DGAP-News: TAG Immobilien AG successfully implements its growth strategy in H1 2011 and raises its full-year NAV guidance
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Insolvency
TAG Immobilien AG successfully implements its growth strategy in H1
2011 and raises its full-year NAV guidance
18.08.2011 / 08:00
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* Takeover of Colonia Real Estate AG and other acquisitions double real
estate volume to approx. EUR 1.9 billion
* Rental income doubles to EUR 39 million
* EBT increases from EUR 6.2 million to EUR 33.7 million
* NAV forecast for 2011 raised from EUR 8.00 to EUR 8.75 per share
* Synergy target in relation to the Colonia takeover raised to EUR 30-35
million per year
* Solid balance sheet and financing structure with LTV ratio of 59 percent
Hamburg (18. August 2011) - TAG Immobilien AG ('TAG' in the following)
successfully put its growth strategy into practice during the first half of
the year. Following the takeover and first-time consolidation of Colonia
Real Estate AG ('Colonia' in the following), the integration continues
better than expected. The merging of the administration units have resulted
in major savings. The internalisation of asset and property management
greatly increases the potential synergies. Vacancy reduction continues to
be the focus on the operations level. In Salzgitter, the largest single
portfolio, vacancy was reduced from 24 percent to 23.5 percent in the
second quarter. Further acquisitions in 2011, in places where TAG already
has properties, also serve to increase the NAV (Net Asset Value) and have a
positive impact on profits and cash flow. The key indicators of the first
half of 2011 are as follows:
Total revenues increased from EUR 39.8 million in the first half of 2010 to
EUR 72.7 million in the first six months of 2011. First-half rental
revenues increased from EUR 23.9 million in 2010 to EUR 53.5 million in
2011, resulting in consolidated rental income (TAG and Colonia) of EUR 39.2
million after EUR 19.3 million in H1 2010. The good rental result, the
synergies achieved from the Colonia takeover, effects from other
acquisitions, and a revaluation gain in the commercial portfolio resulted
in first-half earnings before taxes (EBT) of EUR 33.7 million, after EUR
6.2 million in 2010. The takeover of Colonia engendered higher interest
payments, and the result was also impacted by interest paid on the
convertible bonds issued by TAG last year, as well as higher taxes on
property loans as the result of acquisitions. In all, net interest for H1
2011 was EUR -36.3 million, after EUR -15.6 million. The TAG recorded Group
net income of EUR 27.7 million after EUR 6.3 million in H1 2010.
Total assets increased, especially due to the Colonia takeover, from EUR
1.2 billion at year-end 2010 to approx. EUR 1.9 billion at the end of June
2011. The Group's solid balance sheet and financial structure is reflected
in a LTV (Loan to Value) ratio of 59 percent, and the financial liabilities
were also reduced by approx. EUR 100 million during the second quarter.
'Based on its successful expansion strategy and the value-driven portfolio
management, TAG is raising its NAV guidance, which reflects the intrinsic
value of the business, from EUR 8.00 to EUR 8.75 per share for 2011. At the
same time we are upholding the EBT forecast for the present at between EUR
50-60 million. Our strategic goal remains the long-term growth of
shareholder value,' says Rolf Elgeti, CEO of TAG.
Please refer to the interim financial report as of June 30, 2011, published
today, for details.
End of Corporate News
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18.08.2011 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 32 300
Fax: 040 380 32 390
E-mail: ir(at)tag-ag.com
Internet: http://www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
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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136080 18.08.2011
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Datum: 18.08.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 47776
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