DEFAMA 24% FFO Increase Within 9 Months

In the first nine months of 2021, Deutsche Fachmarkt AG (DEFAMA) achieved sales of € 12.7 million (previous year: € 10.3 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of € 10.7 (6.5) million €, earnings before taxes of € 5.5 (2.5) million. The net result was € 4.3 (1.8) million. This corresponds to earnings of € 0.97 (0.42) per share. Funds From Operations (FFO) reached € 5.2 (4.2) million, that is € 1.18 (0.96) per share – an increase of 24% compared to the same period of the previous year.

It should be noted that in June 2021, an extraordinary profit of € 2.6 million before taxes was realized through the sale of the REWE City Center Bleicherode. Without the sale, earnings before taxes in the first nine months of 2021 were € 2.9 million and net earnings were € 2.1 million or € 0.47 per share.

In the reporting period, the figures included the income from 44 (38) existing properties, although the current rents were largely used in the same period of the previous year due to the renovation in Radeberg. The acquisition in Hof shortly before the balance sheet date, as well as the two acquisitions made at the beginning of October, says the management, will probably affect income from January 2022.

For the full year 2021 DEFAMA is still aiming for an FFO of € 7.1 million or € 1.61 per share. The net profit according to the German Commercial Code (HGB) is expected to rise to over € 5 million in the current financial year, including the sales profit mentioned. The annualized FFO is currently € 8.2 million or € 1.87 per share. DEFAMA has already exceeded the set target of at least € 8 million or more than € 1.80 per share.

Published by:

Dr. Oliver Everling

Independent since 1998, he is Managing Director of RATING EVIDENCE GmbH. As visiting professor of Capital University of Economics and Business in Beijing, former chairman of the supervisory board of a rating agency, advisory board member, advisor, member of rating committees, chairman of ISO-TC Rating Services, author or publisher of books and a magazine, Independent Non-Executive Director under EU Regulation on Credit Rating Agencies, he has been or is involved in ratings from a variety of perspectives. Previously, he was for 6 years department director at Dresdner Bank and, until 1993, managing director of the Projektgesellschaft Rating mbH after a doctorate at the banking and stock exchange seminar of the University of Cologne.

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