DGAP-News: Consus Real Estate AG has a successful third quarter 2019 - delivering strong growth and significant deleveraging
DGAP-News: CONSUS Real Estate AG
/ Key word(s): Quarterly / Interim Statement/Quarter Results
12 December 2019 Consus Real Estate AG has a successful third quarter 2019 - delivering strong growth and significant deleveraging - Pro Forma Adjusted LTM EBITDA ("PF LTM EBITDA") of EUR 438 million (FY 2018: EUR 246 million) - Significant reduction in leverage : Net debt / PF LTM EBITDA reduced to 5.7x (Q2 2019: 7.8x) - Average run-rate interest rate at 7.9%, down 60 basis points sequentially, with expensive mezzanine debt reduced by c. EUR 125 million - Continued portfolio growth: GDV increased from EUR 10.0 billion to EUR 10.3 billion, with further project acquisitions in progress - Three additional LOIs signed post 30 September 2019 bringing the total of both forward sales signed and LOI's signed to EUR 419 million for the year to date. - Six projects, with a total GDV of c. EUR 650 million, currently in negotiation for a forward sale. Berlin - 12 December, 2019. Consus Real Estate AG ("Consus", ISIN DE000A2DA414, CC1), the leading property developer in Germany's top 9 cities, today released the figures for the first nine months of 2019. In the first nine months of 2019, Consus achieved a total revenue of EUR 525 million, and an Overall performance of around EUR 609 million. The majority of the revenue is attributable to a combination of upfront sales and real estate development. Our key performance indicator EBITDA pre PPA and pre-one offs ("Adjusted EBITDA") increased to EUR 285 million as of 30 September 2019 (Q3 2018: EUR 93 million) and resulted in an Adjusted EBITDA margin of 54%, and growth of over 200%. Reported EBITDA was EUR 220 million as of 30 September 2019 (Q3 2018: EUR 38 million). The adjusted last 12 months EBITDA pro forma for the SSN acquisition ("Pro Forma LTM Adjusted EBITDA") amounted to EUR 438 million. This is a significant increase compared to the Pro Forma Adjusted EBITDA of EUR 246 million as of 31 December 2018, and reflects the strong growth of the business on a like-for-like basis, including the successful upfront sale of the Leipzig project. Pro Forma LTM Adjusted Net Income came to EUR 127 million, and reported Net Income was EUR 29 million (Q3 2018: EUR -17 million) due to increased revenues and profits offsetting higher net financial expenses of EUR 172 million (Q3 2018: EUR 63 million) which rose due to increased debt, including the SSN acquisition and the bond issuance. Strong deleveraging of the business as profitability increases Net debt decreased marginally to EUR 2,480 million as of 30 September 2019 (Q2 2019: EUR 2,503 million) . Consus' equity amounted to EUR 1,137 million as of 30 September 2019 (FY 2018: EUR 1,154 million). Reduction of average interest rate Consus has reduced its outstanding expensive mezzanine debt by circa EUR 125 million to c. EUR 400 million as at 30 September, through refinancings, and through further repayments and refinancing aims to reduce expensive mezzanine to levels that are not material in H1 2020. Continued growth in development and in the development portfolio The volume of projects forward sold or under negotiation came to EUR 2.8 billion as at 30 September 2019, corresponding to 27% of the development portfolio in terms of GDV as of 30 September 2019. Six projects, with a total GDV of c. EUR 650 million, are currently in negotiation for a forward sale. Three LOIs were signed in October, with signed agreements expected for these projects sold in the near term. In addition, Consus is targeting a further upfront sale of around EUR 800 million which is currently under LOI, which it expects to sign in Q1 2020. Development of the group Guidance Andreas Steyer, CEO of Consus Real Estate AG, comments: "The third quarter of 2019 again demonstrated the continued delivery of our key goals -growth in Adjusted EBITDA, reduction in leverage and reduction in average interest cost. Our ability to grow our impressive portfolio and replace development schemes following successful project sales leaves us well positioned to pursue further value-creating opportunities." The report for the first nine months of 2019 has been published on Consus' website under investors/ financial reports and presentations (https://www.consus.ag/financial-reports-presentations-2019). Invitation to the conference call on 12 December, 2019, 13:00 (CET) The Management Board of CONSUS Real Estate AG invites all investors and interested parties to the results presentation of the Q3 2019 results in a telephone conference on 12 December 2019 at 13:00 (CET). The results presentation will also be broadcasted live via webcast. Please use the link https://webcasts.eqs.com/consus20191212/no-audio A presentation of the results will also be available for download on our website https://www.consus.ag/financial-reports-presentations-2019?lang=en. For the audio broadcast, please use the dial-in numbers listed below. Please join the event 5-10 minutes prior to scheduled start time. When prompted, provide the confirmation code or event title.
France: +33 (0)1 70 72 25 50
Investor Relations About CONSUS Real Estate AG
12.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | CONSUS Real Estate AG |
Kurfürstendamm 188-189 | |
10707 Berlin | |
Germany | |
Phone: | +49 (0)30 965 357 90 300 |
E-mail: | [email protected] |
Internet: | www.consus.ag |
ISIN: | DE000A2DA414 |
WKN: | A2DA41 |
Listed: | Regulated Unofficial Market in Dusseldorf, Frankfurt (Scale), Munich (m:access), Stuttgart, Tradegate Exchange |
EQS News ID: | 934355 |
End of News | DGAP News Service |
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934355 12.12.2019