Ireland Housing giant Vonovia with good numbers

14:20  05 august  2020
14:20  05 august  2020 Source:   pressfrom.com

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 China seizes the United States consulate in Chengdu after the departure of the Americans © Supplied by Le Point The China took possession of the United States consulate on Monday in Chengdu shortly after the expeditious departure of the last American officials, at the end of a diplomatic episode evocative of the Cold War. Chengdu against Houston: the Americans had three days to evacuate their consulate, just as they had given three days last week to the Chinese to leave their diplomatic mission in the Texan metropolis.

The MarketWatch News Department was not involved in the creation of this content. DGAP-News: Vonovia SE / Key word(s): Annual u=IJAUIBMTEJ Document title: Striking a Good Social Balance between Affordable Housing and Climate Protection - Vonovia Invests in New Construction and CO2

Stock analysis for Vonovia SE (VNA:Xetra) including stock price, stock chart, company news, key statistics, fundamentals and company profile.

Die Firmenzentrale des Wohnungsunternehmens «Vonovia». © Marcel Kusch / dpa The headquarters of the housing company «Vonovia».

The housing industry is one of the most stable industries in the Corona crisis. Germany's largest landlord Vonovia presented strong business figures on Wednesday with rising profits and a positive forecast for the coming months.

"We have come through the Corona crisis well so far," said CEO Rolf Buch. The Dax group's share is one of the most sought-after papers on the stock exchange. On Wednesday, it was quoted higher than ever before at more than 58 euros.

So far, the pandemic has not caused any serious financial difficulties for Vonovia tenants either. Only just under 1 percent of the approximately 350,000 tenants in Germany have turned to the company with a request for rent deferrals. "And there are fewer and fewer tenants contacting us for this reason," said Buch.

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About Vonovia Vonovia offers a home to around one million people in Germany. The residential real estate company plays a central role in society, which is why Vonovia 's activities are never focused exclusively on financial aspects, but also take social factors into account.

Vonovia SE will become the largest landlord in Sweden after buying Stockholm-based apartment owner Hembla AB for about .3 billion.

In the first six months, Vonovia's FFO (Funds From Operations), an important figure for real estate companies, rose by 11 percent year-on-year to EUR 676.3 million. The key figure indicates how much money remains from current business after deduction of interest payments and taxes in particular. The acquisition of the Stockholm residential property group Hembla, but also the construction of new apartments and modernizations, it said, contributed to the plus. With the vacancy rate remaining low, rental income grew by around 12 percent to 1.13 billion euros. The monthly rent in Germany was according to the information at the end of June at 6.88 euros per square meter.

With this rent level Vonovia offers apartments that could be kept even with short-time working and temporary unemployment, said Buch. The social security systems worked. And if the state support is not enough, "we will catch up," emphasized the Vonovia boss.

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DGAP-DD: Vonovia SE english. Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

Housing . DGAP-News: Vonovia SE / Key word(s): Takeover Vonovia SE: Vonovia Such forward-looking statements are based on current plans, estimates and forecasts which Vonovia and HomeStar has made to the best of their knowledge, but which do not claim to be correct in the future.

The assessment of the second Dax group from the real estate sector, Deutsche Wohnen from Berlin, is similar. By the end of July, around 1,850 tenants had reported in connection with Corona, said a spokesman. These include announcements of any payment difficulties that may arise as well as actual payment defaults. Since the federal corona special regulations for tenants have expired, one reckons with an increasing number of tenants "who will turn to us with payment difficulties". The company has therefore set up a fund to help tenants in need.

The municipalities are already feeling the effects of growing financial problems from tenants. "In most of the housing benefit offices in the cities, the inquiries have been increasing very significantly since mid-March," said the general manager of the German Association of Cities, Helmut Dedy, when asked by the German press agency. Since the beginning of the Corona restrictions, the number of housing benefit applications has increased by an average of 30 to 50 percent. "Many people are looking for help and support in order to be able to pay their rent."

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Three lines of development constitute the foundation of Vonovia SE: The Gemeinnützige Aktien-Gesellschaft für Angestellten-Heimstätten (GAGFAH) Until the 1970s, Vonovia 's predecessor companies grew primarily thanks to the expansion of social housing construction and new industry

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In the Ruhr area city of Essen, for example, there were around 7,000 applications for housing benefit from March to the end of July, 40 percent more than in the same period of the previous year. The increase is not exclusively due to the pandemic, but is also a consequence of the housing benefit reform that came into force at the beginning of the year.

The German Tenants' Association estimates the consequences of Corona to be much more serious than the housing companies. At the moment, around every tenth consultation in the local tenants' associations revolves around the issue of corona-related payment problems. "We assume that the tenants' problems in paying their sometimes exorbitantly high rents will increase in the coming months," said a spokeswoman. "Because the longer short-time work and unemployment last, the less money is left over to cope with the rent burden."

On the other hand, the owners' association Haus & Grund, in which many landlords with a few apartments are organized, does not currently see a dramatic situation. "The problems are not as big as initially feared," said a spokesman. State measures such as the simplifications in housing benefit took effect. In addition, landlords and tenants usually find individual solutions to problems.

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