News
11/27/2007
Deutsche Wohnen AG: Results as at 30 September 2007
DGAP-News: Deutsche Wohnen AG: Results as at 30 September 2007
Deutsche Wohnen AG / Interim Report
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
Today, on 27 November 2007, Deutsche Wohnen publishes its key figures as at 30 September 2007. In order to allow for the utmost transparency these figures are presented on a pro-forma basis as though Gehag has been consolidated since January 1st 2007.Moreover these pro-forma figures are already based on the fair value accounting method following the decision to change from the historical cost method. In the light of these significant events any comparative figures with the same period in the previous year have been rendered ineffective and have therefore not been presented.
Essential information regarding the reporting period are as follows (all on a pro forma basis):
Revenues for the first nine months of 2007 on a pro forma basis came in at EUR 199.7 million. Gross rental income amounted to EUR 146.8 million, with net rental income at EUR 129.6 million.
Compared to the same period last year, Deutsche Wohnen managed to increase rents by 3% overall. An important contributor to rental income to the Group were new lets, whereby in the first nine months of 2007, 4,100 new rental contracts were agreed, with an average rent of EUR 5.50 per m² which is some 14% above the average rent for the group.
In the privatization department, the average selling prices raised by 11% to EUR 1,326 per sqm compared to 30 September 2006. Net profits from the privatisation segment amounted to EUR 2.3 million pro forma which corresponds to EUR 10.6 million when using the at cost accounting method in the first nine months of 2007. The difference clearly reflects the effects of the accounting method between at cost and at fair value. Company has emphasised its strategy of reducing the level of sales and to focus instead on deriving greater value from its portfolio in the form of increased rental growth.
Based on pro forma, EBIT in the first nine months amounted to EUR 403.1 million and EBITDA to EUR 63.7 million, when based on the fair value accounting method. The large difference between these two figures is core to the fair value accounting method, in which assets are valued at market value rather than at cost and are consequently not depreciated over time.
Using the at cost method would have resulted in EBITDA of EUR 39.4 million and EBIT of EUR 21.1 million.
Net profit (pro forma) amounted to EUR 341.3 million, with EPS at EUR 12.9 per share. When using fair value while at cost the net profit would amount to EUR 33.6 million, corresponding to an EPS of EUR 1.27 .
The management has decided to use FFO (Funds from Operations) as one of its key performance measures and, as such FFO including privatisations based on the fair value accounting method amounted to EUR 8.6 million and EUR 6.3 million excluding privatisations, in the first nine months of 2007.
Following the revaluation of the entire property portfolio the Net Asset Value of the Group as at 30 September 2007 amounted to EUR 1.03 billion, which amounts to EUR 39.00 per share.
At the time of the acquisition of GEHAG in July 2007, the Company estimated full year net profit results of around EUR 1.0 million, following the effects of the property revaluation as well as some tax changes the Company is expecting approximately EUR 30 million for the full year 2007.
The full version of the Q3 2007 interim report is available on the internet website of Deutsche Wohnen http://www.deutsche-wohnen.de.
Hubert Bonn
Head of Investor Relations
Phone: +49 (0)6131 4800 262
email: hubert.bonn@deuwo.com
27.11.2007 Financial News transmitted by DGAP
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: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
Deutsche Wohnen AG / Interim Report
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
Today, on 27 November 2007, Deutsche Wohnen publishes its key figures as at 30 September 2007. In order to allow for the utmost transparency these figures are presented on a pro-forma basis as though Gehag has been consolidated since January 1st 2007.Moreover these pro-forma figures are already based on the fair value accounting method following the decision to change from the historical cost method. In the light of these significant events any comparative figures with the same period in the previous year have been rendered ineffective and have therefore not been presented.
Essential information regarding the reporting period are as follows (all on a pro forma basis):
Revenues for the first nine months of 2007 on a pro forma basis came in at EUR 199.7 million. Gross rental income amounted to EUR 146.8 million, with net rental income at EUR 129.6 million.
Compared to the same period last year, Deutsche Wohnen managed to increase rents by 3% overall. An important contributor to rental income to the Group were new lets, whereby in the first nine months of 2007, 4,100 new rental contracts were agreed, with an average rent of EUR 5.50 per m² which is some 14% above the average rent for the group.
In the privatization department, the average selling prices raised by 11% to EUR 1,326 per sqm compared to 30 September 2006. Net profits from the privatisation segment amounted to EUR 2.3 million pro forma which corresponds to EUR 10.6 million when using the at cost accounting method in the first nine months of 2007. The difference clearly reflects the effects of the accounting method between at cost and at fair value. Company has emphasised its strategy of reducing the level of sales and to focus instead on deriving greater value from its portfolio in the form of increased rental growth.
Based on pro forma, EBIT in the first nine months amounted to EUR 403.1 million and EBITDA to EUR 63.7 million, when based on the fair value accounting method. The large difference between these two figures is core to the fair value accounting method, in which assets are valued at market value rather than at cost and are consequently not depreciated over time.
Using the at cost method would have resulted in EBITDA of EUR 39.4 million and EBIT of EUR 21.1 million.
Net profit (pro forma) amounted to EUR 341.3 million, with EPS at EUR 12.9 per share. When using fair value while at cost the net profit would amount to EUR 33.6 million, corresponding to an EPS of EUR 1.27 .
The management has decided to use FFO (Funds from Operations) as one of its key performance measures and, as such FFO including privatisations based on the fair value accounting method amounted to EUR 8.6 million and EUR 6.3 million excluding privatisations, in the first nine months of 2007.
Following the revaluation of the entire property portfolio the Net Asset Value of the Group as at 30 September 2007 amounted to EUR 1.03 billion, which amounts to EUR 39.00 per share.
At the time of the acquisition of GEHAG in July 2007, the Company estimated full year net profit results of around EUR 1.0 million, following the effects of the property revaluation as well as some tax changes the Company is expecting approximately EUR 30 million for the full year 2007.
The full version of the Q3 2007 interim report is available on the internet website of Deutsche Wohnen http://www.deutsche-wohnen.de.
Hubert Bonn
Head of Investor Relations
Phone: +49 (0)6131 4800 262
email: hubert.bonn@deuwo.com
27.11.2007 Financial News transmitted by DGAP
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: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service