GSW Immobilien AG

EANS-News: GSW Immobilien AG raises annual forecast for FFO I

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6-month report

Berlin (euro adhoc) - GSW Immobilien AG raises annual forecast for FFO I
* Net rental income climbs to E78.9million
* Vacancy rate down to 3.2 percent
* Average rent increases to E5.14/sqm 
* Adjusted EBITDA rises to E66million 
* Consolidated net income of E25million
* FFO I of E32.6million 

Berlin, 20 August 2012 - This first six months of this year have again been
highly eventful for GSW Immobilien AG. The MDAX-listed property portfolio
holding company successfully concluded a capital increase at the start of May
2012. At the end of June 2012, GSW held its first Annual General Meeting as a
listed company, at which its shareholders approved all items on the agenda.
These two events, a tenable and stable business model and a positive development
in operating activities again contributed to a healthy performance in the first
half of 2012. The full interim report for the first six months of the 2012
financial year can be viewed and downloaded from today at
In the first six months, GSW continued to benefit from the positive development
in its operating activities. Net rental income rose by around 13.3 percent
year-on-year to E78.9million. At the same time, the vacancy rate declined to
around 3.2 percent while in-place rents increased by 4 percent to E5.14 per
square metre per month in the same period.
Strong rental and property disposal income drives up earnings
EBIT for the first half of the year declined slightly as against the same period
of 2011 to E66.3million. However, the previous year's EBIT was influenced
considerably by the extraordinary effects from events such as the sale of BMH
Berlin Mediahaus GmbH and the expenses for the IPO. Adjusted for these effects,
EBIT rose significantly by E10million. "This increase is primarily due to
improved net rental income as a result of higher rents, a lower vacancy rate and
good results from disposals," said Jörg Schwagenscheidt, Member of the Board of
Management of GSW Immobilien AG.
EBITDA declined to a similar degree as EBIT in the reporting period. As against
the first half of 2011, however, adjusted EBITDA was up 11.6 percent at
E66million and therefore in line with forecasts. 
Overall, GSW concluded the first six months of 2012 with consolidated net income
of E25million (2011: E28.8million), a year-on-year slide of E3.8million.
However, the consolidated net income in 2011 was largely influenced by the
disposal of BMH in January 2011 in the amount of E25.4million as well as
expenses for the IPO. By contrast, the figure relevant to the dividend, FFO I
(funds from operations, not including the result of disposals) rose by 12.4
percent as against the previous year to E32.6million due to operating
performance and increased portfolio size. 
Successful capital increase influences net asset value
Net asset value (EPRA NAV), the Group's economic capital, increased to
E1,394.3million as per the end of the first half of the year. The loan-to-value
ratio declined to a current 51.5 percent. In particular, this was due to the
proceeds from the capital increase. Compared to 31 December 2011, net asset
value (EPRA NAV) per share dipped from E29.72 to E27.59 owing to the higher
number of shares following the capital increase and the distribution of the
dividend of E0.90 per share. 
GSW successfully carried out a capital increase at the start of May 2012. More
than 90 percent of the new shares offered were subscribed to by existing
shareholders at a price of E21.30 each, thereby generating net issue proceeds of
E191.2million. "Our business model combines sustainable growth with an
attractive dividend policy. The additional capital will enable us to continue
pushing ahead with this strategy and allow our shareholders to participate in
the company's success," said Thomas Zinnöcker, Chairman of the Board of
Management at GSW.
First Annual General Meeting paves the way for future growth
GSW also held its first Annual General Meeting as a listed company at the end of
June 2012. All items on the agenda were approved with a majority by the Annual
General Meeting. At the proposal of the Management Board and the Supervisory
Board, 99.99 percent of shareholders at the Annual General Meeting voted in
favour of the distribution of a dividend for the 2011 financial year of E0.90
per entitled share. This corresponds to a total amount of around E45.5million.
The GSW Annual General Meeting also resolved new authorised and contingent
capital with a large majority. "This will secure the company's future growth and
financial flexibility," said Andreas Segal, GSW'S CFO. 
GSW Management Board raises annual forecast for FFO I to approximately E61 to
E64 million
The successful capital increase, the favourable general conditions on the Berlin
residential market and a positive development in operating activities have
prompted the Management Board of GSW to adjust its forecast for FFO. "We are
projecting FFO I of approximately E61 to E64million for the 2012 financial
year," said Segal. 

GSW Immobilien AG
Charlottenstrasse 4, 10969 Berlin, Germany

Press                                                   Investor Relations
Thomas Rücker                                   Sebastian Jacob
E-mail:               E-mail:
Tel.:   +49 (0) 30 25 34-13 32                  Tel.:   +49 (0) 30 25 34-18 82
Fax:    +49 (0) 30 25 34-19 34                  Fax:    +49 (0) 30 25 34- 233

About GSW
With a portfolio of around 52,300 residential units, GSW Immobilien AG is one of
the leading private residential property companies in Berlin. In addition, a
subsidiary of GSW manages around 17,700 residential and commercial units for
third parties. GSW's corporate strategy is geared towards the long-term
management of rented apartments, using a systematic approach intended to enhance
customer satisfaction and operational efficiency. The company's property
portfolio as of 31 December 2011 was valued at around E2.9billion.

Further inquiry note:
René Bergmann
Tel.: +49 30 2534 1362
Fax: +49 30 2534 233 1960

end of announcement                               euro adhoc 

company:     GSW Immobilien AG
             Charlottenstr. 4
             D-10969 Berlin
phone:       +49 30 68 99 99 0
FAX:         +49 30 68 99 99 999
sector:      Real Estate
ISIN:        DE000GSW1111
indexes:     MDAX
stockmarkets: regulated dealing: Berlin, regulated dealing/prime standard:
language:   English

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