Highest revenues and best results in the company’s history
The number of real estate units has more than tripled in comparison to the previous year and reached 16,847 units at year end 2014 (previous year 4,905 units).
The revenues which nearly completely consist of rental revenues will reach 35.9 million euro and thus nearly double compared to the previous year according to the preliminary data. Rental revenues for those real estate units which had belonged to the Westgrund group already in 2013 increased by 4.4 percent in 2014.
The overall performance of Westgrund AG has almost tripled – in line with the growth in the real estate portfolio – and reached 119.2 million euro. This increase mainly reflects the results from the valuation of investment. Earnings before taxes (71.6 million euro) and the consolidated net result (59.8 million euro) are both expected to more than triple in comparison to the previous year.
Funds from operations without gains from the sale of properties (FFO I) are expected to reach 5.6 million euro and thus more than quadruple in comparison to the previous year.
The company value according to EPRA method (net asset value) will reach 313.5 million euro – more than three times as much as in the previous year. Undiluted NAV per share will increase to 4.24 euro.
Despite the strong growth, Westgrund AG maintained a conservative financing structure also in 2014. The ratio of total debt to the market value of investment properties (Loan to Value) stood at 54 percent at the reporting date. The average interest rate on total debt declined to 2.6 percent.
The complete and final consolidated annual accounts are expected to be published at the end of March on the website of Westgrund AG.