DGAP-News: KWG Kommunale Wohnen AG: KWG significantly beats expected Net Profit in final FY 2011 numbers
(firmenpresse) - DGAP-News: KWG Kommunale Wohnen AG / Key word(s): Final Results
KWG Kommunale Wohnen AG: KWG significantly beats expected Net Profit
in final FY 2011 numbers
17.04.2012 / 08:00
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Hamburg, 17 April 2012 - According to its audited FY 2011 financial
statements that have been approved by its supervisory board, KWG Kommunale
Wohnen AG, the long-term oriented owner and operator of German residential
real estate, has achieved a result for Earnings After Tax that
significantly beats its preliminary numbers. FY 2011's net result amounts
to EUR 9.7 million. Thus, it beats both, the preliminary forecast of EUR
8.8 million and prior year's net result of EUR 8.6 million by far. The net
result reflects the successful operating business of KWG AG as well as the
consequent increase of the portfolio's fair value as demonstrated by the
increase of the group's real estate value from EUR 188.6 million as per 31
December 2010 to EUR 226.4 million as per 31 December 2011.
Revenues that resemble gross rental income also reached a new record level.
At 21.7 million revenues top prior year's top-line of EUR 19.8 million as
well as the amount of EUR 21.5 million forecast in preliminary 2011
numbers. Net Cold Rents for FY 2011 amounted to a total of EUR 14.8 million
and considerably surpassed previous year's Net Cold Rents of EUR 13.3
million. The main drivers for the positive developments were the reduction
of vacancies resulting from value accretive investments into the properties
and increasing prices in new lettings. The vacancy level in the core
portfolio as per 31 December 2011 dropped by more than 50% from 6.4% to
2.7%. KWG AG's FY 2011 EBITDA rose from EUR 7.0 million to EUR 9.6 million,
while its EBIT improved from EUR 16.6 million to EUR 18.4 million.
KWG AG's Net Asset Value per share as per 31 December 2011 amounted to EUR
8.33 compared to EUR 7.23 in the previous year. FY 2011's record numbers
naturally do not yet account for any positive effects resulting from the
takeover of Barmer Wohnungsbau AG in the first quarter of 2012. For the
current fiscal year KWG AG's management board expects a further significant
increase of Revenues, Profits and Net Asset Value - based both on a
like-for-like comparison of the portfolio as per 31 December 2011 as well
as on the increased portfolio after the takeover. KWG AG plans to further
continue its path to growth in the current fiscal year on an organic level
and through the potential acquisition of further attractive portfolios.
The Annual Financial Statements and the Annual Report 2011 will be
published on 23 April 2012 and will then be available for downloading on
the company's website at www.kwg-ag.de.
About KWG AG:
KWG Kommunale Wohnen AG is a long-term oriented owner and operator of
German residential real estate. The company acquires real estate portfolios
in promising micro-locations of German metropolitan regions and regional
centres at attractive conditions and achieves sustainable value
enhancements through an active real estate asset management. By focusing on
energetically optimised refurbishments, KWG AG manages to lower ancillary
costs incurred by its tenants. KWG AG covers the complete value chain from
acquisitions via construction management to an in-house property
management. As a result of its measures low vacancy levelsand an
increasing rental income lead to value enhancements, above-average Returns
On Equity and positive net results. As per today, KWG AG's portfolio
amounts to 6,800 units. The company's shares are listed in the Entry
Standard of the Frankfurt Stock Exchange.
Contact:
KWG Kommunale Wohnen AG
Jan Hutterer
Alstertor 9
20095 Hamburg
Germany
F. +49 (0)40 2263088-100
eMail: Hutterer(at)kwg-ag.de
End of Corporate News
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17.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: KWG Kommunale Wohnen AG
Alstertor 9
20095 Hamburg
Germany
Phone: 040 22 63 088 100
Fax: 040 22 63 088 200
E-mail: ir(at)kwg-ag.de
Internet: www.kwg-ag.de
ISIN: DE0005227342
WKN: 522734
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market
(Entry Standard) in Frankfurt
End of News DGAP News-Service
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165186 17.04.2012
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Datum: 17.04.2012 - 08:00 Uhr
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