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BUWOG (BWO): Results of the first six months oft the 2015/16 financial year - raport 23

UNI - EN REPORT No23/2015

BUWOG AG: results of the first six months

of the 2015/16 financial year

• Operating result improves by around 13% to EUR 81.7 million

• High operating profitability as well as substantial revaluation result of EUR 113.3 million

• Recurring FFO increases to EUR 44.3 million

• Growth of EPRA net asset value per share to EUR 19.12

• Recurring FFO forecast of EUR 98 million to EUR 100 million reconfirmed for financial year

BUWOG AG continued its successful business performance undiminished in the first half of the 2015/16 financial year and increased its operating result compared to the previous year by around 13% to EUR 81.7 million. In addition to the continuing high profitability of operations, the net profit in the first half of the financial year 2015/16 is largely influenced by the external valuation of BUWOG Group's property assets, which always takes place twice per year. For the first half year this results in a clear increase of the revaluation result to EUR 113.3 million (1st half of 2014/15: EUR 35.2 million) and therefore reflects first and foremost the ongoing positive development of the transaction and rental market.

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As in the past financial year, and on the basis of a broad operational foundation and a fully integrated business model, in the reporting period from 1 May 2015 to 31 October 2015 the company also reached its targets for the most important earnings as well as asset and financial data and, consequently, achieved solid growth.

As per the reporting date on 31 October 2015, the property portfolio held by BUWOG Group included a total of 51,049 units with total floor area of around 3.5 million sqm and a fair value of around EUR 3.6 billion. The net cold rent generated in the first half of the 2015/16 financial year came to EUR 99.1 million. Compared to the corresponding figure of EUR 85.2 million from the previous year, this is equivalent to growth of 16.4%. The annualised net in-place rent totalled around EUR 197 million as of 31 October 2015.

The key performance indicator for operations – Recurring FFO – rose compared to the previous year by 7.3% to EUR 44.3 million. Due to the stable performance of operations the Executive Board reconfirmed the forecast for Recurring FFO of between EUR 98 million and EUR 100 million in the overall financial year of 2015/16.

The Asset Management business area, which forms the core of BUWOG Group's business model, contributed EUR 69.7 million to earnings during the reporting period. The Property Sales business area significantly increased its contribution to earnings to EUR 20.6 million. The Property Development business area, in which the realisation of earnings is, of course, more cyclical, contributed EUR 1.7 million to earnings in the first half year. The intensification of involvement in this business segment is reflected in the increase of the development pipeline's overall investment volume including land reserves to around EUR 1.8 billion as well as in the number of now 1,140 units currently under construction, having risen by 93% compared to the previous year.

In total, BUWOG Group's "adjusted EBITDA" came to EUR 80.6 million in the first half of 2015/16. This is equivalent to an increase of 11.2% compared to the first six months of the previous financial year. In addition to cash expenditures for interest in the amount of EUR 23.4 million, the financial result was largely influenced by positive non-cash effects in the amount of approximately EUR 57.9 million, which resulted from the revaluation of fix-interest financial liabilities in light of the development of market interest rates. Consistent exploitation of market conditions and successful refinancing activity enabled the average interest rate on financial liabilities to be maintained at just 2.12%, which will result in correspondingly low cash interest payments in subsequent periods. Moreover, BUWOG Group's conservative balance sheet structure is also reflected not least in the loan-to-value ratio, which amounted to 47.9% on the reporting date as per 31 October 2015.

Earnings before taxes (EBT) came to EUR 225.0 million in the first six months of 2015/16; the group's net profit totalled EUR 177.4 million. The positive business and market performance is also expressed in the development of the EPRA-NAV/share, which increased to EUR 19.12 as per 31 October 2015 (30 April 2015: EUR 17.79).

Daniel Riedl, CEO of BUWOG AG, says: "The operating result's two-digit growth is especially satisfying for us because it shows that BUWOG Group has also developed very solidly, regardless of the significant positive valuation effects. The figures of the first half of 2015/16 show that BUWOG Group is well on track and that we are also in a position to reach the strategic targets formulated in the context of our listing in April 2014. Our property portfolio has grown since then, the investments in our project pipeline in Property Development have been increased, and we have been able to expand and hone our shared internal resources and structures. Thus BUWOG is well positioned for further growth and for continued solid development in operations".

Detailed information can be found in the Report on the 1st Half Year of 2015/16, which is available for download under https://www.buwog.com/en/investor-relations/financial-reports

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