News
07/27/2007
Deutsche Wohnen AG: Half-Year Results 2007
DGAP-Ad-hoc: Deutsche Wohnen AG: Half-Year Results 2007
Deutsche Wohnen AG / Half Year Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
For the first half of 2007 Deutsche Wohnen shows within Groups income statement a loss of EUR 4.4 million for profit before tax and a loss of EUR 5.3 million for profit after tax.
Information and Explaination of the Issuer to this News:
Above mentioned results as at 30 June 2007 were primarily influenced by the following issues:
- Profit from Deutsche Wohnen’s core business of residential property management rose by a substantial EUR 3.1 million to EUR 26.2 million, due to the consolidation of DB Immobilienfonds 14.
- The number of privatized apartments also rose in Q2 2007 but remained below the prior-year level (272 sales recognized on the balance sheet as against 345 in H1 2006). The segment result for the housing privatization segment declined by EUR 2.0 million to EUR 0.9 million.
- The net increase in employee expenses of approximately EUR 0.5 million resulted from a severance payment made to a member of the Management Board who left the Company.
- Resulting interest expenses of EUR 1.4 million based on again tendered limited partnership interests in DB 14 and a compounding of the liabilities to fund limited partners.
- The impairment loss of EUR 2.2 million charged on a receivable was already explained in Q1 2007.
We are maintaining our full-year 2007 forecast for consolidated profit before tax of EUR 1 million that we released on July 3, 2007. This forecast includes both the merger with the GEHAG Group and the change in real estate accounting policies to the fair value model.
Further key figures as at 30 June 2007 (30 June 2007 / 30 June 2006)
Planned rental income (EUR m): 48.1 / 42.2
Actual rental income (EUR m): 43.8 / 38.8
Revenues from allocation of operating costs (EUR m): 15.5 / 13.5 Maintenance expense (EUR m): - 9.6 / - 9.0
Operating costs (EUR m): - 16.8 / - 14.6
Segment result property management (EUR m): 26.2 / 23.1 Reported Privatizations (Units) 272 / 345
Average privatization price (EUR per sqm) 765 / 872 Segment result privatization (EUR m): 0.9 / 2.9
Value adjustment, one-off effect (EUR m): - 2.2 / - Net finance costs (EUR m): - 16.2 / - 11.3
EBIT (EUR m): 11.7 / 14.3
EBITDA (EUR m): 20.2 / 21.4
Profit before tax (EUR m): - 4.4 / 2.6
Profit after tax (EUR m): - 5.3 / 1.7
The Half-Year Report 2007 will be published on Monday morning, 30 July 2007.
On 30 July 2007 at 10.00 am CET a conference call will be done regarding Half-Year results 2007 (livestream on http://www.deutsche-wohnen.de).
Hubert Bonn
Head of Investor & Public Relations
Phone: +49 (0)6131 4800 262
email: hubert.bonn@deuwo.com
DGAP 27.07.2007
Language: English
Issuer: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt am Main
Deutschland
Phone: +49 (0)6131 4800 262
Fax: +49 (0)6131 4800 4441
E-mail: hubert.bonn@deuwo.com
Internet: www.deutsche-wohnen.de
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: SDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
Deutsche Wohnen AG / Half Year Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
For the first half of 2007 Deutsche Wohnen shows within Groups income statement a loss of EUR 4.4 million for profit before tax and a loss of EUR 5.3 million for profit after tax.
Information and Explaination of the Issuer to this News:
Above mentioned results as at 30 June 2007 were primarily influenced by the following issues:
- Profit from Deutsche Wohnen’s core business of residential property management rose by a substantial EUR 3.1 million to EUR 26.2 million, due to the consolidation of DB Immobilienfonds 14.
- The number of privatized apartments also rose in Q2 2007 but remained below the prior-year level (272 sales recognized on the balance sheet as against 345 in H1 2006). The segment result for the housing privatization segment declined by EUR 2.0 million to EUR 0.9 million.
- The net increase in employee expenses of approximately EUR 0.5 million resulted from a severance payment made to a member of the Management Board who left the Company.
- Resulting interest expenses of EUR 1.4 million based on again tendered limited partnership interests in DB 14 and a compounding of the liabilities to fund limited partners.
- The impairment loss of EUR 2.2 million charged on a receivable was already explained in Q1 2007.
We are maintaining our full-year 2007 forecast for consolidated profit before tax of EUR 1 million that we released on July 3, 2007. This forecast includes both the merger with the GEHAG Group and the change in real estate accounting policies to the fair value model.
Further key figures as at 30 June 2007 (30 June 2007 / 30 June 2006)
Planned rental income (EUR m): 48.1 / 42.2
Actual rental income (EUR m): 43.8 / 38.8
Revenues from allocation of operating costs (EUR m): 15.5 / 13.5 Maintenance expense (EUR m): - 9.6 / - 9.0
Operating costs (EUR m): - 16.8 / - 14.6
Segment result property management (EUR m): 26.2 / 23.1 Reported Privatizations (Units) 272 / 345
Average privatization price (EUR per sqm) 765 / 872 Segment result privatization (EUR m): 0.9 / 2.9
Value adjustment, one-off effect (EUR m): - 2.2 / - Net finance costs (EUR m): - 16.2 / - 11.3
EBIT (EUR m): 11.7 / 14.3
EBITDA (EUR m): 20.2 / 21.4
Profit before tax (EUR m): - 4.4 / 2.6
Profit after tax (EUR m): - 5.3 / 1.7
The Half-Year Report 2007 will be published on Monday morning, 30 July 2007.
On 30 July 2007 at 10.00 am CET a conference call will be done regarding Half-Year results 2007 (livestream on http://www.deutsche-wohnen.de).
Hubert Bonn
Head of Investor & Public Relations
Phone: +49 (0)6131 4800 262
email: hubert.bonn@deuwo.com
DGAP 27.07.2007
Language: English
Issuer: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt am Main
Deutschland
Phone: +49 (0)6131 4800 262
Fax: +49 (0)6131 4800 4441
E-mail: hubert.bonn@deuwo.com
Internet: www.deutsche-wohnen.de
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: SDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service