Godewind Immobilien AG

  • WKN: A2G8XX
  • ISIN: DE000A2G8XX3
  • Land: Deutschland

Nachricht vom 10.04.2019 | 07:35

Annual Financial Report of Godewind Immobilien AG underlines successful start of operating business in 2018

DGAP-News: Godewind Immobilien AG / Key word(s): Annual Results

10.04.2019 / 07:35
The issuer is solely responsible for the content of this announcement.

Annual Financial Report of Godewind Immobilien AG underlines successful start of operating business in 2018

  • Four office properties with a book value of over EUR 300 million acquired at year-end 2018 and recognised in return
  • EPRA Net Asset Value (EPRA NAV) of close to EUR 400 million
  • Group result of around EUR 10.1 million achieved
  • Strong growth expected for the current financial year

Frankfurt am Main, 10 April 2019 - Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has successfully launched its business model in its first financial year, which is designed to increase earnings through expansion.

Development of a profitable office portfolio
Following its IPO in April 2018, Godewind acquired four office properties with an IFRS carrying amount of around EUR 300.9 million as of 31 December 2018. The targeted purchase of office properties with extensive vacant space created the conditions for profitable growth in the coming years. As a result, the consolidated result for the 2018 financial year was EUR 10.1 million. Net rental income amounted to around EUR 0.5 million. Funds from operations (FFO) amounted to around EUR minus 3.8 million. Hence, the income from the acquired properties was only included in the business figures on a pro rata basis. The first acquisition was not completed until the end of October 2018, and the last property for 2018 was closed on 28 December.

Despite the relatively late closings, the performance of the newly acquired properties was already clearly positive, underlining the quality of the office properties acquired. The EPRA Net Asset Value (EPRA NAV) for the acquisitions already completed amounted to around EUR 396.4 million or EUR 3.65 per share at the end of the 2018 financial year. Net LTV amounted to minus 19.7 percent at the end of 2018, as cash and cash equivalents exceeded financial liabilities.

Excellent growth prospects for 2019
For the current fiscal year, the Executive Board expects a positive business development even under somewhat more volatile macroeconomic conditions.

Based on current estimates, EPRA Net Asset Value, the key earnings indicator at the end of the financial year, is expected to achieve a result well above the previous year's level. FFO should also increase significantly and are expected to be in the mid single-digit million range. Annualised net rental income (NRI) should also increase significantly. The Net LTV is expected to be between 45 percent and 55 percent.

This forecast does not include additions or disposals that have not yet been specified, but does include all acquisitions that have already been completed and contractually secured. That is in detail: "ComConCenter" in Frankfurt (closing on 31 October 2018), "Airport Business Center" in Dusseldorf (closing on 30 November 2018), "Sunsquare" near Munich (closing on 15 December 2018), "Frankfurt Airport Center" (closing on 28 December 2018). "Pentahof" in Hamburg and "Eight Dornach" near Munich (closing on January 31, 2019) and "Y 2" in Frankfurt (closing on February 13, 2019). The acquisitions "Quartier am Zeughaus" in Hamburg and "Herzogterrassen" in Dusseldorf are to be closed by the end of April 2019.

Basis laid for first dividend payouts
The total of nine office properties thus form a solid basis for further NAV and FFO increases in the current financial year and for the first dividend distributions for the 2019 financial year. With a gross purchase volume of around EUR 740 million of Value Add and Core(+) office properties to date, Godewind is currently almost fully invested. In line with its business model, the company will now initially focus on reducing the 28 percent vacancy rate that has been specifically acquired. In addition, the exact extent of business development depends to a large extent on the speed with which planned further real estate acquisitions are implemented. The company intends to announce further details in the course of the year.

The complete Annual Financial Report 2018 of Godewind Immobilen AG will be available in the Investor Relations section of the website later today: https://www.godewind-ag.com/en/financial-reports/.

Group key figures according to IFRS at a glance 2018 
Net rental income 548
Net operating income from letting activities (NOI) 577
Result from property valuation 10,756
EBITDA -6,838
Adj. EBITDA -4,756
Consolidated net income 10,128
FFO I -3,769
FFO I per share (in EUR) -0.04
FFO II -3,769
FFO II per share (in EUR) -0.04
EPRA earnings 2,205
EPRA earnings per share (in EUR) 0.03
Earnings per share, basic (in EUR) 0.11
Earnings per share, diluted (in EUR) 0.11
Investment property 300,905
Cash and cash equivalents 157,745
Balance sheet total 503,054
Equity incl. minorities 397,251
Equity ratio 78.97%
Net debt -59,390
Net loan to value (LTV) -19.7%
EPRA NAV 396,394
EPRA NAV per share (in EUR) 3.65
EPRA NNNAV per share (in EUR) 3.62
Property value in pursuant to IAS 40 300,905
Number of properties 4
Lettable area 96,655
Annual basic rent 13,657
Gross initial yield 4.38%
EPRA vacancy rate 23.8%
Portfolio LTV 29.1%
WALT (in years) 4.2
Average rent (in EUR/m²) 15.98

About Godewind Immobilien AG
Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specializing in German office real estate. The company's focus is on building an attractive real estate portfolio with a focus on office properties. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by the regular realisation of added value potential. Including the latest acquisitions Godewind has an office portfolio of EUR 740 million. In the medium term, the aim is to build a commercial real estate portfolio of around three billion euros with the help of the company's wide-ranging network and by means of value-added acquisitions.

Based on its internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost-effectively, enter into long-term tenancy agreements and thus increase its enterprise value. The company has tax loss carry-forwards for corporation and trade tax, as well as a tax-free capital reserve. Godewind Immobilien AG shares are traded in the Prime Standard segment of the Frankfurt Stock Exchange (FWB). For further information please visit http://www.godewind-ag.com.

Contact Details

Investor Relations Contact

Gunnar Janssen
Godewind Real Estate AG
Phone +49 69 27 13 97 32 13
E-mail g.janssen@godewind-ag.com

Press Contact
Jan Hutterer
Kirchhoff Consult AG
Phone +49 40 60 91 86 65
E-mail godewind-ag@kirchhoff.de

This announcement is for information purposes only and does not constitute or should not be construed as an offer to sell or subscribe for, or an offer to sell or subscribe for, or an invitation to make an offer to buy or subscribe for, or an invitation to make an offer to buy or subscribe for, any common stock of Godewind Immobilien AG (the "Company" and such shares, the "Shares") in the United States of America or any other jurisdiction.

10.04.2019 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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