DGAP-News: GAGFAH S.A.: Financial Results for the First Nine Months of 2012
(firmenpresse) - DGAP-News: GAGFAH S.A. / Key word(s): Quarter Results
GAGFAH S.A.: Financial Results for the First Nine Months of 2012
21.11.2012 / 07:21
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Press Release: November 21, 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 Nine Months of 2012
Luxembourg, November 21, 2012 - GAGFAH S.A. (Frankfurt Stock Exchange: GFJ)
today announced its financial results for the first nine months of 2012.
- EBITDA up 4.9% compared to prior-year period
- Vacancy rate in the third quarter down to 5.1%
- Recurring FFO per share up 8.6% compared to prior-year period
- Total FFO per share up 10.2% compared to prior-year period
- Guidance for the full year revised upward from EUR 0.47 recurring FFO
per share to EUR 0.49 recurring FFO per share
Stephen Charlton, CEO of GAGFAH S.A.'s German subsidiaries: 'Nine months
into the year we have delivered a solid performance. Our key operational
metrics remain stable and generally within our expected range, and our
sales channel is yielding profitable results. Our financial metrics FFO per
share and EBITDA have both improved over the prior-year period. Refinancing
will remain an important driver for our share price, and we are on track
towards resolving our 2013 debt maturities.'
Management will host an earnings conference call today 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
- 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. 9M 2012 Earnings Call.' The conference ID will be 69493073.
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 9M 2012 Interim
Report, the Supplemental Data Sheet and the Earnings Call Presentation of
GAGFAH S.A. are available on www.gagfah.com.
Highlights
- FFO per share for the first nine months of 2012 from the core rental
business was EUR 0.38. Including the EUR 0.16 contribution from sales,
the Company delivered EUR 0.54 of FFO for the first nine months of
2012. Third quarter 2012 FFO was EUR 0.20 including EUR 0.05 from
sales.
- Profit from leasing was EUR 294.3 million in the first nine months of
2012 compared to EUR 307.4 million in the first nine months of 2011.
This decline of 4.3 % is largely attributable to an average basis of
10,800 fewer units (6.4 %) year on year as a result of sales.
- Profit margin for the first nine months of 2012 was 69.3 %, up from
68.9 % in the prior-year period.
- Vacancy at the end of Q3 2012 was 5.1 %, down from 5.5 % at the end of
Q1 2012 and 5.3 % at the end of Q2 2012.
- Condo sales: We financially closed the sale of 2,192 unitsfor a total
volume of EUR 136.8 million. The gross sales margin was 12.3 % and the
net cold rent multiple 16.4x. Of that amount, 710 sales were
single-unit sales for a total consideration of EUR 63.7 million, a
gross sales margin of 29.3 % and a net cold rent multiple of 19.8x.
- Net asset value (NAV) per share grew by 4.9 % to EUR 13.15 per share
after EUR 12.53 at the end of 2011, mostly as a result of the accretive
Share Buy-back Program that was settled in May 2012. The gross asset
value is stable at EUR 846 per square meter as of September 30, 2012.
Key Financial Information
Earnings 9M 2012 9M 2011 Q3 2012 Q3 2011 Q2 20121) Weighted average, undiluted, excluding treasury shares.
(EUR million)
Income from the leasing 631.6 661.0 220.4 225.4 212.3
of investment property
Profit from the leasing 294.3 307.4 102.7 97.1 97.8
of investment property
Profit from the sale of 15.0 15.1 4.2 4.1 5.1
investment property and
assets held for sale
Result from the fair -15.7 -30.4 -10.7 5.8 0.3
value measurement of
investment property
EBITDA 259.3 247.1 81.5 90.7 93.1
EBIT 253.2 234.3 79.6 89.2 89.7
EBT 63.0 10.0 15.0 -3.8 26.8
Recurring FFO 75.8 77.8 29.9 21.8 26.6
Recurring FFO in EUR per 0.38 0.35 0.15 0.10 0.13
share
Total FFO incl. sales 109.3 110.7 40.0 25.2 42.9
Total FFO incl. sales in 0.54 0.49 0.20 0.11 0.21
EUR per share
Number of shares 200.6 222.8 195.3 221.7 200.1
(million)1)
Capitalization 09-30-12 09-30-12 12-31-11 12-31-11
EURm % EURm %
Total equity 2,083.4 25.6 2,136.9 25.5
Financial liabilities 5,289.8 65.0 5,427.9 64.9
Other liabilities 769.8 9.4 801.6 9.6
Total equity and 8,143.0 100.0 8,366.4 100.0
liabilities
Operational Figures (core residential 09-30-12 06-30-12 12-31-11Contact
portfolio)
Units 146,496 147,357 148,694
Square meters 8,901,076 8,951,191 9,027,693
Net cold rent/sqm (in EUR) 5.14 5.13 5.11
Vacancy rate (in %) 5.1 5.3 5.1
Sold units (financial closing) 2,192 1,324 4,897
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 more than 145,000
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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21.11.2012 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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