DGAP-News: TAG Immobilien AG generated pre-tax earnings (EBT) of EUR 139.8 million in the first nine months of 2012
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Quarter Results
TAG Immobilien AG generated pre-tax earnings (EBT) of EUR 139.8
million in the first nine months of 2012
08.11.2012 / 08:05
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TAG Immobilien AG generated pre-tax earnings (EBT) of EUR 139.8 million in
the first nine months of 2012 and achieved third-quarter FFO in the amount
of EUR 11.2 million with a strong operating result
- Integration of DKBI in the TAG Group largely completed
- Rental income nearly doubled to EUR 108 million
- Earnings before taxes (EBT) rose from EUR 53.4 million in the
comparison period of 2011 to EUR 139.8 million
- Net Asset Value (NAV) per share up again since end of Q2 2012, to EUR
9.46
- Group structure further optimised -Bau-Verein squeeze-out completed,
POLARES sold
- Vacancy declines again in Q3, especially in Salzgitter and eastern
Germany
- TAG share moves up onto the MDax
Hamburg (8 November 2012) - TAG Immobilien AG ('TAG' in the following)
generated a strong operating result in the third quarter of 2012. In
particular, TAG achieved further success in reducing vacancy, which after
the acquisition of TAG Potsdam Immobilien AG, formerly DKBI, was reduced
from 11.4 percent to 11.1 percent across the Group's residential portfolio
last quarter. Vacancy in Salzgitter decreased by 0.8 percentage points to
21.7 percent in Q3 2012. TAG's NAV (Net Asset Value) increased to EUR 9.46.
The Group structure was further optimised through a successful 'squeeze
out' at Bau-Verein zu Hamburg Aktien-Gesellschaft, and the management
buyout of POLARES Real Estate Asset Management GmbH. The TAG share moved up
onto the MDAX at the end of September.
The figures for the first nine months of 2012 demonstrate this operational
and strategic success.
Total revenues rose from EUR 108.3 million in the first nine months of 2011
to EUR 179.4 million in 2012. Rental revenues increased from EUR 83.0
million at the end of September 2011 to EUR 139.8 million as of 30 Sep 2012
- a nearly 68-percent increase. This growth at the operational level is due
to the consolidation of TAG Potsdam Immobilien AG since April 2012, and
also demonstrates the success of the TAG Group's active rental and asset
management.
The Group's earnings before taxes (EBT) amounted to EUR 139.8 million in
the first nine months of 2012. The main contributor, totalling EUR 99.2
million, is 'Other operating income' from the first-time consolidation of
TAG Immobilien AG Potsdam. Net interest income in the reporting period 2012
fell by EUR 18.3 million compared to the previous year to EUR -62.9 million
after EUR -44.6 million in the first nine months of 2011 due to the
company's strong growth. In the first three quarters of 2012, TAG achieved
consolidated earnings of EUR 130.6 million after EUR 40.8 million for the
same period in 2011. FFO (funds from operations) as an indicator of
operating performance rose again to EUR 11.2 million excluding sales at the
end of the third quarter, compared to EUR 10.8 million in the second
quarter. This resulted in FFO of EUR 27.6 million for the first nine months
of 2012. FFO II, which also includes cash inflow from sales, amounted to
EUR 48.9 million in the same period of 2012.
Equity before non-controlling interests amounted to 25 percent and the
loan-to-value (LTV) ratio was 62.2 percent. The NAV per share (net asset
value) of EUR 9.46 was higher than in the first two quarters of the 2012.
At the same time, the rise of the TAG share onto the MDAX at the end of
September demonstrates its success on the capital market.
Strategically, TAG further streamlined its corporate structure - having
completed the squeeze-out procedure, TAG is now the sole shareholder of
Bau-Verein zu Hamburg AG, which means the expense of listing Bau-Verein on
the stock market can be saved. The commercial real-estate services company
POLARES Real Estate Asset Management GmbH was also sold under a management
buy-out, thereby further strengthening the Group's focus on the residential
real estate segment.
Due to the strong operative start to the year and the successful
integration of DKB Immobilien AG, TAG confirms its forecast for the current
financial year and continues to expect an EBT of EUR 140 million and FFO
excluding sales of EUR 40 million for the full year 2012. The forecast of
an NAV per share of EUR 9.75 remains unchanged.
'The strategic and operational successes of recent acquisitions and their
successful integration have had a positive effect on our balance sheet and
income levels,' said Rolf Elgeti, CEO of TAG Immobilien AG. 'With
approximately 58,000 units in our real estate inventory, we look to the
future with confidence. We are on the right track to comfortably achieving
our forecasts for 2012 and will also be able to significantly increase our
FFO once again. A long-term increase in shareholder value is and will
remain decisive in TAG's strategic direction.'
For further details, please refer to the quarterly report for the period
ended 30 Sep 2012, published today:
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 0Fax +49 40 380 32 390
pr(at)tag-ag.com
End of Corporate News
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08.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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: MDAX
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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