12.05.2016
Vonovia SE DE000A1ML7J1
DGAP-News: Vonovia SE: Vonovia Begins Year Very Successfully - Economies of Scale with Impact Lead to Improved Forecast for 2016
DGAP-News: Vonovia SE / Key word(s): Quarter Results/Real Estate
Vonovia SE: Vonovia Begins Year Very Successfully - Economies of Scale with
Impact Lead to Improved Forecast for 2016
12.05.2016 / 07:05
The issuer is solely responsible for the content of this announcement.
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Vonovia Begins Year Very Successfully - Economies of Scale with Impact Lead
to Improved Forecast for 2016
Consolidation Effects Make Faster Impact Than Expected - Profit From
Operations Significantly Increased in the First Quarter of 2016
- FFO 1 up by 58 % to EUR 186 million; FFO 1 comes to EUR 0.40 per share
(Q1 2015: EUR 0.32).
- EPRA NAV stands at EUR 14 billion; EPRA NAV per share at EUR 30.15.
- Vacancy rate further down to 2.8 % as of the end of the quarter (Q1
2015: 3.4 %); moderate rental increases of 2.9 % compared to Q1 2015.
Successful Start Leads to Improved Forecast for the 2016 Fiscal Year
- FFO 1 expected to increase by 20 % compared to 2015 to between EUR 720
million and EUR 740 million (Forecast March 2016: between EUR 690
million and EUR 710 million); FFO 1 per share of between EUR 1.55 and
EUR 1.59.
- Dividend of EUR 1.05 per share planned in 2016; 12 % higher than in
2015.
Further Increase in Investments in Real Estate Portfolio
- Investment in maintenance and modernization services climbs to EUR 125
million in Q1 2016 (Q1 2015: EUR 98 million).
- Record investments of up to EUR 830 million in modernization, new
construction and maintenance planned for 2016.
Bochum, Germany, May 12, 2016 - Vonovia SE ("Vonovia") is building on the
extremely strong performance of the previous year and has improved all key
figures in the first three months of the year. On the basis of these
results, Vonovia is improving its forecast for the 2016 fiscal year.
"The successful start to the 2016 fiscal year shows that we can excellently
realize economies of scale on the basis of our platform. We are very
confident about developments in the remainder of the fiscal year and that
is why we have improved our forecast," says Rolf Buch, CEO.
Profit From Operations Increases Once Again in the First Quarter of 2016
As a key figure, FFO 1 (funds from operations, profit from operations after
current interest and taxes) rose by 58 % to EUR 186.3 million in the first
quarter of 2016 (Q1 2015: EUR 118.0 million). This represents a figure per
share of EUR 0.40 (Q1 2015: EUR 0.32). EPRA NAV (net asset value, real
estate assets without liabilities) stood at EUR 14,048.2 million at the end
of the first quarter of 2016, up slightly on the end of the 2015 fiscal
year. The EPRA NAV per share amounted to EUR 30.15 (Dec. 31, 2015: EUR
30.02). As of March 31, 2016, the LTV (loan-to-value) ratio was down to
45.8 % (46.9 % as of the end of 2015). Due to the current attractive
interest rate environment, Vonovia believes that it will be able to
refinance its commitments below its current average financing costs and
therefore further reduce future interest payments.
Profit for the period increased to EUR 79.2 million (previous year: EUR
30.3 million).
The Extension segment pools the various housing-related services that
Vonovia offers its approximately one million customers. These include those
performed by our own craftsmen's organization, the upkeep of the
residential environment, the cable TV business, measuring the consumption
of water and heating as well as condominium administration. Vonovia
successfully integrated two companies that it acquired with effect from
January 1, 2016 - IVV Immobilien Verwaltung GmbH and O-TEC Hausverwaltung
GmbH - into the Extension segment. Adjusted EBITDA in this segment rose by
38 % to EUR 7.6 million (Q1 2015: EUR 5.5 million).
