News
11/12/2013
Deutsche Wohnen AG: Earnings as at 30 September 2013 - Deutsche Wohnen posts convincing 9-month figures 2013
DGAP-News: Deutsche Wohnen AG: Earnings as at 30 September 2013 - Deutsche Wohnen posts convincing 9-month figures 2013
Deutsche Wohnen AG / Key word(s): Interim Report/Quarter Results
12.11.2013 / 07:07
---------------------------------------------------------------------
Earnings as at 30 September 2013
Deutsche Wohnen posts convincing 9-month figures 2013
- Increase in FFO (without disposals) by 65 % to EUR 86.3 million - Closing of GSW transaction expected by the end of the year - FFO forecast of EUR 110 million for 2013 confirmed
Frankfurt/Main and Berlin, 12 November 2013. In the first nine months of the financial year 2013 Deutsche Wohnen was able to increase its consolidated profit to EUR 66.5 million (previous year: EUR 50.8 million). This is substantially due to the acquisitions made in 2012 and 2013 by which Deutsche Wohnen has systematically expanded its residential property portfolio. Adjusted earnings before taxes rose by around 66 % to EUR 99.9 million (previous year: 60.2 million). Earnings from Residential Property Management improved by around 54 % to EUR 208.2 million (previous year: EUR 135.4 million), earnings from Disposals by around 23 % to EUR 17.9 million (previous year: EUR 14.6 million) and earnings from Nursing and Assisted Living by around 29 % to EUR 9.9 million (previous year: EUR 7.7 million).
In comparison to the previous year the key figure, Funds from Operations (FFO without disposals), rose by 65 % to EUR 86.3 million (previous year: EUR 52.4 million). Calculated per share, FFO increased from EUR 0.44 to EUR 0.53. The loan-to-value ratio was approximately 56.3 % as at the reporting date (31 December 2012: 57.2 %). Taking into account the pay-out of a dividend of EUR 0.21 per share, the intrinsic value, measured as EPRA NAV, rose during the reporting period to EUR 12.89 per share (31 December 2012: EUR 12.48 per share).
Effect of new letting rents and the Berlin rent index
The in-place rents in the letting portfolio of the strategic core and growth regions (approximately 61,900 residential units) rose by 3.1 % on a like-for-like basis in comparison to the previous year. This development is mainly attributable to rising rents through new lettings and to the effects of applying the Berlin rent index to Deutsche Wohnen's Berlin portfolio.
Closing of the GSW transaction expected by the end of the year
On 20 August 2013, Deutsche Wohnen AG had announced its submission of a public exchange offer for all outstanding shares of GSW Immobilien AG. Upon accepting the offer, each GSW shareholder receives 2.55 shares of Deutsche Wohnen AG per GSW share. The clear vote of the Deutsche Wohnen shareholders in support of the GSW transaction at the Extraordinary General Meeting on 30 September 2013 underlines the added value to be gained from this amalgamation. Clear support was also shown by the GSW shareholders with their submission of about 78 % of all GSW shares within the initial standard acceptance period. A further acceptance period will close on 18 November 2013.
'We are on the home straight and assume that we will be able to close the transaction at the beginning of December - much earlier than we expected,' explains Michael Zahn, CEO of Deutsche Wohnen AG.
Lars Wittan's appointment as member of the Management Board extended On 4 November 2013 the Supervisory Board of Deutsche Wohnen AG resolved to extend the appointment of Lars Wittan as a member of the Management Board of Deutsche Wohnen AG for a further five years.
Forecast
In the half-year report in August 2013 Deutsche Wohnen had already raised the forecast for recurring FFO (without disposals) for the financial year 2013 by 10 % to EUR 110 million. Following the completion of the first three quarters of this financial year the forecast is confirmed.
