21.02.2017 Deutsche Wohnen AG  DE000A0HN5C6

DGAP-News: Deutsche Wohnen AG: Approximately EUR 1.3bn capital market transactions and preliminary results 2016


 
DGAP-News: Deutsche Wohnen AG / Key word(s): Corporate Action Deutsche Wohnen AG: Approximately EUR 1.3bn capital market transactions and preliminary results 2016 21.02.2017 / 18:13 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- NOT FOR RELEASE, PUBLICATION, DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAWS. Deutsche Wohnen AG: Approximately EUR 1.3bn capital market transactions and preliminary results 2016 - Issuance of EUR 800 million convertible bonds maturing 2024 and cash capital increase of approximately EUR 500 million - Proceeds principally for early refinancing of outstanding 2020 convertible bonds, refinancing of the equity portion of the Pegasus nursing home portfolio acquisition, additional smaller acquisitions as well as strengthening of liquidity for acquisition pipeline - Successful financial year 2016 with a portfolio revaluation of almost EUR 2.7 billion in the reporting period, GSW goodwill fully impaired Frankfurt/Main and Berlin, 21 February 2017. Today, the management board of Deutsche Wohnen AG ("Deutsche Wohnen" or the "Company"), with the approval of the supervisory board, has resolved to concurrently launch the following transactions: - The issue of EUR 800 million convertible bonds at a premium of 48 % to 58 % above the placement price of the capital increase and an annual coupon of 0.20 % to 0.45 % maturing in July 2024 (the "New Convertible Bonds") - Invitation to holders of the outstanding Deutsche Wohnen convertible bonds due in 2020 to make offers to sell for an aggregated nominal amount of up to EUR 250 million via a Reverse Dutch Auction (the "Convertible Bonds Tender Offer") - A capital increase through issuance of new shares for cash with the intention to generate proceeds in the amount of approximately EUR 500 million via an accelerated bookbuilding process ("Capital Increase") The shares underlying the New Convertible Bonds and the shares from the Capital Increase amount together to almost 10 % of the registered share capital of the Company. Philip Grosse, CFO of Deutsche Wohnen: "We are making use of the attractive financing environment to optimize our capital structure through the early refinancing of our upcoming maturities. As a result of the refinancing of the convertible bonds, we reduce a potential dilution risk for our shareholders and strengthen our maturity profile with a continued low interest rate. We also use this transaction to fund acquisitions of over EUR 600 million over the past months with equity and to build liquidity reserves for the existing acquisition pipeline." New Convertible Bonds The management board of Deutsche Wohnen, with approval of the supervisory board, resolved on the issuance of New Convertible Bonds with an aggregate principal amount of EUR 800 million maturing in July 2024. The New Convertible Bonds are convertible into newly issued or existing Deutsche Wohnen bearer shares with no par value or can be repaid in cash. The shareholders' preemptive rights are excluded. The New Convertible Bonds will be issued at 100 % of their nominal value with a denomination of EUR 100,000 per convertible bond and - unless previously converted, repurchased or redeemed - will be redeemed at par at maturity. The New Convertible Bonds will be offered with an annual interest rate between 0.20 % and 0.45 % and a conversion premium between 48 % and 58 % above the placement price per Deutsche Wohnen share in the Capital Increase. An adjustment of the conversion price takes place in case of a dividend payment greater than EUR 0.54 per annum per share during the term of the New Convertible Bonds. The New Convertible Bonds will be offered solely to institutional investors in certain jurisdictions, outside the United States, via a private placement. The initial conversion price and the conversion premium are expected to be determined via an accelerated bookbuilding. The New Convertible Bonds are expected to be issued by Deutsche Wohnen on or about February 27, 2017, and subsequently to be admitted to trading on the non-regulated open market segment (Freiverkehr) of the Frankfurt Stock Exchange. Deutsche Wohnen will be entitled to redeem the New Convertible Bonds from August 17, 2022 if the stock exchange price per share of Deutsche Wohnen amounts to at least 130% of the conversion price over a certain period. The holders of the New Convertible Bonds will not be entitled to an investor put. Convertible Bonds Tender Offer Moreover, the management board of Deutsche Wohnen, with approval of the supervisory board, resolved today to authorize banks, acting on behalf of the Company, to invite holders of outstanding nominal EUR 250,000,000 convertible bonds issued by Deutsche Wohnen on November 22, 2013, due 2020 ("2020 Convertible Bonds") to make offers to sell for cash their 2020 Convertible Bonds. The