Further Successful Optimizations to the Real Estate Portfolio
With effect from January 1, 2016, Vonovia acquired some 2,400 apartments,
primarily in the German states of Baden-Württemberg and Bavaria. As of the
end of the quarter, Vonovia managed a total of about 400,000 apartments in
attractive cities and regions in Germany, around 344,000 of which it owned
itself and around 54,000 it managed on behalf of third parties. The 344,000
or so apartments the company owns itself have a portfolio value of
approximately EUR 24 billion. The vacancy rate in the company's own
portfolio fell by 0.6 percentage points in comparison with the reporting
date for the prior period and was at a very low level of 2.8 % on March 31,
2016.
In the reporting period, Vonovia sold a total of some 15,550 apartments,
13,570 as a total portfolio to the LEG Group. Vonovia strives to
continuously enhance its real estate portfolio and prefers to sell
apartments from the "Non-Strategic" and "Non-Core" portfolios.
By virtue of the disposals and the low vacancy rate, rental income in the
Rental segment increased by 49 % to EUR 392.0 million in the reporting
period (Q1 2015: EUR 263.6 million). As an objective key figure used to
compare the same housing stocks, monthly in-place rent developed
positively, increasing by 2.9 % on a like-for-like basis to EUR 5.76 (Q1
2015: EUR 5.60).
Forecast Improved for the 2016 Fiscal Year
On the basis of the positive course of business in the first three months
of the current year, Vonovia is improving its forecast for 2016. Before the
adjustment, the FFO 1 target corridor for the fiscal year was between EUR
690 million and EUR 710 million. In respect of FFO 1, now an increase of 20
% is expected compared with 2015, taking the total to between EUR 720
million and EUR 740 million. This works out at an expected FFO 1 per share
of between EUR 1.55 and EUR 1.59. By the end of the year, Vonovia also
expects the EPRA NAV per share to have risen to up to EUR 31.
For the 2015 fiscal year, the Management Board will propose a dividend in
the amount of EUR 0.94 per share at the Annual General Meeting. This
corresponds to an attractive dividend yield of 3.3 %, based on the closing
share price in 2015. The policy of allowing shareholders to share in the
company's success remains unchanged. For 2016, Vonovia plans to distribute
a dividend of EUR 1.05 per share. This represents a further increase of
roughly 12 %.
Vonovia Share Price Increases
As of the balance sheet date of March 31, 2016, the price of the Vonovia
share stood at EUR 31.63 and therefore increased by about 11 % in the first
quarter of 2016, based on a closing price of EUR 28.55 on December 31,
2015. This means that Vonovia's shares deviated positively from the overall
trend on the DAX, which fell by around 7 %, from 10,743 to 9,965 points,
during the same period. Its market capitalization of around EUR 14.7
billion puts Vonovia in 23rd place among the most valuable listed companies
in Germany.
Renewed High Investments in the Real Estate Portfolio
Vonovia improves the quality of its properties on an ongoing basis and
invested a total of EUR 125.4 million in its portfolio in the first quarter
of 2016 (Q1 2015: EUR 97.5 million). EUR 73.5 million of this was
attributable to maintenance (Q1 2015: EUR 62.3 million) and EUR 51.9
million to modernization (Q1 2015: EUR 35.2 million).
An investment volume of about EUR 330 million is planned for maintenance in
the 2016 fiscal year. The investment program for modernization and new
construction is set to grow to between EUR 430 million and EUR 500 million.
Our focus will once again lie on energy efficiency measures, improving the
standard of comfort that our apartments offer and senior-friendly apartment
renovations. We will be doing more in terms of modernization at the
tenant's request and neighborhood development, as well as in the area of
infill developments and adding on to existing developments. In total, this
means an investment volume of up to EUR 38 per m² for modernization and
maintenance alone (2015: EUR 33 per m²).
The company also wishes to further improve customer satisfaction in the
current year; the aim is to increase the relevant index (CSI) by up to 5 %
compared to the 2015 level.
The 2016 Q1 report can be accessed at www.vonovia.de. Further information
can be found in the press section of the company's website.
