13.08.2021 Deutsche Wohnen SE  DE000A0HN5C6

DGAP-News: Deutsche Wohnen SE: Deutsche Wohnen achieves stable half-year results


DGAP-News: Deutsche Wohnen SE / Key word(s): Half Year Report/Half Year Results
Deutsche Wohnen SE: Deutsche Wohnen achieves stable half-year results

13.08.2021 / 07:06
The issuer is solely responsible for the content of this announcement.

Corporate News

Interim result as at 30 June 2021

Deutsche Wohnen achieves stable half-year results

  • Systematic implementation of new-build strategy
  • Solid development of important key figures and confirmation of forecast
  • Management and Supervisory Boards welcome Vonovia SE's plan to make improved offer for business combination

Berlin, 13 August 2021. In the first half-year, Deutsche Wohnen continued its stable development, and its results were in line with the forecast. Furthermore, the company is making systematic progress with its ambitious climate and new-build strategy. As before, Deutsche Wohnen takes a positive view of the intended business combination with Vonovia SE.

Michael Zahn, CEO of Deutsche Wohnen: "With its well-founded climate strategy and integrated new-build platform, Deutsche Wohnen has put itself in a strong position to meet its responsibilities to society as a whole. The basis for all of this is the strong and stable development of the company - something which is also reflected in the half-year results published today."

Focus on new building, climate protection and customer service

In the first half-year of 2021, Deutsche Wohnen systematically pressed ahead with its new-build strategy. The company has set itself the goal of making a contribution to combatting the housing shortage in Germany's growth regions. Accordingly, it intends to build approximately 18,000 flats, primarily in the metropolitan regions of Berlin, Dresden/Leipzig, Munich and Stuttgart. To achieve this, Deutsche Wohnen has pooled its new-build skills in a separate platform led by the QUARTERBACK Group.

The company is on track with the implementation of its new-build pipeline. For example, construction work on the Schutzengarten project - which involves the construction of just under 500 new flats - began in May of this year in the centre of Dresden, the state capital of Saxony. Roofing ceremonies are pending for new-build projects in Berlin, Potsdam, Frankfurt and Munich, which will create a total of around 2,800 further flats.

This increase in new-build activity is also reflected in the level of our investments, which amounted to EUR 184 million in the first half-year of 2021 (H1 2020: EUR 24.8 million).

Our new-build projects will in future be certified by the German Sustainable Building Council (Deutsche Gesellschaft für Nachhaltiges Bauen, DGNB), and we are aiming for a Gold standard certificate at the very least. This represents an important building block in the company's climate strategy, which has the ambitious target of achieving climate neutrality by 2040. This means minimising energy requirements in the company's holdings and using energy forms that are as low in CO2 intensity as possible to meet those energy requirements that are unavoidable. To improve our tenants' acceptance of necessary modernisation measures, Deutsche Wohnen will continue to uphold the promise it made to them, namely that no one will have to lose their flat because of modernisation work. In addition, the company contributed to the political debate last year with its "Concept for socially responsible climate action in the property sector". This plan aims to significantly increase the rate of refurbishment in existing buildings and, at the same time, to reduce the financial burden placed on tenants by modernisation costs. This would be a way of helping to achieve the national climate protection targets sustainably.

Deutsche Wohnen has provided information about these and other measures and tools that are part of its commitment to sustainability in what is already its ninth Sustainability Report, which was produced in accordance with the global standards set by the GRI (Global Reporting Initiative).

Deutsche Wohnen is also committed to continuing to improve customer satisfaction. The most important tool in this endeavour is our annual tenants' survey. It will be launched at the end of August and will once again canvass the opinion of tenants on various topics concerning their flat, their neighbourhood and their landlord.

Sound business development in H1, with forecast for entire year confirmed

In the first half-year of 2021, Deutsche Wohnen achieved a stable development with results which fell within the anticipated corridor. At EUR 373.3 million, earnings from Residential Property Management were slightly higher than in the equivalent period of the previous year (EUR 370.7 million). Gains from the fair value adjustment of investment properties were EUR 480.7 million, of which approximately EUR 100 million were due to valuation effects caused by disposals. Profit for the period rose by 18.3% to EUR 256.4 million (previous year: EUR 216.7 million). The development of FFO I was also solid, with an increase to EUR 291.4 million (previous year: EUR 285.7 million) or of 4.9% to EUR 0.85 per share (undiluted). At EUR 52.67, the EPRA NTA per share was slightly above (by 1.4%) its level at the end of the previous financial year (EUR 51.93 as at 31.12.2020). Taking into account the most recent sale of shares to Vonovia, the LTV was at 38% and so was within the targeted corridor of 35-40%.

Against the background of this solid business development in the first six months, we are able to confirm our forecast for the financial year 2021, for which an FFO I at the level of the previous year is anticipated.

