S IMMO AG Annual Financial Report 2023
S IMMO | Annual Financial Report 2023 | Contents
Contents
3 Declaration of the Management Board pursuant to section 124 (1) Austrian Stock Exchange Act (BörseG)
4 Consolidated financial statements
68 Management report
68 Group fundamentals
71 Economic report
76 Non-financial performance indicators and corporate social responsibility
77 Information in accordance with section 243a (1) Austrian Commercial Code (UGB)
80 Risk management report
90 Outlook
92 Auditor's report
101 Report of the Supervisory Board
104 Corporate governance report
108 Overview of the Management bodies
110 Non-financial report
166 Individual financial statements
S IMMO | Annual Financial Report 2023 | Declaration of the Management Board
Declaration of the Management Board
pursuant to section 124 (1) (3) Austrian Stock Exchange Act (BörseG)
"Statement of all legal representatives
We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabi- lities, financial position and profit or loss of the Group as requi- red by the applicable accounting standards, and the Group management report gives a true and fair view of the develop- ment and performance of the business and the position of the Group, together with a description of the principal risks and un-certainties the Group faces.
We confirm to the best of our knowledge that the separate finan- cial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the develop- ment and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces."
Vienna, 25 March 2024
The Management Board
Radka Doehring
Tomáš Salajka
Consolidated financial statements
Consolidated statement of financial position
as of 31 December 2023
Assets in EUR '000 | Notes | 31 December 2023 | 31 December 2022 |
Non-current assets | |||
Investment properties | |||
Rented properties | 3.1.1. | 3,206,465 | 2,580,819 |
Properties under development and undeveloped land | 3.1.1. | 87,977 | 86,433 |
3,294,442 | 2,667,252 | ||
Owner-operated properties | 3.1.2. | 98,653 | 105,529 |
Other plant and equipment | 3.1.2. | 4,273 | 5,003 |
Intangible assets | 3.1.2. | 1,194 | 768 |
Interests in companies measured at equity | 3.1.3. | 30,623 | 26,545 |
Group interests | 3.1.4. | 7,076 | 5,303 |
Other financial assets | 3.1.4. | 87,957 | 92,503 |
Deferred tax assets | 3.1.16. | 1,882 | 1,017 |
3,526,100 | 2,903,920 | ||
Current assets | |||
Inventories | 3.1.5. | 356 | 300 |
Trade receivables | 3.1.6. | 34,523 | 17,456 |
Other financial assets | 3.1.6. | 67,616 | 42,730 |
Other assets | 3.1.7. | 18,990 | 23,946 |
Cash and cash equivalents | 3.1.8. | 445,070 | 246,925 |
566,555 | 331,357 | ||
Assets held for sale | 3.1.9. | 87,220 | 539,084 |
653,775 | 870,441 | ||
4,179,875 | 3,774,361 |
Equity and liabilities in EUR '000 | |||
Notes | 31 December 2023 | 31 December 2022 | |
Equity attributable to shareholders in parent company | |||
Share capital | 3.1.10. | 255,589 | 256,249 |
Capital reserves | 3.1.10. | 158,912 | 160,612 |
Other reserves | 3.1.10. | 1,233,887 | 1,280,367 |
1,648,388 | 1,697,228 | ||
Non-controlling interests | 3.1.11. | 53,453 | 83,040 |
1,701,841 | 1,780,268 | ||
Non-current liabilities | |||
Issued bonds | 3.1.13. | 518,799 | 544,237 |
Other financial liabilities | 3.1.12. | 1,334,430 | 927,600 |
Provisions for employee benefits | 3.1.14. | 957 | 1,111 |
Other liabilities | 3.1.15. | 16,535 | 1,412 |
Deferred tax liabilities | 3.1.16. | 145,798 | 205,058 |
2,016,519 | 1,679,418 | ||
Current liabilities | |||
Issued bonds | 3.1.13. | 99,985 | 0 |
Other financial liabilities | 3.1.12. | 183,301 | 82,076 |
Income tax liabilities | 39,938 | 7,421 | |
Provisions | 588 | 0 | |
Trade payables | 5.1.1. | 32,126 | 12,693 |
Other liabilities | 3.1.15. | 79,641 | 85,239 |
435,579 | 187,429 | ||
Liabilities relating to assets held for sale | 3.1.9 | 25,936 | 127,246 |
461,515 | 314,675 | ||
4,179,875 | 3,774,361 |
Consolidated income statement
for the financial year 2023
in EUR '000 | Notes | 2023 | 2022 |
Revenues | |||
Rental income | 3.2.1. | 202,646 | 155,705 |
