DGAP-News: KWG Kommunale Wohnen AG: KWG AG records significant growth in Q1 2012
(firmenpresse) - DGAP-News: KWG Kommunale Wohnen AG / Key word(s): Interim Report
KWG Kommunale Wohnen AG: KWG AG records significant growth in Q1 2012
10.05.2012 / 08:00
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- Net Cold Rent increased by 18.0 % to EUR 4.1 million, Revenues improved by
17.3 % to EUR 5.9 million
- Increase of FFO by 77.5 % to EUR 0.7 million
- Additional significant growth planned for 2012
Hamburg - 10 May 2012 - KWG Kommunale Wohnen AG, the long-term oriented
property holding company of German residential real estate, records a
successful start into the current fiscal year. The Q1 2012 net result
improved vs. last year's net result by 11.3 % to EUR 0.3 million. At the
same time Earnings before Interest and Taxes (EBIT) increased by 15.3 % to
EUR 2.2 million. Funds from Operations (FFO) also increased materially from
EUR 0.4 million in Q1 2011 to EUR 0.7 million in Q1 2012.
The successful start into the 2012 fiscal year has also been reflected in
Revenues which reflect the development of gross rental income. Q1 2012
Revenues improved by 17.3 % to EUR 5.9 million while Net Cold Rents
increased over proportionally by 18.0 % from EUR 3.5 million in Q1 2011 to
EUR 4.1 million in Q1 2012.
Financial numbers reported here for Q1 2012 do not yet reflect the
participation in Barmer Wohnungsbau AG (BWAG) announced in March 2012. The
management board expects an additional FFO contribution of around EUR 1
million following the consolidation of BWAG and a resulting positive cash
effect on the FY 2012e net results.
As at 31 March 2012 KWG AG's real estate portfolio comprised 5,415 units
with a lettable area of 311,020 sqm vs. Q1 2011's 4,895 units with a
lettable area of 284,984 sqm.
The good start into 2012 confirms the board of management's expectation to
significantly increase Revenues, Profits and Net Asset Value (NAV) for FY
2012e on a stand-alone basis with additional benefits from the takeover of
BWAG and the resulting increased portfolio size. The management board plans
to continue profitable organic growth that can be fuelled further through
the additional acquisition of attractive portfolios.
About KWG AG
KWG Kommunale Wohnen AG is a long-term oriented owner and operator of
German residential real estate units. The company acquires residential real
estate portfolios at attractive conditions in promising micro-locations of
metropolitan regions and German regional centres and sustainably increases
their value through an active real estate asset management. By
refurbishments to high energy efficiency standards incidental costs for
tenants are being lowered. KWG AG covers the complete value chain from
acquisitions to construction management and its own internal property
management. As a result vacancies are being reduced and income from net
cold rent is being increased. This leads to value enhancements of the
properties, above average Returns on Equity and profitability. KWG's
portfolio comprises more than 6,800 units including units from BWAG's
portfolio. KWG'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
Tel.: +49- 40- 2263088-100
eMail: Hutterer(at)kwg-ag.de
www.kwg-ag.com
End of Corporate News
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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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169026 10.05.2012
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Datum: 10.05.2012 - 08:00 Uhr
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