Support for intended business combination with Vonovia

Deutsche Wohnen continues to take a positive view of the intended business combination with Vonovia SE. With Deutsche Wohnen's consent, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) has approved Vonovia's application for the removal of the blocking period to enable it to make a new, improved offer. Previously, Deutsche Wohnen and Vonovia had signed a new agreement on the merger of both companies on 1 August. In this agreement, the key elements of the first takeover offer were confirmed.

Overview of business development

Profit and loss statement H1 2021          H1 2020     Change
Earnings from Residential Property Management EUR m 373.3 370.7 0.7%
Earnings from disposals before valuation gains due to disposal EUR m 25.2 5.9 327.1%
Earnings from Nursing and Assisted Living EUR m 39.7 42.5 -6.6%
EBITDA (adjusted) EUR m 387.4 373.2 3.8%
Earnings after taxes EUR m 256.4 216.7 18.3%
FFO I EUR m 291.4 285.7 2.0%
FFO I per share (undiluted) EUR 0.85 0.81 4.9%
Balance sheet   30.06.2021 31.12.2020 Change
Investment properties EUR m 28,551.4 28,069.5 481.9
Equity EUR m 13,743.4 13,841.3 -97.9
Loan-to-Value ratio (LTV) in % 40.2 37.0 3.2
EPRA NTA EUR m 19,873.9 17,852.9 11.3%
EPRA NTA per share EUR 52.67 51.93 1.4%
Non-financial key figures   30.06.2021 30.06.2020 Change
Number of residential and commercial units   157,621 165,051 -4.5%
In-place rent (residential) EUR /sqm 7.15 6.93 3.2%
Vacancy rate (residential) in % 1.6 1.8 -0.2pp

Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed residential property companies in Europe. The business focus of the company is on managing its own portfolio of residential properties in dynamic metropolitan regions and conurbations in Germany. Deutsche Wohnen sees itself as having both a social responsibility and a duty to maintain and newly develop good-quality and affordable housing in vibrant residential neighbourhoods. As at 30 June 2021, the portfolio comprised a total of around 158,000 units, of which around 155,000 were residential and around 3,000 commercial. Deutsche Wohnen SE is listed in the Deutsche Börse's DAX and is also included in the leading indices EPRA/NAREIT, STOXX Europe 600, GPR 250 and DAX 50 ESG.

Important note

This publication is neither an offer to sell nor a solicitation to buy securities.

To the extent that this document contains forward-looking statements, these are not facts and are recognisable by such words as 'will', 'expect', 'believe', 'estimate', 'intend', 'endeavour', 'assume' and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Deutsche Wohnen and the individuals acting in concert with it. The forward-looking statements are based on current plans, estimates and forecasts that Deutsche Wohnen and the individuals acting in concert with it have made to the best of their knowledge, but do not make any claims as to their future accuracy. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually not within the control of Deutsche Wohnen or the individuals acting in concert with it. It should be remembered that the actual results or consequences may differ considerably from those mentioned or contained in the forward-looking statements.

Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
[email protected]

13.08.2021 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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Language: English
Company: Deutsche Wohnen SE
Mecklenburgische Straße 57
14197 Berlin
Phone: +49 (0)30 89786-5413
Fax: +49 (0)30 89786-5419
E-mail: [email protected]
Internet: https://www.deutsche-wohnen.com
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1226121

End of News DGAP News Service

1226121  13.08.2021 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 633,97 704,49 744,20 785,50 837,30 837,60 0,00
EBITDA1,2 465,00 575,10 600,80 659,10 873,10 686,70 0,00
EBITDA-Marge3 73,35 81,63 80,73 83,91 104,28 81,98 0,00
EBIT1,4 2.193,49 2.699,04 2.990,40 2.828,10 2.236,90 2.503,10 0,00
EBIT-Marge5 345,99 383,12 401,83 360,04 267,16 298,84 0,00
Jahresüberschuss1 1.199,89 1.623,17 1.763,30 1.862,60 1.600,90 1.544,60 0,00
Netto-Marge6 189,27 230,40 236,94 237,12 191,20 184,41 0,00
Cashflow1,7 227,89 22,39 518,20 469,40 454,50 504,50 0,00
Ergebnis je Aktie8 3,60 4,43 4,74 4,86 3,82 4,13 4,20
Dividende8 0,54 0,74 0,80 0,87 0,90 1,03 1,08
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

Deutsche Wohnen
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0HN5C 39,610 Halten 15.855,76
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,29 8,98 1,18 11,65
1,08 31,43 18,93 38,88
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
1,03 1,08 2,73 01.06.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2021 13.08.2021 12.11.2021 25.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-19,75% -17,44% -9,34% -3,55%
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