GSW Immobilien AG

EANS-News: GSW Immobilien AG continues on successful track in Q1 2012


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3-month report


Berlin (euro adhoc) - GSW continues on successful track in Q1 2012
- Net rental income increases to EUR 39.7 million
- Vacancy rate decreases to 3.3 percent
- Average rent increases to EUR 5.12 / sqm
- Consolidated net income totals EUR 8.7 million
- Adjusted EBITDA up at EUR 33.3 million 
- FFO I amounts to EUR 15 million (EUR 0.37 per share) 


Berlin, 21 May 2012 - GSW Immobilien AG saw a strong start to the first quarter
of 2012. Successful acquisitions, a long-term optimised financing structure, a
sustainable and stable business model and a positive trend in operational
business contributed to good development in the first quarter. The full interim
report for the first three months of the 2012 financial year can be viewed and
downloaded at www.gsw.de.

Net rental income rose by around 14.1 percent year-on-year to EUR 39.7 million.
The main factors influencing this rise in income were the acquisition of a
property portfolio with more than 4,800 units in the fourth quarter of 2011,
rent increases, and a reduction in the vacancy rate. "Over the past months we
have worked hard to integrate the new portfolio into the existing housing stock.
This process has now been successfully completed. The above-average rents and
relatively low vacancy rate in this portfolio will therefore increase the
company's profitability this year", said Jörg Schwagenscheidt, member of the
Management Board of GSW Immobilien AG. Overall, the vacancy rate as at 31 March
2012 fell by around 11 percent to 3.3 percent (31 March 2011: 3.7 percent).
In-place rent also increased by 4.1 percent in the same period to EUR 5.12 per
square metre per month (31 March 2011: EUR 4.92 / sqm). 

EBIT and EBITDA up after adjustment for one-off effects  

In contrast, net operating profit (EBIT) declined from EUR 48.3 million in the
first quarter of 2011 to EUR 31.7 million in the first quarter of 2012. However,
adjusted for the one-off effect in relation to the sale of the Berlin Mediahaus
GmbH ("BMH") cable network of EUR 25.4 million in January 2011, there was a
significant increase in EBIT of EUR 8.8 million. This increase is primarily
attributable to higher rental and sales results and a decline in administrative
expenses. 

EBITDA developed in step with EBIT during the reporting period. Adjusted for
one-off effects, there was a EUR 4.5 million increase in adjusted EBITDA to EUR
33.3 million. Overall, GSW closed the first three months of 2012 with a
consolidated net income of EUR 8.7 million, representing a EUR 24.5 million
decrease as against the same period of the previous year (EUR 33.2 million).
However, consolidated net income in 2011 was mainly influenced by the sale of
BMH in the amount of EUR 25.4 million. Adjusted for this one-off effect,
consolidated net income recorded a rise of EUR 0.9 million or 11.5 percent to
EUR 8.7 million in the first quarter of 2012. 

Management Board confirms FFO I forecast of EUR 59 - 63 million for year as a
whole

The figure relevant to the dividend, FFO I (excl. sales result), increased by
13.6 percent to EUR 15.0 million (EUR 0.37 per share), in line with GSW's
forecasts for this period, as a result of the good operating performance and the
larger portfolio as compared to the same quarter of the previous year. "The
booming Berlin housing market and our strong rental income underpin our forecast
of generating FFO I of between EUR 59 to 63 million in 2012 as a whole, not
including any acquisitions made", said Andreas Segal, CFO of GSW Immobilien AG. 

Stable development of net asset value and loan-to-value

The company's net asset value (EPRA NAV), the economic equity of the Group, also
increased by roughly 1 percent to around EUR 1,230 million by the end of the
first quarter. This corresponds to a value of EUR 29.96 per share as at 31 March
2012. The loan-to-value ratio accordingly decreased to 57.4 percent. The
property portfolio of GSW, which is regularly assessed as at 31 December of each
year, is still valued at around EUR 2.9 billion. 

Successful capital increase allows for sustainable growth

With a portfolio of around 53,000 residential units and roughly 17,400
residential units managed for third parties, GSW Immobilien AG is the leading
listed residential real estate company operating in Berlin. GSW intends to
expand this position further. In late April/early May 2012, the company
successfully implemented a capital increase with net issue proceeds of
approximately EUR 190.3 million to finance further growth, for future purchases
and to optimise strategic and financial flexibility. "The successful placement
and the high level of acceptance among our shareholders showed us that the
capital market is rewarding the stability and continuity of GSW's business
model, which combines sustainable growth with an attractive dividend policy. The
additional equity will enable us to continue pushing ahead with this strategy
and allow our shareholders to participate in the company's success", said GSW's
CEO Thomas Zinnöcker.

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- 233 1960


About GSW
GSW Immobilien AG is a leading privately-owned residential real estate company
operating in Berlin, with a portfolio of approximately 53,000 apartments. In
addition, a subsidiary of GSW manages approximately 17,400 residential units for
third parties. GSW's strategy focuses on the long-term rental management of
residential property via a systematic approach, which aims to increase customer
satisfaction and operational efficiency. As of December 31, 2011, the Company's
property portfolio was valued at approximately EUR 2.9 billion.


Further inquiry note:
René Bergmann
Tel.: +49 30 2534 1362
Fax: +49 30 2534 233 1960
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: Berlin, regulated dealing/prime standard:
             Frankfurt 
language:   English
 

 

 



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