Sparkassen reported its 2Q09 results on Wednesday 26 August 2009. Net profit after minorities came in at € 2.7m, down 3.6% y/y and versus a € 0.5m profit in 1Q09. Our expectation stood at € 1.1m. The operational result came in slightly above our expectation and although the revaluation loss was higher than we had expected, the bottom line result also beat our forecast. However, the differences in absolute terms are minor and we expect a neutral market reaction.
sales came in at € 28.8m, up 5.9% y/y, 0.7% q/q and in line with our expectations, mainly on the back of renting revenues. The company announced that the occupancy rate remained fairly stable in 2Q09. Other operating income includes the contribution of the Hotels in Vienna and Budapest which came in stronger than we had expected.
EBIT (excluding revaluation) came in at € 15.0m, up 16.3% y/y, 11.5% q/q and 9.7% above our expectation. The stronger results were mainly due to higher operating income from hotel operations with a high margin.
Net financial result came in at a loss of € 7.0m for 2Q09, down 29.7% y/y, 46.7% q/q and 43.1% below our expectation. The lower financial loss was mainly due to the lower interest rate (although this was partly offset by interest-rate hedging) and the lower expenses of participating certificates. (The cost of the latter financial instrument is linked to the firm’s EBIT.)