DGAP-News: ​​​​​​​DEMIRE gets off to robust start into 2022


 

DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Quarter Results
​​​​​​​DEMIRE gets off to robust start into 2022

11.05.2022 / 07:05
The issuer is solely responsible for the content of this announcement.


DEMIRE gets off to robust start into 2022

- Letting performance of almost 43,000m² well above multi-year average

- Average nominal financing costs held at low level of 1.66% p.a. – liquidity at comfortable level of EUR 137.0 million

- Company confirms 2022 outlook with full-year rental income between EUR 78.0 and 80.0 million and FFO I between EUR 38.5 and EUR 40.5 million

Langen, Germany, May 11, 2022.  DEMIRE Deutsche Mittelstand Real Estate AG (ISIN: DE000A0XFSF0) has announced financial results for the first quarter of 2022 in line with management expectations. Following year-end 2021 record results for Funds from Operations I (FFO I, after tax, before minority interests) and letting performance, the company was able to demonstrate its resilience once again despite a high level of uncertainty with regard to the macroeconomic environment. Through the targeted optimisation of the existing portfolio and the consistent implementation of efficiency programmes, key operating and portfolio-related indicators were stabilised.

DEMIRE stands for stability

FFO I amounted to EUR 10.9 million in the reporting period, compared to EUR 11.2 million in the prior-year quarter. After portfolio adjustments for properties that do not fit in DEMIRE's long-term strategic orientation, the Company recorded a decline in rental income to EUR 19.3 million (Q1 2021: EUR 21.1 million), as expected. The Cielo office building in Frankfurt is not included in this figure, as the inflows from the joint venture are reported as investment income and in the financial result due to "at-equity accounting".

Earnings before interest and taxes (EBIT) fell to EUR 13.1 million in the same period (Q1 2021: EUR 16.6 million). This development is largely due to the reduction in rental income as a result of the portfolio optimisation.

The market value of DEMIRE’s portfolio remained stable at approx. EUR 1.41 billion, with net asset value (NAV, undiluted) increasing by EUR 0.07 to EUR 6.03 per share during the first quarter (year-end 2021: EUR 5.96).

In terms of letting performance, DEMIRE was likewise able to post a strong and significantly above-average result for the first quarter, with new and extended leases signed totalling 42,915 m². (Q1 2021: 23,265 m²). Active portfolio management and the successful repositioning of various properties reduced dependency on individual tenants while further diversifying the tenant base. The EPRA vacancy rate for the existing portfolio (excluding developments and assets held for sale) remained constant at 11.0 per cent. The weighted average remaining lease term (WALT) for the entire portfolio was 4.7 years, unchanged from the end of 2021.

“Our portfolio optimisation and the operational efficiency programmes as part of our REALize Potential strategy are paying off for the long term,” says Ingo Hartlief, Chief Executive Officer of DEMIRE. “We have shown our resilience, even through the current economic turbulence, and we are ready for whatever the future brings.”

Consistently low financing costs

“We have been able to significantly reduce financing costs over the past three years and, with no significant maturities until 2024, have put the company in a solid position for the medium term and beyond,” explains Tim Brückner, Chief Financial Officer of DEMIRE. “Our average nominal borrowing costs remained at a low level of 1.66 per cent per year during the reporting period. Our net loan-to-value (LTV) ratio was 49.5 percent and thus slightly below year-end 2021 (49.7 percent). As of the end of the first quarter, cash and cash equivalents amounted to EUR 137.0 million.”

Full-year 2022 outlook confirmed

“These results for the first three months of 2022 add to our confidence that the company’s full-year results will be in line with plan,” adds Ingo Hartlief. “We do not expect the ongoing COVID-19 situation or the Ukrainian conflict to have a significant impact on our business activities. Based upon generally prevailing conditions in the commercial real estate market and expectations for the capital markets, specifically including possible interest rate hikes by the ECB, and based upon DEMIRE’s stable positioning, we can assume that our company’s financial performance will remain solid for the foreseeable future.”

On this basis, the Executive Board confirms the outlook for fiscal year 2022, with full-year rental income between EUR 78.0 and 80.0 million (2021: EUR 82.3 million) and FFO I (after taxes, before minority interests) between EUR 38.5 and 40.5 million (2021: EUR 39.8 million).

Ends

Invitation to the Conference Call on 11 May 2022

The Management Board of DEMIRE invites all interested parties to attend the presentation of the Q1 2022 interim results at a conference call on 11 May 2022 at 10:00 CEST.

Please use the following dial-ins:

Germany +49 69 2222 25197
United Kingdom +44 330 165 4012
United States +1 646 828 8073

Dial-in code: 3873756.

