DGAP-News: GAGFAH S.A.: 2012 Results in Line with Expectations - Optimistic Outlook for 2013 and Beyond
(firmenpresse) - DGAP-News: GAGFAH S.A. / Key word(s): Final Results
GAGFAH S.A.: 2012 Results in Line with Expectations - Optimistic
Outlook for 2013 and Beyond
22.03.2013 / 07:11
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Press Release: March 22, 2013
GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg
R.C.S. Luxembourg B 109.526
ISIN: LU0269583422
Frankfurt Stock Exchange (Ticker Symbol: GFJ)
Regulated Market (Prime Standard)
2012 Results in Line with Expectations - Optimistic Outlook for 2013 and
Beyond
Highlights 2012
- FFO I (recurring, without sales) of EUR 0.49 per share for 2012, in
line with guidance.
- Gross Asset Value of EUR 7,741.5 million, stable at EUR 850 per square
meter, and representing a net cold rent multiple of 13.3x.
- Net Asset Value per share of EUR 13.31 as of December 31, 2012, up by
6.2% from EUR 12.53 as of December 31, 2011.
- Occupancy increased to 95.0% at the end of 2012, representing an
increase of 10 basis points compared to the end of 2011.
- Sale of 3,687 units for EUR 213.1 million. This includes 937
single-unit sales with a multiple of 19.6x and a gross sales margin of
26.6%.
- EBIT up by 9.2% to EUR 335.1 million year-on-year.
- Net Profit of EUR 47.7 million for 2012 after a net loss of EUR 17.9
million for 2011.
Milestones 2013 so far
- WOBA-Refinancing completed: New EUR 1.06 billion loan arranged by Bank
of America Merrill Lynch with 3.85% coupon, 48 basis points lower than
the previous loan. The maturity is five years with an extension option
for one year.
- GRF-Refinancing well underway: GAGFAH plans to refinance the full loan
amount via six different pools. Term sheets with lenders have been
signed for five of the pools. Pool six is expected to be a commercial
mortgage-backed security, for which we believe there is an increasing
demand from investors. Based on current estimates, we expect the
overall interest rate to be lower than on the recent WOBA financing,
and the weighted average maturity to be around 7 years.
- New CEO: Having resolved the Company's key challenges during the past
twelve months, Stephen Charlton has tendered his resignation as member
of the Board of Directors of GAGFAH S.A., effective as of April 16,
2013. Thomas Zinnöcker has been appointed as member of the Board of
Directors of GAGFAH S.A. and CEO of the GAGFAH GROUP, effective as of
April 16, 2013. Thomas Zinnöcker is one of the most successful and
respected leaders in the sector, and we believe that his skills,
experience and reputation make him the right person to drive the future
growth of GAGFAH.
Jonathan Ashley, Chairman of GAGFAH S.A.: 'While 2012 held a number of
challenges for us, our results were solid and in line with expectations.
Our start into the new year has been quite successful with the closing of a
new loan for the WOBA portfolio of more than EUR 1 billion and substantial
progress on the GRF refinancing of about EUR 2 billion. Having resolved
most major challenges over the past twelve months and being well underway
to resolve the remaining issues, we are ready to take the Company to the
next level. Towards that end, we are delighted we were able to attract
Thomas Zinnöcker as CEO of the GAGFAH GROUP.'
Management will host an earnings conference call today at 10:00 A.M.
Luxembourg time (9:00 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
- 1 866 966 9439 from the U.S.
- 0 800 694 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. Full Year 2012 Earnings Call.' The conference ID will be
23407054.
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 2012 Annual
Report and the Earnings Call Presentation of GAGFAH S.A. are available on
www.gagfah.com.
Key Financial Information
Income Statement 2012 2011 Q4 2012 Q4 2011
(EUR million)
Income from the leasing of 825.9 872.2 194.3 211.2
investment property
Rental income, fees 566.6 594.1 142.8 149.3
Profit from the leasing of 385.5 419.6 91.2 112.2
investment property
Income from the sale of investment 213.1 388.8 76.3 116.6
property and assets held for sale
Profit from the sale of investment 18.2 22.0 3.2 6.9
property and assets held for sale
EBITDA 343.8 326.5 84.5 79.4
EBIT 335.1 306.9 81.9 72.6
Statement of Financial Position (EUR million) 2012 2011
Investment property 7,741.5 7,953.3
Assets held for sale 31.0 21.7
Total assets 8,111.3 8,366.4
Equity 2,100.4 2,136.9
Financial liabilities 5,231.1 5,427.9
Total equity and liabilities 8,111.3 8,366.4
Operational Figures (core residential portfolio) 2012 2011
Units 145,035 148,694
Square meters 8,815,946 9,027,693
Net cold rent (EUR / sqm) 5.15 5.11
Vacancy rate (%) 5.0 5.1
Sold units (financial closing) 3,687 4,897
KPIs 2012 2011 Q4 2012 Q4 2011Contact
FFO I (EUR million) 96.7 113.6 20.9 35.8
FFO I (EUR / share) 0.49 0.52 0.11 0.17
FFO II (EUR million) 135.2 159.5 25.9 48.8
FFO II (EUR / share) 0.68 0.73 0.13 0.24
No. of shares (million, weighted 199.2 218.8 195.3 207.1
average for the period, excluding
treasury shares)
NAV (EUR / share) 13.31 12.53 13.31 12.53
No. of shares (million, end of 195.3 206.5 195.3 206.5
period, excluding treasury shares)
Gross sales margin (condo sales) 13.1% 9.7% 18.7% 10.8%
Net cold rent multiple (target 13.3x 13.4x 13.3x 13.4x
rent) for the portfolio
LTV 64.7% 65.3% 64.7% 65.3%
GAGFAH S.A.
Investor Relations
2-4, rue Beck
L-1222 Luxembourg
Tel.: +352 266 366 21
Mail: rhoffmann(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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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, LU0269583422WKN: 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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