23.02.2017
TAG Immobilien AG DE0008303504
DGAP-News: TAG Immobilien AG exceeds FFO forecast for 2016 and increases FFO and dividend guidance for 2017
DGAP-News: TAG Immobilien AG / Key word(s): Preliminary Results
TAG Immobilien AG exceeds FFO forecast for 2016 and increases FFO and
dividend guidance for 2017
23.02.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
PRESS RELEASE
TAG Immobilien AG exceeds FFO forecast for 2016 and increases FFO and
dividend guidance for 2017
- FFO in FY 2016 up by 27% to EUR 97.0m, or by 16% to EUR 0.72 per share
- FFO reaches EUR 27.1m in Q4 2016, up from EUR 25.0m in previous quarter
- Vacancy continues to improve in the financial year, falling by 1.6
percentage points to 6.1%
- Like-for-like rental growth at 3.7% p.a. taking effects from vacancy
reduction into account or 2.0% without these effects
- FFO forecast for financial year 2017 is raised to between EUR 110m and
112m, or EUR 0.77 per share (after formerly EUR 104m to 106m or EUR
0.74 per share)
- Dividend forecast for 2017 lifted to EUR 0.60 per share
Hamburg (23 February 2017) - TAG Immobilien AG (TAG) today released
preliminary figures from its IFRS consolidated financial statements for the
2016 financial year. With a portfolio of approximately 80,000 units at the
end of 2016, the company achieved significant success in vacancy reduction
and generated a strong operating result. Funds from Operations (FFO without
net revenues from sales) amounted to EUR 97.0m or EUR 0.72 per share,
putting them considerably above the previous year's figure of EUR 76.3m or
EUR 0.62 per share - and above the FFO forecast, which had already been
raised during the course of 2016 to between EUR 92.0m and EUR 93.0m or EUR
0.68 per share. Consolidated net income increased by 36% to EUR 200.7m
(previous year: EUR 147.3m).
Strong key indicators based on excellent operating performance
Rental income increased from EUR 259.3m in the previous year to EUR 275.2m
in the financial year 2016. This resulted in net rental income of EUR
224.7m (previous year EUR 205.5m). New rentals increased across the Group,
causing vacancy in the residential units to fall to 6.1% at the end of the
year, vs. 7.7% at the beginning of the year. In the Salzgitter region,
vacancy was reduced by 4.6 percentage points from 12.1% to 7.5% within a
twelve-month period. The vacancy rate for the overall portfolio was 6.5% in
December 2016, compared to 8.2% at the end of 2015. On a like-for-like
basis, rental growth in the Group's residential portfolio was 3.7% p.a.
taking into account the effects of vacancy reduction or 2.0% without these
effects. This, too, reflects substantial increases compared to the previous
year (3.3% and 1.6% p.a.).
At EUR 246.7m, earnings before taxes (EBT) were up by 41% over the previous
year's EBT of EUR 175.0m. Among other things, this increase is due to
valuation gains of EUR 163.1m already recorded in the previous quarters
(previous year EUR 98.7m). Finally, the financial result also improved
year-on-year, to EUR -89.5m as compared to EUR -96.0m in 2015. Consolidated
net income increased by 36%, from EUR 147.3m in the previous year to EUR
200.7m in 2016
Despite the dividend pay-out of EUR 0.55 per share in June 2016, net asset
value (NAV) per share increased to EUR 11.54 at the end of 2016, after EUR
10.64 at the end of the previous year. Meanwhile, the Loan to Value (LTV)
ratio was reduced by 5.6 percentage points to 57.1% in 2016, compared to
62.7% at 31 December 2015.
Already-adjusted FFO forecast for 2016 exceeded; 2017 guidance increased
In August 2016, the FFO guidance for the full year 2016 had already been
raised by around 10% to between EUR 92m and EUR 93m or EUR 0.68 per share.
At EUR 97.0m and EUR 0.72 per share, this result was once again exceeded
thanks to a strong third- and fourth-quarter performance in 2016. As a
result, and supported by the acquisition of around 1,650 residential units
in Q4 2016, the FFO forecast for financial year 2017 has been increased to
between EUR 110.0m and EUR 112.0m (previously EUR 104.0m to EUR 106m). This
corresponds to an increase in the expected FFO per share to EUR 0.77
(previously EUR 0.74).
A dividend of EUR 0.57 is still planned for the 2016 financial year. The
dividend forecast for the 2017 financial year can already be further
increased from the originally planned EUR 0.59 per share to EUR 0.60 per
share.
Martin Thiel, CFO of TAG, says: "Our strategy is working better than ever:
by selectively selling in high-price markets, and then reinvesting the
sales proceeds in 'B locations' in Eastern Germany, we are generating
attractive returns and cash flows. Targeted investments and dedicated
neighbourhood management are the basis for our excellent rental performance
and vacancy reduction. Against this backdrop and in view of the anticipated
savings from the upcoming refinancing activities in 2017 and 2018, we will
be able to keep increasing our dividend payments continuously".
For further details on the results of the 2016 financial year, please refer
to the presentation published today at http://www.tag-ag.com/en/investor-
relations/presentations. The Annual Report of TAG Immobilien AG will be
published on 23 March 2017.
Press enquiries:
TAG Immobilien AG
Dominique Mann
Head of Investor & Public Relations
Phone +49 (0) 40 380 32 300, Fax +49 (0) 40 380 32 388
[email protected]
---------------------------------------------------------------------------
23.02.2017 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: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 388
E-mail: [email protected]
Internet: http://www.tag-ag.com
ISIN: DE0008303504, XS0954227210, DE000A12T101
WKN: 830350, A1TNFU, A12T10
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Stuttgart, Tradegate Exchange
End of News DGAP News Service
---------------------------------------------------------------------------
546735 23.02.2017
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
TAG Immobilien AG ISIN: DE0008303504 können Sie bei EQS abrufen
Immobilien (Wohn) , 830350 , TEG , XETR:TEG