DGAP-News: JK Wohnbau AG: 2012 Financials - JK Wohnbau AG Reports Positive Earnings after Taxes
(firmenpresse) - DGAP-News: JK Wohnbau AG / Key word(s): Final Results
JK Wohnbau AG: 2012 Financials - JK Wohnbau AG Reports Positive
Earnings after Taxes
24.04.2013 / 17:01
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- 90 million Euros worth of apartments retailed
- 1.2 million Euros in earnings after taxes (previous year: -12.6 million
Euros)
- 12.6 million Euros in EBIT (previous year: 11.0 million Euros)
- EBIT margin more than doubled at 16 percent
- Interest-bearing debt rolled back by 52 million Euros or 32 percent
JK Wohnbau AG, a leading project developer for private housing construction
in Munich, realised a consolidated income of 1.2 million Euros in the 2012
financial year (up from -12.6 million Euros the previous year). 'It is the
first time since its IPO in 2010 that the company reports a positive
result,' said Michael Haupt, CEO of JK Wohnbau AG. The company's
operational result has continued to develop very handsomely. At 12.6
million Euros, the earnings before interest and taxes (EBIT) in 2012
increased by 14 percent year on year (2011: 11.0 million Euros). The EBIT
margin, which reflects the ratio between EBIT and annual turnover, more
than doubled year on year, growing from seven percent to nearly 16 percent.
Sales Performance Jumps in Retailing
'The market position of JK Wohnbau in apartment retail sales to private
buyers remains very strong,' Haupt went on to explain. For instance,
notarised sales in 2012 rose by 8.8 percent year on year, as they climbed
from 83 million Euros to 90.3 million Euros (adjusted to exclude one global
sale in the amount of 39.7 million Euros in 2011). 'This means that the
development of JK Wohnbau contrasts favourably with the overall market,
which registered a 30-percent dip,' said Haupt. 'The situation is mainly
explained by short supply. Demand for condominiums remains as high as
ever,' Haupt added. 'Owing to a well-stocked project pipeline that equals
several annual sales totals, JK Wohnbau has sufficient 'reserves' to
satisfy demand with attractive offers both today and in the years to come.'
Revenues declined during the reporting period to 79.2 million Euros
(previous year: 155.8 million Euros) because, unlike the previous year,
there were no global sales to report.
Financial Results and Financing Structure Clearly Improved
The financing structure was considerably enhanced during the 2012 financial
year. This brought about a significant improvement of the financial result,
which amounted to -15.2 million Euros (previous year: -23.2 million Euros).
Together with positive tax effects, this improvement contributed
definitively to the consolidated income the group achieved. In addition to
refinancing arrangements at much more favourable interest conditions, the
interest-bearing debt was reduced by 52 million Euros, equal to about 32
percent of the debt total at the start of 2012. 'We expect the financial
result to keep improving in 2013,' said Haupt.
Projects Developing on Schedule
'All of our projects are developing as planned,' Haupt went on to say.
During the first two months of 2013, the remaining few residential units of
two major construction projects in Munich's districts of Giesing and Riem
were sold, thereby concluding the projects with a sales total of 443
apartments. 'Having made good progress with the optimisation of our
financing structure in 2012, we will mainly focus on improving the equity
situation in 2013' said Haupt.
About JK Wohnbau
JK Wohnbau AG is one of the leading project developers for residential
construction in Munich and, according to BulwienGesa, Germany's largest
housing developer limited to a single region. Formed in 1995, the company
has been listed on the Prime Standard of Deutsche Börse since 1995. The
spectrum of projects realised extends from multi-unit houses, to terrace
housing, and all the way to the revitalisation of existing buildings,
enabling JK Wohnbau to provide residential real estate to suit the
requirements of diverse customer target groups either for owner-occupation
or as equity investment. For details go to: www.jkwohnbau.de
Company contact
JK Wohnbau AG
Leopoldstrasse 8 | D-80802 Munich
Tel.: +49 (0)89 38 99 84-0 | Fax: +49 (0)89 38 99 84-760
E-mail: ir(at)jkwohnbau.de | Web: www.JKWohnbau.de
Press Contact
Holger Friedrichs
Head of Media&Communication Consulting
Dr. ZitelmannPB. GmbH
Rankestrasse 17 | D-10789 Berlin
Tel.: +49 (0)30 72 62 76 157 | Fax: +49 (0)30 72 62 76 163
E-mail: friedrichs(at)zitelmann.com
End of Corporate News
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24.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: JK Wohnbau AG
Leopoldstraße 8
80802 München
Germany
Phone: +49 (0)89 38 99 84-0
Fax: +49 (0)89 38 99 84-760
E-mail: info(at)JKWohnbau.de
Internet: www.JKWohnbau.de
ISIN: DE000A1E8H38
WKN: A1E8H3
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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208418 24.04.2013
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Datum: 24.04.2013 - 17:01 Uhr
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