Corporate | 28 February 2014 08:00
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Deutsche Annington Immobilien SE / Key word(s): Final Results/Real Estate
PRESS RELEASE Deutsche Annington delivers strong results for 2013 – expansion of more than 41,000 units in 2014 – All important KPIs improved: FFO I up by 31.5%; NAV up by 38.7% – Dividend distribution of 70 cents per share planned – Systematic implementation of the programme for energy-efficient refurbishment and senior-friendly apartment conversions – Services increased – cost efficiency increased – New financing structure implemented after successful IPO – Contemplated transactions will substantially expand housing portfolio Bochum – February 28, 2014. Deutsche Annington Immobilien SE, Germany’s largest private-sector residential real estate company, can look back on a successful financial year. Two landmarks were achieved: the IPO, which took place in July 2013, and the establishment of an internationally innovative and flexible financing structure with an investment grade rating (BBB). The development of business operations was also positive. All primary KPIs were improved. Operating profit, FFO I, increased year on year by 31.5% from EUR 169.9 million to EUR 223.5 million. Net asset value (NAV) rose by 38.7% from EUR 3,448.9 million to EUR 4,782.2 million. It is planned to distribute a dividend of 70 cents per share. Thanks to customer focus and improved service the vacancy rate fell again by 0.4 percentage points to 3.5% at the end of the year and the average rent increased by 1.9% to EUR 5.40. This positive progress made last year is supported by the systematic roll-out across Germany of the company’s own craftsmen’s organisation (DTGS). It has now more than 1,000 employees who serve the tenants on the spot as well-trained craftsmen. In DTGS, Deutsche Annington has an extremely flexible service organisation which makes an important contribution to customer satisfaction. “We are very satisfied with the progress made last year. In 2013, we concentrated even more on our customers and achieved appreciable improvements in both service and property management. That is paying off – in greater customer satisfaction and in the result”, says Rolf Buch, CEO of Deutsche Annington.
Investment programme progresses to schedule In 2013, a total of EUR 224 million was invested in the housing stocks, including EUR 70.8 million specifically for modernisation, which focused on energy-efficient refurbishment and senior-friendly conversions. As a result of this work, Deutsche Annington is achieving a considerable increase in the quality of its housing and, at the same time, offering solutions for two urgent societal challenges – the energy transition and the demographic change. Deutsche Annington has earmarked a total investment volume of EUR 800 million up to 2018 for this work. Rolf Buch: “As Germany’s largest private-sector housing company, we see it as our responsibility to develop viable housing solutions. We regard ourselves as partners of political decision-makers for these societal challenges that can only be mastered together. We have the know-how, experience and the economic strength to meet the housing requirements of tomorrow.” Successful IPO as the catalyst for further business development The Deutsche Annington share was first listed on the Frankfurt Stock Exchange on July 11, 2013. Furthermore, Deutsche Annington succeeded in creating an internationally innovative and flexible financing structure. The liabilities from the GRAND securitisation were repaid in full ahead of maturity. At the same time, Deutsche Annington is currently the only German real estate company with an investment grade rating (BBB) and therefore able to obtain unsecured refinancing on attractive conditions. In 2013, five bonds were successfully issued in Europe and the USA in less than three months. The loan-to-value ratio fell from 59% to 50%, the maturity of the financial liabilities increased to about 8.4 years and refinancing costs fell from 4.4% to 3.3%. Deutsche Annington increases portfolio by more than 41,000 residential units Deutsche Annington Immobilien SE (“Deutsche Annington”) today resolved on the acquisition of around 11,500 residential units managed by DeWAG and on the integration of a combined portfolio owned by Vitus group of around 30,000 residential units. (For more information please refer to the press release “Deutsche Annington increases portfolio by more than 41,000 residential units”.) Buch explains: “The planned addition of this residential portfolio spread throughout Germany offers us, owing to its size and structure, excellent opportunities to fully utilise the strengths of our company. The tenants benefit from improved services and product offerings and, at the same time, we can generate substantial cost advantages through the efficient use of our infrastructure.” Positive outlook for 2014 Deutsche Annington is aiming to continue improving customer satisfaction in the current financial year. In addition to expanding its housing-related services, Deutsche Annington will be making more substantial investments in its housing stock. At EUR 160 million, maintenance expenses will remain at the high level of the prior year; expenditure on modernising apartments and buildings will be roughly doubled to EUR 150 million.
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End of Corporate News 28.02.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | Deutsche Annington Immobilien SE | |
| Vogelsanger Weg 80 | ||
| 40472 Düsseldorf | ||
| Germany | ||
| Phone: | +49 234 314 1761 | |
| Fax: | +49 234 314 888 1761 | |
| E-mail: | investorrelations@deutsche-annington.com | |
| Internet: | www.deutsche-annington.com | |
| ISIN: | DE000A1ML7J1 | |
| WKN: | A1ML7J | |
| Indices: | SDAX | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart | |
| End of News | DGAP News-Service |
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