2016/2017 Financial Calendar
August 2, 2016: Interim Report H1 2016
November 3, 2016: Interim Report Q3 2016
March 7, 2017: Publication of 2016 Annual Report
in EUR million Financial Key Figures 3M 2016 3M 2015 Change in % 0 Rental income from 392.0 263.6 48.7 property management Income from disposal of 690.5 123.0 461.4 properties Adjusted EBITDA Rental 269.0 177.1 51.9 Adjusted EBITDA 7.6 5.5 38.2 Extension Adjusted EBITDA Sales 35.0 9.5 268.4 Adjusted EBITDA 311.1 192.0 62.0 Modernization and 125.4 97.5 28.6 maintenance services thereof for maintenance 73.5 62.3 18.0 and capitalized maintenance thereof for 51.9 35.2 47.4 modernization FFO 1 186.3 118.0 57.9 FFO 2 195.1 125.2 55.8 FFO 1 per share in EUR* 0.40 0.32 26.1 Profit for the period 79.2 30.3 161.4 in EUR million Key Balance Sheet Mar. 31, 2016 Dec. 31, 2015 Change Figures in % Fair value of the 23,814.4 24,157.7 -1.4 real estate portfolio EPRA NAV 14,048.2 13,988.2 0.4 EPRA NAV per share 30.15 30.02 0.4 in EUR* Adjusted EPRA NAV 11,331.6 11,273.5 0.5 Adjusted EPRA NAV 24.32 24.19 0.5 per share in EUR* LTV in %** 45.8 46.9 -1.1 pp Non-Financial Key 3M 3M 2015 Chan- Figures 2016 ge in % Number of units 398,3 387,712 2.7 managed 31 thereof own 343,9 345,629 -0.5 apartments 67 thereof apartments 54,36 42,083 29.2 owned by others 4 Number of units 2,417 144,602 -98.3 bought Number of units 15,55 2,489 524.8 sold 1 thereof Privatize 890 553 60.9 thereof Non-Core 14,66 1,936 657.3 1 Vacancy rate in % 2.8 3.4 -0.6 pp Monthly in-place 5.84 5.53 5.6 rent in EUR/m² Monthly in-place 5.76 5.60 2.9 rent in EUR/m² (like for like)*** Number of 6,683 5,737 16.5 employees (as of March 31) *Based on the shares carrying dividend rights on the reporting date Mar. 31, 2016: 466,000,624; Mar. 31, 2015: 354,106,228; prior-year value TERP-adjusted **Based on the shares carrying dividend rights on the reporting date Mar. 31, 2016: 466,000,624; Dec. 31, 2015: 466,000,624 *** Incl. GAGFAH excl. Franconia/SÜDEWOAbout Vonovia Vonovia SE is Germany's leading nationwide residential real estate company. Vonovia currently owns and manages around 344,000 residential units in all of Germany's attractive cities and regions. Its portfolio is worth approximately EUR 24 billion. An additional 54,000 or so third-party apartments are also managed by Vonovia. As a modern service company, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive and livable homes is a prerequisite for the company's continued successful development. Accordingly, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties. The creation of new residences by way of infill development is also gaining in importance. The company, which is based in Bochum, has been listed on the stock exchange since 2013 and on the DAX 30 since September 2015. Vonovia SE is also listed on the international indices STOXX Europe 600, MSCI Germany, MSCI Germany, GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of 6,700 employees. Additional Information: Approval: Regulated Market / Prime Standard, Frankfurt Stock Exchange ISIN: DE000A1ML7J1 WKN: A1ML7J Common code: 094567408 Registered headquarters of Vonovia SE: Münsterstrasse 248, 40470 Düsseldorf, Germany Business address of Vonovia SE: Philippstrasse 3, 44803 Bochum, Germany This press release has been issued by Vonovia SE and/or its subsidiaries solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of Vonovia ("forward-looking statements") that reproduce various assumptions regarding results derived from Vonovia's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by Vonovia and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute appropriate indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. Vonovia accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. Vonovia does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. Vonovia is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release. --------------------------------------------------------------------------- 12.05.2016 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Vonovia SE Philippstraße 3 44803 Bochum Germany Phone: +49 234 314 2384 Fax: +49 234 314 888 2384 E-mail: [email protected] Internet: www.vonovia.de ISIN: DE000A1ML7J1 WKN: A1ML7J Indices: DAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 462763 12.05.2016
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