DGAP-News: Deutsche Wohnen AG / Key word(s): Half Year Results/Interim
Report
Deutsche Wohnen AG: Interim result as at 30 June 2014 - Deutsche
Wohnen increases forecast for the financial year 2014
14.08.2014 / 07:01
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Interim result as at 30 June 2014
Deutsche Wohnen increases forecast for the financial year 2014
- Group profit increased by 88% to EUR 94.6 million
- FFO (without disposals) up by 88% to EUR 114.2 million
- FFO forecast for 2014 raised by EUR 10 million to EUR 220 million
Frankfurt/Main and Berlin, 14 August 2014. Deutsche Wohnen increased its
Group profit substantially by 88% to EUR 94.6 million in the first
half-year of 2014. This was essentially due to the takeover of GSW
Immobilien AG.
The key performance figure Funds from Operations (FFO, without disposals)
increased in comparison to the equivalent period of the previous year by
approximately 88% to EUR 114.2 million (previous year: EUR 60.6 million).
Calculated per share the FFO (without disposals) increased by 5% to EUR
0.40. The Loan-to-Value Ratio (LTV) as at the reporting date was 56.2% (31
December 2013: 57.3%). The intrinsic value of the company, measured as EPRA
NAV (undiluted), rose to EUR 14.20 per share (31 December 2013: EUR 13.99
per share) in the first half-year of 2014.
Strong operational performance
As at 30 June 2014 the portfolio of Deutsche Wohnen comprised 148,035
residential units with a fair value of approximately EUR 8.8 billion. As at
the reporting date the average in-place rent in the entire portfolio was
EUR 5.62 per sqm, with a vacancy rate of 2.5%. The continuing high demand
for accommodation in German metropolitan areas is benefitting both the
lettings business of Deutsche Wohnen and its Disposals segment.
Accordingly, it was possible to increase the current gross rental income to
EUR 313.4 million (previous year: EUR 168.1 million) in the first half-year
of 2014 with a Net Operating Income (NOI) of EUR 238.8 million (previous
year: EUR 126.6 million). Over the past twelve months Deutsche Wohnen
(including GSW) was able to achieve rental growth in its entire Portfolio
of 3.4% on a like-for-like basis, with a continuously low vacancy rate of
2.5%. In its Core+ regions, which constitute 80% of the entire portfolio,
the company achieved rental growth of 3.9% on a like-for-like basis, with a
vacancy rate of 2.0%. Moreover, in its Core regions, which to a large
extent consist of acquisitions from the years 2012 and 2013, the Company
was able to achieve rental growth of 2.0% and to reduce the vacancy rate to
3.0% (previous year: 3.8%).
In comparison to the equivalent period of the previous year the sales
result rose markedly to EUR 25.6 million (HY1 2013: EUR 12.3 million). In
the first half-year of 2014 3,462 units were sold, 1,664 of which as
privatisations. Deutsche Wohnen is benefitting here from the high demand
for property as a form of investment.
Integration of GSW proceeding more swiftly than planned
"The integration of GSW is proceeding swiftly. We are ahead of our targets
both in terms of our schedule and in terms of the cost-savings," explains
Michael Zahn, CEO of Deutsche Wohnen AG. "The high acceptance by our
shareholders is also a positive signal. For example, the Annual General
Meeting in June of this year was almost unanimous in its support for the
conclusion of a domination agreement between Deutsche Wohnen and GSW. We
are now able to implement this agreement swiftly and we expect synergies of
more than EUR 10 million in 2014."
Forecast for 2014 raised
Because of the very good operational performance of the company and the
progress in the integration of GSW the forecast for FFO (without disposals)
of at least EUR 210 million for 2014 is being increased by further EUR 10
million to EUR 220 million. This does not take into consideration the
minority stake in GSW.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed residential property
companies in Germany and Europe with a business focus on managing and
developing its residential property portfolio. As at 30 June 2014 the
portfolio comprised a total of 150,136 units, of which 148,035 are
residential units and 2,101 commercial properties. In addition, the company
operates around 2,200 nursing places/apartments in the business area of
Nursing and Assisted Living. The company is listed in the Deutsche Börse's
MDAX and is also included in the leading indices EPRA/NAREIT and GPR 100.
Contact
Telephone +49 30 897 86-551 ATTENTION new extension from 19.08.2014: +49 30
897 86-5413
Telefax +49 30 897 86-507 ATTENTION new extension from 20.08.2014: +49 30
897 86-5409
ir@deutsche-wohnen.com
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Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt am Main
Germany
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: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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282087 14.08.2014
DGAP-News: Deutsche Wohnen AG: Interim result as at 30 June 2014 - Deutsche Wohnen increases forecast for the financial year 2014
| Source: EQS Group AG