EANS-News: GSW Immobilien AG with positive first half-year 2011
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6-month report/Interim Report H1-2011
Berlin (euro adhoc) - GSW Immobilien AG with positive first half-year 2011
Net rental income of EUR 69.6 million
Vacancy rate still low at 3.8%
Adjusted EBITDA also stable at EUR 59.1 million
Consolidated net income up significantly to EUR 36.9 million
Net asset value (EPRA) rises to EUR 27.67 per share
Equity ratio climbs to 40.1%
Berlin, 30 August 2011 - GSW Immobilien AG has successfully completed the first
half of the 2011 financial year and generated significantly higher consolidated
net income than in the same period of the previous year. The company´s
operating activities continued to perform in a stable manner. The full interim
report for the first half of 2011 can be viewed and downloaded at www.gsw.de.
Earnings figures verify solid business performance
At EUR 69.6 million, net rental income as at 30 June 2011 was roughly on par
with the first half of 2010 (EUR 70.9 million) despite a reduction in the
property portfolio of around 450 apartments. "The fact that we were able to
generate almost the same net rental income from a lower number of residential
units is thanks firstly to the low vacancy rate of our residential portfolio,
which was 3.8% as at 30 June 2011. Secondly the monthly, in-place residential
rent rose from EUR 4.88 per square metre in the same period of the previous
year to EUR 4.94," explained Andreas Segal, CFO of GSW. The result on the
disposal of investment property climbed to EUR 2.6 million (H1 2010: EUR
0.8 million).
In addition to the positive development in operating activities, the clear rise
in EBIT from EUR 43.0 million to EUR 76.8 million is also due to the income of
EUR 25.4 million generated predominantly by the disposal of the cable network.
After adjustment for non-recurring effects - particularly the proceeds from the
sale of BMH and the costs in association with the IPO in April 2011 - GSW
generated adjusted EBITDA of EUR 59.1 million, a figure virtually unchanged as
against the same period of the previous year (EUR 59.7 million).
Overall, at EUR 36.9 million, GSW´s consolidated net income for the first half
of 2011 was significantly higher than the first half of 2010 (EUR 5.8 million).
On the basis of the current number of 41.052 million shares, earnings per share
increased to EUR 0.90 (previous year: EUR 0.14).
Management Board confirms guidance for FFO I of EUR 54 to EUR 59 million for
year as a whole
In the first half of 2011, the figure relevant to the dividend, FFO I (funds
from operations, not including the result on disposals) was EUR 29.0 million
(previous year: EUR 38.6 million) and was in line with GSW´s expectations for
this period. On the basis of 41.052 million shares, the FFO I per share for the
reporting period was EUR 0.71. In light of the positive performance in
operating activities, the Management Board of GSW confirms the guidance already
published of FFO I of between EUR 54 and EUR 59 million for 2011.
This was also aided by moderate rental increase potential given the new rent
index for Berlin. Average rent index rents rose by around 7.9% from EUR 4.83
per square metre in 2009 to EUR 5.21 in 2011. The analysis and implementation
from the new 2011 Berlin rent index has been completed for GSW. This leads to a
rent increase potential of around 6.8% for approximately 15,000 apartments over
the next two years.
Net asset value and equity ratio rise significantly
As at 30 June 2011, the IFRS equity ratio was 40.1% (31 December 2010: 36.4%).
The company´s EPRA NAV rose on account of the positive results for the first
half of the year and - taking into account the net proceeds of around EUR
100 million from the capital increase accompanying the IPO to a total of EUR
1,135.8 million or EUR 27.67 per share based on 41.052 million shares
(31 December 2010: EUR 991.4 million). Taking into account the cash and cash
equivalents, the loan-to-value ratio dropped to 55.7% as at 30 June 2011 after
61.1% on 31 December 2010.
Value of portfolio still around EUR 2.6 billion
The property portfolio of GSW is regularly evaluated as at 31 December of each
year. Thus, the value of the property portfolio is still around EUR
2.6 billion. In the first half of the year, GSW sold a total of 298 apartments,
primarily to owner-occupiers and capital investors, as part of its
privatisation strategy. Contracts were also signed for 142 units with a sales
price volume of around EUR 8.4 million and transfer of benefits and burdens
after 30 June 2011.
GSW received well on capital market
While the first quarter was heavily influenced by the large-volume CMBS
refinancing and the preparations for the IPO, GSW was successfully floated on
the stock exchange at the start of the second quarter. Since the initial
listing of GSW shares on the regulated market (Prime Standard) of the Frankfurt
stock exchange, GSW has been met with a very positive response on the capital
market. GSW´s shares were included in all key EPRA indices on 18 April 2011
thanks to fast entry regulations. A further key milestone was the inclusion of
GSW in the SDAX as at 20 June 2011. The keen interest on the capital market and
the positive response to GSW are also reflected by the fact that GSW´s shares
are already being covered by eleven banks and research companies.
Contact
GSW Immobilien AG
Charlottenstrasse 4, D-10969 Berlin
Press Investor relations
Thomas Rücker Sebastian Jacob
E-mail: thomas.ruecker@gsw.de E-mail:
sebastian.jacob@gsw.de
Tel: +49 (0) 30 25 34 13 32 Tel: +49 (0) 30 25 34 18 82
Fax: +49 (0) 30 25 34 19 34 Fax: +49 (0) 30 25 34 19 09
About GSW
Founded in 1924, GSW Immobilien AG is a leading listed real estate company in
Berlin with a portfolio of approximately 48,600 residential units and a total
residential space of 3.0 million square meters. A subsidiary of GSW also
manages approximately 16,500 residential- and commercial units for third
parties. GSW's corporate strategy is focused on the long-term rental management
of residential property, using a systematic approach intended to enhance both
customer satisfaction and operational efficiency. As at December 31, 2010, the
Company's property portfolio was valued at approximately 2.6 billion euros.
Further inquiry note:
René Bergmann
Tel.: +49 30 2534 1362
Fax: +49 30 2534 1909
E-Mail: rene.bergmann@gsw.de
end of announcement euro adhoc
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company: GSW Immobilien AG
Charlottenstr. 4
D-10969 Berlin
phone: +49 30 68 99 99 0
FAX: +49 30 68 99 99 999
mail: kundenservice@gsw.de
WWW: http://www.gsw.de
sector: Real Estate
ISIN: DE000GSW1111
indexes: SDAX
stockmarkets: regulated dealing/prime standard: Frankfurt, regulated dealing:
Berlin
language: English