In addition, the conference call will be streamed online:

https://www.webcast-eqs.com/demire20220511

A presentation is available on

https://www.demire.ag/en/publications/

 

Selected Key Performance Indicators of DEMIRE Group

Consolidated income statement
(in EURm)
01/01/2022-
31/03/2022
01/01/2021-
31/03/2021
Rental income 19.3 21.1
Net income from the rental of real estate 15.6 17.7
EBIT 13.1 16.6
Financial results -4.3 -5.3
Profit/loss for the period after tax 7.7 9.4
- thereof attributable to shareholders of the parent company 7.1 8.7
FFO I (after tax, before minority interests) 10.5 10.8
FFO II (after tax, before minority interests) 10.4 10.7
Undiluted/diluted earnings per share (in EUR) 0.10/0.10 0.10/0.10

Consolidated balance sheet (in EURm)
31/03/2022 31.12.2021
Total assets 1,717.6 1,705.6
Investment properties 1,439.6 1,433.1
Cash and cash equivalents 137.0 139.6
Properties held for sale 0.0 0.0
Shareholders’ equity (incl. non-controlling shareholders) 599.7 592.4
Equity ratio (in % of total assets) 34.9 34.7
Undiluted/diluted EPRA-NAV 636.1/636.6 629.0/629.5
EPRA-NAV per share (EUR, basic/diluted) 6.03/6.00 5.96/5.94
Net financial liabilities 778.4 775.4
Net debt-to-equity ratio (net LTV), in % 49.5 49.7
Portfolio key ratios 31/03/2022 31.12.2021
Properties (number) 64 64
Market value (in EURm) 1,412.5 1,412.5
Annualised gross rental income (in EURm) 79.0 78.1
Rental yield (in %) 5.6 5.5
EPRA vacancy rate (in %) * 11.0 11.0
WALT (in years) 4.7 4.7
* excl. assets held for sale and developments    
 

 

 

About DEMIRE Deutsche Mittelstand Real Estate AG

DEMIRE – REALize Potential

DEMIRE Deutsche Mittelstand Real Estate AG acquires and holds commercial real estate in mid-sized cities and up-and-coming locations bordering metropolitan areas across German. The Company's particular strength lies in realising the potential of the properties at these locations while focusing on a range of properties that appeals to both regional and international tenants. As of 31 March 2022, DEMIRE's portfolio contains of 64 assets with lettable space totalling about 1 million sqm. Including the proportionately acquired Cielo property in Frankfurt/Main, the market value amounts to so approximately EUR 1.7 billion.

The portfolio focuses on office properties with a blend of retail, hotel and logistics properties results in a return / risk structure that is appropriate for the commercial real estate segment. The Company places importance on long-term contracts with solvent tenants and the realisation of the properties' potential. DEMIRE anticipates continued stable and sustainable rental income along with solid value appreciation and expects the portfolio to grow significantly in the medium term. As it expands its portfolio, DEMIRE is concentrating on FFO-strong assets with potential and, at the same time, disposing of properties that are not in line with its strategy. DEMIRE is taking several steps to further the development of its operations and processes. Next to cost consciousness, the operating performance is set to improve through an active asset and portfolio management approach.

DEMIRE Deutsche Mittelstand Real Estate AG shares are listed in the Regulated Market (Prime Standard segment) of the Frankfurt Stock Exchange.

Contact:

DEMIRE Deutsche Mittelstand Real Estate AG

Michael Tegeder
Head of Investor Relations & Corporate Finance
Phone: +49 6103 372 49 44
Email: [email protected]

 



11.05.2022 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.
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Language: English
Company: DEMIRE Deutsche Mittelstand Real Estate AG
Robert-Bosch-Straße 11 im „the eleven“
63225 Langen (Hessen)
Germany
Phone: +49 6103 37249-0
Fax: +49 6103 37249-11
E-mail: [email protected]
Internet: www.demire.ag
ISIN: DE000A0XFSF0
WKN: A0XFSF
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange
EQS News ID: 1348421

 
End of News DGAP News Service

1348421  11.05.2022 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 73,72 73,71 81,80 87,51 82,33 81,08 79,00
EBITDA1,2 87,54 129,18 155,97 34,88 105,92 -62,65 0,00
EBITDA-Marge3 118,75 175,25 190,67 39,86 128,65 -77,27
EBIT1,4 84,60 127,07 155,17 27,65 101,87 -72,93 0,00
EBIT-Marge5 114,76 172,39 189,69 31,60 123,73 -89,95 0,00
Jahresüberschuss1 19,43 69,05 79,74 9,17 61,59 -71,50 0,00
Netto-Marge6 26,36 93,68 97,48 10,48 74,81 -88,18 0,00
Cashflow1,7 35,81 38,86 45,84 -24,10 65,22 48,00 34,00
Ergebnis je Aktie8 0,22 0,85 0,70 0,08 0,55 -0,62 -0,55
Dividende8 0,00 0,00 0,54 0,62 0,31 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - 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: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
DEMIRE
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0XFSF 0,735 Halten 79,22
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,70 8,91 1,66 3,04
KBV KCV KUV EV/EBITDA
0,21 1,65 0,98 -13,58
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 04.07.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
28.05.2024 29.08.2024 09.11.2023 25.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-12,81% -41,81% -30,66% -65,65%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu DEMIRE Deutsche Mittelstand Real Estate AG  ISIN: DE000A0XFSF0 können Sie bei EQS abrufen


Immobilien (Gewerbe) , A0XFSF , DMRE , XETR:DMRE