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ADLER Real Estate AG: ADLER Real Estate AG outperforms its own expectations with 2015 results

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

2016-04-07 / 12:30

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Corporate News

ADLER Real Estate AG outperforms its own expectations with 2015 results

- Annual report for 2015 published

- Increase in EBITDA for 2015 to EUR95.6m (previous year: EUR27.2m) shows increased performance in its operating business

- EPRA NAV per share for 2015 at EUR15.51 (previous year: EUR11.02)

- Weighted Average Cost of Debt (WACD) continues to decline

Hamburg, 7 April 2016. During the year fiscal 2015, ADLER Real Estate AG, Frankfurt/M. (ISIN DE0005008007) significantly profitted from the significant acquisitions it carried out during the year and outperformed its own expectations on year end results. Revenues from property lettings increased to EUR216.6m (previous year EUR83.9m) and were therefore slightly higher than the EUR210m that had originally been expected. Profit from property disposals grew by almost ten times to EUR23.5 m (previous year: EUR2.31m). The consolidation of a residential property portfolio at the end of January 2015 and the takeover of Westgrund AG, Berlin, in the middle of last year, had a particular impact on year end results.

"With these results we have not only achieved the set targets for 2015, but also outperformed them slightly" said Arndt Krienen, member of the Management Board of ADLER Real Estate AG. In particular, the operating profit has had a much better trend than what had been projected. FFO I (Funds from Operations) for instance, increased to EUR16.1m (previous year: minus EUR1.1m), following the guidance of EUR14m which had originally been set during the previous year. Operating profit including property trading/disposals (FFO II) also rose significantly in 2015 to EUR44.3m (2014: EUR2.4m) meeting FFO II targets of EUR43.0m as well.

As at the end of 2015, the group's balance sheet had more than doubled to EUR3.076bn (end of 2014: EUR1.416bn) reflecting the significant growth of ADLER. Furthermore, the Group's equity more than doubled to EUR777.9m (end of the previous year EUR311.2m). Alongside the total profit for 2015, the increase can be attributed to the raising of non-cash capital carried out in connection with the takeover of Westgrund and to the mandatory convertible which due to its structure and Terms & Conditions is equity, issued in connection with the indirect acquisition of a stake in conwert. The equity ratio also increased to 25.3 per cent (previous year: 21.9 per cent). Loan-to-value (LTV) continued to improve as per the end of 2015 to c.68 per cent (end of 2014: 68.7 per cent) and the average cost of debt for the group (WACD) fell to 3.99 per cent (end of 2014: 4.7 per cent).

EPRA NAV grew by EUR528.2m and more than doubled to EUR879.5m. The group's EPRA NAV per share rose from EUR11.02 to EUR15.51 and the diluted EPRA NAV per share from EUR9.38 to EUR14.05.

The the average occupancy across the portfolio rose by 1.6 percent to 88.8 percent at the end of the reporting year, (previous year 87.2 percent) and the Group's property portfolio also more than doubled increasing from 24,086 units to approx 50,000 units at the end of 2015.

Consolidated earnings for ADLER were affected by a lower fair value adjustments of the Group's investment properties. The earnings from fair-value assessment for the previous business year amounted to EUR58.9m compared to EUR132.9m in the previous year, when ADLER succeeded in taking over a large number of undervalued residential property portfolios. Although the result from the fair-value adjustment when compared to the previous year, earnings before interest and tax (EBIT) of EUR176.6m were EUR6m above the previous year's figure (EUR170.4m) showing the Group's increased operating performance.

Adjusted for the one off effects from fair-value assessments as well as adjustments to take into account other special effects such as revenues from the negative difference from first-time consolidation of the housing company acquired in Wilhelmshaven, ADLER 's adjusted EBITDA has rose significantly from EUR27.2m in 2014 to EUR95.6m in 2015. This confirms the considerable advance in operating profit for ADLER. A further effect from the rise in proceeds was an increase in cash flow from current business operations to EUR24.97m compared to EUR16.75m for the previous year.

"During the current year, we assume that proceeds from property lettings will continue to rise and that once again will publish strong result as the acquisitions carried out during 2015 will take full effect for the first time in 2016," Arndt Krienen went on to point out. "Rental income should also improve thus leading to a further increase in our overall business results."

Further information on the consolidated financial statement can be found in the annual report of ADLER Real Estate AG for the 2015 business year, which is published on the ADLER website

About 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 as well as privatisation of residential property. ADLER invests primarily in portfolios or participations of residential real estate companies with properties predominantly situated in B locations in German conurbations that achieve a positive cash flow and can offer a sustained value appreciation potential.

The ADLER subsidiary, ACCENTRO Real Estate AG, is one of the largest privatisers of residential property in Germany. ACCENTRO markets suitable residential properties from the ADLER Group's portfolio on a targeted basis, and also brokers individual apartments on behalf of third parties to owner-occupiers and investors who for example are seeking to create a quasi-pension income.

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

With a portfolio of about 50,000 residential and commercial units, ADLER is among the top five largest listed German residential real estate companies 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 Deutsche Börse.

Key performance indicated for the 2015 consolidated financial statement of ADLER Real Estate AG:

In EUR million 31.12.2015 31.12.2014
Proceeds from property management 216.6 83.9
Proceeds from the sale of properties 168.2 87.5
EBIT 176.6 170.4
Result from the valuation of investment properties 58.9 132.9
Adjusted EBITDA 95.6 27.2
Group earnings 78.3 111.6
FFO I 16.1 -1.1
FFO II 44.3 1.4
Cash flow from current business operations 25.0 16.8
Equity 777.9 311.2
Group balance sheet total 3,076 1,416
EPRA NAV 879.5 351.3
EPRA NAV per share (plus the shares resulting from the assumed conversion of the mandatory convertible bond) 15.51 11.02
EPRA NAV per share(diluted) 14.05 9.38


For inquiries 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


2016-04-07 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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