DGAP-News: GAGFAH S.A.:
(firmenpresse) - DGAP-News: GAGFAH S.A. / Key word(s): Quarter Results
GAGFAH S.A.:
09.05.2012 / 22:31
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Press Release: May 9, 2012
GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg
R.C.S. Luxembourg B 109.526
ISIN: LU0269583422
Frankfurt Stock Exchange, Regulated Market (Prime Standard)
GAGFAH S.A. Financial Results for the First Quarter 2012
Luxembourg, May 9, 2012 - GAGFAH S.A. (Frankfurt Stock Exchange: GFJ) today
announced its financial results for the first quarter 2012.
- Robust operating results with above-average property investments in the
first quarter of 2012
- 419 condo units for EUR 34.4 million financially closed in Q1; net
profit margin of 26.6%
- Successfully extended the only 2012 debt maturity of ca. EUR267 million
- Key priority for remainder of 2012 will be to resolve the 2013 debt
maturities
Stephen Charlton, CEO of GAGFAH S.A.'s German subsidiaries: 'We are pleased
with our performance in the first quarter of 2012. Operations and sales
were in line with our expectations and yielded an FFO of EUR 0.13 per share
for the first three months of this year. In addition to the robust
operational performance, our refinancing efforts are benefitting from the
positive momentum generated by the settlement agreement with the City of
Dresden to end the legal dispute. Rental markets in Germany are performing
well, and we expect to be able to continue to grow rents in line with the
markets. As appetite for German residential assets continues to increase,
we intend to sell approximately 4,000 units through our condo and large
multi-family home sales programs. We are making good progress on our
refinancing initiatives with positive indications from banks and other
lenders, and we are looking forward to updating shareholders on the
progress we make throughout the year.'
Highlights
- FFO per share for the first three months of 2012 from the core rental
business of EUR 0.09. Including the EUR 0.04 contribution from sales,
the Company delivered EUR 0.13 of FFO for the first three months of
2012. The decline over the prior-year quarter is largely due to the
high contribution from sales in Q1 2011 (EUR 0.11 per share), a smaller
portfolio overall and higher property investments.
- Profit from leasing was EUR 93.8 million in the first three months of
2012 compared to EUR 105.1 million in the first three months of 2011,
on an average basis of about 11,000 fewer units due to sales and
significantly higher property investments.
- Profit margin for the first three months of 2012 was 47.2 % including
allocations charged, and 66.1 % excluding allocations charged.
- Operations during the first three months of 2012 were broadly in line
with 1.1 % annualized same-store1) rent growth, turnover at about 11.5
% and a vacancy rate of 5.5 %, reflecting the seasonal pattern of an
increasing vacancy rate in the first quarter of a year.
- Sales: We financially closed the sale of 419 units from our condo sales
program. 296 units for EUR 23.9 million related to the 2011 sales
program and the remaining 123 units for EUR 10.5 million came from the
2012 sales program.
- Cost to manage per unit was EUR 391 annualized for the first three
months of 2012 compared to EUR 379 for the prior-year period. The
increase is attributable to the smaller portfolio and the fact thatthere is a natural time lag between selling units and adjusting the
cost base to reflect these sales.
- NAV of EUR 12.61 per share and gross asset value of EUR 848 per square
meter as of March 31, 2012.
- Dividend: In order to retain additional flexibility and financial
resources within the business and to support the Company's property
investment and financing objectives, the Board has made the decision
not to pay an interim dividend for the first quarter of 2012.
1) Same-store basis: Residential units GAGFAH owned at both dates: As of
December 31, 2011, and as of March 31, 2012.
Key Financial Information
Consolidated Statement of Comprehensive Income Q1 Q1 Q4
(EUR million) 2012 2011 2011
Income from the leasing of investment property 198.9 209.4 211.2
Profit from the leasing of investment property 93.8 105.1 112.2
Profit from the sale of investment property and 5.7 7.4 6.9
assets held for sale
Loss from the fair value measurement of investment -5.3 -4.5 -11.5
property
EBITDA 84.7 96.5 79.4
EBIT 83.9 94.6 72.6
EBT 21.2 32.0 10.6
FFO 26.4 54.1 48.8
Number of shares (weighted average, undiluted, in 206.5 224.2 207.1
million) 1)
FFO in EUR per share 1) 0.13 0.24 0.24
Group Capitalization
03-31-12 03-31-12 12-31-11 12-31-11
million % million %
Total equity 2,142.6 25.7 2,136.9 25.5
Financial 5,365.6 64.4 5,427.9 64.9
liabilities
Other liabilities 824.9 9.9 801.6 9.6
Total equity and 8,333.1 100.0 8,366.4 100.0
liabilities
Operational Figures (core portfolio)FFO is a non-IFRS financial measure used by our Group's management to
03-31-2012 03-31-2011 12-31-2011
Group residential portfolio
Units 148,269 154,987 148,694
Sqm 9,002,463 9,411,570 9,027,693
Net cold rent/sqm (in EUR) 5.12 5.08 5.11
Vacancy rate (in %) 5.5 5.4 5.1
Sold units (financial closing) 419 3,382 4,897
report the funds generated from continued operations. FFO is an appropriate
measure of underlying operating performance of real estate companies as it
provides shareholders with information regarding the Group's ability to
service debt, make capital expenditures etc. GAGFAH's calculation of FFO
may be different from the calculation used by other companies and,
therefore, comparability may be limited. The following is a reconciliation
of EBIT to FFO for our Group:
FUNDS FROM OPERATIONS - FFO (EUR MILLION) Q1 2012 Q1 2011 Q4 20111) Excluding treasury shares.
