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Deutsche Wohnen SE: Stable Performance in the First Half 2022

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DGAP-News: Deutsche Wohnen SE / Key word(s): Half Year Results
Deutsche Wohnen SE: Stable Performance in the First Half 2022
05.08.2022 / 07:00
The issuer is solely responsible for the content of this announcement.

Corporate News

 

Half-year Results January to June 2022

Deutsche Wohnen: Stable Performance in the First Half 2022

  • FFO I of €273.2 million (€0.69 per share)

  • Adj. NAV increased to €22,804.4 million (€57.45 per share)

  • Stable outlook and guidance confirmed

Berlin, August 5, 2022. Deutsche Wohnen SE delivered a stable operating performance in the first half-year 2022. The portfolio volume was ca. 15,000 apartments smaller compared to the prior-year period (primarily as a result of the disposal to the City of Berlin). Accounting for this volume effect, Deutsche Wohnen looks back on a successful first six months.

Olaf Weber, CFO of Deutsche Wohnen commented: “Deutsche Wohnen continued its successful development in the first half-year. The key metrics are in line with our expectations. The value growth in our portfolio is also the result of our investments in the quality of our assets. Against the background of our performance during the first six months we confirm our guidance for the current financial year.”

The segment revenue from Residential Property Management was €598.1 million (-5.1%), which was particularly driven by a 9.5% smaller residential portfolio. The in-place rent per square meter was €7.42. The vacancy rate remained at a very low level of 1.8%.

Other relevant KPIs also saw a stable development. The FFO I was €273.2 million, which was 6.2% lower than in H1 2021. On a per-share basis, the FFO 1 came to €0.69 € compared to €0.85 in the prior-year period. This was mainly attributable to the higher number of shares following the convertible bonds conversion in the context of the business combination with Vonovia. The adjusted NAV (formerly EPRA NTA) grew by 5.6% since year-end 2021 to €22,804.4 million (€57.45 per share). This increase was largely driven by the €928.1 million gain from the fair value measurement of investment properties. The LTV was 27.9%.

Guidance confirmed

Against the background of a solid first six months, Deutsche Wohnen confirms its guidance for the current financial year.

Key numbers

P&L

H1 2022

H1 2021

Change

Segment earnings from Residential Property Management

€ million

340.1

373.3

-8.9%

Segment earnings from Disposals

€ million

9.6

-0.5

n.m.

Segment earnings from Nursing Operations

€ million

28.9

24.1

19.9%

Segment earnings from Nursing Assets

€ million

13.4

15.6

-14.1%

EBITDA (excl. fair value changes of investment properties)

€ million

343.1

349.3

-1.8%

Profit for the period

€ million

927.3

256.4

>100%

FFO I

€ million

273.2

291.4

-6.2%

FFO I per share

0.69

0.85

-19.0%

 

 

 

 

 

Balance sheet

 

June 30, 2022

Dec. 31, 2021

Change

Investment properties

€ million

29,822.4

28,730.5

3.8%

Equity

€ million

18,146.5

17,203.4

5.5%

LTV

%

27.9

28.6

-70bps

ICR

X times

8.9

6.6

2.3

NAV

€ million

22,804.4

21,588.7

5.6%

NAV per share

57.45

54.39

5.6%

 

 

 

 

 

Non-financial KPIs

 

June 30, 2022

June 30, 2021

Change

Number of owned residential units

 

139,993

154,752

-9.5%

In-place rent (residential)

€/sqm

7.42

7.15

3.8%

Vacancy rate (residential)

%

1.8%

1.6%

20bps

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighbourhoods. As at 30 June 2022, the portfolio comprised a total of around 140,000 residential units.

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognisable by such words as ‘will’, ‘expect’, ‘believe’, ‘estimate’, ‘intend’, ‘endeavour’, ‘assume’ and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.

Contact:

Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
ir@deutsche-wohnen.com


05.08.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Deutsche Wohnen SE

Mecklenburgische Straße 57

14197 Berlin

Germany

Phone:

+49 (0)30 89786-5413

Fax:

+49 (0)30 89786-5419

E-mail:

ir@deutsche-wohnen.com

Internet:

https://www.deutsche-wohnen.com

ISIN:

DE000A0HN5C6

WKN:

A0HN5C

Indices:

MDAX

Listed:

Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1413149


 

End of News

DGAP News Service

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