DGAP-News

BUWOG AG: Results for the 2014/15 fiscal year

DGAP-News: BUWOG AG / Key word(s): Final Results
BUWOG AG: Results for the 2014/15 fiscal year

31.08.2015 / 08:18

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- Operating result improves by 62.9% to EUR 158.5 million
- Recurring FFO increases by 32.5% in year-on-year comparison* to EUR 91.7
million
- EPRA Net Asset Value per share increases by 3.4% to EUR 17.79
- Average interest rate on financial liabilities decreases by 0.31
percentage points to 2.14% p.a.
- Forecast of Recurring FFO in the current fiscal year 2015/16 of EUR 98
million - EUR 100 million

BUWOG AG has had an exceptionally successful fiscal year 2014/15, declaring
an operating result of EUR 158.5 million (previous year: EUR 97.3 million).
This represents an increase of 62.9%.

Recurring FFO developed in an equally positive way with an increase of
32.5% to EUR 91.7 million (previous year: EUR 69.2 million) slightly
beating increased forecasts of the last quarter for Recurring FFO of EUR
88.0 - EUR 90.0 million.

The EPRA-NAV per share also increased, and is now at EUR 17.79 (previous
year: EUR 17.21).

The scheduled closing of portfolio acquisitions of around 19,400 units in
Germany in connection with the successful integration of the German
management platform with more than 300 employees had a positive effect on
results. As per the reporting date on 30 April 2015, BUWOG AG's property
portfolio included 51,671 units with an area of approximately 3.6 million
square metres and a fair value which, at around EUR 3.6 billion, was
approximately 40.8% higher than at the end of the previous fiscal year. The
annualised in-place rent increased - mainly due to the portfolio
acquisitions - by 61.4 % to around EUR 198 million. The vacancy rate in the
portfolio decreased year-on-year from 4.8% to 4.2%. Net rental yield
increased over the course of the year from 4.9% to 5.6%

Continued strong margins in the Austrian Property Sales business area
proved to be a key driver of the operational success. In the Unit Sales
business area, 617 units (previous year: 553) were sold with a margin of
59% on fair value (previous year: 54 %) in the reporting period. The Unit
Sales business area contributed a result of EUR 34.9 million (previous
year: EUR 28.5 million) to the Recurring FFO.

Additionally in the business area Property Development a positive trend was
also recorded. Here, the operating result of the division increased to EUR
12.5 million, more than double over the previous year. A total of 369 units
were completed during the reporting year. Currently, a further 844 units
with a total investment volume of around EUR 253 million are under