DGAP-News: GAGFAH S.A.: Financial Results for the First Half of 2012
(firmenpresse) - DGAP-News: GAGFAH S.A. / Key word(s): Half Year Results
GAGFAH S.A.: Financial Results for the First Half of 2012
15.08.2012 / 19:44
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Press Release: August 15, 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 Half of 2012
Luxembourg, August 15, 2012 - GAGFAH S.A. (Frankfurt Stock Exchange: GFJ)
today announced its financial results for the first six months of 2012.
- Reduced vacancy rate in the second quarter by 20 basis points to 5.3%
- Recurring FFO per share for the second quarter up by 44% to EUR 0.13
from EUR 0.09 in the first quarter 2012
- Closed the sale of 1,324 condo units for EUR 90.3 million year to date
at about 14% premium over carrying values and a 17.1 NCR multiple
- NAV growth during the first six months of 4.5% to EUR 13.10 per share
- Continued progress on refinancing with first results expected in the
fourth quarter of this year
Stephen Charlton, CEO of GAGFAH S.A.'s German subsidiaries: 'Despite the
continued economic and political uncertainty within the Eurozone, our key
operational metrics remain stable and generally within our expected range.
Having successfully extended our 2012 debt maturity, resolving Gagfah's
2013 loan maturities will remain our principal focus for the remainder of
the year. Investors and lenders both continue to value investments that
provide stable cash flows throughout the economic cycle, creating an
environment within the German residential real estate market that is
conducive to our asset and portfolio sales efforts, as well as supporting
our refinancing initiatives.'
Highlights
- FFO per share for the first six months of 2012 from the core rental
business of EUR 0.23. Including the EUR 0.11 contribution from sales,
the Company delivered EUR 0.34 of FFO for the first six months of 2012.
Second quarter FFO was EUR 0.13 excluding sales and EUR 0.21 including
sales.
- Profit from leasing was EUR 191.6 million in the first six months of
2012 compared to EUR 210.3 million in the first six months of 2011, on
an average basis of about 10,600 fewer units due to sales and approx.
14% higher property investments.
- Operations: vacancy rate for Q2 improved by 20 basis points over Q1 to
now 5.3%. Tenant turnover rate remained stable at around 12%.
Annualized same-store1) rent growth for the first six months of 2012
was 0.9% and at the lower end of our expectations. The operational
profit margin was 67.7%.
- Sales: We financially closed the sale of 1,324 units from our condo
sales program during the first half of 2012 for a total of EUR 90.3
million, which corresponds to a premium of 14% above carrying values
and a net cold rent multiplier of 17.1x. Of the total units sold in the
first six months of this year, 298 units for EUR 24.1 million related
to the 2011 sales program and the remaining 1,026 units for EUR 66.2
million came from the 2012 sales program.
- Cost to manage per unit was EUR 394 annualized for the second quarter
of 2012 compared to EUR 379 for the prior-year period. The increase
over Q2 2011 is attributable to the smaller portfolio and the fact that
there is a natural time lag between selling units and adjusting the
cost base to reflect these sales.
- NAV grew by 4.5% to EUR 13.10 per share year to date, mostly as a
result of the NAV accretive share buy-back. The gross asset value is
stable at EUR 847 per square meter as of June 30, 2012.
1) Same-store basis: Residential units GAGFAH owned at both dates: As of
December 31, 2011, and as of June 30, 2012.
Key Financial Information
Consolidated Statement of Comprehensive H1 H1 Q2 Q2 Q1
Income (EUR million) 2012 2011 2012 2011 2012
Income from the leasing of investment 411.2 435.6 212.3 226.2 198.9
property
Profit from the leasing of investment 191.6 210.3 97.8 105.2 93.8
property
Profit from the sale of investment 10.8 11.0 5.1 3.6 5.7
property and assets held for sale
Result from the fair value measurement -5.0 -36.2 0.3 -31.7 -5.3
of investment property
EBITDA 177.8 156.4 93.1 59.9 84.7
EBIT 173.6 145.1 89.7 50.5 83.9
EBT 48.0 13.8 26.8 -18.2 21.2
FFO 69.3 85.5 42.9 31.4 26.4
Number of shares (weighted average, 203.3 223.4 200.1 222.6 206.5
undiluted, in million) 1)
FFO in EUR per share 1) 0.34 0.38 0.21 0.14 0.13
Group 06-30-12 06-30-12 12-31-11 12-31-11
Capitalization million % million %
Total equity 2,082.3 25.3 2,136.9 25.5
Financial 5,341.3 64.9 5,427.9 64.9
liabilities
Other liabilities 809.5 9.8 801.6 9.6
Total equity and 8,233.1 100.0 8,366.4 100.0
liabilities
Operational Figures (core residential 06-30-12 06-30-11 03-31-12FFO is a non-IFRS financial measure used by our Group's management to
portfolio)
Units 147,357 154,730 148,269
Sqm 8,951,191 9,394,051 9,022,463
Net cold rent/sqm (in EUR) 5.13 5.09 5.12
Vacancy rate (in %) 5.3 5.3 5.5
Sold units (financial closing) 1,324 3,645 419
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 H1 H1 Q2 Q2 Q11) Excluding treasury shares.
MILLION) 2012 2011 2012 2011 2012
EBIT 173.6 145.1 89.7 50.5 83.9
Reorganization and restructuring 2.8 8.2 2.7 7.2 0.1
expenses
Depreciation and amortization 1.4 3.1 0.7 2.2 0.7
EBITDA 177.8 156.4 93.1 59.9 84.7
Result from the fair value measurement 5.0 36.2 -0.3 31.7 5.3
of investment property
Realized valuation gains through 17.9 22.4 14.3 2.9 3.6
sales
Income from/expenses for share-based -0.4 2.6 -0.6 0.7 0.2
remuneration
Net interest expenses - - -62.7 -69.5 -64.3
127.0 135.8
Current tax expenses -7.5 -4.8 -3.8 -2.4 -3.7
Property development business 1.2 1.0 0.8 0.7 0.4
Sales expenses (non-condo) 2.5 2.81.7 1.9 0.8
Other -0.2 4.7 0.4 5.5 -0.6
FFO 69.3 85.5 42.9 31.4 26.4
Number of shares (weighted average, 203.3 223.4 200.1 222.6 206.5
undiluted, in million) 1)
FFO in EUR per share 1) 0.34 0.38 0.21 0.14 0.13
Management will host an earnings conference call on August 16, 2012, at
11:00 Luxembourg time (10:00 A.M. London time, 5:00 A.M. New York time).
All interested parties are welcome to participate in the live call. You can
access the conference call by dialing
- 0800 694 0257 from the U.K.
- 1 866 966 9439 from the U.S.
- 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. H1 2012 Earnings Call.' The conference ID will be 16926776.
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 H1 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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15.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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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181822 15.08.2012
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