News
05/31/2010
Deutsche Wohnen AG: Turnaround accomplished; Deutsche Wohnen with positive business figures in the first quarter
DGAP-News: Deutsche Wohnen AG: Turnaround accomplished; Deutsche Wohnen with positive business figures in the first quarter
Deutsche Wohnen AG / Quarter Results/Interim Report
31.05.2010 07:16
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
CORPORATE NEWS
Turnaround accomplished: Deutsche Wohnen with positive business figures in the first quarter
- Improvement in adjusted earnings before taxes to EUR 9.1 million
- Increase in earnings after taxes from EUR -2.2 million to EUR 5.2 million
- Increase in FFO by 55 % to EUR 0.17 per share
Frankfurt am Main / Berlin, 31 May 2010. Deutsche Wohnen started the year 2010 successfully with the first quarter of 2010. Due to the strong operative development and the omission of special effects, the company has accomplished the turnaround and shows a positive result as of the reporting date.
'As in the financial year 2009 we also succeeded in the first months of 2010 in increasing all major performance indicators compared to the same period last year. With the conclusion of the restructuring phase and the increase in our earnings after taxes to EUR 5.2 million we entered into a new chapter of our corporate history in the first quarter of 2010', explained Michael Zahn, CEO of Deutsche Wohnen AG.
Improvement in FFO
Compared to the previous year the company was able to increase the adjusted earnings before taxes from EUR 4.9 million to EUR 9.1 million. Earnings per share increased from EUR -0.08 to EUR 0.06. Through good operative business activities and the reduced interest paid the Funds from Operations (FFO) improved by 55 % from EUR 0.11 per share to EUR 0.17 per share.
'The FFO per share is now EUR 0.06 higher than for the previous year, which means we have already exceeded the increase of EUR 0.05 forecast for the whole financial year 2010', Zahn said.
The debt repayments of the group has been continued in the first quarter of 2010 and as a result of further repayments of financial liabilities led to an improved Loan-to-Value (LTV) ratio of 60.3 %. The cash and cash equivalents increased by EUR 30.0 million to EUR 87.0 million.
Rental increase in core portfolio
The result from rentals was increased in the core portfolio within twelve months by
6.6 % per square metre and month. The rent was thereby able to be increased from
5.22 EUR/m² to 5.37 EUR/m². The vacancy rate decreased from 4.1 % to 3.1 % year on year. In spite of rental shortfalls due to sales the result from residential property management thus stabilised at the same level from the first quarter of 2009.
The notarized sales volume increased compared to the previous year (EUR 31.8 million) to EUR 55.2 million. In housing privatisation significant book profits were achieved with gross margins of 35 %. In institutionalised sales the focus was to streamline the portfolio in structurally weaker regions.
Positive development in 2010
Due to the positive development of FFO in the first quarter of 2010 Deutsche Wohnen sees additional potential here in the coming months.
A further focal point lies in strengthening the portfolio basis. Along with a targeted acquisition strategy, the company is pushing for a sustained streamlining of the portfolio.
Deutsche Wohnen
Deutsche Wohnen is the second-largest listed real estate company in Germany. In terms of operative focus, the company concentrates on the management and development of its portfolio. All in all, the portfolio comprises 49,068 units of which 48,597 are residential and 471 commercial. The company has 81.84 million shares listed in the SDAX segment of Deutsche Börse and is also listed on the MSCI and EPRA indices.
Contact:
+49 (0)30 / 89786 - 551
31.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
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: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service
Deutsche Wohnen AG / Quarter Results/Interim Report
31.05.2010 07:16
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
CORPORATE NEWS
Turnaround accomplished: Deutsche Wohnen with positive business figures in the first quarter
- Improvement in adjusted earnings before taxes to EUR 9.1 million
- Increase in earnings after taxes from EUR -2.2 million to EUR 5.2 million
- Increase in FFO by 55 % to EUR 0.17 per share
Frankfurt am Main / Berlin, 31 May 2010. Deutsche Wohnen started the year 2010 successfully with the first quarter of 2010. Due to the strong operative development and the omission of special effects, the company has accomplished the turnaround and shows a positive result as of the reporting date.
'As in the financial year 2009 we also succeeded in the first months of 2010 in increasing all major performance indicators compared to the same period last year. With the conclusion of the restructuring phase and the increase in our earnings after taxes to EUR 5.2 million we entered into a new chapter of our corporate history in the first quarter of 2010', explained Michael Zahn, CEO of Deutsche Wohnen AG.
Improvement in FFO
Compared to the previous year the company was able to increase the adjusted earnings before taxes from EUR 4.9 million to EUR 9.1 million. Earnings per share increased from EUR -0.08 to EUR 0.06. Through good operative business activities and the reduced interest paid the Funds from Operations (FFO) improved by 55 % from EUR 0.11 per share to EUR 0.17 per share.
'The FFO per share is now EUR 0.06 higher than for the previous year, which means we have already exceeded the increase of EUR 0.05 forecast for the whole financial year 2010', Zahn said.
The debt repayments of the group has been continued in the first quarter of 2010 and as a result of further repayments of financial liabilities led to an improved Loan-to-Value (LTV) ratio of 60.3 %. The cash and cash equivalents increased by EUR 30.0 million to EUR 87.0 million.
Rental increase in core portfolio
The result from rentals was increased in the core portfolio within twelve months by
6.6 % per square metre and month. The rent was thereby able to be increased from
5.22 EUR/m² to 5.37 EUR/m². The vacancy rate decreased from 4.1 % to 3.1 % year on year. In spite of rental shortfalls due to sales the result from residential property management thus stabilised at the same level from the first quarter of 2009.
The notarized sales volume increased compared to the previous year (EUR 31.8 million) to EUR 55.2 million. In housing privatisation significant book profits were achieved with gross margins of 35 %. In institutionalised sales the focus was to streamline the portfolio in structurally weaker regions.
Positive development in 2010
Due to the positive development of FFO in the first quarter of 2010 Deutsche Wohnen sees additional potential here in the coming months.
A further focal point lies in strengthening the portfolio basis. Along with a targeted acquisition strategy, the company is pushing for a sustained streamlining of the portfolio.
Deutsche Wohnen
Deutsche Wohnen is the second-largest listed real estate company in Germany. In terms of operative focus, the company concentrates on the management and development of its portfolio. All in all, the portfolio comprises 49,068 units of which 48,597 are residential and 471 commercial. The company has 81.84 million shares listed in the SDAX segment of Deutsche Börse and is also listed on the MSCI and EPRA indices.
Contact:
+49 (0)30 / 89786 - 551
31.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
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: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Hamburg, Stuttgart
End of News DGAP News-Service