News
03/26/2013
Significant increase in earnings for Deutsche Wohnen
DGAP-News: Significant increase in earnings for Deutsche Wohnen
Deutsche Wohnen AG / Key word(s): Final Results
26.03.2013 / 06:56
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- Consolidated profit of EUR 145.5 million
- Increase in FFO (without disposals) of around 44% to EUR 68.2 million - Takeover of around 35,000 new residential units to be completed by June 2013
Frankfurt/Main and Berlin, 26 March 2013. Deutsche Wohnen completed the financial year 2012 with a consolidated profit of EUR 145.5 million and thus almost trebled the figure for the previous year (EUR 50.6 million). The profit before taxes, after being adjusted for one-off items and valuation effects, increased by around 71% to EUR 78.5 million (previous year: EUR 46.0 million). This increase is attributable to improved earnings from Residential Property Management (+ EUR 37.0 million), higher earnings from disposals (+ EUR 9.3 million) and a disproportionately low increase in corporate expenses. Recurring Funds from Operations (FFO, without disposals) rose by just under 44% to EUR 68.2 million (previous year: EUR 47.5 million). The Loan-to-Value Ratio (LTV) was 57.2% as at the reporting date. The intrinsic value, measured as EPRA NAV, grew as at the reporting date by 8.5% to EUR 12.48 per share (previous year: EUR 11.50 per share).
'In 2012, we completed the best financial year in the history of Deutsche Wohnen. We achieved value-enhancing growth and were able at the same time to extend our operating activities. Furthermore, we made sustainable investments in the maintenance and modernisation of our holdings and, by doing so, secured the quality of our portfolio in the long term. With around 83,500 units now we have broken through to a new dimension,' explained Michael Zahn, the Chief Executive Officer of Deutsche Wohnen AG.
Value-enhancing growth
In the financial year 2012, Deutsche Wohnen acquired around 35,000 new residential units for around EUR 1.8 billion. Amongst these transactions was the purchase of the BauBeCon Group (around 23,400 residential units), one of the largest acquisitions on the German residential property market in 2012. As a result of these acquisitions the existing core regions of Greater Berlin and the Rhineland were strengthened significantly and two new regions were opened up: Hanover/Brunswick/Magdeburg and Central Germany. 'The takeover of the new holdings is proceeding successfully and will have been completed in June 2013. In parallel or as a subsequent step, respectively, we will optimise the operating processes of the acquired portfolios by aligning them to our own processes,' said Michael Zahn.
With the acquisition of six nursing facilities with over 580 places in Leipzig and Berlin KATHARINENHOF(R) also experienced strong growth and now operates 20 facilities with 1,928 nursing places. Over the next five years, it is planned to create a capacity of 4,000 to 5,000 nursing places.
High level of trust in the capital market
The share price of Deutsche Wohnen rose significantly in 2012 by 43% on the previous year to reach EUR 14.00 per share as at the end of the year. This performance was markedly better than that of the benchmark indices. Currently, the market capitalisation is over EUR 2.2 billion. 'The positive development of our share and the great interest in the capital increases we carried out clearly show the strong support we have from our shareholders and the high level of trust in our strategy,' explains Lars Wittan, the Chief Financial Officer of Deutsche Wohnen. The Management Board and the Supervisory Board will propose to the Annual General Meeting that once again 50% of the recurring FFO (without disposals) should be paid out as a dividend for the financial year 2012.
