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29.04.2016 14:10:31
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DGAP-News: WCM Beteiligungs- und Grundbesitz-AG
DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong 2015 year end results
29.04.2016 / 14:10 The issuer is solely responsible for the content of this announcement.
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WCM reports strong 2015 year end results
- WCM confirms pre-announced results from 25 April 2016
- Funds from operations (FFO I) in first operational year at EUR 7.9 million
- EPRA Net Asset Value (NAV) at EUR 290.6 million or EUR 2.38 per share
- Portfolio growth to EUR 505.7 million with a weighted average remaining lease time (WALT) of 9.4 years and an EPRA vacancy rate of 4.8 percent
- FFO I between EUR 18.0 million and EUR 21.0 million projected for 2016 given current acquisition and divestment targets
- Realized strategic divestment of 3 assets considerably above December 2015 book value (+ 26 percent) and pre-tax profit of EUR 1.6 million
- Further portfolio growth anticipated with acquisitions of 3 retail assets previously announced with a market value of EUR 48 million
Frankfurt am Main, 29 April 2016 - SDAX listed WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) publishes its audited year end results for 2015. WCM confirms its pre-announced results from 25 April 2016. The audited report including a detailed company presentation is available for download at the Investor Relations section on the company's website www.wcm.de.
WCM achieved a consolidated net income of EUR 57.7 million compared to EUR 1.2 million in the previous year. The result corresponds to earnings per share of EUR 0.72 in 2015 compared to EUR 0.08 in 2014. Although the operational relaunch only started in the 4th quarter of 2014, the company achieved a rental income of EUR 10.4 million in 2015. The annualised rental income comprising the 2015 announced and closed transactions amounts to EUR 31.5 million and will be fully attributed to the current year.
WCM's funds from operations (FFO I) rose to EUR 7.9 million in the first operational year since relaunch. As of 31 December 2015, the EPRA Net Asset Value (NAV) stood at EUR 290.6 million or EUR 2.38 per share.
Accretive Portfolio Growth
In 2015, WCM has built a portfolio comprising 49 commercial real estate assets with a market value of EUR 505.7 million (as of 31 December 2015). In comparison, WCM's 2014 real estate portfolio amounted to only EUR 17.3 million. The newly acquired assets achieve a steady and high cash flow as well as a gross yield of 6.2 percent and an EPRA net yield of 5.6 percent. The weighted average remaining lease time (WALT) of the total portfolio is 9.4 years with a low EPRA vacancy rate of 4.8 percent.
The rental income is complemented by attractive financing conditions. The current portfolio is financed with an average interest rate of 2.1 percent and an average loan maturity of 7 years. The loan-to-value (LTV) of the portfolio equals 52.2 percent.
Forecast for 2016
WCM will continue with its portfolio expansion in 2016 and projects a FFO between EUR 18.0 million and EUR 21.0 million depending on acquisition and divestment targets. The company plans to pay a dividend to its shareholders for 2016. Three contractually secured retail properties with a market value of c. EUR 48.0 million have been partially integrated in the portfolio. As of 31 March 2016, the previously acquired DIY store in Goppingen with a gross acquisition price of EUR 22.0 million has been included in the portfolio. The other properties are in an advanced construction status and are expected to be handed over with newly signed leases by the end of the year. The market value of those assets amount to c. EUR 25.8 million. The pro-forma gross asset value of WCM's portfolio including the recent transactions totals c. EUR 550 million.
Positive Outlook with Successful Divestments
In addition to the recent transactions, WCM has continued its strategy focus and successfully disposed three non-strategic assets for a combined EUR 7.9 million resulting in a pre-tax profit of EUR 1.6 million (+26 percent) compared to the book value as of 31 December 2015.
Stavros Efremidis, CEO of WCM AG states: "In 2015, we have seized the opportunities on the German commercial real estate market and acquired top assets with high and steady cash flows. We will continue our acquisitions with focus on NAV and FFO accretion in 2016 on both office and retail assets across Germany. In addition, our active portfolio and asset management is furthering the bottom line growth. As a shareholder and CEO of WCM, I am confident we will achieve those goals".
