverwaltung GmbH, and Eurocenter doo, among others.

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AT0000652250 Vienna Stock Exchange Austria

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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