04.11.2016
DIC Asset AG DE000A1X3XX4
DGAP-News: DIC Asset AG: successful operative business in the third quarter of 2016
DGAP-News: DIC Asset AG / Key word(s): Quarterly / Interim Statement
DIC Asset AG: successful operative business in the third quarter of 2016
04.11.2016 / 06:59
The issuer is solely responsible for the content of this announcement.
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Press Release
Frankfurt, 4 November 2016
DIC Asset AG: successful operative business in the third quarter of 2016
- FFO of EUR 36.9 million stable at the previous year's level
(9m 2015: EUR 36.8 million)
- Projected sales target of EUR 80-100 million already reached
- Letting performance significantly improved, to EUR 22.2 million
(9m 2015: EUR 13.6 million)
- Marked decline in vacancy rate to 11.9 per cent
(down 1.3 percentage points)
- Higher FFO forecast for 2016 of EUR 46 million - EUR 47 million
DIC Asset AG (German Securities ID A1X3XX / ISIN DE000A1X3XX4) published
today its quarterly statement for the first nine months of the 2016
financial year. DIC Asset AG generated FFO (funds from operations) of EUR
36.9 million, almost identical to the previous year's level of EUR 36.8
million and in line with projections. At the same time, DIC Asset AG's
Management Board confirmed the FFO forecast for 2016, which it had raised
from EUR 43-45 million to EUR 46-47 million in September, as well as
expected higher rental income of between EUR 109 million and EUR 111
million. The positive development was mainly due to the successful letting
performance and a delayed transfer of possession, benefits and associated
risks for the planned sales of properties from the Commercial Portfolio.
Additional rental income from the properties notarised in July 2016 in
conjunction with the warehousing for the planned new retail property fund
is expected.
FFO per share for the first nine months amounted to EUR 0.54 (9m 2015: EUR
0.54). Taking into account dividend payments of EUR 0.37 in July, EPRA NAV
amounted to EUR 12.83 per share as at 30 September 2016. As such, EPRA
NAV per share was slightly below the year-end 2015 level of EUR 12.89(1).
EBIT during the period under review totalled EUR 62.5 million (9m 2015: EUR
64.7 million).
Aydin Karaduman, CEO of DIC Asset AG: "The positive quarterly figures
confirm our growth targets in the funds business, and highlight the fact
that we can realise potential in our portfolio by pursuing active asset
management. Thus, we expect positive year-end results, and anticipate
reaching our recently adjusted targets for 2016."
At EUR 22.5 million, consolidated profit for the period was higher than the
previous year's level (9m 2015: EUR 16.1 million). This result was driven
by the profits on property disposals of EUR 18.9 million (9m 2015: EUR 14.1
million), a EUR 12.3 million improvement in the net interest result, and
increased fund business fees. Earnings per share amounted to EUR 0.33 (9m
2015: EUR 0.23).
Successful asset management: significantly improved letting performance and
vacancy rate
DIC Asset AG's letting performance during the first nine months of 2016
comprised contracts generating aggregate annualised rental income of some
EUR 22.2 million (9m 2015: EUR 13.6 million), of which EUR 14.6 million
came from renewed rental agreements and EUR 7.6 million from new rentals.
As at the reporting date, the portfolio vacancy rate declined by 1.3
percentage points quarter-on-quarter to 11.9 per cent, reflecting the
positive letting performance. With 0.6 per cent growth, like-for-like
rental income also performed well. The successful new rentals contributed
significantly to this increase, as did rent increases following
contractually-agreed index adjustments in some cases.
During the first nine months of the year, real estate management fees rose
to EUR 18.0 million (9m 2015: EUR 4.5 million), largely driven by current
fund real estate management fees. These increased by EUR 12.8 million, to
reach EUR 16.1 million (9m 2015: EUR 3.3 million).
DIC Asset AG realised year-to-date sales volume of approximately EUR 86
million for the Commercial Portfolio. As a result, DIC Asset AG has already
achieved their sales target of EUR 80-100 million planned for the current
financial year. Including the reduction in joint venture investments the
total transactions amount to around EUR 163 million. The sales achieved an
average mark-up of around 11 per cent over the most recently appraised
market value.
Positive funds business performance
The funds business prospered during the first nine months of 2016, as
projected. To date, acquisitions of around EUR 330 million have been
realised this year. In the current financial year, real estate totalling
approximately EUR 110 million was acquired for the existing funds, and
three retail properties totalling approximately EUR 220 million were
purchased for the planned new retail property fund. With further purchases
planned between now and year-end, the Company anticipates an aggregate
full-year purchase total of around EUR 500 million. In the first nine
months, FFO contributions from fund real estate management and income from
fund investments increased significantly year-on-year, to EUR 18.0 million
(9m 2015: EUR 5.1 million).
Further reduction of financial liabilities
Total financial liabilities declined to approximately EUR 1.36 billion as
at 30 September 2016, a reduction of approximately EUR 216 million compared
to year-end 2015 (31 Dec 2015: EUR 1.57 billion). Year-on-year, the average
interest rate on financial debt in the form of bank loans declined to 3.4
per cent as at 30 September 2016 (30 Sep 2015: 3.5 per cent). The average
remaining maturity of DIC Asset AG's financial debt was reduced to 3.2
years compared to the end of the previous year (31 Dec 2015: 4.3 years).
