Gutburg Immobilien S.A.
Gutburg Immobilien S.A.: Half Year Result 2013
Gutburg Immobilien S.A. / Key word(s): Half Year Results 26.09.2013 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- News Release Gutburg Immobilien records positive business development during the first half-year and creates a solid new basis for the future Luxembourg, 26 September 2013 - During the first half-year of 2013, Gutburg Immobilien S.A. (consecutively 'Gutburg Immobilien') continued its positive development. At the same time, a new company structure was established and an extensive refinancing concluded; together, this forms a solid new basis for the further development of the organization. Revenue from rents recorded during the first half of 2013 amounted to EUR 11.24 million. Monthly net rental income at the end of the reporting period stood at EUR 1.90 million. Overall, a total of 24'887 sqm of floor space was newly let during the first half-year, reducing the vacancy rate of the portfolio from 13.2% as of 31 December 2012 to 13.0% as of 30 June 2013. Demand for residential properties developed positively in particular in Leipzig, Schwerin and Brandenburg. New rentals have been concluded at an average rate of around EUR 4.52 per square meter and month, thus increasing the average portfolio rent from EUR 4.21 to EUR 4.23 per square meter and month. In the course of newly renting units a total of EUR 1.38 million have been invested into refurbishments. Reported operating profit for the first half-year amounts EUR 6.25 million. Value adjustments on investment property of EUR 1.38 million correspond to the investment spending. Adjusted profit of EUR 256'720 for the first six months has been charged by non-recurring income-statement related transaction and consulting costs in connection with the bond placement of around EUR 1.1 million. Gutburg Immobilien stands on a stable new footing In addition to the operating activities, the first half-year 2013 has been marked by an encompassing, long-term reorientation, both with regard to the constitution of the shareholder base and the optimization of the debt structure. In the first half of 2013 Gutburg Immobilien refinanced its mortgages and thereby benefits in the long term from the current low interest-rate environment. In total, loans in the amount of EUR 141.9 million and a term until 2020 have been newly negotiated with two German banks. Thereby interest rates have been fixed at customary market rates for the entire duration. The newly founded holding company Gutburg Immobilien S.A., Luxembourg, additionally has placed on 8 July 2013 a corporate bond issue in the amount of CHF 55 million with a coupon of 4.75%. The five-year straight bonds have been listed on the Swiss stock exchange (SIX Swiss Exchange) and hold a rating of BB+ (outlook stable) by the German rating agency Euler Hermes. At the same time the new holding company has concluded an increase in share capital. Proceeds from the bond issue as well as the equity placement with new, long-term oriented shareholders have been used to acquire 33.1% of the ownership titles in Perseus Real Estate Investment S.à.r.l. as well as to repay an outstanding mezzanine loan. Prior to this, Adurion Real Estate Lux. S.A., the previous majority owner of the Perseus Group, has contributed its 61.8% ownership titles in Perseus by means of contribution in kind into Gutburg. Positive outlook We are confident about the further development of our real estate portfolio. For the second half-year we expect rental revenues to continue to increase and a further decrease of the vacancy rate. Net profit and cash flow are expected to improve substantially due to significantly reduced interest expenses as well as the absence of non-recurring transaction costs. Contact: Simon Koenig, Managing Director koenig@gutburg.com Phone +41 44 914 90 00 About Gutburg Immobilien S.A. Gutburg Immobilien S.A. is a real estate company holding a portfolio of residential buildings with around 8,500 units in Germany. The properties are diversified in nine emerging cities in Eastern Germany, are mostly fully renovated and in top condition. In 2012 revenue from rents amounted to EUR 22.1 million, half of which has been generated in the Leipzig area. Gutburg Immobilien S.A. pursues a steady development of rental income and an active, sustainable management of its properties. Key figures at a glance Financial key figures08.07.2013(1) 31.12.2012(2) Revenues from rents EUR 11'241'7301 22'118'0282 Operating profit EUR 6'252'5631 14'103'3362 Profit for the reporting period EUR 915'5461 6'900'4332 Adjusted profit for the reporting period EUR 256'7201 5'876'6782 Total assets EUR 268.32 Mio. 266.26 Mio. Adjusted equity capital EUR 67.02 Mio. 57.30 Mio. Equity ratio % 24.98% 21.52% Investment property EUR 262.2 Mio. 260.8 Mio. Outstanding mortgages EUR 154.5 Mio. 164.0 Mio. Loan to value (LTV) % 58.9% 62.9%(1)from 01.01.2013 - 08.07.2013 (2)from 01.01.2012 - 31.12.2012 Key figures per share07/08/13 Number of shares outstanding 271'866 Par value per share EUR 20.00 Book value per share(3) EUR 233.94(3) based on adjusted equity capital The complete half-yearly report 2013 can be accessed via the website of Gutburg Immobilien under http://www.gutburg.com/websites/gutburg/English/5000/order-publications.ht ml. +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=RWWTJPJINW Document title: Half Year Result 2013 26.09.2013 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news ---------------------------------------------------------------------------
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