Revenues from operating costs | 3.2.1. | 63,792 | 48,405 |
Revenues from hotel operations | 3.2.1. | 70,023 | 56,383 |
336,461 | 260,493 | ||
Other operating income | 4,210 | 2,227 | |
Property operating expenses | 3.2.2. | -108,675 | -79,511 |
Hotel operating expenses | 3.2.2. | -52,744 | -43,010 |
Gross profit | 179,252 | 140,199 | |
Income from property disposals | 3.2.3. | 682,395 | 49,240 |
Book value of property disposals | 3.2.3. | -682,395 | -49,240 |
Result from property disposals | 3.2.3. | 0 | 0 |
Management expenses | 3.2.4. | -36,618 | -34,141 |
Earnings before interest, tax, depreciation and amortisation (EBITDA) | 142,634 | 106,058 | |
Depreciation and amortisation | 3.2.5. | -9,205 | -9,682 |
Results from property valuation | 3.2.6. | -109,343 | -78,397 |
Operating income (EBIT) | 24,086 | 17,979 | |
Financing costs | 3.2.7. | -80,783 | -42,663 |
Financing income | 3.2.7. | 8,641 | 59,239 |
Results from companies measured at equity | 3.2.7. | 1,701 | 280 |
Financial result | -70,441 | 16,855 | |
Earnings before tax (EBT) | -46,355 | 34,834 | |
Taxes on income | 3.1.16. | 4,956 | -15,907 |
Consolidated net income | -41,399 | 18,927 | |
of which attributable to shareholders in the parent company | -32,195 | 27,204 | |
of which attributable to non-controlling interests | -9,204 | -8,277 | |
Earnings per share | |||
undiluted = diluted | 3.2.8. | -0.46 | 0.39 |
Consolidated statement of comprehensive income
for the financial year 2023
in EUR '000 | Notes | 2023 | 2022 |
Consolidated net income | -41,399 | 18,927 | |
Change in value of cash flow hedges | 5.1.2. | -33,271 | 66,880 |
Income taxes on cash flow hedges | 5.1.2. | 3,182 | -11,222 |
Reclassification of derivative valuation effects | 5.1.2. | -2,162 | -11,325 |
Income taxes on reclassification of derivative valuation effects | 5.1.2. | 426 | 1,946 |
Reserve for foreign exchange rate differences | 3.1.10. | 14,654 | 2,600 |
Other comprehensive income for the period (realised through profit or loss) | -17,171 | 48,879 | |
Valuation of financial assets FVOCI | 1,772 | 5,665 | |
Income taxes from measurement of financial assets FVOCI | -211 | -1,321 | |
Remeasurement of post-employment benefit obligations | -13 | -120 | |
Income taxes on remeasurement of post-employment benefit obligations | 3 | 28 | |
Other comprehensive income for the period (not realised through profit or loss) | 1,551 | 4,253 | |
Other comprehensive income for the period | -15,620 | 53,131 | |
of which attributable to shareholders in parent company | -15,358 | 53,642 | |
of which attributable to non-controlling interests | -262 | -511 | |
Total comprehensive income | -57,020 | 72,058 | |
of which attributable to shareholders in parent company | -47,554 | 80,847 | |
of which attributable to non-controlling interests | -9,466 | -8,789 |
Consolidated cash flow statement
for the financial year 2023
in EUR '000 | Notes | 2023 | 2022 |
Earnings before taxes (EBT) | -46,355 | 34,834 | |
Results from property valuation | 3.2.6. | 109,343 | 78,397 |
Depreciation and amortisation | 3.2.5. | 9,205 | 9,682 |
Results on property sales | 3.2.3. | 0 | 0 |
Taxes on income paid | 3.1.16. | -12,832 | -24,502 |
Financial result | 3.2.7. | 70,441 | -16,855 |
Operating cash flow | 129,802 | 81,556 | |
Changes in net current assets | |||
Receivables and other assets | 30,679 | -18,858 | |
Provisions, other financial and non-financial liabilities | -1,481 | 911 | |
Current liabilities | -5,199 | 304 | |
Cash flow from operating activities | 153,800 | 63,914 | |
Cash flow from investing activities | |||
Investments in property portfolio (rented properties, developing projects, | |||
undeveloped land, owner-operated properties) | -18,110 | -14,762 | |
Investments in intangible assets | -624 | -564 | |
Investments in other fixed assets | -1,042 | -980 | |
Disposal of equity instruments of other companies | 3.1.4. | 0 | 452,829 |
Acquisition of equity instruments of other companies | 3.1.4. | 0 | -49,318 |
Investments in financial assets | 0 | -540 | |
Disposals of financial assets | 0 | 0 | |