WCM Key IFRS Figures in KEUR 1.1. - 31.12.2015 1.1. - 31.12.2014 Rental income 10,445 0 Net operating income 9,560 0 Net income 57,675 1,206 FFO I 7,930 (1,393) Earnings per share (in EUR) 0.72 0.08 Earnings per share diluted (in EUR) 0.72 0.08 FFO I per share (in EUR) 0.10 (0.10)
WCM Key Balance Sheet Ratios in KEUR 31.12.2015 31.12.2014 Investment properties 501,546 17,337 Assets held for divestment 4,185 0 Total equity & liabilities 550,924 43,889 Shareholder's equity 269,582 31,809 Debt 281,342 12,080 EPRA NAV per share (in EUR) 2.38 n.a.
Key Portfolio Figures as of 31.12.2015 Number of assets 49 Lettable area 293,986 square metres Annualised rental income EUR 31.5 million EPRA net initial yield (NIY) 5.6 percent EPRA vacancy rate 4.8 percent Loan-to-value (LTV) 52.2 percent Weighted Average remaining lease time (WALT) 9.4 years Average cost of debt 2.1 percent
About WCM AG
WCM Beteiligungs- und Grundbesitz-AG (WCM AG), with headquarters in Frankfurt am Main, is a specialised commercial real estate company. As a real estate proprietor, the focus is on long-term rental of high-quality office and retail properties in the major office locations in Germany. Since the operational restart in 2014, WCM AG has focused on an extensive network for the acquisition of properties as well as on value-creating asset management, in order to generate attractive long-term rental income and a steady cash flow. The portfolio has a gross asset value of more than EUR 500 million. The company has extensive loss carry forwards in corporate and commercial tax. Shares of WCM AG are listed in the SDAX of Deutsche Borse since 21 December 2015.
Press contact:
edicto GmbH Axel Mühlhaus/ Dr. Sönke Knop +49 (0) 69-905505-51 wcm@edicto.de
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29.04.2016 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. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: WCM Beteiligungsund Grundbesitz-AG Bleichstr. 64-66 60313 Frankfurt am Main Germany Phone: +49 (0)30 8870 476-10 Fax: +49 (0)30 8870 476-20 Internet: www.wcm.de ISIN: DE000A1X3X33, SDAX WKN: A1X3X33 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Stuttgart; Regulated Unofficial Market in Munich End of News DGAP News Service ---------------------------------------------------------------------------
459237 29.04.2016
DGAP-News: WCM Beteiligungs- und Grundbesitz-AG / Key word(s): Final Results/Real Estate WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong 2015 year end results
29.04.2016 / 14:10 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
WCM reports strong 2015 year end results
- WCM confirms pre-announced results from 25 April 2016
- Funds from operations (FFO I) in first operational year at EUR 7.9 million
- EPRA Net Asset Value (NAV) at EUR 290.6 million or EUR 2.38 per share
- Portfolio growth to EUR 505.7 million with a weighted average remaining lease time (WALT) of 9.4 years and an EPRA vacancy rate of 4.8 percent
- FFO I between EUR 18.0 million and EUR 21.0 million projected for 2016 given current acquisition and divestment targets
- Realized strategic divestment of 3 assets considerably above December 2015 book value (+ 26 percent) and pre-tax profit of EUR 1.6 million
- Further portfolio growth anticipated with acquisitions of 3 retail assets previously announced with a market value of EUR 48 million
Frankfurt am Main, 29 April 2016 - SDAX listed WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) publishes its audited year end results for 2015. WCM confirms its pre-announced results from 25 April 2016. The audited report including a detailed company presentation is available for download at the Investor Relations section on the company's website www.wcm.de.
WCM achieved a consolidated net income of EUR 57.7 million compared to EUR 1.2 million in the previous year. The result corresponds to earnings per share of EUR 0.72 in 2015 compared to EUR 0.08 in 2014. Although the operational relaunch only started in the 4th quarter of 2014, the company achieved a rental income of EUR 10.4 million in 2015. The annualised rental income comprising the 2015 announced and closed transactions amounts to EUR 31.5 million and will be fully attributed to the current year.
WCM's funds from operations (FFO I) rose to EUR 7.9 million in the first operational year since relaunch. As of 31 December 2015, the EPRA Net Asset Value (NAV) stood at EUR 290.6 million or EUR 2.38 per share.
