18.03.2016
Deutsche Wohnen AG DE000A0HN5C6
DGAP-News: Annual result as at 31 December 2015 - Deutsche Wohnen achieves its best annual result in the history of the company
DGAP-News: Deutsche Wohnen AG / Key word(s): Final Results
Annual result as at 31 December 2015 - Deutsche Wohnen achieves its best
annual result in the history of the company
18.03.2016 / 07:02
The issuer is solely responsible for the content of this announcement.
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Annual result as at 31 December 2015
Deutsche Wohnen achieves its best annual result
in the history of the company
- Continuing dynamic growth in market leads to a rise of EUR 1.7 billion
in value of portfolio and an increase in EPRA NAV of 29% to EUR 23.01
per share
- Rise in FFO I of 39% to approximately EUR 303 million or EUR 0.94 per
share
- Dividend (proposal) up by 23% to EUR 0.54 per share
- Further increase in FFO I to at least EUR 360 million and in EPRA NAV
to EUR 25 to 26 per share anticipated for 2016
Frankfurt/Main and Berlin, 18 March 2016. In the financial year 2015,
Deutsche Wohnen once again achieved marked increases in all its key
figures. At EUR 1.2 billion, group profit was a good third higher than in
the previous year. As Michael Zahn, CEO of the company, explains, "With the
above-average rent and value potential of our high-quality portfolio, our
successful Disposals segment and value-enhancing acquisitions, we are
better placed today than ever before." In the reporting year, Funds from
Operations (FFO I) increased by 39% to EUR 303 million (previous year: EUR
217.6 million) due to the achievement of synergy effects, significantly
reduced financing costs following the successful refinancing measures as
well as organic growth. FFO I per share rose by approximately 25% to EUR
0.94. FFO II (including disposals) increased to EUR 371.9 million (previous
year: EUR 270.0 million), and by around 25% to EUR 1.16 per share. As at
the reporting date, the Loan-to-Value Ratio had fallen to 38.0% (31
December 2014: 51.0%). EPRA NAV (undiluted) rose significantly in
comparison to the previous year by 29% to EUR 23.01 per share (31 December
2014: EUR 17.86 per share).
Significant increase in operating results
As at 31 December 2015, the portfolio of Deutsche Wohnen comprised more
than 148,000 residential and commercial units with a fair value of around
EUR 12 billion. As at the reporting date, the average in-place rent across
all our holdings was EUR 5.89 per sqm, with a vacancy rate of 1.8%. On a
like-for-like basis, Deutsche Wohnen achieved a rental growth of 3.6% in
its strategic core and growth markets. The vacancy rate in these markets
decreased from 1.9% to 1.7%.
In the reporting year, Deutsche Wohnen increased its gross rental income to
EUR 634.0 million (previous year: EUR 626.3 million) with an operating
result (Net Operating Income - NOI) of EUR 474.9 million (previous year:
EUR 460.6 million). The NOI margin rose from 73.5% to 74.9%. The adjusted
EBITDA without Earnings from Disposals and one-off expenses increased by
10% to EUR 523.9 million (previous year: EUR 475.3 million). In particular,
the gains in efficiency resulting from the integration of GSW contributed
to this result. The adjusted EBIDTA margin rose significantly by about 4
percentage points from 67.5% to 71.8%.
Against the background of continuing high demand for property, the Earnings
from Disposals, in particular, increased by 32% to EUR 68.9 million
(previous year: EUR 52.4 million). A total of 9,405 units were sold and
recorded in the balance sheet for 2015, of which 1,908 were individual
privatisations and 7,497 sales to institutional investors.
Growth in value continues
In the financial year 2015, Deutsche Wohnen profited repeatedly from a
dynamic market environment and the excellent development of its portfolio,
above all in the Core+ regions. Following the valuation of the portfolio,
the increase in value was approximately EUR 1.7 billion. The most
significant increases in value were recorded in Greater Berlin with
approximately EUR 1.6 billion and the Rhine-Main region and the Rhineland
with approximately EUR 0.1 billion.
Acquisition of 22,000 units strengthens growth
Deutsche Wohnen succeeded in acquiring a total of just under 22,000
residential units in various transactions in 2015. A good two thirds of
these properties are located in Core+ regions, and the remainder
predominantly in Core regions. The company is strengthening its holdings in
Berlin, one of the most dynamically growing markets in Germany, with more
than 11,000 residential units. In complementing its existing portfolio,
Deutsche Wohnen can use economies of scale to manage the holdings it has
acquired at optimum cost. In 2016, these acquisitions will make a
significant contribution to the growth of the company.
Capital market recognises the company's success
In 2015, the Deutsche Wohnen share price developed positively once again,
achieving a plus of 31% and, in so doing, managing to outperform the
positive trends of industry benchmarks like EPRA Germany. Subject to
approval by the Annual General Meeting, our shareholders will also profit
from a dividend of EUR 0.54 per share, which is 23% higher than the
dividend for the previous year. Furthermore, against the background of the
consistently positive development of our business, we intend to increase
the pay-out ratio for the dividend payable for the financial year 2016 from
its current level of 60% to 65% of FFO I.
Outlook
For the financial year 2016, Deutsche Wohnen is assuming that the market
environment will remain favourable. On the basis of the current base
scenario, i.e. without further acquisitions and opportunistic disposals,
the company anticipates an increase in FFO I to at least EUR 360 million
with a Loan-to-Value Ratio of about 40%. Without one-off effects and
assuming that the general conditions for the company's business remain
unchanged, increases in the value of its holdings are anticipated for 2016
as well. Accordingly, it is expected that the EPRA NAV per share will be
between EUR 25 and EUR 26. With its modernisation programme of EUR 400
million Deutsche Wohnen expects to generate further value potential by
specific investments in Core+ regions.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed real estate companies
in Germany and Europe with a business focus on managing and developing its
portfolio, which focuses on residential properties. 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, STOXX Europe 600 and GPR 15.
Important Notice
This publication represents neither an offer for sale nor request for
purchase of securities.
Any statements regarding the future in this document do not represent any
facts and use terms such "will", "expected", "believe", "estimate",
"intend", "strive", and "assume" and other similar phrases. The statements
express the intention, views and current expectations and assumptions of
Deutsche Wohnen and parties acting in concert with Deutsche Wohnen. The
statements directed at the future are based on current planning, estimates
and forecasts, which Deutsche Wohnen and the parties acting in concert with
Deutsche Wohnen have made to the best of their knowledge but do not contain
any statement about their future validity. Future-based statements are
subject to risks and uncertainties, which are generally difficult to
predict and are generally not in Deutsche Wohnen's sphere of influence or
that of the parties acting in concert with Deutsche Wohnen. Please note
that the actual results or events may deviate substantially from those
provided in or removed from the future-based statements.
Contact
Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
[email protected]
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service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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, Munich,
Stuttgart; Terminbörse EUREX
End of News DGAP News Service
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