DGAP-News: WCM Beteiligungs- und Grundbesitz-AG / Key word(s): Quarter
Results/Real Estate
WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong Q1 2016 results
27.05.2016 / 08:45
The issuer is solely responsible for the content of this announcement.
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WCM reports strong Q1 2016 results
- Real estate portfolio increased by 4.9 percent to EUR 530.5 million
(year-end 2015: EUR 505.7 million)
- Funds from operations (FFO I) increased to EUR 4.4 million and FFO II
to EUR 4.9 million
- Net loan-to-value (LTV) stands at 52 percent
- EPRA Net Asset Value (NAV) increased to EUR 293.5 million or EUR 2.41
per share (year-end 2015: EUR 290.6 million and EUR 2.38 per share)
- Reaffirmed guidance for 2016 and further portfolio growth anticipated
through acquisitions
Frankfurt am Main, 27 May 2016 - SDAX listed WCM Beteiligungs- und
Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) publishes its Q1 results for
2016. WCM continued its profitable growth track. All key performance
measures and corporate figures were further improved during the quarter. At
the end of Q1 2016 the portfolio stands at a total market value of EUR
530.5 million. This compares to a real estate portfolio of EUR 505.7
million as of 31 December 2015. The company achieved a rental income of EUR
7.7 million in Q1 2016 compared to EUR 0.7 million in Q1 2015. WCM's funds
from operations (FFO I) rose to EUR 4.4 million or EUR 0.04 per share in
the first quarter of 2016 compared to EUR -0.2 million in Q1 2015. WCM
continued with its portfolio expansion in Q1 2016 and further closed three
assets. In addition to the recent transactions, WCM has continued its
portfolio strategy and successfully disposed a non-strategic assets with a
profit of EUR 0.5 million. The FFO II corresponded to EUR 4.9 million for
Q1 2016. WCM achieved a consolidated net income of EUR 1.7 million compared
to EUR 0.4 million in Q1 2015.
Implementation of solid long-term financing structure
As of 31 March 2016, the EPRA Net Asset Value (NAV) stood at EUR 293.5
million or EUR 2.41 per share, compared to EUR 290.6 million and EUR 2.38
per share in 2015. The loan-to-value (LTV) of the portfolio equals 52
percent as of 31 March 2016. WCM's mid-term LTV target is set below 50
percent. The current portfolio is financed with a low average interest rate
of 2.1 percent and an average loan maturity of 6.4 years. The weighted
average remaining lease time (WALT) of the total portfolio increased
slightly to 9.5 years (9.4 years in 2015) with a continuous low EPRA
vacancy rate of 4.8 percent.
Management Board reaffirms guidance
With the previously announced disposal of the Bremerhaven asset, as well as
two smaller office assets, the overall WCM portfolio is further enhanced.
The disposed three non-strategic assets were sold at a profit to or at book
value. Based on the annualised rental income the WCM portfolio is comprised
by 43 percent in retail assets (WALT: 12.3 years) and 57 percent in office
assets (WALT: 8.7 years). With the contractually secured assets the WALT
increases to 10.1 years compared to 9.4 years in 2015 and the vacancy will
be reduced to 3.7 percent (5.4 percent in 2015). Supported by the
successful performance during the first quarter of 2016 the guidance for
the years remains unchanged. FFO is projected to be between EUR 18.0
million and EUR 21.0 million, compared to EUR 7.9 million in 2015. WCM will
continue its value enhancing acquisition strategy with focus on NAV and FFO
accretion in 2016 for both office and retail assets across Germany. In
addition, active portfolio and asset management is furthering the bottom
line growth.
The quarterly report including is available for download at the Investor
Relations section on the company's website www.wcm.de.
WCM Key IFRS 1 January 1 January - 31 Absolute Change in
Figures - 31 March March 2015 change percent
in kEUR 2016
Rental income 7,674 699 6,975 >100
Net operating 7,156 622 6,534 >100
income
Net income 1,730 372 1,358 >100
FFO I 4,381 -163 4,544 >100
FFO I per share 0.04 0.00 0.04 >100
(in EUR)
FFO II 4,864 n/a n/a n/a
FFO II per share 0.04 n/a n/a n/a
(in EUR)
EPRA Earnings 2,116 n/a n/a n/a
Earnings per 0.01 0.01 0.00 0
share, undiluted
(in EUR)
Earnings per 0.01 0.01 0.00 0
share, diluted
(in EUR)
WCM Key Balance 31. March 31. December Absolute Change in
Sheet Ratios 2016 2015 change percent
in kEUR
Investment 530,467 505,731 24,736 4.9
properties
Total assets 597,755 550,924 46,831 8.5
Shareholder's 271,466 269,582 1,884 0.7
equity (incl.
minorities)
Financial 309,080 264,131 44,949 17.0
liability
EPRA NAV 293,541 290,608 2,933 1.0
EPRA NAV per 2.41 2.38 0.03 1.3
share (in EUR)
EPRA NNNAV per 2.24 2.22 0.02 0.9
share (in EUR)
Key Portfolio Figures 31 March 2016 31 December 2015
Lettable area 308,416 m² 293,986 m²
Annualised rental income in (kEUR) 33,319 31,533
EPRA net initial yield (NIY) in 5.6 5.6
percent
EPRA vacancy rate in percent 4.8 4.8
Net Loan-to-Value (LTV) in percent 52.0 50.0
Weighted Average remaining lease time 9.5 9.4
(WALT) in years
Average cost of debt in percent 2.1 2.1
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 530 Mio. The company has extensive loss carry forwards in corporate and
commercial tax. Shares of WCM AG are listed in the SDAX of Deutsche Boerse
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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467007 27.05.2016
DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong Q1 2016 results
| Source: EQS Group AG