KWG Kommunale Wohnen AG
KWG Kommunale Wohnen AG: KWG significantly beats expected Net Profit in final FY 2011 numbers
KWG Kommunale Wohnen AG / Key word(s): Final Results 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.
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Contact: End of Corporate News 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. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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@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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