DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM maintains profitable growth in first nine months of 2017 - Takeover by TLG IMMOBILIEN AG proceeding on schedule

Nachricht vom 09.11.2017 (www.4investors.de) -


DGAP-News: WCM Beteiligungs- und Grundbesitz-AG / Key word(s): 9-month figures/Real Estate

WCM Beteiligungs- und Grundbesitz-AG: WCM maintains profitable growth in first nine months of 2017 - Takeover by TLG IMMOBILIEN AG proceeding on schedule
09.11.2017 / 07:01


The issuer is solely responsible for the content of this announcement.
WCM maintains profitable growth in first nine months of 2017
- Takeover by TLG IMMOBILIEN AG proceeding on schedule

- Nine-month rental income rises to EUR34.6m (previous year: EUR23.8m)

- FFO I increases to EUR17.7m (previous year: EUR12.9m)

- Significant effects from the takeover by TLG IMMOBILIEN AG

- Forecast for 2017 confirmed

Frankfurt, 9 November 2017 - WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) maintained its profitable growth trajectory in the first nine months of 2017, with an increasing focus on the integration of purchased portfolios. The Company's operating success was accompanied by comprehensive implementation measures ahead of the impending takeover by TLG IMMOBILIEN AG (TLG). The takeover process has been proceeding according to plan and has triggered various expected one-off effects at WCM, such as expenses due to changes of legal forms and consultancy expenses. The takeover offer from TLG was successfully concluded after the end of the reporting period. As at 6 October 2017, TLG held 85.9% of WCM-shares.

WCM's net income was EUR17.0m in the first nine months of 2017, remaining stable from EUR16.9m in the same period last year. Rental income during the period rose from the previous figure of EUR23.8m to EUR34.6m, driven significantly by strong portfolio expansion over the past 12 months. The value of the WCM property portfolio totalled EUR805.5m as of 30 September 2017, compared to EUR576.4m on 30 September 2016 and EUR662.1m at year-end 2016. Funds from operations (FFO I) increased to EUR17.7m during the period under review, up from EUR12.9m in the same period in 2016. This corresponds to a figure of EUR0.13 per share after the first nine months of 2017, compared with EUR0.10 in the prior-year period. As at 30 September 2017, the EPRA Net Asset Value (NAV) was EUR351.5m, compared with EUR345.4m at the end of 2016. As at 30 September 2017, the property portfolio had an EPRA vacancy rate of 4.3%, up from 3.8% at the end of 2016. The slight increase is due to the new acquisitions MIA I and MIA II, whose vacancy rates of 7.0% and 4.8%, respectively, resulted in a temporary increase in the EPRA vacancy rate. The net loan-to-value (LTV) was 55.7 % after 53.1% at the end of 2016.

The WCM Management Board reiterates its 2017 guidance made in the 2016 annual report regarding funds from operations of between EUR23m and EUR24m, subject to the effects of the takeover. Rental income for 2017 will probably come in at the upper end or slightly above the communicated range of EUR42m to EUR44m.

The quarterly statement on Q3/2017 of WCM AG is available at www.wcm.de in the Investor Relations section.

 

WCM Group Key IFRS Figures

in kEUR
1 Jan. -
1 Jan. -
Change
Change
According to IFRS
30 Sept. 2017
30 Sept. 2016
in absolute figures
in percent
Rental income
34,647
23,849
10,797
45.3
Net rental income
31,751
22,261
9,490
42.6
Consolidated net profit for the period
16,990
16,928
62
0.4
FFO I
17,729
12,888
4,841
37.6
FFO I per share (in EUR)
0.13
0.10
0.03
30.0
FFO II
17,828
13,687
4,141
30.3
FFO II per share (in EUR)
0.13
0.11
0.02
18.2
EPRA earnings
4,781
4,634
147
3.2
Earnings per share, undiluted (in EUR)
0.10
0.12
-0.02
-16.7
Earnings per share, diluted (in EUR)
0.09
0.12
-0.03
-25.0
 
 
 
 
 
 
 
 
 
 
in kEUR
Key Balance Sheet Figures
30 Sept. 2017
31 December
2016
Change
in absolute figures
Change
in percent
Total property portfolio
805,448
662,073
143,375
21.7
Total assets/Total equity and liabilities
874,512
710,273
164,239
23.1
Equity 1)
315,133
315,933
-800
-0.3
Financial liabilities
476,344
361,864
114,480
31.6
EPRA NAV
351,534
345,366
6,168
1.8
EPRA NAV per share (in EUR)
2.57
2.62
-0.05
-1.9
EPRA NNNAV per share (in EUR)
2.30
2.39
-0.09
-3.8
 
 
 
 
 
1) Including minority interests
 
 
 
 

 

Key Portfolio Figures
30 September 2017
31 December 2016
Number of assets
56
53
Lettable area
422,724 m²
324,031 m²
Annualised rental income in mEUR
47.4
38.3
EPRA net initial yield (NIY) in percent
5.1
5.1
EPRA vacancy rate in percent
4.3
3.8
Weighted average lease term in years
7.8
8.9
Average cost of debt in percent
1.9
2.0
Net loan-to-value (LTV), in percent
55.7
53.1

 

By Segment
Office
Retail
Number of assets
11
45
Lettable area
110,511 m²
312,213 m²
Annualised rental income in kEUR
18,131
29,280
EPRA vacancy rate in percent
5.8
3.4
Weighted average lease term in years
7.9
7.7

 

 

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 EUR800m.

Investor Relations:
Gunnar Janssen
Investor Relations
WCM Beteiligungs- und Grundbesitz-AG
+49 69 963 731 910g.janssen@wcm.de www.wcm.de

Press contact:

edicto GmbH
Axel Mühlhaus/ Dr. Sönke Knop
+49 69 905505-52wcm@edicto.de












09.11.2017 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. Archive at www.dgap.de

Language:
English
Company:
WCM Beteiligungs- und Grundbesitz-AG

Bleichstr. 64-66

60313 Frankfurt am Main


Germany
Phone:
+49 (0)69 963 7319-10
Fax:
+49 (0)69 963 7319-20
E-mail:
g.janssen@wcm.de
Internet:
www.wcm.de
ISIN:
DE000A1X3X33
WKN:
A1X3X33
Listed:
Regulated Market in Frankfurt (Prime Standard), Hamburg, Stuttgart; Regulated Unofficial Market in Munich, Tradegate Exchange

 
End of News
DGAP News Service




626869  09.11.2017 









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