13. August 2012 
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Strong growth at Deutsche Wohnen
Deutsche Wohnen has completed the first half-year of 2012 with a clear improvement in earnings. Consolidated group profit rose in comparison to the equivalent period of the previous year (€16.9 million) by €20.0 million to €36.9 million. Adjusted earnings before taxes increased by around 39 % to €37.3 million (previous year: €26.9 million). The key earnings figure Funds from Operations (FFO, without disposals) rose in comparison to the previous year by around 15 % to €32.8 million. This was due to operational improvements and acquisitions.
Since the beginning of the year Deutsche Wohnen has acquired around 25,000 residential units with a transaction volume of around €1.32 billion. The BauBeCon Group which was purchased from Barclays Bank PLC on 27 May 2012 [we reported] is expected to be taken over in August 2012. In addition, 1,500 further units were purchased in Berlin and Potsdam.
“Once again we have been able to raise our full-year guidance because, as we integrate the newly acquired units, we will strengthen our earnings power significantly. In doing so, we will also further reinforce the attractiveness of our share,” explains Michael Zahn, Chief Executive Officer. Further portfolios of around 10,000 units in size and with a transaction volume of around €485 million are currently the subject of exclusive negotiations.
Based on the positive development in the first half-year of 2012 Deutsche Wohnen is raising its guidance for the entire year. In consideration of acquisitions and disposals the recurring FFO (without disposals) will rise to a range of between €60 million and €65 million – an increase in comparison to the previous year of between €12.5 million and €17.5 million. In Disposals an increase in earnings by around €10 million to around 20 million in 2012 is expected. Going forward, after the successful integration of the BauBeCon holdings and full realisation of the potential synergies, the company anticipates a pre-tax FFO (without disposals) of around €100 million (based on today’s portfolio). Further potential in an amount of around €10 million is expected through the realisation of further acquisitions.
Since the beginning of the year Deutsche Wohnen has acquired around 25,000 residential units with a transaction volume of around €1.32 billion. The BauBeCon Group which was purchased from Barclays Bank PLC on 27 May 2012 [we reported] is expected to be taken over in August 2012. In addition, 1,500 further units were purchased in Berlin and Potsdam.
“Once again we have been able to raise our full-year guidance because, as we integrate the newly acquired units, we will strengthen our earnings power significantly. In doing so, we will also further reinforce the attractiveness of our share,” explains Michael Zahn, Chief Executive Officer. Further portfolios of around 10,000 units in size and with a transaction volume of around €485 million are currently the subject of exclusive negotiations.
Based on the positive development in the first half-year of 2012 Deutsche Wohnen is raising its guidance for the entire year. In consideration of acquisitions and disposals the recurring FFO (without disposals) will rise to a range of between €60 million and €65 million – an increase in comparison to the previous year of between €12.5 million and €17.5 million. In Disposals an increase in earnings by around €10 million to around 20 million in 2012 is expected. Going forward, after the successful integration of the BauBeCon holdings and full realisation of the potential synergies, the company anticipates a pre-tax FFO (without disposals) of around €100 million (based on today’s portfolio). Further potential in an amount of around €10 million is expected through the realisation of further acquisitions.
