The first half of the financial year 2004 ended with results on the level of the reference period 2003: the result on ordinary activities amounted to € 6.4 million and the Group net profit accounted for € 3.0 million (January 1 to June 30, 2003: € 6.7 million resp. € 2.8 million).
Segment results of the reporting period in detail include:
- Rental income (without operating costs) of the first half 2004 came up to € 41.9 million (planned average rent per month of € 4.86 per sqm), compared to the reference period 2003 a decrease of 4.3% resp. € 1.9 million, arising from the increased vacancy rate (+ 0.6%) and the smaller residential portfolio (as a reason of sales of units)
- Gross earnings from property management aggregated to € 17.4 million, compared to the reference period 2003 an increase of € 1.1 million resp. 7%. The controlled vacancy caused by privatization, development and modernization of units amounted to 5.4% resp. 70% of the whole vacancy.
- In the first six months 2004 a total of 331 residences have been sold (same period 2003: 393 units), thereof the purchase prices of 226 transactions had an effect in the Group accounts; the average purchase price amounted to € 1,131 per sqm (2003: € 1,137 per sqm). Gross earnings from privatization amounted to € 8.9 million (- € 1.7 million compared to same period 2003).
- Up to the end of 2004 it is planned to sell about residential 1,100 units.
- In the pipeline of IFRS-accounting portfolios value potentials have been calculated for the first-time by a scoring method and under inclusion of location and building attributes, which are relevant for validation. The result approved the previous portfolio policy.
In 2004 the share of Deutsche Wohnen appears with an extremely steady share price. After an upward trend in February the share price is noting on a level of € 140. The stability in share price clarifies, that the share of Deutsche Wohnen AG is not convenient for speculation. The share of Deutsche Wohnen AG is an investment steady in value with an exceeding high dividend yield.
Source: Deutsche Wohnen