News
08/30/2010
Deutsche Wohnen AG: Deutsche Wohnen with a strong performance in the first half of 2010
DGAP-News: Deutsche Wohnen AG: Deutsche Wohnen with a strong performance in the first half of 2010
Deutsche Wohnen AG / Interim Report/Half Year Results
30.08.2010 07:11
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
CORPORATE NEWS
Deutsche Wohnen with a strong performance in the first half of 2010
- After-tax earnings grow to EUR 8.1 million
- FFO improves by 41 % to EUR 0.31 per share
- Earnings forecast increased for 2010
Frankfurt / Main, Berlin; 30 August 2010. Deutsche Wohnen concludes the first half of 2010 with earnings of EUR 8.1 million, continuing the successful development of the first quarter of 2010.
Significant increase of the FFO
Earnings before taxes adjusted for valuation effects and special items improved by
EUR 7.9 million, compared to the same period in the previous year, to EUR 17.9 million. Due to the continued success of our business operations and reduced interest expenses, funds from operations (FFO) grew by 41 %, from EUR 0.22 per share to EUR 0.31 per share.
In the first half of 2010, Deutsche Wohnen successfully continued to reduce the Group's debt, giving it a loan-to-value ratio of 60.0 % as of the reporting date. Cash and cash equivalents increased by EUR 41.4 million to EUR 98.5 million.
Improved earning power
NOI per square metre and month in the core portfolio grew by 4.7 % over a period of twelve months. The average in-place rent is 5.40 EUR / sqm as of 30 June 2010 (previous year: 5.26 EUR / sqm). During the same period, the vacancy rate dropped from 3.6 % to 3.0%.
'Stable rental income in combination with reduced interest expenses clearly highlights Deutsche Wohnen's improved profit ability', says Michael Zahn, CEO of Deutsche Wohnen AG.
Disposals grew significantly in the first half of the year to a transaction volume of
EUR 96.0 million, compared to EUR 41.1 million for the same period of the previous year. In addition to our strong privatisation business with its gross margin of 37 %, our efforts to reduce our properties in structurally weak regions were also continued successfully.
Attractive prospects
In the second half of 2010, Deutsche Wohnen will continue its positive development of the past months.
'We are focusing on targeted investments in our core portfolio, for instance in Berlin and Hanau, and thus on a further reduction of modernisation-related vacancies', says Michael Zahn.
The target corridor for the sale of apartments by individual sales remains stable at between 500 and 550 units. In order to optimise its property portfolio, Deutsche Wohnen will continue with its successful efforts over the past months to streamline the existing portfolio. In addition, we will further pursue acquisitions between EUR 10 million and EUR 50 million, particularly in the core regions.
Deutsche Wohnen is increasing its FFO forecast for financial year 2010 by more than
10 % to EUR 0.54 per share, which based on 2009 results corresponds to a 25 % increase in the FFO.
About Deutsche Wohnen
Deutsche Wohnen is Germany's second-largest listed residential property company with a business focus on managing and developing its residential property portfolio. The portfolio comprises 48,490 units in total, of which 48,030 are residential units and 460 are commercial properties. The company's 81.84 million shares are listed in the SDAX segment of Deutsche Börse and are also included in the major indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
30.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
Phone: +49 (0)30 89786-0
Fax: +49 (0)30 89786-507
E-mail: ir@deutsche-wohnen.com
Internet: http://www.deutsche-wohnen.com
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of News DGAP News-Service
Deutsche Wohnen AG / Interim Report/Half Year Results
30.08.2010 07:11
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
CORPORATE NEWS
Deutsche Wohnen with a strong performance in the first half of 2010
- After-tax earnings grow to EUR 8.1 million
- FFO improves by 41 % to EUR 0.31 per share
- Earnings forecast increased for 2010
Frankfurt / Main, Berlin; 30 August 2010. Deutsche Wohnen concludes the first half of 2010 with earnings of EUR 8.1 million, continuing the successful development of the first quarter of 2010.
Significant increase of the FFO
Earnings before taxes adjusted for valuation effects and special items improved by
EUR 7.9 million, compared to the same period in the previous year, to EUR 17.9 million. Due to the continued success of our business operations and reduced interest expenses, funds from operations (FFO) grew by 41 %, from EUR 0.22 per share to EUR 0.31 per share.
In the first half of 2010, Deutsche Wohnen successfully continued to reduce the Group's debt, giving it a loan-to-value ratio of 60.0 % as of the reporting date. Cash and cash equivalents increased by EUR 41.4 million to EUR 98.5 million.
Improved earning power
NOI per square metre and month in the core portfolio grew by 4.7 % over a period of twelve months. The average in-place rent is 5.40 EUR / sqm as of 30 June 2010 (previous year: 5.26 EUR / sqm). During the same period, the vacancy rate dropped from 3.6 % to 3.0%.
'Stable rental income in combination with reduced interest expenses clearly highlights Deutsche Wohnen's improved profit ability', says Michael Zahn, CEO of Deutsche Wohnen AG.
Disposals grew significantly in the first half of the year to a transaction volume of
EUR 96.0 million, compared to EUR 41.1 million for the same period of the previous year. In addition to our strong privatisation business with its gross margin of 37 %, our efforts to reduce our properties in structurally weak regions were also continued successfully.
Attractive prospects
In the second half of 2010, Deutsche Wohnen will continue its positive development of the past months.
'We are focusing on targeted investments in our core portfolio, for instance in Berlin and Hanau, and thus on a further reduction of modernisation-related vacancies', says Michael Zahn.
The target corridor for the sale of apartments by individual sales remains stable at between 500 and 550 units. In order to optimise its property portfolio, Deutsche Wohnen will continue with its successful efforts over the past months to streamline the existing portfolio. In addition, we will further pursue acquisitions between EUR 10 million and EUR 50 million, particularly in the core regions.
Deutsche Wohnen is increasing its FFO forecast for financial year 2010 by more than
10 % to EUR 0.54 per share, which based on 2009 results corresponds to a 25 % increase in the FFO.
About Deutsche Wohnen
Deutsche Wohnen is Germany's second-largest listed residential property company with a business focus on managing and developing its residential property portfolio. The portfolio comprises 48,490 units in total, of which 48,030 are residential units and 460 are commercial properties. The company's 81.84 million shares are listed in the SDAX segment of Deutsche Börse and are also included in the major indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
30.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
Phone: +49 (0)30 89786-0
Fax: +49 (0)30 89786-507
E-mail: ir@deutsche-wohnen.com
Internet: http://www.deutsche-wohnen.com
ISIN: DE000A0HN5C6, DE0006283302
WKN: A0HN5C, 628330
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of News DGAP News-Service