News
11/26/2009
Deutsche Wohnen AG continues to deliver good operating performance
Frankfurt / Berlin, November 26, 2009: Along with the successful increase in capital, we were able to improve our operating results again.
In the last nine month we have:
In the rental business:
» raised the estimated rent income in the core portfolio by 2.3 % to EUR 5.35 per m²;
» concluded overall approximately 3,600 new tenancy agreements in the non restricted holding with a rental amount of EUR 6.13 per m², which is an increase of 13 %;
» reduced the vacancy rate in the core portfolio by 28 % to 2.8 %;
In the single privatisation business:
» already achieved our goal for the year with 568 notarially concluded purchase agreements and a turnover of EUR 49.4 million, with a gross sales margin of 36 %;
In the bloc sale business:
» divested ourselves of property in structurally weak areas with average vacancy rates of 28 %;
In finance:
» repaid EUR 73.8 million net in loans, thus further improving our debt position (loan-to-value ratio);
» prior to the increase in capital, optimised an essential part of our credit commitment and adjusted it to reflect the new capital structure.
Year-on-year (01 / 01 – 09 / 30 / 2008 compared to 01 / 01 – 09 /30 / 2009), we have:
» achieved cost savings in the administrative area of approximately EUR 3.7 million or about 13 %;
» improved the financial result by EUR 10.1 million or approximately 11 %;
» significantly increased the adjusted EBT – which reflects the result of the continuing operations – from EUR 2.8 million to EUR 15.3 million; and
» improved the FFO by EUR 7.8 million to EUR 27.4 million.
It is essential for the last three months of 2009 and the financial year 2010 to build on these excellent operating results.
According to Michael Zahn, “Since the merger, the entire Group has repositioned itself, created essential cost and synergy advantages, significantly improved operating results, as well as restructured the portfolio and stabilised it in terms of value. The increase in capital marks an important turning point in the more recent company history of Deutsche Wohnen.”
An overview of the 9month figures is depicted in the following table:
€ million | 9m / 2008 | 9M / 2009 | Change |
Result from Rental Business | 113.3 | 114.3 | +1% |
Result from Sales | 7.3 | 6.7 | |
Corporate Expenses | -28.6 | -24.9 | -13% |
Non-core Businesses | 7.4 | 6.4 | |
EBITDA | 99.4 | 102.5 | +3% |
EBIT | 98.1 | 100.4 | |
Ongoing interest (net) | -79.6 | -74.1 | -7% |
Non cash Interest and other | -15.7 | -11.1 | |
Adjusted EBT | 2.8 | 15.3 | +445% |
SWAP valuation | -1.5 | -0.8 | |
One-offs | -20.8 | -7.2 | -65% |
Discontinued operations | 16.4 | 0.0 | |
EBT1 | -2.6 | 7.2 | |
Taxes | -10.6 | -9.8 | |
Net Income | -13.2 | -2.5 |
1 including valuation
The published interim report is available for download on our webpage www.deutsche-wohnen.com.
Deutsche Wohnen AG is Germany’s second largest listed residential real estate company. It was founded in 1999 and is headquartered in Frankfurt. The company (with a total of 81.8 million shares) is listed in the SDAX segment of the Frankfurt Stock Exchange and also is a constituent of the MSCI and EPRA indices.