current market value of the outstanding 2020 Convertible Bonds amounts to approx. EUR 460 million. The purchase price per EUR 100,000 principal amount will be between EUR 1,500 - EUR 1,750 over the bond closing price on February 21, 2017, prior to the announcement of this transaction. The final purchase price and the total number of the 2020 Convertible Bonds expected to be acquired will be determined on the basis of a reverse bookbuilding process closing on Wednesday, February 22, 2017 at 17.30 CET, and settlement is expected to occur on or around February 28, 2017. The Convertible Bonds Tender Offer is not open to any persons located or resident in the United States or that are otherwise U.S. Persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended), or persons acting for the account or benefit of any such persons, or in any other jurisdiction where the Convertible Bonds Tender Offer or any participation therein would be unlawful. After this process, Deutsche Wohnen will decide whether, to what extent and at what price it will purchase 2020 Convertible Bonds. Deutsche Wohnen is under no obligation to purchase 2020 Convertible Bonds through this process. Capital Increase The management board of Deutsche Wohnen, with approval of the supervisory board, further resolved on a capital increase, which corresponds to an amount of approximately EUR 500 million or 5 % of the registered share capital, against cash contributions and under exclusion of shareholders' subscription rights. The placement price per new share will be determined following the conclusion of an accelerated bookbuilding. The new shares carry full dividend rights as of January 1, 2016. The share placement will be launched with immediate effect and the new shares shall be offered to institutional investors inside and outside of Germany The new shares shall be admitted to trading on the regulated market (regulierter Markt) without a prospectus and are expected to be included in the existing quotation for the Company's shares in the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) on the Frankfurt Stock Exchange on or about February 27, 2017. Use of Proceeds The proceeds from the Capital Increase will be used in most part to finance the Convertible Bonds Tender Offer. The remaining proceeds from the Capital Increase and the proceeds from the issue of the New Convertible Bonds will primarily be used to finance the future acquisition pipeline, the Pegasus nursing home portfolio acquisition announced in Q3 2016 and other smaller recent acquisitions. The acquisition pipeline and the chances of executing further acquisitions are good. There are currently advanced but not yet concluded negotiations for a medium sized residential portfolio located in existing Core+ locations. The remaining proceeds shall be used as liquidity reserves for future acquisitions, as well as capital expenditures including new developments and shall also serve general corporate purposes. Preliminary results per 31 December 2016 Deutsche Wohnen AG is able to report a successful business trend for the past financial year 2016 and exceeds its guidance for property valuation. At the end of 2016, the fair value of the investment properties amounted to approximately EUR 16 billion (2015: EUR 11.9 billion). This corresponds to a value of around EUR 1,580 per square meter and 21.5 times the annualized annual rent of the residential property portfolio. The portfolio revaluation for the full year 2016 is therefore almost EUR 2.7 billion and exceeds the forecast of an expected revaluation of EUR 2.2 billion. This development reflects the attractive market development, which has led to significant value increases particularly in our core market in Berlin. As a result, our residential portfolio in Berlin, which accounts for around 76 % of the total portfolio value, is valued at around EUR 1,740 per square meter. The EPRA NAV at the end of the year also evidences the strong growth. At EUR 29.50-30.00 per share the undiluted EPRA NAV is almost 40 % higher compared to the corresponding for goodwill adjusted previous year number. The ongoing dynamic market development in Berlin and the resulting revaluation of the properties of GSW Immobilien AG and its subsidiary of around EUR 1.1 billion in the financial year 2016 resulted in a full impairment of the goodwill of around EUR 535 million from the GSW transaction in 2013. We have revalued the portfolio by a total of EUR 2.4 billion since the acquisition of GSW Immobilien AG. The forecasted EPRA NAV of approximately EUR 30 per share is thus achieved even without consideration of the goodwill. Once again an above-average like-for-like rental growth of 3.5 % in Berlin was achieved. At 1.6 % the vacancy in Berlin remains at a very low level. Funds from Operations (FFO I) increased to approximately EUR 384 million in 2016 (2015: EUR 304 million). This corresponds to EUR 1.14 per share, or an increase of around 20 % compared to the previous year. The publication of the audited consolidated financial statements is expected on 21 March 2017. Deutsche Bank Aktiengesellschaft, Goldman Sachs International and UBS Limited are acting as Joint Global Coordinators and, together with BNP PARIBAS, as Joint Bookrunners for the transaction and as Deal Managers on the Convertible Bonds Tender Offer. Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt am Main International Securities Identification Number (ISIN): DE000A0HN5C6 Contact: Sebastian Jacob Tel.: +49 (0)30 897 86-5412 [email protected] Deutsche Wohnen Deutsche Wohnen is one of the largest publicly listed property companies in Germany and Europe with a business focus on managing and developing its residential property portfolio. As at 31 December 2015 the portfolio comprised a total of 148,218 units, of which 146,128 are residential units and 2,090 commercial properties. The company is listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250. Important Notice This publication may not be published, distributed or transmitted, directly or indirectly, in the United States (including its territories and possessions), Canada, Australia or Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of Deutsche Wohnen AG in the United States, Germany or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities of Deutsche Wohnen AG may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of Deutsche Wohnen AG have not been, and will not be, registered under the Securities Act. This publication is not an extension of a tender offer in the United States for securities of Deutsche Wohnen AG. A tender offer for the sale of Convertible Bonds is not being made within the United States or to, or for the account or benefit of, persons located or resident in the United States. In the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. In member states of the European Economic Area ("EEA") which have implemented the Prospectus Directive (each, a "Relevant Member State"), this announcement and any offer if made subsequently is directed exclusively at persons who are "qualified investors" within the meaning of the Prospectus Directive ("Qualified Investors"). For these purposes, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU. No action has been taken that would permit an offering of the securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions. This information contains forward-looking statements that are based upon current views and assumptions of the Deutsche Wohnen AG management, which were made to its best knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause the earnings position, profitability, performance or the results of Deutsche Wohnen AG or the success of the housing industry to differ materially from the earnings position, profitability, performance or the results expressly or implicitly assumed or described in these forward- looking statements. In consideration of these risks, uncertainties and other factors, persons receiving these documents are advised not to unreasonably rely on these forward-looking statements. Deutsche Wohnen AG does not assume any obligation to update such forward-looking statements and to adjust them to any future results and developments. Contact: Contact Investor Relations: Phone +49 (0)30 897 86-5412 Fax +49 (0)30 897 86-5419 [email protected] --------------------------------------------------------------------------- 21.02.2017 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt am Main Germany Phone: +49 (0)30 89786-0 Fax: +49 (0)30 89786-5419 E-mail: [email protected] Internet: http://www.deutsche-wohnen.com ISIN: DE000A0HN5C6 WKN: A0HN5C Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 546387 21.02.2017


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 744,20 785,50 837,30 1.483,80 1.502,00 1.525,60 1.313,80
EBITDA1,2 600,80 659,10 873,10 1.010,10 886,10 701,80 634,80
EBITDA-Marge3 80,73 83,91 104,28 68,08 59,00 46,00
EBIT1,4 2.990,40 2.828,10 2.236,90 2.503,10 2.283,00 555,00 -3.315,00
EBIT-Marge5 401,83 360,04 267,16 168,70 152,00 36,38 -252,32
Jahresüberschuss1 1.763,30 1.862,60 1.600,90 1.553,10 919,00 -445,70 -2.761,10
Netto-Marge6 236,94 237,12 191,20 104,67 61,19 -29,21 -210,16
Cashflow1,7 518,20 469,40 454,50 504,50 465,20 364,90 384,80
Ergebnis je Aktie8 4,74 4,86 3,82 4,13 2,45 -1,09 -6,80
Dividende8 0,80 0,87 0,90 1,03 0,04 0,04 0,74
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Deutsche Wohnen
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0HN5C 19,000 Halten 7.605,64
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
22,35 9,28 2,43 10,47
KBV KCV KUV EV/EBITDA
0,56 19,77 5,79 25,10
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,04 0,04 0,21 06.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
03.05.2024 06.08.2024 08.11.2024 20.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-6,39% -10,27% -20,63% 10,14%
    
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Immobilien (Wohn) , A0HN5C , DWNI , XETR:DWNI