EANS-News: GSW Immobilien AG posts positive nine-month figures for 2011
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9-month report
Berlin (euro adhoc) - GSW Immobilien AG posts positive nine-month figures for
2011
Consolidated net income rises up significantly to EUR 54.8 million
(previous year: EUR 20.0 million)
Adjusted EBITDA of EUR 86.4 million as expected
FFO I of EUR 40.4 million
Equity ratio climbs to 40.3%
Net asset value (EPRA) rises to EUR 28.20 per share
Berlin, 30 November 2011 - GSW Immobilien AG continued its positive business
performance from the first half of the year in the third quarter and enjoyed a
successful close of the first nine months of the financial year 2011. GSW
generated significantly higher consolidated net income compared to 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 nine months
of the financial year 2011 can be viewed and downloaded at www.gsw.de.
Results confirm stability and continuity of business model
Despite a smaller property portfolio as compared to the same period of the
previous year, GSW´s net rental income remained virtually constant. It declined
slightly year-on-year as of 30-September-2011 to EUR 102.8 million (2010: EUR
107.1 million). The basis for this good result was the reduction of vacancy as
of 30-September-2011 from 4.0% to 3.6% while at the same time increasing the
average rent for residential units from EUR 4.90 per square meter to EUR 4.95.
In addition to the positive development in operating activities, the clear rise
in EBIT from EUR 69.2 million to EUR 103.8 million is also due to non-recurring
other income of EUR 25.4 million generated mainly by the disposal of the cable
network Berlin Mediahaus GmbH (BMH).
EBITDA amounted to EUR 104.6 million in the reporting period after EUR
84.1 million in the first nine months of 2010. After the adjustment for non-
recurring effects such as project costs for the IPO in April 2011 and income
from the sale of BMH, the adjusted EBITDA amounted to EUR 86.4 million, down
slightly on the previous year´s level of EUR 91.0 million.
Overall, GSW closed the first nine months of 2011 with a consolidated net
profit of EUR 54.8 million, a clear rise in earnings compared to the same
period of the previous year (EUR 20.0 million). Based on the weighted average
number of shares, earnings per share rose to EUR 1.42 (previous year: EUR
0.57). "Reasons for the solid figures are our stable business model with its
clear focus on the Berlin residential market and our robust financing
structure", explained Thomas Zinnöcker, CEO of GSW Immobilien AG.
Management Board confirms FFO I guidance of EUR 54 million to EUR 59 million
for 2011
In the first nine months of 2011, the figure relevant to the dividend, FFO I
(funds from operations, excluding sales result) amounted to EUR 40.4 million
(previous year: EUR 62.2 million), in line with GSW´s forecasts for this
period.
The drop in FFO I was essentially a result of higher interest payments after
the refinancing of securitised loans in February. Based on 41.05 million
shares, FFO I per share for the reporting period was EUR 0.98.
In consideration of the positive development of the Berlin residential market,
GSW can look ahead with optimism and anticipates rising rents with a positive
impact on the company´s sales and earnings. "We can therefore confirm the
forecast already published for the 2011 financial year of FFO I of between EUR
54 million and EUR 59 million. At the same time, this is an important basis for
being able to pay our shareholders a dividend after just our first year as a
listed company," confirmed Andreas Segal, CFO of GSW.
GSW buys residential portfolio with around 4,800 units
GSW has also taken another key step forward in the implementation of its
corporate strategy. Effective 1 November 2011, around 4,800 units in good
locations across Berlin were acquired for approximately EUR 330 million. In
particular, the above-average rents and relatively low vacancy rate of this
portfolio will have a positive effect on our earnings power from the next
financial year.
"From 2012, we are expecting an additional FFO I of EUR 6.5 million to EUR
7.5 million per year. We are delighted that we have been able to invest the
capital raised by the IPO so promptly. It is a part of our corporate strategy
to expand our professional property platform through external growth in the
coming years as well," said COO Jörg Schwagenscheidt.
Net asset value and equity ratio up significantly
GSW´s equity (IFRS) rose to EUR 1,113.9 million as of the end of the reporting
period, an increase of around 14.1% as against 31-December-2010. Taking into
account the increase in equity, EPRA NAV (net asset value) also increased
significantly to EUR 1,157.9 million as of 30-September-2011, corresponding to
EUR 28.20 per share. Thanks to this positive result, the equity ratio improved
to 40.3% (31-December-2010: 36.4%). The property portfolio of GSW, which is
regularly remeasured as of 31th December of each year, is still valued at
around EUR 2.6 billion.
Stable share price performance contrary to market trend
The stability and continuity of GSW´s business model has had a stabilising
effect on the development of its share price in recent months, as a result of
which GSW´s shares significantly outperformed the market as a whole.
Further proof of GSW´s good acceptance on the capital market was the successful
placement of a total of 8.2 million shares held by the two biggest shareholders
Cerberus and Whitehall after the end of the reporting period of 30-September-
2011. This transaction took place on 13 October and lasted just a few hours in
the face of strong demand. Thus, Cerberus and Whitehall each reduced their
shareholdings to around 10%. At the same time, free float rose significantly to
74%, which can have a positive effect on the liquidity of GSW shares in future.
"This makes the company more attractive to institutional investors and
strengthens our positioning on the German capital market," said CFO Andreas
Segal.
Contact
GSW Immobilien AG
Charlottenstrasse 4, 10969 Berlin, Germany
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 private residential property
company in Berlin with a portfolio of around 53,000 residential units and total
residential space of 3.3 million sqm. In addition, a subsidiary of GSW manages
approximately 17,350 residential and commercial units for third parties. GSW´s
corporate strategy is geared towards the long-term management of rented
apartments, using a systematic approach intended to enhance customer
satisfaction and operational efficiency. As of 31-December-2010, the company´s
property portfolio was valued at around EUR 2.6 billion. Since then GSW has
acquired residential properties with a value of around EUR 330 million.
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: MDAX
stockmarkets: regulated dealing/prime standard: Frankfurt, regulated dealing:
Berlin
language: English