Colonia Real Estate AG / Final Results
31.03.2008
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.
---------------------------------------------------------------------------
Colonia Real Estate AG doubles net profit to EUR 67.1mn First time
dividend
Consolidated net profit increased as announced from EUR 31.1mn to EUR
67.1mn
First time dividend proposal of EUR 0.25 per share
Full year 2008 guidance of EUR 72 75 mn
Cologne, 31st of March 2008 Colonia Real Estate AG (ISIN DE0006338007)
could clearly increase the 2007 revenues and net profit. Revenues increased
to EUR 157.7mn after EUR 128.5mn a year before. EBIT improved to EUR 82.6mn
after EUR 51.7mn and net earnings after tax more then doubled to EUR 67.1mn
after EUR 31.1mn in 2006. Earnings per share jumped to EUR 3.31 after EUR
1.97 a year before. The executive board and supervisory board of Colonia
will propose a first time dividend payment of EUR 0.25 per share on this
years annual general meeting. The executive board additionally plans to
distribute future dividends in the amount of up to 60% of the operating
cash earnings.
Total assets increased from EUR 420.2mn to EUR 1,035.9mn. Equity grew from
EUR 100.1mn to EUR 321.6mn. This led to an improved equity ratio of 31.0%
after 23.8% in 2006. Debt in the amount of EUR 638mn is long term financed
at an average interest rate of 4.8% per year and a duration of more then 6
years, hence entirely hedge against interest rate volatility in the market.
Only c.3% of the outstanding debt has a duration below one year. On the
basis of an independent appraisal report as of 31st of December 2007 the
companies net asset value (NAV) is EUR 16.30 per share after EUR 5.75 at
the end of 2006. Co-Investments in commercial properties have been
accounted at cost values. A valuation of the asset and fund management has
not been included in this calculation.
Solid growth in all segments
The significant growth in net profit is based on a dynamic growth of the
investment and asset management segment. Thus, the residential portfolio
could be clearly increased and comprises now 19,800 apartments after 8,600
units one year before. This increased gross rental income by 192% to EUR
47.6mn after EUR 16.3mn. EBIT from this segment jumped to EUR 31.7mn after
EUR 10.8mn. Particularly successful was the decrease of vacancy. On a
like-for-like basis, the active asset management reduced the vacant space
from 15.1% by 3.7% points to 11.4%. Rent levels increased on a like for
like basis by 2.7% points. This positive development resulted in a entire
revaluation profit of the residential portfolio of around EUR 60mn before
tax.
A dynamic increase was driver of the asset management. CRE Resolution could
boost its third parties revenues by factor three to EUR 8.9mn after EUR
3.0mn a year before. All-in, Resolution re-let 115,000 sqm of commercial
space for its clients. The funds management slightly underachieved the 2007
targets with revenues of EUR 2.4mn through the placement of the first two
nursery home funds CareInvest 1 and 2. The expected placement of the third
fund was postponed in the fourth quarter due to weak capital markets. This
fund is going to be placed through a co-opoeration with HGA, a subsidiary
of HSH Nordbank, in the next months.
Colonia Real Estate estimates for 2008 further improvements on the
reduction of the residential portfolios´ vancancy, rent increases and
growth of assets under management for third parties on the commercial real
estate side. Besides the active management, this results as well on a EUR
50mn modernisation program on 3,200 apartments that will be finalized in
sommer 2008. An attractive subsidised low-interest financing for the entire
quality improvement has already been signed last year with banks like KfW.
The asset and fund management segment shows an continuing high demand of
predominantly long-term orientated foreign investors. Thus, the executive
board expects an increase in revenues in this segment of at least 50% The
2008 net earnings guidance of EUR 72mn to 75mn includes c. 40% of fix
foreseeable cash earnings from rental income, asset management fees and
disposals of the current portfolio.
The analyst conference can be followed online at 10.00am CET under:
http://cre310308-live.cyber-presentation.de/cgi-bin/audience.ssp
---------------------------------------------------------------------------
Information and Explaination of the Issuer to this News:
'The excellent result underlines the solid growth of the company.
Particularly the successful 'working the assets' approach with a clear
vacancy reduction and a strong improvement of rent levels in the
residential portfolio are and will be key factors for the earnings growth.
With the first-time payment of a dividend, we give shareholders the
opportunity to participate on our earnings growth', comments Stephan Rind,
CEO of Colonia Real Estate AG the 2007 results.
Contact:
Christoph D. Kauter
Head of Corporate Finance and Investor Relations
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Köln
Telefon: +49 (0)221 71 60 71 0
Fax: +49 (0) 221 71 60 71 99
E-Mail: ir@cre.ag
PR and Press Contact:
edicto GmbH
Axel Mühlhaus
Tel.: +49 (0) 69 9055055-2
amuehlhaus@edicto.de
DGAP 31.03.2008
---------------------------------------------------------------------------
Language: English
Issuer: Colonia Real Estate AG
Zeppelinstr. 4 - 8
50667 Köln
Deutschland
Phone: +49 221-716071-0
Fax: +49 221-716071-99
E-mail: info@cre.ag
Internet: www.cre.agISIN: DE0006338007
WKN: 633800
Indices: SDAX, GPR 250, MSCI Germany Small Cap Index, FTSE EPRA/
NAREIT, E&G DIMAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf; Freiverkehr in Hamburg, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: Colonia Real Estate AG doubles net profit to EUR 67.1mn First time dividend
| Source: EQS Group AG