Deutsche Wohnen AG / Final Results
26.03.2010 07:04
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CORPORATE NEWS
Deutsche Wohnen continues on road to success
- 2.2 % increase in EBITDA to EUR 133.5 million
- 34.4 % increase in FFO to EUR 0.43 per share
- Significant reduction of vacancy
- Optimised financial structure
- Positive outlook for 2010
Frankfurt am Main / Berlin, 26 March 2010. Despite the difficult market
environment, Deutsche Wohnen brought the financial year 2009 to a
successful close: The EBITDA rose by a further 2.2 % to EUR 133.5 million.
This was due to an optimised income and cost structure, a reduction in
corporate expenses and, in particular, the company's successful rental
business. The EBT increased from EUR -328.8 million to EUR 3.4 million and
the FFO rose by 34.4 % to EUR 0.43 per share.
'We have managed to turn the company around: taking into account
non-recurrent expenses, we are almost back in the black (earnings are at
EUR -13.3 million, up from EUR -255.9 million in the previous year). In the
financial year 2009, we also successfully completed the restructuring of
the company following the integration of GEHAG. Deutsche Wohnen now
represents a competitive, scalable platform for sustainable growth', says
Michael Zahn, CEO of Deutsche Wohnen AG.
Significant improvement of operating results
Despite the disposal of a total of 199,358 sqm of floor space (3,371
apartments) in the years 2008/2009, the result from rental business rose by
2.2 % to EUR 151.0 million (previous year: EUR 147.8 million). This was
achieved, inter alia, by an average increase in net cold rent and a
simultaneous decline in vacancy. Compared to the previous year, Deutsche
Wohnen raised rent levels as of the balance sheet date of 31 December 2009
by 3.1 % to EUR 5.26/sqm. In the same period, the vacancy rate improved by
30 % to
4.2 %. Costs per unit amount to EUR 376.
In the sales segment the group sold a total of 1,573 apartments (previous
year: 1,798). With a transaction volume of EUR 85.7 million and
distribution costs of EUR 6.2 million, the contribution margin amounted to
EUR 79.4 million. Taking into account book value disposals, the resulting
profit amounts to EUR 9.7 million (previous year: EUR 13.2 million). After
loan repayments, the net cash and cash equivalents amount to EUR 42.5
million, which corresponds to 49 % of sales proceeds.
In the nursing home segment, the annual result increased from EUR 8.7
million in the previous year to EUR 9.1 million despite tighter
socio-political and market framework conditions (+4.6 %).
Optimisation of financial structure
At 28 %, the equity ratio improved substantially due to the capital
increase carried out in 2009. The same is true for the Net Net Asset value
(NNAV), which increased from EUR 646.6 million in the previous year to EUR
870.3 million. In relation to the issued shares, the NNAV amounted to EUR
10.63 per share as of 31 December 2009.
Financial liabilities were reduced substantially from EUR 2,089.2 million
to EUR 1,802.7 million (-13.7 %). The ratio of net financial liabilities to
real estate assets (Loan-to-Value-Ratio) thus improved from 70.6 % to 61.5
%.
'In the context of the reorganisation of our financial liabilities, we
renegotiated loans with a total volume of approx. EUR 900 million. It was
our intention to standardise loan agreements and financial ratios as well
as optimising repayment structures. We succeeded in this aim in 2009', says
CFO Helmut Ullrich.
Positive outlook for 2010
In 2010, Deutsche Wohnen will be concentrating on a further improvement of
its business operations to underpin the company's ability to pay dividends
on a sustainable basis. Furthermore, the company will exploit all existing
expansion potential as well as generating sustainable external growth.
Deutsche Wohnen expects a further rise in rental income in the next two
years as well as lower vacancy-related charges, which should largely
compensate rental shortfall due to single privatisation. In terms of single
sales, the privatisation target has remained at 500 residential units.
The loan repayments will take full effect in the coming months and interest
charges will once more decline substantially.
As a result of these developments, the successful completion of the
restructuring project and the absence of further restructuring expenses,
Deutsche Wohnen expects to generate its first positive overall result in
2010 as well as a significant increase in the FFO from currently EUR 0.43
per share to approx. EUR 0.48 per share. This does not include the
operating performance contribution made by valuation, bloc sales and
acquisitions.
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 49,496 units of which 49,026 are residential and 470 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.
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Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
Phone: +49 (0)30 89786-0
Fax: +49 (0)30 89786-509
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
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DGAP-News: Deutsche Wohnen AG: Full Year Results 2009; Deutsche Wohnen continues on road to success
| Source: EQS Group AG