Deutsche Wohnen SE — Earnings Release 2005

Feb 8, 2006

News Details

Corporate | 8 February 2006 08:32

Deutsche Wohnen AG: Successful business year 2005

Corporate-news transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. —————————————————————————— – Groups result of ordinary activities and net income obviously inproved: + 12% resp. + 70% – Core business: Development of earnings according to the business plan – Net Asset Value as at December 31, 2005: EUR 189.32 per share – Explanations in detail: Conference-call today at 3:00 p.m. CET Today Deutsche Wohnen AG publishes Group key figures 2005. Groups result of ordinary activities amounted to EUR 23.9 m and Group net income to EUR 21.3 m (German Commercial Code). Compared to 2004 this represents improvements by EUR 2.6 (+ 12%) resp. EUR 9.1 m (+ 70%). A tax refund of EUR 4.3 m from 2004 resulted from the merger of two subsidiaries done in February 2005. This fiscal deposit and obviously decreased current taxes on profits (EUR 3 m compared to EUR 8.1 m in 2004) are the relevant reasons for the rised Group net income. Compared to 2004 the number of booked privatisations declined by 161 units (1,177 compared to 1,338 in 2004). However the number of sales carried forward arised by 137 units. These privatisations are notarised, but not booked in 2005 Groups balance sheet due to running renovation measures. In the property management rental income decreased due to privatisations. Actual rental income amounted to approx. EUR 80 m. Gross earnings from property management came down to EUR 57.4 m (compared to EUR 60.6 m in 2004). Included is an increase of the average monthly planned rental income up to EUR 5.01 per sqm. The vacancy situation did not change. On December 31, 2005 the whole vacancy rate amounted to 7.4%, but 3.7% is planned vacancy resp. vacancy due to maintenance measures in the pipeline of privatisations. At a later date Deutsche Wohnen AG will publish key figures to the first-time prepared Group accounts according to IFRS. There will be a broad difference in Group net income between German Commercial Code and IFRS. Reason for this is the unequal treatment of property transfer tax (mentioned merger of two subsidiaries). The residential stock was valuated according to IFRS 40 again. The Fair Value of Groups core residential portfolio amounted to EUR 1.2 bn (EUR 861 per sqm). Groups Net Asset Value came to EUR 757.3 m (EUR 189.32 per share). In Germany, as measures by the market cap of currently EUR 908 m, Deutsche Wohnen AG is the largest listed residential property company. Property management and privatisation are forming the core business of Deutsche Wohnen AG. Andreas Lehner, CEO, will present Group key figures 2005 in a conference call today at 3:00 p.m. CET. The conference call will be broadcasted in the internet (http://www.deutsche-wohnen.de). Conference language is english. Further issues in the conference call are growth and the intended deconsolidation from Deutsche Bank Group as precondition (see Corporate News dated February 7, 2006). Hubert Bonn (IR & PR), Phone: +49 6131 6397 116, e-mail: ir@deuwo.com (c)DGAP 08.02.2006 ————————————————————————— language: English emitter: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt am Main Deutschland phone: 06131-6397-116 fax: 06131-6397-199 email: hubert.bonn@deutsche-wohnen.de WWW: www.deutsche-wohnen.de ISIN: DE0006283302 WKN: 628330 indexes: End of News DGAP News-Service —————————————————————————