The loan-to-value ratio (LTV) declined significantly compared to the 2015
year-end level, to 58.8 per cent (31 Dec 2015: 62.6 per cent). The net
interest result improved by 27 per cent to EUR -34.0 million, largely
driven by continuous optimisation of the company's financing structure (9m
2015: EUR -46.3 million). As a result, interest expenses were reduced to
EUR 41.1 million (9m 2015: EUR 54.0 million). Interest income was down
year-on-year, to EUR 7.1 million, reflecting repayments of loans to related
parties, also in line with projections (9m 2015: EUR 7.7 million).
Nine-month results affirm raised full-year guidance
Performance for the first nine months re-affirms DIC Asset AG's raised FFO
forecast of EUR 46 million - EUR 47 million for the 2016 financial year
(previous guidance: EUR 43-45 million). Within this guidance, the Company
projects gross rental income of between EUR 109 million and EUR 111 million
for the full financial year 2016. To expedite further growth in its funds
business, the Company plans to acquire EUR 500 million of assets, of which
EUR 330 million has already been realised. The projected sales volume of
EUR 80-100 million for the Commercial Portfolio have already been achieved.
For more information on DIC Asset AG, please visit www.dic-asset.de, where
the quarterly statement for the first nine months of 2016 is also
available.
Press contacts
RUECKERCONSULT GmbH
Jan Schweiger
Wallstrasse 16
10179 Berlin, Germany
Phone: +49 30 2844987-65
Fax +49 30 2844987-99
[email protected]
Investor Relations
DIC Asset AG
Peer Schlinkmann
Neue Mainzer Strasse 20 - MainTor
60311 Frankfurt/Main, Germany
Phone: +49 69 9454858-1221
Fax +49 69 9454858-9399
[email protected]
About DIC Asset AG:
Established in 2002, DIC Asset AG, with registered offices in Frankfurt/
Main, is a real estate company with an investment focus on commercial real
estate in Germany, pursuing a return-oriented investment policy. The
Company's investment strategy is geared to the continued development of a
high-quality, highly profitable and regionally diversified portfolio. Real
estate assets under management comprise circa 210 properties with an
aggregate market value of EUR 3.2 billion. The real estate portfolio is
structured in two segments: the Commercial Portfolio (EUR 1.7 billion)
comprises existing properties with long-term rental contracts generating
attractive rental yields. The Co-Investments segment (EUR 1.5 billion)
comprises fund investments (accounting for a share of EUR 1.2 billion),
joint-venture investments, and interests in development projects. In-house
real estate management teams provide a direct service to tenants, working
out of six different locations in each of the portfolio focus regions. This
market presence and expertise creates the basis for preserving and
enhancing earnings and real estate values. DIC Asset AG has been included
in the SDAX(R) segment of the Frankfurt Stock Exchange since June 2006. The
Company's shares are also included in the EPRA index, which tracks the
performance of the most important European real estate companies.
Key financial indicators
Financial 9m 2016 9m 2015 Q3 2016 Q2 2016 indicators (EUR mn) Total income 397.9 254.6 56% 51.6 68.0 -24% Gross rental 81.4 104.1 -22% 26.8 27.0 -1% income Fees from real 18.0 4.5 >100% 3.0 7.6 -61% estate management Property 281.6 126.0 >100% 16.1 27.9 -42% disposal proceeds Profits on 18.9 14.1 +34% 2.0 7.0 -71% property disposals Funds from 36.9 36.8 0% 9.2 13.2 -30% Operations (FFO) Financial 9m 2016 9m 2015 Q3 2016 Q2 2016 indicators per share (EUR) EPRA earnings 0.52 0.52 0% 0.13 0.19 -32% FFO 0.54 0.54 0% 0.14 0.19 -26% Balance sheet figures (EUR 30 Sep 2016 31 Dec 2015 mn) Loan-to-value ratio (LTV) 58.8 62.6 in % Investment property 1,627.6 1,700.2 Equity 788.7 792.1 Financial debt 1,357.5 1,573.8 Total assets 2,220.0 2,456.1 Cash and cash equivalents 192.9 204.6 EPRA NAV per share(1) 12.83 12.89(1) EPRA NAV per share based on the market value of real estate and investments as at 31 December 2015. --------------------------------------------------------------------------- 04.11.2016 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. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: DIC Asset AG Neue Mainzer Straße 20 * MainTor 60311 Frankfurt am Main Germany Phone: +49 69 9454858-1221 Fax: +49 69 9454858-9399 E-mail: [email protected] Internet: www.dic-asset.de ISIN: DE000A1X3XX4, DE000A1TNJ22, DE000A12T648 WKN: A1X3XX, A1TNJ2, A12T64 Indices: S-DAX 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 --------------------------------------------------------------------------- 517229 04.11.2016
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