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ADLER Real Estate AG: ADLER Real Estate AG posts substantial growth in both revenue and earnings

DGAP-News: ADLER Real Estate AG / Key word(s): Final Results

2016-03-24 / 08:01

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Corporate News

ADLER Real Estate AG posts substantial growth in both revenue and earnings for 2015

- Gross Rental Income increases by 258.3 percent to EUR 216.6 million

- FFO I improves significantly to c.EUR 16.1 million (2014: minus EUR 1.1 million for FY14) and outperforms company guidance by c.15 percent

- Extraordinary increase in FFO II from c.EUR 1.4 million for FY14 to c.EUR 44.3 million for FY 2015

- Acquisitions in 2015 increase Total Assets by more than double to EUR 3.076 billion

- Further improvement in the Loan-to-value ratio

- Equity ratio further increases to 25.3 percent for FY15 (21.97 percent as at FY14


Hamburg, 24 March 2016. ADLER Real Estate AG, Frankfurt/M. (ISIN DE0005008007) significantly increased its revenues and operating earnings for the 2015 financial year. Based on preliminary figures, gross rental income grew by 258.3 percent to EUR 216.6 million (FY2014: EUR 83.9 million). Income from property disposals rose by a significant multiple to c.EUR 23.5 million (2014: EUR 2.4 million). This was especially due to ACCENTRO Real Estate AG, Berlin, an ADLER subsidiary specialising in housing privatisation which was able to report great success during the reporting year. The substantial expansion to the operating business is reflected by the material improvements to the relevant key figures. Preliminary FFO I (funds from operations from property lettings) improved to c.EUR 16.1 million (previous year: minus EUR 1.1 million). Preliminary FFO II (funds from operations including property disposals) also sharply increased to c.EUR 44.3 million (2014: EUR 1.4 million). "This performance shows the successful integration of the acquisitions we made during the previous years and that now generate strong operating growth", comments Axel Harloff, Management Board member at ADLER Real Estate AG.

The sharp rise in revenues and operating earnings reflects ADLER Real Estate's considerable growth and commitment to value creation. This was driven in particular by the acquisition of a large housing company in Wilhelmshaven in January 2015 and of WESTGRUND AG, Berlin, at half year. Favoured by these conditions, consolidated total assets at ADLER Real Estate more than doubled to EUR 3.076 billion at the end of 2015 (end of 2014: EUR 1.416 billion). Given this increase in earnings and improved capital structure, ADLER's equity ratio rose to 25.3 percent at the end of 2015 (end of 2014: 21.97 percent). The ratio of net financial liabilities to assets less cash and cash equivalents (loan-to-value = LTV) also showed further improvements dropping to 67.96 percent (2014: 68.72 percent) in line with management's targets.

The development of key figures in the income statement, also still preliminary, were influenced by the fair value adjustments of investment properties. "As is known, already in 2014 we were able to generate substantial growth by acquiring several portfolios on favourable terms", continues Axel Harloff. This resulted in fair value adjustments amounting to EUR 132.9 million as determined by IFRS accounting principles. 2015 also saw fair value adjustments amounting to c.EUR 58.9 million. According to these calculations and although the fair value adjustments were less significant than in the previous year, earnings before interest and taxes (EBIT) grew to EUR 176.6 million and thus exceeded the previous year's figure (EUR 170.4 million).

ADLER's property portfolio almost doubled in twelve months, growing from c.24,000 units in 2014 to around 50,000 units. In addition, the occupancy rate grew by 1.6 percentage points at the end of 2015 to almost 89 percent (previous year 87.2 percent). The Company expects to see a further increase in occupancy, rental income and substantial earnings growth. In addition, during the current fiscal year the acquisitions carried out during 2015, will be fully accounted for in ADLER's consolidated accounts for the first time.

ADLER Real Estate AG will be publishing further details about its annual financial statements upon the presentation of its Annual Report on 7th of April 2016.

ADLER Real Estate AG: ADLER Real Estate AG, headquartered in Frankfurt and with its administrative headquarters in Hamburg, focuses on the acquisition, management and administration of residential property privatisation. ADLER invests primarily in portfolios with residential real estate companies in B-locations of major conurbations with units that achieve a positive cash flow and can demonstrate a sustained appreciation potential.

The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitably targeted residential property from the holdings of the ADLER Group and procures condominiums for third party owner-occupiers and investors seeking to provide for their retirement.

In addition, ADLER holds a 23.5 percent stake (31 December 2015) in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in Austria. conwert holds about 82 percent of its property portfolio in A-cities in Germany.

With nearly 50,000 residential units, ADLER is among the top five largest German residential property companies listed in Germany. In addition to the listing on the FTSE EPRA / NAREIT Global Real Estate Index in London and the GRP General Index, shares in ADLER are also listed in the small cap index SDAX of the Deutschen Börse.

For enquiries please contact:

german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg
Tel.: +49 40/46 88 33 0
Fax: +49 40/46 88 33 40

Investor Relations:
Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg
Tel.: +49 40/32 02 79 10
Fax: +49 40/32 02 79 114

2016-03-24 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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