GSW Immobilien AG

EANS-News: GSW Immobilien AG successfully closes the fiscal year 2012

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annual report/Annual Report 2012

Berlin (euro adhoc) - GSW Immobilien AG successfully closes the fiscal year 2012

* Consolidated net income improved by 36.3 percent to EUR 143.3 million
* Net operating profit (EBIT) increased by 21 percent to EUR 214.4 million
* FFO I increased by 13.5 percent to EUR 64.2 million
* Vacancy rate reduced by 0.7 percentage points to 2.7 percent
* Equity ratio improved from 38.4 to 40.4 percent
* Net Asset Value (EPRA) increased from EUR 29.72 to EUR 30.21 per share

Berlin, 22 March 2013- GSW Immobilien AG can look back at an eventful and
successful fiscal year 2012. With the successful capital increase, the placement
of a convertible bond and the acquisition of 7,000 apartments, the MDAX-listed
company was able to further consistently pursue its path of growth. Moreover,
GSW was able to achieve its stated planning and forecasts in its operative
business. Together with the apartments acquired in 2012, the Berlin-based real
estate company managed around 60,000 residential and commercial units at the
turn of the year, and thus one of the largest real estate portfolios in Berlin.
In the fiscal year 2012 the income from rents increased by around
EUR 19.0 million to EUR 202.1 million - a substantial plus of 10.4 percent. "The
acquisition of a real estate portfolio in the fourth quarter of 2011 influenced
this considerably, and was relevant to the results throughout the whole year of
2012 ", said Jörg Schwagenscheidt, COO of GSW Immobilien AG. The average rents,
which were higher compared with the previous year, and the lower vacancy rate
also contributed to this improvement in results. On the whole, the net rental
income increased compared with 2011 by around 13.4 percent to EUR 160.0 million.
It was possible to once again substantially reduce the vacancy rate by 0.7
percentage points to 2.7 percent. The monthly in-place rent increased in the
same period of time by 2.8 percent to EUR 5.22 per square metre. In the like-
for-like analysis, without acquisitions and sales, the in-place rent increased
by 2.4 percent to EUR 5.20 per square metre in 2012. Also worth mentioning is
the exceptionally good result on disposals: "Owing to the currently strong
demand for real estate in Berlin, we were able to increase our result on
disposals by EUR 6.3 million to EUR 9.6 million", said Schwagenscheidt.
In the fiscal year 2012, GSW invested a total of around EUR 46.4 million (2011:
EUR 41.1 million) in maintenance and modernisation for its real estate
portfolio, of which around EUR 26.3 million (2011: EUR 19.8 million) were
capitalised as measures for increasing the value.
Net operating profit and the consolidated net income of the period increase
The net operating profit (EBIT) also increased to EUR 214.4 million (2011:
EUR 177.2 million). This is, however, influenced by special effects. Adjusted
for one-off effects and project expenses, there is an increase in the EBIT by
EUR 40.8 million, which primarily results from higher rental, sales and
valuation results. The consolidated net income for the year increased to
EUR 143.3 million (2011: EUR 105.1 million).
GSW is intending to keep the dividend per share constant
The development of the key figure Funds from Operations (FFO I), which is
relevant for the dividend payment 2012, was particularly pleasing. The FFO I
increased by 13.5 percent and was with EUR 64.2 million slightly higher than the
forecast, thanks to one-off special effects. The Management Board has decided to
propose a constant dividend payment in the amount of EUR 0.90 per share at the
Annual General Meeting on 18 June 2013.
Value of the real estate assets increases to around EUR 3.3 billion
The positive development of the operative business and the market rents were
also further reflected in the valuation results of EUR 76.4 million; this has
had a positive effect on the financial equity of the group. The EPRA Net Asset
Value (EPRA NAV) increased by the end of the fiscal year by around 25 percent to
EUR 1,526.2 million. This corresponds with a value of EUR 30.21 per share as of
31 December 2012. The equity ratio improved to 40.4 percent (31 December 2011:
38.4 percent). Over the course of the year, the Loan-to-Value ratio (LTV) fell
compared with the previous year to 53.8 percent (31 December 2011: 58.0
percent). On the whole, GSW's portfolio showed a market value of approximately
EUR 3.3 billion (EUR 909/ sqm) as of the key date.
During the past fiscal year, GSW continued the course of expansion and acquired
a total of 7,000 residential units. The rental income generated will have a
positive impact on the company results starting from 2013.
Capital increase and issue of a convertible bond secure the path of growth
The growth was made possible by two essential measures: At the end of April
2012, GSW carried out a successful capital increase and placed around
9.5 million new shares.
Moreover, GSW was able to further optimise its cost of debt in 2012 by the
placement of a convertible bond and guarantee a high degree of flexibility with
the financing of new investments. "With the issue on 15 November 2012 we have,
for the first time, placed a convertible bond on the capital market in the full
scope. This has a term of seven years and securitises a coupon of 2 percent per
annum. In total GSW generated net cash of more than EUR 370 million from the
capital measures of 2012", said Andreas Segal, CFO of GSW.
Outlook 2013
"External growth through purchases is also planned in future", said
Schwagenscheidt. "The bases for the success of GSW, in addition to its efficient
business model, are also the positive economic development in Berlin and the
housing market in Berlin." In recent years, the economic environment of Berlin
has improved continuously. Falling unemployment rates, rising real incomes and a
substantial increase in the population are having a positive influence on the
housing market. Both rental apartments as well as condominiums were in high
demand in the past year. New building activity has also developed positively,
although it cannot satisfy the consistent increase in the demand for housing
space. As a consequence, the rental and purchase prices increased over all price
segments in 2012, something that will continue to have positive implications for
the revenue position and results of operations of the company. "Based on further
growth, we are expecting an increase in the FFO I of EUR 73 to 78 million for
the fiscal year 2013", Segal said.
"In 2012, GSW took a further big step towards a sustainable future. After eight
years, I am leaving a well-organised company", said the leaving CEO Thomas
Zinnöcker. With the the business model focused on the management of residential
real estate for a broad-based population segment in Berlin, and with its
conservative financing structure, GSW has deliberately chosen a low-risk profile
with a reasonable dividend yield for its shareholders. Sustainable growth and
attractive dividend policies are thus combined.
GSW Immobilien AG's full annual report for 2012 is available for viewing and
downloading at starting today.
GSW Immobilien AG
Charlottenstraße 4, D-10969 Berlin
Investor Relations

Thomas Rücker                                 Sebastian Jacob
E-Mail:              E-Mail:
Phone:          +49. (0) 30. 25 34-13 32      Phone: +49.(0)30.2534-18 82
Fax:    +49. (0) 30. 25 34-19 34              Fax:   +49.(0)30.2534-233 1960

About GSW
With a portfolio of around 60,000 residential and commercial units, GSW
Immobilien AG, founded in 1924, is a leading market-listed real estate company
in Berlin. GSW's corporate strategy is focused on the long-term management of
rental properties, applying a systematic approach aimed at increasing both
customer satisfaction and operating efficiency. As at 31 December 2012, the
company's property portfolio was valued at around EUR 3.3 billion.

Further inquiry note:
René Bergmann
Tel.: +49 30 2534 1362
Fax: +49 30 2534 233 1960

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: Berlin, regulated dealing/prime standard:
language:   English

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