Accretive Portfolio Growth
In 2015, WCM has built a portfolio comprising 49 commercial real estate assets with a market value of EUR 505.7 million (as of 31 December 2015). In comparison, WCM's 2014 real estate portfolio amounted to only EUR 17.3 million. The newly acquired assets achieve a steady and high cash flow as well as a gross yield of 6.2 percent and an EPRA net yield of 5.6 percent. The weighted average remaining lease time (WALT) of the total portfolio is 9.4 years with a low EPRA vacancy rate of 4.8 percent.
The rental income is complemented by attractive financing conditions. The current portfolio is financed with an average interest rate of 2.1 percent and an average loan maturity of 7 years. The loan-to-value (LTV) of the portfolio equals 52.2 percent.
Forecast for 2016
WCM will continue with its portfolio expansion in 2016 and projects a FFO between EUR 18.0 million and EUR 21.0 million depending on acquisition and divestment targets. The company plans to pay a dividend to its shareholders for 2016. Three contractually secured retail properties with a market value of c. EUR 48.0 million have been partially integrated in the portfolio. As of 31 March 2016, the previously acquired DIY store in Goppingen with a gross acquisition price of EUR 22.0 million has been included in the portfolio. The other properties are in an advanced construction status and are expected to be handed over with newly signed leases by the end of the year. The market value of those assets amount to c. EUR 25.8 million. The pro-forma gross asset value of WCM's portfolio including the recent transactions totals c. EUR 550 million.
Positive Outlook with Successful Divestments
In addition to the recent transactions, WCM has continued its strategy focus and successfully disposed three non-strategic assets for a combined EUR 7.9 million resulting in a pre-tax profit of EUR 1.6 million (+26 percent) compared to the book value as of 31 December 2015.
Stavros Efremidis, CEO of WCM AG states: "In 2015, we have seized the opportunities on the German commercial real estate market and acquired top assets with high and steady cash flows. We will continue our acquisitions with focus on NAV and FFO accretion in 2016 on both office and retail assets across Germany. In addition, our active portfolio and asset management is furthering the bottom line growth. As a shareholder and CEO of WCM, I am confident we will achieve those goals".
WCM Key IFRS Figures in KEUR 1.1. - 31.12.2015 1.1. - 31.12.2014 Rental income 10,445 0 Net operating income 9,560 0 Net income 57,675 1,206 FFO I 7,930 (1,393) Earnings per share (in EUR) 0.72 0.08 Earnings per share diluted (in EUR) 0.72 0.08 FFO I per share (in EUR) 0.10 (0.10)
WCM Key Balance Sheet Ratios in KEUR 31.12.2015 31.12.2014 Investment properties 501,546 17,337 Assets held for divestment 4,185 0 Total equity & liabilities 550,924 43,889 Shareholder's equity 269,582 31,809 Debt 281,342 12,080 EPRA NAV per share (in EUR) 2.38 n.a.
Key Portfolio Figures as of 31.12.2015 Number of assets 49 Lettable area 293,986 square metres Annualised rental income EUR 31.5 million EPRA net initial yield (NIY) 5.6 percent EPRA vacancy rate 4.8 percent Loan-to-value (LTV) 52.2 percent Weighted Average remaining lease time (WALT) 9.4 years Average cost of debt 2.1 percent
About WCM AG
WCM Beteiligungs- und Grundbesitz-AG (WCM AG), with headquarters in Frankfurt am Main, is a specialised commercial real estate company. As a real estate proprietor, the focus is on long-term rental of high-quality office and retail properties in the major office locations in Germany. Since the operational restart in 2014, WCM AG has focused on an extensive network for the acquisition of properties as well as on value-creating asset management, in order to generate attractive long-term rental income and a steady cash flow. The portfolio has a gross asset value of more than EUR 500 million. The company has extensive loss carry forwards in corporate and commercial tax. Shares of WCM AG are listed in the SDAX of Deutsche Borse since 21 December 2015.
Press contact:
edicto GmbH Axel Mühlhaus/ Dr. Sönke Knop +49 (0) 69-905505-51 wcm@edicto.de
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29.04.2016 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. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: WCM Beteiligungsund Grundbesitz-AG Bleichstr. 64-66 60313 Frankfurt am Main Germany Phone: +49 (0)30 8870 476-10 Fax: +49 (0)30 8870 476-20 Internet: www.wcm.de ISIN: DE000A1X3X33, SDAX WKN: A1X3X33 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Stuttgart; Regulated Unofficial Market in Munich End of News DGAP News Service ---------------------------------------------------------------------------
459237 29.04.2016
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