GSW Immobilien AG

EANS-News: GSW Immobilien AG posts positive nine-month figures for 2011

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
9-month report

Berlin (euro adhoc) - GSW Immobilien AG posts positive nine-month figures for

    • 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

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
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

GSW Immobilien AG
Charlottenstrasse 4, 10969 Berlin, Germany

Press                                  Investor relations
Thomas Rücker                                Sebastian Jacob
e-mail:                   e-mail:
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

end of announcement                               euro adhoc 

company:     GSW Immobilien AG
             Charlottenstr. 4
             D-10969 Berlin
phone:       +49 30 68 99 99 0
FAX:         +49 30 68 99 99 999
sector:      Real Estate
ISIN:        DE000GSW1111
indexes:     MDAX
stockmarkets: regulated dealing/prime standard: Frankfurt, regulated dealing:
language:   English

Weitere Meldungen: GSW Immobilien AG

Das könnte Sie auch interessieren: