DGAP-News: TAG Immobilien AG generates strong second-quarter operating result with FFO of EUR 10.8 million
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Half Year Results
TAG Immobilien AG generates strong second-quarter operating result
with FFO of EUR 10.8 million
09.08.2012 / 07:50
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- Rental income for H'1/2012 comes to EUR 67.3 million
- First-half earnings before taxes (EBT) reach EUR 120.6 million
- Integration of DKBI in the TAG group progresses more quickly than
expected
- High Net Asset Value (NAV) of EUR 9.37 on 30 Jun 2012, after dividend
payout
Hamburg (9 August 2012) - For TAG Immobilien AG ('TAG' in the following),
the first half of 2012 was dominated by the acquisition and integration of
DKB Immobilien AG ('DKBI' in the following). Both the new company and its
portfolio with over 25,000 units have been integrated in the TAG group for
the most part. The composition of boards has been changed, structures and
processes standardised, and since April TAG has been in charge of DKB
Immobilien AG's entire real-estate value chain. The Group's key financials
for the first half of 2012 underline the success of TAG's expansion
strategy:
Total revenue grew from EUR 72.7 million in H'1/2011 to EUR 118.0 million
in the first half of 2012. First-half rental revenue increased year-on-year
from EUR 53.5 million in 2011 to EUR 87.4 million in 2012. This resulted in
rental profits of EUR 67.3 million, including EUR 14.8 million in rental
income from DKBI. Minus this, TAG's rental income would amount to EUR 52.5
million, nearly 34 percent above the comparable figure for 2011 (EUR 39.2
million). This increase in the operating result underscores the success of
TAG's active rental and asset management.
The Group's pre-tax earnings (EBT) for H'1/2012 totalled EUR 120.6 million.
The lion's share of this, EUR 99.2 million, comes from other operating
income in connection with the first-time consolidation of DKBI. Despite the
company's expansion, its net interest income in H'1/2012 was down only
slightly to EUR -38.7 million, after EUR -32.8 million in H'1/2011. TAG's
group result for the first half of 2012 was EUR 116.1 million, after EUR
27.7 million in H'1/2011. In 2012, TAG first started publishing Funds from
Operations (FFO) as an indicator of its operating profitability. At the end
of the first quarter, FFO came to EUR 5.6 million without sales, and in the
second quarter nearly doubled to EUR 10.8 million. This results in FFO of
EUR 16.4 million in the first six months of 2012. In fact FFO II, which
includes liquidity inflow from property sales, came to EUR 33.5 million for
the first half of 2012.
The DKBI acquisition increased the balance sheet total from EUR 2.0 billion
at the end of last year to EUR 3.2 billion at 30 June 2012. This was
accompanied by a rise in real-estate volume from EUR 1,969 million to EUR
3,064 million. The equity ratio before minority interests is 24.4 percent
and the LTV (Loan to Value) ratio is 62.5 percent. Despite the payout of a
tax-free dividend of 20 Cents per share, at EUR 9.37 the NAV (Net Asset
Value) per share is on par with that of Q1/2012 (EUR 9.39).
Based on its strong start to the year and the DKBI acquisition, TAG
confirms its guidance for the current fiscal year and expects to generate
EBT of EUR 140 million in fiscal 2012, with FFO (not including sales)
amounting to EUR 40 million. The NAV per share forecast remains at EUR
9.75.
'TAG's transformation in recent years has had a positive impact on our
balance sheet and results. The company's current size and structure have
lifted us to a dimension that allows us to sustainably generate an
attractive cash flow. The second-quarter figures are very clear proof of
this. Further operational improvements and the synergies from the latest
acquisition will enable us to further improve our FFO considerably,' says
Rolf Elgeti, CEO of TAG Immobilien AG.
For details, please refer to the interim report for the quarter ended on 30
Jun 2012, published today at
http://www.tag-ag.com/en/investor-relations/financial-reports/interim-repo
rts
Press enquiries:
TAG Immobilien AG
Investor&Public Relations
Britta Wöhner / Dominique Mann
Phone +49 40 380 32 0
Fax +49 40 380 32 390
pr(at)tag-ag.com
End of Corporate News
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Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 390
E-mail: ir(at)tag-ag.com
Internet: http://www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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