News
10/23/2007
Deutsche Wohnen AG: Results of the revaluation of the portfolio
DGAP-Ad-hoc: Deutsche Wohnen AG: Results of the revaluation of the portfolio
Deutsche Wohnen AG / Miscellaneous
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
After Deutsche Wohnen AG acquired Berlin-based GEHAG Group in July 2007, the residential property portfolio of Deutsche Wohnen AG, consisting of approximately 50,400 residential units as at 30 June 2007, was the subject of a consistent revaluation carried out by Catella Property Valuation GmbH Chartered Surveyors, using 30 June 2007 as the key date. The reason for carrying out the revaluation is the change of the accounting method for real estate assets from the historical cost method to the fair value method in accordance with IAS 40 on the occasion of preparing the prospectus for the new shares issued in the context of acquiring GEHAG.
The revaluation resulted in an overall fair market value of the residential property portfolio (Fair Value in accordance with IAS 40) of approximately EUR 3.10 billion (EUR 954 per sqm).
Based on the pro forma consolidated financial statement as at 30 June 2007, the net asset value of the new Deutsche Wohnen Group amounts to approximately EUR 1.04 billion. In relation to the 26.4 million shares outstanding, the net asset value per share is EUR 39.39. The pro forma consolidated financial statement takes into account the preliminary allocation of the purchase price to the assets and liabilities. Within the context of the final allocation of the purchase price, the net asset value as at 31 December 2007 that is yet to be determined can still differ from the value stated herein.
Until now, annual after-tax earnings for the new Deutsche Wohnen Group had been expected to amount to approximately EUR 1 million. We will publish a new earnings forecast on 27 November 2007 together with our consolidated financial statement as at 30 September 2007.
Information and Explaination of the Issuer to this News:
In addition to the approximately 50,400 residential units mentioned above, 429 commercial units and approximately 16,200 parking spaces were included in the portfolio valuation done by the DCF method.
Compared to 31 December 2006 (net asset value: approximately EUR 726 million), the net asset value has increased by approximately EUR 314 million, or about 43 percent, to approximately EUR 1.04 billion as at 30 June 2007. The net asset value per share increased by EUR 3.10 to EUR 39.39, or by approximately 9 percent.
A pro forma consolidated financial statement as at 30 June 2007 was prepared for the new Deutsche Wohnen Group. This pro forma consolidated financial statement represents part of the prospectus that is to be published in the course of the coming weeks regarding 6.4 million new bearer shares in Deutsche Wohnen AG that were issued in the context of the GEHAG acquisition (share-related component of the purchase price). To this end, a preliminary allocation of acquisition costs to the acquired assets and liabilities at their fair values was carried out. A final allocation must be carried out within 12 months of the time at which the acquisition occurred.
After the transition from the historical cost model to the fair value model was implemented as announced in the pro forma consolidated financial statement as at 30 June 2007, the fair value of the residential property portfolio for the first time forms a part of the consolidated balance sheet. The net asset value of the new Deutsche Wohnen Group thus now corresponds to the Group’s equity less the deferred taxes associated with the valuation at fair value. In doing so, Deutsche Wohnen is following the recommendations of the European Public Real Estate Association (EPRA).
Hubert Bonn
Head of Investor Relations
Phone: +49 (0)6131 4800 262
email: hubert.bonn@deuwo.com
23.10.2007 Financial News transmitted by DGAP
Language: English
Issuer: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt am Main
Deutschland
Phone: +49 (0)6131 4800 262
Fax: +49 (0)6131 4800 4441
E-mail: hubert.bonn@deuwo.com
Internet: www.deutsche-wohnen.de
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: SDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
Deutsche Wohnen AG / Miscellaneous
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
After Deutsche Wohnen AG acquired Berlin-based GEHAG Group in July 2007, the residential property portfolio of Deutsche Wohnen AG, consisting of approximately 50,400 residential units as at 30 June 2007, was the subject of a consistent revaluation carried out by Catella Property Valuation GmbH Chartered Surveyors, using 30 June 2007 as the key date. The reason for carrying out the revaluation is the change of the accounting method for real estate assets from the historical cost method to the fair value method in accordance with IAS 40 on the occasion of preparing the prospectus for the new shares issued in the context of acquiring GEHAG.
The revaluation resulted in an overall fair market value of the residential property portfolio (Fair Value in accordance with IAS 40) of approximately EUR 3.10 billion (EUR 954 per sqm).
Based on the pro forma consolidated financial statement as at 30 June 2007, the net asset value of the new Deutsche Wohnen Group amounts to approximately EUR 1.04 billion. In relation to the 26.4 million shares outstanding, the net asset value per share is EUR 39.39. The pro forma consolidated financial statement takes into account the preliminary allocation of the purchase price to the assets and liabilities. Within the context of the final allocation of the purchase price, the net asset value as at 31 December 2007 that is yet to be determined can still differ from the value stated herein.
Until now, annual after-tax earnings for the new Deutsche Wohnen Group had been expected to amount to approximately EUR 1 million. We will publish a new earnings forecast on 27 November 2007 together with our consolidated financial statement as at 30 September 2007.
Information and Explaination of the Issuer to this News:
In addition to the approximately 50,400 residential units mentioned above, 429 commercial units and approximately 16,200 parking spaces were included in the portfolio valuation done by the DCF method.
Compared to 31 December 2006 (net asset value: approximately EUR 726 million), the net asset value has increased by approximately EUR 314 million, or about 43 percent, to approximately EUR 1.04 billion as at 30 June 2007. The net asset value per share increased by EUR 3.10 to EUR 39.39, or by approximately 9 percent.
A pro forma consolidated financial statement as at 30 June 2007 was prepared for the new Deutsche Wohnen Group. This pro forma consolidated financial statement represents part of the prospectus that is to be published in the course of the coming weeks regarding 6.4 million new bearer shares in Deutsche Wohnen AG that were issued in the context of the GEHAG acquisition (share-related component of the purchase price). To this end, a preliminary allocation of acquisition costs to the acquired assets and liabilities at their fair values was carried out. A final allocation must be carried out within 12 months of the time at which the acquisition occurred.
After the transition from the historical cost model to the fair value model was implemented as announced in the pro forma consolidated financial statement as at 30 June 2007, the fair value of the residential property portfolio for the first time forms a part of the consolidated balance sheet. The net asset value of the new Deutsche Wohnen Group thus now corresponds to the Group’s equity less the deferred taxes associated with the valuation at fair value. In doing so, Deutsche Wohnen is following the recommendations of the European Public Real Estate Association (EPRA).
Hubert Bonn
Head of Investor Relations
Phone: +49 (0)6131 4800 262
email: hubert.bonn@deuwo.com
23.10.2007 Financial News transmitted by DGAP
Language: English
Issuer: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt am Main
Deutschland
Phone: +49 (0)6131 4800 262
Fax: +49 (0)6131 4800 4441
E-mail: hubert.bonn@deuwo.com
Internet: www.deutsche-wohnen.de
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: SDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Düsseldorf, München, Stuttgart
End of News DGAP News-Service