13.05.2016
Deutsche Wohnen AG DE000A0HN5C6
DGAP-News: Deutsche Wohnen AG: Interim result as at 31 March 2016 - Outstanding first quarter for Deutsche Wohnen
DGAP-News: Deutsche Wohnen AG / Key word(s): Quarter Results
Deutsche Wohnen AG: Interim result as at 31 March 2016 - Outstanding first
quarter for Deutsche Wohnen
13.05.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Interim result as at 31 March 2016
Outstanding first quarter for Deutsche Wohnen
- FFO I improved by 25% to EUR 0.30 per share
- Increase in Group profit to EUR 100.6 million
- Like-for-like rental growth of 3.8%
Frankfurt/Main and Berlin, 13 May 2016. Deutsche Wohnen has made a
successful start to the financial year 2016. It was able to significantly
increase Funds from Operations (FFO I) by 42% to EUR 100.9 million
(previous year: EUR 71.3 million) whilst FFO I per share rose by 25% to EUR
0.30. Taking into consideration Earnings from Disposals, FFO II increased
by 55% to EUR 124.6 million (previous year: EUR 80.6 million) and,
calculated per share, by approximately 37% to EUR 0.37. Deutsche Wohnen
succeeded in raising Group profit (earnings after taxes), which was
adversely affected in the previous year by the negative development in the
value of the convertible bonds, to EUR 100.6 million (previous year: EUR
-44.2 million).
These positive quarterly results led to an increase in EPRA NAV (undiluted)
to EUR 23.39 per share (31 December 2015: EUR 23.01 per share). Due to the
financing measures adopted for the property acquisitions made in 2015, the
Loan-to-Value Ratio (LTV) increased from 38.0% as at 31 December 2015 to
42.0%.
Strong operational performance
As at 31 March 2016, the portfolio of Deutsche Wohnen comprised
approximately 160,000 residential and commercial units with a fair value of
around EUR 12.7 billion or EUR 1,284 per sqm. On a like-for-like basis,
Deutsche Wohnen achieved rental growth in its strategic core and growth
regions of 3.8% compared to the corresponding quarter of the previous year.
In this regions it also succeeded in further reducing the vacancy rate from
1.8% to 1.5%.
In the first three months of the financial year 2016, it was possible to
increase rental income to EUR 171.5 million (previous year: EUR 158.9
million) with an operating result (Net Operating Income - NOI) of EUR 138.1
million (previous year: EUR 122.0 million). Accordingly, the NOI margin
increased from 76.8% to 80.5%. The adjusted EBITDA, without Earnings from
Disposals and one-off expenses, rose by 20% to EUR 135.5 million (previous
year: EUR 113.3 million). Further efficiency gains in our business
operations as well as a reduction in general and administrative expenses
contributed significantly to this result. The adjusted EBITDA margin rose
by just under 8 percentage points from 71.3% to 79.0%.
Due to the sale of 1,771 units (previous year: 561), Earnings from
Disposals increased from EUR 9.3 million to EUR 23.7 million. The segment
Nursing and Assisted Living, with an occupancy rate of over 98%, succeeded
in contributing earnings of EUR 4.6 million (previous year: EUR 3.8
million).
Forecast confirmed
For the financial year 2016, Deutsche Wohnen confirms its forecast that it
will achieve an FFO I of at least EUR 360 million. Assuming that general
conditions remain unchanged and excluding one-off items, valuation gains in
the company's property holdings are also anticipated for 2016. Accordingly,
it is expected that EPRA NAV per share will be between EUR 25 and EUR 26.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed property companies in
Germany and Europe with a business focus on managing and developing its
residential property portfolio. As at 31 March 2016 the portfolio comprised
a total of 160,108 units, of which 157,948 are residential units and 2,160
commercial properties. The company is listed in the Deutsche Börse's MDAX
and is also included in the leading indices EPRA/NAREIT, STOXX(R) 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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13.05.2016 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
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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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