Forecast
For the financial year 2013, Deutsche Wohnen expects an FFO (without disposals) of around EUR 100 million whilst continuing with maintenance costs of around EUR 10 per sqm. The FFO (incl. disposals) will be around EUR 114 million in 2013. Taking into consideration its recent acquisitions, the business segment Nursing and Assisted Living will contribute around EUR 13 million to Group profits. The equity we raised in January 2013, with a premium on the EPRA NAV, has put us in a position to acquire further portfolios on a scale of around EUR 500 million, which will in turn have a positive effect on the FFO.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed residential property companies in Germany with a business focus on managing and developing its residential property portfolio. The portfolio comprises around 83,500 units in total, of which around 82,500 are residential units and 1,000 are commercial properties. The company is listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
End of Corporate News
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26.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt Germany Phone: +49 (0)30 89786-0 Fax: +49 (0)30 89786-507 E-mail: ir@deutsche-wohnen.com Internet: http://www.deutsche-wohnen.com ISIN: DE000A0HN5C6, DE0006283302 WKN: A0HN5C, 628330 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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Deutsche Wohnen AG / Key word(s): Final Results
26.03.2013 / 06:56
---------------------------------------------------------------------
- Consolidated profit of EUR 145.5 million
- Increase in FFO (without disposals) of around 44% to EUR 68.2 million - Takeover of around 35,000 new residential units to be completed by June 2013
Frankfurt/Main and Berlin, 26 March 2013. Deutsche Wohnen completed the financial year 2012 with a consolidated profit of EUR 145.5 million and thus almost trebled the figure for the previous year (EUR 50.6 million). The profit before taxes, after being adjusted for one-off items and valuation effects, increased by around 71% to EUR 78.5 million (previous year: EUR 46.0 million). This increase is attributable to improved earnings from Residential Property Management (+ EUR 37.0 million), higher earnings from disposals (+ EUR 9.3 million) and a disproportionately low increase in corporate expenses. Recurring Funds from Operations (FFO, without disposals) rose by just under 44% to EUR 68.2 million (previous year: EUR 47.5 million). The Loan-to-Value Ratio (LTV) was 57.2% as at the reporting date. The intrinsic value, measured as EPRA NAV, grew as at the reporting date by 8.5% to EUR 12.48 per share (previous year: EUR 11.50 per share).
'In 2012, we completed the best financial year in the history of Deutsche Wohnen. We achieved value-enhancing growth and were able at the same time to extend our operating activities. Furthermore, we made sustainable investments in the maintenance and modernisation of our holdings and, by doing so, secured the quality of our portfolio in the long term. With around 83,500 units now we have broken through to a new dimension,' explained Michael Zahn, the Chief Executive Officer of Deutsche Wohnen AG.
Value-enhancing growth
In the financial year 2012, Deutsche Wohnen acquired around 35,000 new residential units for around EUR 1.8 billion. Amongst these transactions was the purchase of the BauBeCon Group (around 23,400 residential units), one of the largest acquisitions on the German residential property market in 2012. As a result of these acquisitions the existing core regions of Greater Berlin and the Rhineland were strengthened significantly and two new regions were opened up: Hanover/Brunswick/Magdeburg and Central Germany. 'The takeover of the new holdings is proceeding successfully and will have been completed in June 2013. In parallel or as a subsequent step, respectively, we will optimise the operating processes of the acquired portfolios by aligning them to our own processes,' said Michael Zahn.
With the acquisition of six nursing facilities with over 580 places in Leipzig and Berlin KATHARINENHOF(R) also experienced strong growth and now operates 20 facilities with 1,928 nursing places. Over the next five years, it is planned to create a capacity of 4,000 to 5,000 nursing places.
High level of trust in the capital market
The share price of Deutsche Wohnen rose significantly in 2012 by 43% on the previous year to reach EUR 14.00 per share as at the end of the year. This performance was markedly better than that of the benchmark indices. Currently, the market capitalisation is over EUR 2.2 billion. 'The positive development of our share and the great interest in the capital increases we carried out clearly show the strong support we have from our shareholders and the high level of trust in our strategy,' explains Lars Wittan, the Chief Financial Officer of Deutsche Wohnen. The Management Board and the Supervisory Board will propose to the Annual General Meeting that once again 50% of the recurring FFO (without disposals) should be paid out as a dividend for the financial year 2012.
Forecast
For the financial year 2013, Deutsche Wohnen expects an FFO (without disposals) of around EUR 100 million whilst continuing with maintenance costs of around EUR 10 per sqm. The FFO (incl. disposals) will be around EUR 114 million in 2013. Taking into consideration its recent acquisitions, the business segment Nursing and Assisted Living will contribute around EUR 13 million to Group profits. The equity we raised in January 2013, with a premium on the EPRA NAV, has put us in a position to acquire further portfolios on a scale of around EUR 500 million, which will in turn have a positive effect on the FFO.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed residential property companies in Germany with a business focus on managing and developing its residential property portfolio. The portfolio comprises around 83,500 units in total, of which around 82,500 are residential units and 1,000 are commercial properties. The company is listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
End of Corporate News
---------------------------------------------------------------------
26.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt Germany Phone: +49 (0)30 89786-0 Fax: +49 (0)30 89786-507 E-mail: ir@deutsche-wohnen.com Internet: http://www.deutsche-wohnen.com ISIN: DE000A0HN5C6, DE0006283302 WKN: A0HN5C, 628330 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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