Investments in companies measured at equity | -2,515 | 0 | |
Divestments in companies measured at equity | 0 | 612 | |
Net cash flow from deconsolidation of subsidiaries less cash and cash equivalents | 2.2.4. | 264,833 | 0 |
Net cash flow from initial consolidations of subsidiaries | 2.2.4. | -640,549 | -465,127 |
Other changes in companies measured at equity | -6,174 | 690 | |
Disposals of properties | 3.2.3. | 263,901 | 76,600 |
Dividends from companies measured at equity | 102 | 478 | |
3.1.4. | | |||
Dividends from listed companies | 3.2.7. | 0 | 0 |
Income from equity investments | 3.1.4. | 535 | 356 |
Interest received | 3.2.7. | 8,106 | 271 |
Cash flow from investing activities | -131,537 | 545 |
in EUR '000 | Notes | 2023 | 2022 |
Consolidated cash flow statement continued | |||
Cash flow from financing activities | |||
Issue of shares | 3.1.10. | 0 | 0 |
Buyback of treasury shares | 3.1.10. | -2,361 | 0 |
Bond issues | 3.1.13. | 74,120 | 49,711 |
Bond redemptions | 3.1.13. | 0 | 0 |
Buyback of bonds | 3.1.13. | 0 | -153,397 |
Increase in non-controlling interests | 3.1.11. | 0 | 87,800 |
Distribution of non-controlling interests | -19,048 | -53 | |
Cash inflow from other financial liabilities | 3.1.12. | 357,493 | 270,339 |
Cash outflow from other financial liabilities | 3.1.12. | -189,719 | -328,282 |
Dividend payment | 3.1.10. | 0 | -45,841 |
Interest paid | -44,047 | -41,687 | |
Cash flow from financing activities | 176,437 | -161,411 | |
Cash and cash equivalents 01 January | 246,925 | 375,823 | |
Reclassification of cash and cash equivalents as properties held for sale | -555 | -31,946 | |
Net change in cash and cash equivalents | 198,700 | -96,952 | |
Cash and cash equivalents 31 December1 | 445,070 | 246,925 |
1 The effects of currency translation differences on the cash and cash equivalents were immaterial and are therefore not shown separately.
10
Changes in consolidated equity
Foreign | Subtotal | ||||||||
currency | Hedge | Equity | S IMMO | Non- | |||||
in EUR '000 - see also | Share | Capital | translation | accounting | instruments | Other | share- | controlling | |
chapter 3.1.10. Equity | capital | reserves | reserve | reserve | reserve | reserves | holders | interests | Total |
As of 01 January 2023 | 256,249 | 160,612 | -8,314 | 37,544 | 3,670 | 1,247,467 | 1,697,228 | 83,040 | 1,780,268 |
Consolidated net income | 0 | 0 | 0 | 0 | 0 | -32,195 | -32,195 | -9,204 | -41,399 |
Other comprehensive income | 0 | 0 | 14,654 | -31,563 | 1,561 | -10 | -15,358 | -262 | -15,620 |
Buyback of treasury shares | -660 | -1,700 | 0 | 0 | 0 | 0 | -2,360 | 0 | -2,360 |
Distribution with respect to | |||||||||
non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19,048 | -19,048 |
Other changes | 0 | 0 | 0 | 0 | 0 | 1,073 | 1,073 | -1,073 | 0 |
Distribution for 2022 to | |||||||||
shareholders | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
As of 31 December 2023 | 255,589 | 158,912 | 6,340 | 5,981 | 5,231 | 1,216,335 | 1,648,388 | 53,453 | 1,701,841 |
As of 01 January 2022 | 256,249 | 160,612 | -10,913 | -9,247 | 18,238 | 1,247,284 | 1,662,222 | 4,081 | 1,666,303 |
Consolidated net income | 0 | 0 | 0 | 0 | 0 | 27,205 | 27,205 | -8,277 | 18,927 |
Other comprehensive income | 0 | 0 | 2,600 | 46,791 | 4,344 | -92 | 53,643 | -511 | 53,131 |
Buyback of treasury shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Distribution with respect to | |||||||||
non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52 | -52 |
Other changes | 0 | 0 | 0 | 0 | -18,912 | 18,912 | 0 | 87,800 | 87,800 |
Distribution for 2021 to | |||||||||
shareholders2 | 0 | 0 | 0 | 0 | 0 | -45,841 | -45,841 | 0 | -45,841 |
As of 31 December 2022 | 256,249 | 160,612 | -8,314 | 37,544 | 3,670 | 1,247,467 | 1,697,228 | 83,040 | 1,780,268 |
1 The dividend distribution of kEUR 45.841 in 2022 corresponds to a dividend of EUR 0.65 per share, and was effected on 13 June 2022.
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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 13:13:31 UTC.
