VONOVIA SE
DGAP-News: Vonovia SE
/ Key word(s): 9 Month figures
Results as of 30 September 2021 - Economic growth: Total Segment Revenue has risen by 10 % (approx. ? 3.5 billion), Adjusted EBITDA Total by 8 % (approx. ? 1.5 billion) and Group FFO by 13% (approx. ? 1.1 billion) - Full-year 2021 guidance has risen again (Group FFO and Adjusted EBITDA Total) - Climate roadmap: successes on the way to carbon neutrality - Majority shareholder of Deutsche Wohnen with around 87.6 % of voting rights
Bochum, 4 November 2021 - Vonovia SE ("Vonovia") continued its positive development during the first nine months of 2021. All the relevant KPIs have improved significantly compared with the previous year. The successful takeover of Deutsche Wohnen has created the basis for an even better position to meet the crucial challenges of today's society. In addition to climate protection, they include demographic change and a shortage of affordable housing in urban areas. Following the successful conclusion of the takeover bid to the shareholders of Deutsche Wohnen, Vonovia now holds an overall share of around 87.6 % of the voting rights. The company is currently entering the integration stage which should be concluded in 2023. One part of the merger is the Zukunfts- und Sozialpakt Wohnen (Future and Social Pact for Housing), concluded with the state of Berlin. Together, the two companies have committed themselves to selling 14,750 flats, building 13,000 new ones and implementing a voluntary cap on rents within Berlin. "We will be a reliable partner for future governments, both at the federal level and in Berlin," says Rolf Buch. "When it comes to the big challenges of the housing market, we can only move forward together - as an alliance of key players. We are ready to work together towards constructive solutions." Further development of important elements to achieve climate neutrality Vonovia has reached several important milestones on the way to climate neutrality. Over 1,000 roofs of existing buildings now have solar panels, supplying tenants with green electricity straight from their own roofs. Vonovia is now expanding this program on a wider scale, so that all suitable roofs should be fitted with solar panels by 2050. From 2030, the 17,000 roofs that Vonovia is planning to fit with solar panels are set to save 76,500 metric tons of CO2. In addition, Vonovia is assessing current developments regarding the German government's Climate Protection Act, which aims to achieve climate neutrality by 2045. In its energy-efficient refurbishments, Vonovia will be making more and more use of a highly effective method, based on the Energiesprong pilot project, which the housing company has started as a pilot project in Bochum. This excellent time saver almost halves on-site construction times during a modernization project. First, each building is given a 3D scan, allowing the accurate prefabrication of façade panels to the nearest millimeter. All that remains to be done on site is the actual assembly. In this way Vonovia is planning to gradually upgrade over 2,800 flats by 2024. In the future, a further reduction of CO2 will be achieved through the use of sustainable building materials, both in new builds and in redevelopment. "Whenever construction is in progress, we are of course the clients of carbon producers. So this is another area where we want to apply targeted measures to save CO2," says Rolf Buch. Vonovia is applying sustainable modular timber construction methods, e.g. in Reinickendorf, Berlin, where it has so far either started or completed 700 flats. Following on from its own climate conference in 2020, Vonovia is now planning to hold a conference on the subject of building materials in autumn 2022. Experts from the housing, construction and building materials sectors as well as professional associations, researchers and politicians will be discussing sustainability, recycling and the affordability of building materials. Continued growth and further increase in full-year guidance for 2021
There was also an improvement in the Adjusted EBITDA Total, which rose by 7.6 % to ? 1,540.9 million (9M 2020: ? 1,432.5 million). This increase is a reflection of strong demand in the property market. The rise in the Adjusted EBITDA was particularly high in two segments: Recurring Sales (up 40.9 % to ? 105.5 million) and Development (up Vonovia's leading indicator of sustainable profitability, the Group FFO, rose from ? 1,015.9 million in the first nine months of 2020 to ? 1,147.3 million in the first nine months of 2021, amounting to an increase of 12.9%. Thanks to the robust ongoing demand for housing, the outlook for 2021 as a whole remains equally positive, and Vonovia has therefore increased its forecast for two crucial KPIs again. The Adjusted EBITDA Total is expected to be at the upper end of the range between ? 2,055 million and ? 2,105 million, and the Group FFO is expected to be within a range of ? 1,520 million to ? 1,540 million. Vonovia is anticipating investments in modernization and new builds to continue at a persistently high level, between ? 1,300 million and ? 1,600 million. Deutsche Wohnen is not included in this forecast. Further increase in value for Germany, Austria and Sweden in Q3 At the end of September 2021, Vonovia's housing stock recorded a vacancy rate of 2.7 %, slightly above the equivalent figure for September 2020. The market-driven increase in rent was 1.1 %. Investments in energy-efficient modernization led to a 1.8 % increase, while investments in new builds and additional floors produced a 0.6% increase in rental income. The average effective monthly rent across the Group was ? 7.34 per square meter as at 30 September 2021. In the German portfolio this figure was ? 7.14 per square meter. Deutsche Wohnen stock is not included in vacancy figures or rental income.
During the first nine months of the year, Vonovia invested ? 1,355.1 million, roughly the same level as in the same period the year before (? 1,360.0 million). At the same time, there was a significant increase in expenditure on maintenance, reaching ? 453.5 million (up 13.6 %) as well as in investments in new builds, reaching ? 353.8 million (up In August, Vonovia placed five bonds totaling ?5 billion, with an average interest rate of 0.49% and an average term of 10.3 years, including, for the first time, one bond with a term of 30 years. By June, Vonovia had already placed five bonds totaling ?4 billion, with an average interest rate of 0.6875% and an average term of 9.5 years.
Further details, photographic material and video footage can be found in the Press section and the Media Library
* Based on the shares carrying dividend rights on the reporting date September 30, 2020: 565,887,299, September 30, 2021: 575,257,327 and Dec. 31, 2020: 565,887,299. ** 2021 incl. Deutsche Wohnen; Group FFO and Profit for the period incl. at-equity results Deutsche Wohnen.
The company, which is based in Bochum, has been listed on the stock exchange since 2013. Since September 2015 Vonovia has been a constituent in the DAX 30 (today DAX 40) and since September 2020 in the EURO STOXX 50. Vonovia SE is also a constituent of additional national and international indices, including DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe, and GPR 250 World. Vonovia has a workforce of more than 16,000 employees (Deutsche Wohnen included). This press release has been issued by Vonovia SE and/or its subsidiaries solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of Vonovia ("forward-looking statements") that reproduce various assumptions regarding, e.g., results derived from Vonovia's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by Vonovia and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute exact indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. Vonovia accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. Vonovia does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. Vonovia is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.
04.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Vonovia SE |
| Universitätsstraße 133 | |
| 44803 Bochum | |
| Germany | |
| Phone: | +49 234 314 1609 |
| Fax: | +49 234 314 2995 |
| E-mail: | investorrelations@vonovia.de |
| Internet: | www.vonovia.de |
| ISIN: | DE000A1ML7J1 |
| WKN: | A1ML7J |
| Indices: | DAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1246089 |
| End of News | DGAP News Service |
1246089 04.11.2021
