DGAP-News: DO Deutsche Office AG / Key word(s): Interim Report
DO Deutsche Office AG publishes Consolidated Interim Statement Q1/2016
09.05.2016 / 17:47
The issuer is solely responsible for the content of this announcement.
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Cologne May 9, 2016. DO Deutsche Office AG ("Deutsche Office", Symbol:
PMOX, ISIN: DE000PRME020) publishes Consolidated Interim Statement Q1/2016.
1. Significant events
Planned transformation into a limited partnership
DO Deutsche Office AG ("Company" or "Deutsche Office AG") is pondering the
transformation into a limited partnership, more specifically that of a GmbH
& Co. KG. With the change of form, Deutsche Office AG shares will no longer
be admitted for trading.
The Supervisory Board of the Company approved the proposal of the Executive
Board to prepare Deutsche Office for the transformation into a GmbH & Co.
KG. Subject to the final decision of the Executive and Supervisory Board of
Deutsche Office, a resolution on this structural measure shall be adopted
at the 2016 Annual General Meeting.
No dividend payment in 2016
DO Deutsche Office AG-Group ("Group" or "Deutsche Office") closed the
fiscal year 2015 with a consolidated loss of EUR 79 million. For this
reason, the payment of a dividend in 2016 for the fiscal year 2015 was
omitted.
5,600 sqm new lease in the KASTOR TOWER in Frankfurt
In the first quarter of the fiscal year, a new lease up for approximately
5,600 sqm of office and ancillary space was closed. The lease will start on
June 15, 2016, and reduce the vacancy in the 30,600 sqm building from 71%
to 53%.
Loan repayment
On February 22, 2016, the loan to finance the Herkules portfolio with a
nominal value of EUR 332 million was repaid in full. The refinancing was
made using a further tranche of alstria's shareholder loan, which was
completed in December, 2015, between alstria and Deutsche Office to
refinance existing loans of the Deutsche Office Subgroup.
2. Key figures for the development of earning positions
Rental revenues amounted in the first quarter 2016 to EUR 26.0 million, and
were thus at the same level as in the first quarter of the previous year
(EUR 26.2 million).
Consolidated net profit for the quarter was EUR 10.8 million, which was
lower than in the first quarter of 2015, in which a consolidated net profit
of EUR 11.7 million was achieved. The decrease is mainly due to the
valuation of derivative financial instruments.
The operating result ("Funds from Operations": FFO) increased from EUR 12.0
million in the first quarter 2015 by EUR 3.6 million to EUR 15.6 million in
the reporting period, as both the finance costs and the administrative
expenses significantly reduced as a result of restructuring after the
takeover by alstria.
3. Key figures showing the assets and financial position
At the balance sheet date, the fair value of the Group's investment
properties amounted to EUR 1.64 billion (December 31, 2015: EUR 1.64
billion). The number of properties held by the Group was 49 properties,
unchanged from December 31, 2015.
The Group's NAV increased to approximately EUR 720.9 million (December 31,
2015: EUR 709 million).
On March 31, 2016, Deutsche Office had cash and cash equivalents of EUR
76.2 million (December 31, 2015: EUR 71.4 million).
4. Recent developments and outlook
Further refinancing
On May 2, 2016, the loan agreement for the financing of Homer portfolio
with a nominal value of EUR 333 million was cancelled. The repayment of the
loan has not yet occurred to the date of this release. To refinance the
loan, a further loan facility in the amount of EUR 315 million was granted
by the shareholder alstria office REIT-AG.
Operating result
The first quarter of fiscal year 2016 proceeded as expected. The Management
Board confirms the forecast to achieve rental revenues of EUR 108 million
and FFO of at least EUR 60 million for the 2016 financial year (based on
the existing portfolio).
Risk management
The Group is exposed through its business to various risks. For further
details please refer to the Annual Report 2015.
The overall risk situation of Deutsche Office has not changed.
Contact for corporate queries
DO Deutsche Office AG
Richard Berg
Head of Investor Relations & Corporate Communications
Email rberg@deutsche-office.de
Phone +49 (0)221 - 888 29 160
http://deutsche-office.com
alstria office REIT-AG
Ralf Dibbern
Head of Investor Relations & Public Relations
Email rdibbern@alstria.de
Phone +49 (0)40 - 22 63 41-329
http://alstria.de
About Deutsche Office
Deutsche Office is a listed office property company, focusing on German
metropolitan regions and conurbations. As at 31 December 2015, its
geographically diversified real estate portfolio currently contains 49
properties held as investment properties, with a total rental area of about
880,000 square meters and an attractive and broad tenant base. As at 31
December 2015, the properties had a market value of about EUR 1.6 billion.
Additional information on Deutsche Office is available online at:
http://deutsche-office.com
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09.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: DO Deutsche Office AG
Maarweg 165
50825 Cologne
Germany
Phone: +49 (0)221 88829 100
Fax: +49 (0)221 88829 199
E-mail: info@deutsche-office.de
Internet: www.deutsche-office.de
ISIN: DE000PRME020
WKN: PRME02
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart
End of News DGAP News Service
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461723 09.05.2016
DGAP-News: DO Deutsche Office AG publishes Consolidated Interim Statement Q1/2016
| Quelle: EQS Group AG