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. As at 30 June 2013 the portfolio comprises 89,810 units in total, of which 88,695 are residential units and 1,115 are commercial properties. The company is listed on 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
---------------------------------------------------------------------
12.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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
---------------------------------------------------------------------
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
--------------------------------------------------------------------- 239184 12.11.2013
Deutsche Wohnen AG / Key word(s): Interim Report/Quarter Results
12.11.2013 / 07:07
---------------------------------------------------------------------
Earnings as at 30 September 2013
Deutsche Wohnen posts convincing 9-month figures 2013
- Increase in FFO (without disposals) by 65 % to EUR 86.3 million - Closing of GSW transaction expected by the end of the year - FFO forecast of EUR 110 million for 2013 confirmed
Frankfurt/Main and Berlin, 12 November 2013. In the first nine months of the financial year 2013 Deutsche Wohnen was able to increase its consolidated profit to EUR 66.5 million (previous year: EUR 50.8 million). This is substantially due to the acquisitions made in 2012 and 2013 by which Deutsche Wohnen has systematically expanded its residential property portfolio. Adjusted earnings before taxes rose by around 66 % to EUR 99.9 million (previous year: 60.2 million). Earnings from Residential Property Management improved by around 54 % to EUR 208.2 million (previous year: EUR 135.4 million), earnings from Disposals by around 23 % to EUR 17.9 million (previous year: EUR 14.6 million) and earnings from Nursing and Assisted Living by around 29 % to EUR 9.9 million (previous year: EUR 7.7 million).
In comparison to the previous year the key figure, Funds from Operations (FFO without disposals), rose by 65 % to EUR 86.3 million (previous year: EUR 52.4 million). Calculated per share, FFO increased from EUR 0.44 to EUR 0.53. The loan-to-value ratio was approximately 56.3 % as at the reporting date (31 December 2012: 57.2 %). Taking into account the pay-out of a dividend of EUR 0.21 per share, the intrinsic value, measured as EPRA NAV, rose during the reporting period to EUR 12.89 per share (31 December 2012: EUR 12.48 per share).
Effect of new letting rents and the Berlin rent index
The in-place rents in the letting portfolio of the strategic core and growth regions (approximately 61,900 residential units) rose by 3.1 % on a like-for-like basis in comparison to the previous year. This development is mainly attributable to rising rents through new lettings and to the effects of applying the Berlin rent index to Deutsche Wohnen's Berlin portfolio.
Closing of the GSW transaction expected by the end of the year
On 20 August 2013, Deutsche Wohnen AG had announced its submission of a public exchange offer for all outstanding shares of GSW Immobilien AG. Upon accepting the offer, each GSW shareholder receives 2.55 shares of Deutsche Wohnen AG per GSW share. The clear vote of the Deutsche Wohnen shareholders in support of the GSW transaction at the Extraordinary General Meeting on 30 September 2013 underlines the added value to be gained from this amalgamation. Clear support was also shown by the GSW shareholders with their submission of about 78 % of all GSW shares within the initial standard acceptance period. A further acceptance period will close on 18 November 2013.
'We are on the home straight and assume that we will be able to close the transaction at the beginning of December - much earlier than we expected,' explains Michael Zahn, CEO of Deutsche Wohnen AG.
Lars Wittan's appointment as member of the Management Board extended On 4 November 2013 the Supervisory Board of Deutsche Wohnen AG resolved to extend the appointment of Lars Wittan as a member of the Management Board of Deutsche Wohnen AG for a further five years.
Forecast
In the half-year report in August 2013 Deutsche Wohnen had already raised the forecast for recurring FFO (without disposals) for the financial year 2013 by 10 % to EUR 110 million. Following the completion of the first three quarters of this financial year the forecast is confirmed.
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. As at 30 June 2013 the portfolio comprises 89,810 units in total, of which 88,695 are residential units and 1,115 are commercial properties. The company is listed on 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
---------------------------------------------------------------------
12.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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
---------------------------------------------------------------------
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
--------------------------------------------------------------------- 239184 12.11.2013