Gagfah: First year after IPO concluded with profit
Gagfah has concluded its first year after an IPO with a profit. As the Luxemburg-headquartered firm disclosed, the 2006 result from the ongoing business was €177.2mn. A year before, the concern declared a pro forma loss of €173.2mn. The earnings before interest and tax (EBIT) climbed 59% to €372.4mn. In the coming year, Gagfah wants to stockpile its portfolio with 25,000 residences, for which it has available around €1.4bn/year.
According to information from Burkhard Drescher, the firm has bought 17,000 more residences for €1bn since its successful IPO. At a comparable basis, the net rent (without heat) of around 151,000 Gagfah residences at the end of 2006 increased 1.2% to €518mn. Below the line, rental income climed 5.6% to €823.2mn. Within a year, vacancy decreased from 6.6% to 5.7%. A property value of €7.66bn offsets €5.62bn of liabilities in the balance sheet.