Vonovia Nine-Month Profit Grew; Backs 2020 View
November 04 2020 - 1:55AM
Dow Jones News
By Cecilia Butini
Vonovia SE said Wednesday that net profit for the first nine
months rose on year and backed its outlook for 2020.
The German real-estate company posted net profit of 1.89 billion
euros ($2.22 billion) up from EUR63.4 million the previous
year.
Rental income as of Sept. 30 was EUR1.71 billion up from EUR1.53
billion a year prior.
Earnings before interest, taxes, depreciation and amortization
stood at EUR1.38 billion compared with EUR1.23 billion the year
before.
Vonovia's funds from operations, or operating profit after
interest and taxes, clocked in at EUR1.01 billion for the period
from EUR932.8 million in 2019.
The company backed its outlook for 2020, and said it expects the
coronavirus pandemic not to have any significant impact on its four
business areas.
For 2021, the company expects total adjusted Ebitda of between
EUR1.97 billion and EUR2.02 billion, and funds from operations of
between EUR1.41 billion and EUR1.46 billion, assuming a stable
legal position.
Vonovia plans to propose a dividend of EUR1.69 a share when it
holds its annual general meeting in May, it said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
November 04, 2020 01:40 ET (06:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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