S IMMO results for 2024*
- Rental income up by 36.5% to €223.6m
- EBITDA increased by 47.8% to €184.8m
- EBT at €158.4m and consolidated net income at €122.9m
- FFO 1 increased by around 35% to €134.6m
- Cash and cash equivalents at €236.6m
- Robust financial base with equity ratio of 40.8% and net LTV of 49.9%
| Key figures | 2024 | 2023 | Δ IN % | |
| Rental income | € million | 223.6 | 163.8 | 37 |
| Revenues from hotel operations | € million | 76.5 | 70.0 | 9 |
| Result from property disposals | € million | 0 | 0 | 0 |
| EBITDA | € million | 184.8 | 125.0 | 48 |
| Results from property valuation | € million | 65.2 | 9.1 | 615 |
| EBIT | € million | 242.1 | 125.1 | 94 |
| Financial result | € million | (83.7) | (67.5) | (24) |
| EBT | € million | 158.4 | 57.6 | 260 |
| Consolidated net income from continuing operations | € million | 122.9 | 55.1 | 123 |
| FFO 1 | € million | 134.6 | 99.6 | 35 |
Discontinued operation
The Germany segment was defined as a discontinued operation as of the 2024 financial year. In this context, the statement of comprehensive income was divided into two sections and the previous year's figures were adjusted accordingly. The following notes to the consolidated income statement therefore do not include any contribution from the discontinued operation in Germany.
Gross profit and EBITDA at record level, significant year-on-year improvement in owner-operated hotels
Rental income for the 2024 financial year amounted to €223.6m (2023: €163.8m), which was more than 36.5% higher than in the previous year. This increase is attributable to acquisitions as well as considerable like-for-like improvements in the existing portfolio.
Revenues from hotel operations improved year-on-year to €76.5m (2023: €70.0m) and were thus well above the pre-pandemic level of 2019 (€59.1m). Overall, revenues rose from €287.6m to €381.0m in 2024. Expenses from property operations increased to €105.2m as a result of inflation and property purchases (2023: €85.1m).
Gross profit from hotel operations improved by 21.1% from €17.3m to €20.9m. Gross profit for the entire property portfolio, which reflects the operating performance of both rental properties and owner-operated hotels, rose to €229.2m (2023: €151.5m). EBITDA totalled €184.8m (2023: €125.0m).
Property investments
In the financial year 2024, acquisitions were made in the amount of €414.6m. These relate to office and commercial portfolios, most of which are located in Prague. Disposals totalled €497.0m (2023: €682.4m) and primarily pertained to Germany, Austria and Croatia.
Property valuation result and negative effects in financial result
Despite the difficult conditions at present, the property valuation result came to €65.2m (2023: €9.1m). Due to the operating result, EBIT increased by 93.5% to €242.1m (2023: €125.1m). The financial result declined year-on-year to €(83.7m) (2023: €(67.5m)), mainly due to higher bank interest expenses.
Consolidated net income increased year-on-year to €122.9m (2023: €55.1m). Taking the discontinued operations in Germany into consideration, consolidated net income increased from €(41.4m) to €63.5m in 2024.
*) Consolidated income statement adjusted due to classification of the Germany segment as a discontinued operation
