22.05.2019 ADO Properties S.A.  LU1250154413

DGAP-News: ADO Properties S.A. shows promising start into financial year 2019


 

DGAP-News: ADO Properties S.A. / Key word(s): Quarterly / Interim Statement
ADO Properties S.A. shows promising start into financial year 2019

22.05.2019 / 07:00
The issuer is solely responsible for the content of this announcement.


ADO Properties S.A. shows promising start into financial year 2019
  • Further increase of income from rental activities (+13.9%)
  • EBITDA from rental activities (+5.9%) and FFO1 (+5.1%)
  • Steady annual like-for-like rental growth of 5.3%
  • Portfolio value of EUR 4.1 billion - conservative financial structure
  • EPRA Net Asset Value per share at EUR 55.37 as of 31 March 2019
    (31 December 2018: EUR 55.05)
  • Further drop in vacancy rate due to increased speed of modernization
Berlin, 22 May 2019 - ADO Properties S.A., the only Prime Standard listed residential real estate company solely focused on the city of Berlin, has started promisingly into its financial year 2019. This is reflected by the key figures and the interim management report for the first three months 2019 published today.
 
Further stable growth in key operating figures
The income from rental activities of ADO Properties increased in the first quarter 2019 by 13.9% to EUR 35.7 million (Q1 2018: EUR 31.3 million) mainly driven by the strong 5.3% like-for-like rental growth. The EBITDA from rental activities rose by 5.9% from EUR 22.5 million in the first three months 2018 to EUR 23.9 million in the same period 2019.
 
The FFO1 (from rental activities) increased by 5.1% up to EUR 16.7 million (Q1 2018: EUR 15.9 million) equivalent to an FFO1 of EUR 0.38 per share (Q1 2018: EUR 0.36 per share) due to the stable operational performance.
 
The average in-place rent of the residential portfolio rose to EUR 6.76 per sqm per month at the end of the first quarter 2019 (31 December 2018: EUR 6.73). The vacancy rate for the residential portfolio decreased to 3.1% as of 31 March 2019 (31 December 2018: 3.2%) due to increased speed of modernization.
 
ADO Properties' portfolio value has grown by EUR 6.9 million to EUR 4,099 million as of 31 March 2019. It comprised 23,641 units at the end of the reporting period, of which are 22,186 residential units (31 December 2018: 22,202 units). The EPRA Net Asset Value of the portfolio amounted to EUR 2.44 million or EUR 55.37 per share as of 31 March 2019.
 
ADO Properties' financial structure remains conservative with an LTV of 39.6% by the end of the reporting period and an average interest rate of 1.7%. The average maturity of the outstanding debts is approximately 4.4 years. Almost all loans have fixed interest rates or are hedged. ADO Properties will continue with this conservative strategy targets and a LTV of maximum 40%.
 
Recently, ADO Properties and its long-term partner W&W Real Estate GmbH jointly decided not to prolong their exclusive cooperation in acquisitions after expiry on 30 June 2019 of their current agreement. ADO Properties is assessing how to alternatively pursue such acquisitions in the future.
 
Positive outlook and expected FFO 1 run rate in 2019 approximately EUR 65 million
"2019 began with the first quarter just as promisingly as had been expected: Berlin's sustained development provided ADO with continued growth", says Rabin Savion, CEO of ADO Properties. "We confirm our positive outlook and we expect our 2019 year-end FFO 1 run rate to be approximately EUR 65 million. We remain convinced that ADO Properties has the perfect basis and right strategy to secure our sustainable success for the coming years, including value creation through like-for-like rental growth, vacancy reduction, privatization and sales of buildings which have reached a value with a limited upside. The results of the first quarter of 2019 are a further significant step on this path."
 

Key Figures
01.01.19-31.03.19 01.01.18-31.03.18 Difference absolute Difference percentage
Income from rental activities, in MEUR 35.7 31.3 4.4 13.9%
EBITDA from rental activities, in MEUR 23.9 22.5 1.4 5.9%
EBITDA, in MEUR 24.5 22.9 1.6 6.8%
FFO 1 (from rental activities),
in MEUR
16.7 15.9 0.8 5.1%
FFO 1 per share, EUR 0.38 0.36 0.02 5.6%
FFO 2 (incl. disposal results),
in MEUR
17.4 16.3 1.1 6.4%
         
  31.03.19 31.12.18 Difference absolute Difference percentage
EPRA NAV, in MEUR 2,443 2,430 13.8 0.6%
EPRA NAV per share, EUR 55.37 55.05 0.32 0.6%
LTV, percent 39.6% 39.6%    
Residential units 22,186 22,202 -16 -0.1%
Portfolio value, in MEUR 4,099 4,092 6.9 0.2%
In-place-rent residential EUR/sqm/month 6.76 6.73    
Vacancy rate residential percent 3.1% 3.2%    
Maintenance and CAPEX, EUR per sqm 46.40 39.20    
 
Definitions of our alternative performance measures like FFO1 or EPRA NAV are available in our latest financial report under http://ado.properties/websites/ado/English/4000/publications.html in the Financial Performance Indicators section.
 
About ADO Properties
ADO Properties is a company that focuses on the residential real estate sector and owns a property portfolio of around 24,000 units in Berlin. The company operates an entirely integrated, scalable in-house platform that includes a dedicated property administration. The portfolio of ADO Properties is concentrated in central locations inside Berlin's S-Bahn-Circle and in attractive districts on the city's periphery.


22.05.2019 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.

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Language: English
Company: ADO Properties S.A.
1B Heienhaff
1736 Senningerberg
Luxemburg
Phone: +352 278 456 710
Fax: +352 262 634 079
E-mail: ir@ado.properties
Internet: www.ado.properties
ISIN: LU1250154413
WKN: A14U78
Indices: SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
EQS News ID: 814239

 
End of News DGAP News Service

814239  22.05.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2012 2013 2014 2015 2016 2017 2018 2019e
Umsatzerlöse1 15,70 22,67 34,33 75,75 109,78 128,85 154,85 0,00
EBITDA1,2 11,23 16,24 24,68 49,98 66,63 77,09 93,78 0,00
EBITDA-Marge3 71,53 71,64 71,89 65,98 60,69 59,83 60,56 0,00
EBIT1,4 26,46 39,12 24,58 49,72 66,27 80,55 93,25 0,00
EBIT-Marge5 168,54 172,56 71,60 65,64 60,37 62,51 60,22 0,00
Jahresüberschuss1 14,76 22,94 69,28 156,01 410,77 367,51 397,46 0,00
Netto-Marge6 94,01 101,19 201,81 205,95 374,18 285,22 256,67 0,00
Cashflow1,7 12,24 15,23 -19,40 55,72 76,38 86,85 103,93 0,00
Ergebnis je Aktie8 0,42 0,66 1,98 5.04 10,11 8,07 8,77 4,30
Dividende8 0,00 0,00 0,00 0,35 0,45 0,60 0,75 0,75
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2018 - 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 Luxemburg

INVESTOR-INFORMATIONEN
©boersengefluester.de
ADO Properties
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A14U78 38,960 Kaufen 1.721,82
KGV 2020e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,66 5,54 1,564 7,73
KBV KCV KUV EV/EBITDA
0,81 16,57 11,12 35,669
Dividende '18 in € Dividende '19e in € Div.-Rendite '18
in %
Hauptversammlung
0,75 0,75 1,93 20.06.2019
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
22.05.2019 14.08.2019 13.11.2019 20.03.2019
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
4,47% -11,82% -13,77% -24,20%
    
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Immobilien (Wohn) , A14U78 , ADJ , XETR:ADJ