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DEUTSCHE WOHNEN AG (FRA:DWNI) EQS-News: Deutsche Wohnen SE: Stable Performance in the financial year 2022

Directive transparence : information réglementée

24/03/2023 07:05

EQS-News: Deutsche Wohnen SE / Key word(s): Annual Report
Deutsche Wohnen SE: Stable Performance in the financial year 2022

24.03.2023 / 07:05 CET/CEST
The issuer is solely responsible for the content of this announcement.


Corporate News

Annual earnings as of 31 December 2022

Deutsche Wohnen: Stable Performance in the financial year 2022

  • Group FFO of €593.6 million (€1.50 per share)
  • NAV decreased to €20,361.0 million (€51.30 per share)
  • Slight decline of Adjusted EBITDA Total and Group FFO expected

Berlin, March 24, 2023. In a challenging environment for the real estate industry, Deutsche Wohnen SE delivered a stable operating performance in the financial year 2022. The portfolio volume was ca. 9,000 apartments smaller compared to the prior-year period (primarily as a result of the disposal to the City of Berlin). Accounting for this volume effect, Deutsche Wohnen looks back on a stable financial year.

Olaf Weber, CFO of Deutsche Wohnen commented: “Deutsche Wohnen provided a solid performance in a challenging market environment in the financial year 2022. The key metrics are in line with our expectations”.

The segment revenue Rental was €767.1 million (-8.1%), which was particularly driven by a smaller residential portfolio compared to the comparative period of the previous year. The in-place rent per square meter was €7.48 (+3.9%). The vacancy rate remained at a very low level of 1.9%.

Other relevant KPIs also saw a stable development. The Group FFO was €593.6 million, which was at prior-year level. On a per-share basis, the Group FFO came to €1.50, unchanged the prior-year period. The old KPI FFO I was €517.9, which was -6.4% below the prior-year period, but around 6% above the initial prognosis. The NAV (formerly EPRA NTA) declined by 5.6% since year-end 2021 to €20,361.0 million or €51.30 per share. This decline was largely driven by the result from the fair value measurement of investment properties of -€917.5 million. The LTV was nearly constant at 28.1%.

Outlook 2023

Deutsche Wohnen expects a slight decline of the Adjusted EBITDA Total as well as the Group FFO. Furthermore, an increase in the company value and a small increase in the NAV per share are expected, disregarding any further market related changes in value. A proposal will be made to the Annual General Meeting on June 15, 2023 to distribute a dividend of €0.04 per share for fiscal year 2022.

Key numbers

Financial KPIs 2022 2021 Change
Adjusted EBITDA Rental € million 579.3 620.6 -6.7%
Adjusted EBITDA Value-add € million 14.1 14.2 -0.7%
Adjusted EBITDA Recurring Sales € million 14.6 9.9 +47.5%
Adjusted EBITDA Development € million 9.2 -3.3 -
Adjusted EBITDA Nursing € million 84.6 85.4 -0.9%
Adjusted EBITDA Total € million 701.8 726.8 -3.4%
Group FFO € million 593.6 594.3 -0.1%
Group FFO per share 1.50 1.50 -0.1%
FFO I (former lead KPI) € million 517.9 553.6 -6.4%
Profit for the period € million -445.7 919.0 -
         
Balance sheet   Dec. 31, 2022 Dec. 31, 2021 Change
Investment properties € million 27,301.9 28,730.5 -5.0%
Equity € million 16,775.1 17,203.4 -2.5%
LTV % 28.1 28.4 -30bps
ICR X times 8.8 5.0 +3.8x
NAV € million 20,361.0 21,563.6 -5.6%
NAV per share 51.30 54.33 -5.6%
         
Non-financial KPIs   Dec. 31, 2022 Dec. 31, 2021 Change
Number of owned residential units   140,286 151,163 -7.2%
In-place rent (residential)  €/sqm 7.48 7.20 +3.9%
Vacancy rate (residential) % 1.9 1.7 +20bps

About Deutsche Wohnen

Deutsche Wohnen is one of the leading publicly listed property companies in Europe and is part of the Vonovia Group. 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 of 31 December 2022, the portfolio comprised a total of around 140,000 residential units.

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.

Contact:

Phone +49 (0)30 897 86-5413
Fax +49 (0)30 897 86-5419
ir@deutsche-wohnen.com


24.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - 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
Germany
Phone: +49 (0)30 89786-5413
Fax: +49 (0)30 89786-5419
E-mail: ir@deutsche-wohnen.com
Internet: https://www.deutsche-wohnen.com
ISIN: DE000A0HN5C6
WKN: A0HN5C
Indices: SDAX
Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1590969

 
End of News EQS News Service

1590969  24.03.2023 CET/CEST

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