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ADLER Real Estate AG
Earnings Release • May 15, 2017
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Earnings Release
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Corporate | 15 May 2017 08:01
ADLER Real Estate AG: First three months of 2017: Further operating and financial improvements
DGAP-News: ADLER Real Estate AG / Key word(s): Quarter Results
15.05.2017 / 08:01
The issuer is solely responsible for the content of this announcement.
First three months of 2017: Further operating and financial improvements
– Net Rental income rose to EUR 43.9 million, up 4.5 percent compared to Q1 2016
– Q1 FFO I reached EUR 7.9 million, up 38.6 percent compared to Q1 2016
– LTV reduced by 3.6 percentage points to 57.7 percent
Berlin, 15 May 2017 – ADLER Real Estate AG further improved its key operating and financial figures in the first three months of the current financial year. “Our focus remains to increase the Company’s performance and consequently we were able to increase our rental income and FFO”, comments Arndt Krienen, CEO of ADLER Real Estate AG, “In the first quarter, we placed particular emphasis on improving our capital structure. We used the proceeds from the sale of our conwert shares to repay liabilities and thus have reduced our LTV by a further 3.6 percentage points to 57.7 percent in the first quarter. This means we have already taken a significant step towards reaching our target of reducing LTV to 55.0 percent by the end of 2017.”
Net Rental income rose to EUR 43.9 million, up 4.5 percent compared to Q1 2016
Rental income in the first quarter 2017 reached EUR 43.9 million and was thus 4.5 higher than in the comparable quarter one year earlier (Q1 2016 EUR 42.0 million). The increase was mainly due to an improved operational performance. Average rent/sqm/month for the portfolio as a whole reached EUR 5.04 in the first quarter 2017, up 2.0 percent on Q1 2016 (Q1 2016 EUR 4.94). The occupancy rate across the portfolio increased by 0.6 percentage points to 89.4 percent.
Q1 FFO I reached EUR 7.9 million, up 38.6 percent compared to Q1 2016
Funds from operations I (FFO I) at ADLER Real Estate AG came to EUR 7.9 million in the first quarter of 2017, EUR 2.2 million or 38.6 percent higher than the equivalent figure for the previous year’s quarter. This key earnings figure based on the operating cash flow, performed better than the results reported in the income statement which, also include non-cash income and expense items as well as non-recurring and one-off items. Earnings before interest and taxes (EBIT) came to 32.5 million in the first quarter of 2017 and were thus on the level of the comparable previous year’s period (Q1 2016: EUR 33.0 million).
LTV reduced by 3.6 percentage points to 57.7 percent
LTV, which expresses the ratio of financial liabilities (excluding convertible bonds) to total assets, with both figures adjusted to exclude cash and cash equivalents, came to 57.7 percent at the end of the period under report and thus improved by 3.6 percentage points over the first quarter. ADLER mainly achieved this by using more than half of the total of nearly EUR 430 million received from the sale of its conwert shares to repay liabilities. As a result of this debt repayment, the equity ratio increased from by 2.0 percent to 28.6 percent.
EPRA NAV stable
EPRA NAV amounted to EUR 1,055.0 million at the end of the first quarter and thus remained stable during the period under report (31 December 2016: EUR 1,069.9 million). EPRA NAV per share came to EUR 18.09 undiluted and to EUR 16.70 on a fully diluted basis.
“Our first-quarter performance is within the framework we set for 2017 guidance”, adds Arndt Krienen. “As in previous years, we have set ourselves healthy targets and are now well on track to achieve them by the end of the year.”
The complete interim report of ADLER Real Estate AG for the first three months of 2017 is available at the website of ADLER Real Estate AG (www.adler-ag.com).
Contact for enquiries:
Dr. Rolf-Dieter Grass
Head of Corporate Communications
ADLER Real Estate AG
Tel: +49 (30) 2000 914 29
Key financials for the first quarter of 2017
| EUR million | Q1 2017 | Q1 2016 | Change in % |
| Income statement | |||
| Gross rental income | 66.9 | 65.5 | + 2.1 |
| Net rental income | 43.9 | 42.0 | + 4.5 |
| Earnings from property lettings | 30.8 | 30.7 | + 0.3 |
| Earnings from the sale of properties | 4.6 | 5.5 | -16.4 |
| EBIT | 32.5 | 33.0 | -0.5 |
| Consolidated net profit | 3.0 | 4.5 | -33.3 |
| FFO I | 7.9 | 5.7 | + 38.6 |
| per share (EUR)* | 0.13 | 0.10 | |
| FFO II | 9.4 | 8.9 | + 5.6 |
| per share (EUR)* | 0.16 | 0.16 | |
| Balance sheet | 31.03.2017 | 31.12.2016 | |
| Investment Properties | 2,474.4 | 2,442.0 | + 1.3 |
| EPRA NAV | 1,055.0 | 1,069.9 | -1.4 |
| per share (EUR)* | 18.09 | 18.35 | -1.4 |
| Loan to value (%) | 57.7 | 61.3 | -3.6 PP |
| Cash flow | Q1 2017 | Q1 2016 | |
| from operating activities | -0.6 | 18.8 | n.a. |
| from investing activities | 389.8 | 14.0 | n.a. |
| from financing activities | -321.1 | -14.6 | n.a. |
| Portfolio | 31.03.2017 | 31.03.2016 | |
| Number of rental units | 50,640 | 49,859 | + 1.6 |
| of which units held for letting | 48,233 | 48,055 | + 0.4 |
| of which units held for trading | 2,407 | 1,804 | + 33.4 |
| Occupancy rate in % | 89.4 | 88.8 | + 0.6 PP |
| Average rent in EUR/m²/month | 5.04 | 4.94 | 2.0 |
| Employees | 31.03.2017 | 31.03.2016 | |
| Number of employees | 425 | 309 | 37.5 |
| Full-time equivalents | 389 | 284 | 37.0 |
+ Undiluted
15.05.2017 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.
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| Language: | English |
| Company: | ADLER Real Estate AG |
| Joachimsthaler Straße 34 | |
| 10719 Berlin | |
| Germany | |
| Phone: | +49 (0)40 – 29 8130-0 |
| Fax: | +49 (0)40 – 29 8130-99 |
| E-mail: | [email protected] |
| Internet: | www.adler-ag.com |
| ISIN: | DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02 |
| WKN: | 500800, A14J3Z, A1R1A4, A11QF0 |
| Indices: | SDAX, GPR General Index |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |