DGAP-News: WCM Beteiligungs- und Grundbesitz-AG / Key word(s): Final
Results/Real Estate
WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong 2015 year end
results
29.04.2016 / 14:10
The issuer is solely responsible for the content of this announcement.
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WCM reports strong 2015 year end results
- WCM confirms pre-announced results from 25 April 2016
- Funds from operations (FFO I) in first operational year at EUR 7.9
million
- EPRA Net Asset Value (NAV) at EUR 290.6 million or EUR 2.38 per share
- Portfolio growth to EUR 505.7 million with a weighted average remaining
lease time (WALT) of 9.4 years and an EPRA vacancy rate of 4.8 percent
- FFO I between EUR 18.0 million and EUR 21.0 million projected for 2016
given current acquisition and divestment targets
- Realized strategic divestment of 3 assets considerably above December
2015 book value (+ 26 percent) and pre-tax profit of EUR 1.6 million
- Further portfolio growth anticipated with acquisitions of 3 retail
assets previously announced with a market value of EUR 48 million
Frankfurt am Main, 29 April 2016 - SDAX listed WCM Beteiligungs- und
Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) publishes its audited year end
results for 2015. WCM confirms its pre-announced results from 25 April
2016. The audited report including a detailed company presentation is
available for download at the Investor Relations section on the company's
website www.wcm.de.
WCM achieved a consolidated net income of EUR 57.7 million compared to EUR
1.2 million in the previous year. The result corresponds to earnings per
share of EUR 0.72 in 2015 compared to EUR 0.08 in 2014. Although the
operational relaunch only started in the 4th quarter of 2014, the company
achieved a rental income of EUR 10.4 million in 2015. The annualised rental
income comprising the 2015 announced and closed transactions amounts to EUR
31.5 million and will be fully attributed to the current year.
WCM's funds from operations (FFO I) rose to EUR 7.9 million in the first
operational year since relaunch. As of 31 December 2015, the EPRA Net Asset
Value (NAV) stood at EUR 290.6 million or EUR 2.38 per share.
Accretive Portfolio Growth
In 2015, WCM has built a portfolio comprising 49 commercial real estate
assets with a market value of EUR 505.7 million (as of 31 December 2015).
In comparison, WCM's 2014 real estate portfolio amounted to only EUR 17.3
million. The newly acquired assets achieve a steady and high cash flow as
well as a gross yield of 6.2 percent and an EPRA net yield of 5.6 percent.
The weighted average remaining lease time (WALT) of the total portfolio is
9.4 years with a low EPRA vacancy rate of 4.8 percent.
The rental income is complemented by attractive financing conditions. The
current portfolio is financed with an average interest rate of 2.1 percent
and an average loan maturity of 7 years. The loan-to-value (LTV) of the
portfolio equals 52.2 percent.
Forecast for 2016
WCM will continue with its portfolio expansion in 2016 and projects a FFO
between EUR 18.0 million and EUR 21.0 million depending on acquisition and
divestment targets. The company plans to pay a dividend to its shareholders
for 2016. Three contractually secured retail properties with a market value
of c. EUR 48.0 million have been partially integrated in the portfolio. As
of 31 March 2016, the previously acquired DIY store in Goppingen with a
gross acquisition price of EUR 22.0 million has been included in the
portfolio. The other properties are in an advanced construction status and
are expected to be handed over with newly signed leases by the end of the
year. The market value of those assets amount to c. EUR 25.8 million. The
pro-forma gross asset value of WCM's portfolio including the recent
transactions totals c. EUR 550 million.
Positive Outlook with Successful Divestments
In addition to the recent transactions, WCM has continued its strategy
focus and successfully disposed three non-strategic assets for a combined
EUR 7.9 million resulting in a pre-tax profit of EUR 1.6 million (+26
percent) compared to the book value as of 31 December 2015.
Stavros Efremidis, CEO of WCM AG states: "In 2015, we have seized the
opportunities on the German commercial real estate market and acquired top
assets with high and steady cash flows. We will continue our acquisitions
with focus on NAV and FFO accretion in 2016 on both office and retail
assets across Germany. In addition, our active portfolio and asset
management is furthering the bottom line growth. As a shareholder and CEO
of WCM, I am confident we will achieve those goals".
WCM Key IFRS Figures
in KEUR 1.1. - 31.12.2015 1.1. - 31.12.2014
Rental income 10,445 0
Net operating income 9,560 0
Net income 57,675 1,206
FFO I 7,930 (1,393)
Earnings per share (in EUR) 0.72 0.08
Earnings per share diluted (in EUR) 0.72 0.08
FFO I per share (in EUR) 0.10 (0.10)
WCM Key Balance Sheet Ratios
in KEUR 31.12.2015 31.12.2014
Investment properties 501,546 17,337
Assets held for divestment 4,185 0
Total equity & liabilities 550,924 43,889
Shareholder's equity 269,582 31,809
Debt 281,342 12,080
EPRA NAV per share (in EUR) 2.38 n.a.
Key Portfolio Figures as of 31.12.2015
Number of assets 49
Lettable area 293,986 square metres
Annualised rental income EUR 31.5 million
EPRA net initial yield (NIY) 5.6 percent
EPRA vacancy rate 4.8 percent
Loan-to-value (LTV) 52.2 percent
Weighted Average remaining lease time (WALT) 9.4 years
Average cost of debt 2.1 percent
About WCM AG
WCM Beteiligungs- und Grundbesitz-AG (WCM AG), with headquarters in
Frankfurt am Main, is a specialised commercial real estate company. As a
real estate proprietor, the focus is on long-term rental of high-quality
office and retail properties in the major office locations in Germany.
Since the operational restart in 2014, WCM AG has focused on an extensive
network for the acquisition of properties as well as on value-creating
asset management, in order to generate attractive long-term rental income
and a steady cash flow. The portfolio has a gross asset value of more than
EUR 500 million. The company has extensive loss carry forwards in corporate
and commercial tax. Shares of WCM AG are listed in the SDAX of Deutsche
Borse since 21 December 2015.
Press contact:
edicto GmbH
Axel Mühlhaus/ Dr. Sönke Knop
+49 (0) 69-905505-51
wcm@edicto.de
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Language: English
Company: WCM Beteiligungsund Grundbesitz-AG
Bleichstr. 64-66
60313 Frankfurt am Main
Germany
Phone: +49 (0)30 8870 476-10
Fax: +49 (0)30 8870 476-20
Internet: www.wcm.de
ISIN: DE000A1X3X33, SDAX
WKN: A1X3X33
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Stuttgart; Regulated Unofficial Market
in Munich
End of News DGAP News Service
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459237 29.04.2016
DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong 2015 year end results
| Source: EQS Group AG