EBIT 83.9 94.6 72.6
Reorganization and restructuring expenses 0.1 1.0 5.9
Depreciation and amortization 0.7 0.9 0.9
EBITDA 84.7 96.5 79.4
Loss from the fair value measurement of 5.3 4.5 11.5
investment property
Realized valuation gains through sales 3.6 19.5 10.0
Expenses for share-based remuneration 0.2 1.9 0.5
Net interest expenses -64.3 -66.3 -61.9
Current tax expenses -3.7 -2.4 -8.7
Property development business 0.4 0.3 -0.2
Sales expenses (non-condo) 0.8 0.9 3.7
Other -0.6 -0.8 14.5
FFO 26.4 54.1 48.8
Number of shares (weighted average, undiluted, 206.5 224.2 207.1
in million) 1)
FFO in EUR per share 1) 0.13 0.24 0.24
Management will host an earnings conference call on May 10, 2012, at 12:00
noon Luxembourg time (11:00 A.M. London time, 6:00 A.M. New York time). All
interested parties are welcome to participate in the live call. You can
access the conference call by dialing
- 1 866 966 9439 from the U.S.
- 0800 694 0257 from the U.K.
- 8002 7512 from Luxembourg
- 0800 101 4960 from Germany
- +44 (0) 1452 555 566 from all other countries
ten minutes prior to the scheduled start of the call. Please refer to
'GAGFAH S.A. Q1 2012 Earnings Call.' The conference ID will be 76556321.
A webcast of the conference call will be available to the public on a
listen-only basis at www.gagfah.com. Please allow extra time prior to the
call to visit the site and download the necessary software required to
listen to the internet broadcast. A replay of the webcast will be available
for twelve months following the call on www.gagfah.com. The Q1 2012 Interim
Report of GAGFAH S.A. is available on www.gagfah.com.
Contact
GAGFAH S.A.
Investor Relations
2-4, rue Beck
L-1222 Luxembourg
Tel.: +352 266 366 1
Mail: info(at)gagfah.com
www.gagfah.com
R.C.S. Luxembourg B 109.526
About GAGFAH S.A.
GAGFAH S.A. is a joint stock corporation organized under the laws of the
Grand Duchy of Luxembourg qualifying as a securitization company under the
Luxembourg Securitization Law of March 22, 2004. The core business of
GAGFAH S.A.'s operating subsidiaries is the ownership and management of a
geographically diversified and well maintained residential property
portfolio located throughout Germany. With a portfolio of almost 150,000
apartments, GAGFAH S.A. is the largest residential property company listed
in Germany.
Forward-Looking Statements
This press release contains statements that constitute forward-looking
statements. Such forward-looking statements relate to, among other things,
future commitments to acquire real estate and achievement of acquisition
targets, timing of completion of acquisitions and the operating performance
of our investments. Forward-looking statements are generally identifiable
by use of forward looking terminology such as 'may', 'will', 'should',
'potential', 'intend', 'expect', 'endeavor', 'seek', 'anticipate',
'estimate', 'overestimate', 'underestimate', 'believe', 'could', 'project',
'predict', 'continue', 'plan', 'forecast' or other similar words or
expressions. Forward-looking statements are based on certain assumptions,
discuss future expectations, describe future plans and strategies, contain
projections of results from operations or of financial conditions or state
other forward looking information. Our ability to predict results or the
actual effect of future plans or strategies is limited. Although we believe
that the expectations reflected in such forward-looking statements are
based on reasonable assumptions, our actual results and performance may
differ materially from those set forth in the forward-looking statements.
These forward-looking statements are subject to risks, uncertainties and
other factors that may cause our actual results in future periods to differ
materially from forecasted results or stated expectations, including the
risk that GAGFAH S.A. will be unable to extent existing financing at
suitable terms, be unable to increase rents and occupancy, to sell further
units or further reduce management costs.
Percentages and figures in this press release may include rounding effects.
End of Corporate News
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09.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: GAGFAH S.A.
2-4, rue Beck
1222 Luxemburg
Grand Duchy of Luxembourg
Phone: + 352 266 366 1
Fax: + 352 266 366 01
E-mail: info(at)gagfah.com
Internet: www.gagfah.com
ISIN: LU0269583422, LU0269583422
WKN: A0LBDT
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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169035 09.05.2012
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