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| Datum : | 15.05.2014 |
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DGAP-News: KWG Kommunale Wohnen AG: KWG shows successful start in fiscal year 2014 |
| Meldung : | DGAP-News: KWG Kommunale Wohnen AG / Key word(s): Interim Report/Real Estate KWG Kommunale Wohnen AG: KWG shows successful start in fiscal year 2014 15.05.2014 / 08:07 --------------------------------------------------------------------- - Turnover reaches EUR 10.9 mn (prev. EUR 11.4 mn) - Earning power increased by successful portfolio sales (EUR 6.2 mn) - Forecast for full year 2014 confirmed Hamburg - 15 May 2014 - KWG Kommunale Wohnen AG, a long-term oriented property holding company of residential real estate in which Austrian conwert Immobilien Invest SE holds a 77% majority stake, shows a successful start in the fiscal year 2014. The positive operative development is characterized by the successful adjustment of the real estate portfolio and by the increasing profitability of KWG's core portfolio. In line with this development KWG AG showed considerable increases in profitability and earning power. In the first quarter 2014 the turnover generated from portfolio sales reached EUR 6.2 mn (prev. EUR 0 mn) and exceeded the expectations of the management. Due to the successful portfolio sales the group's turnover, corresponding to the gross rental income, declined to EUR 10.9 mn (prev. EUR 11.4 mn). With EUR 7.8 mn the net rental income was nearly kept on the previous year's level of EUR 7.8 mn despite a reduction of the lettable area of approx. 5% due to portfolio sales. The EBIT remained nearly unchained at EUR 5.1 mn (prev. EUR 5.2 mn). Due to the successful adjustment of the portfolio the number of property units decreased to 9,090 residential and commercial units (prev. 9,635). This corresponds to a reduction of the lettable area by approximately 30,000 square meter or 5%. KWG AG will continue its successful strategy for the adjustment of its portfolio to further increase the group's efficiency. The free liquidity generated by the property sales enables KWG to further strengthen its real estate portfolio. The net rental income per square meter was enhanced in q1-2014 to EUR 5.03 compared to EUR 4.99 in q1-2013. In the same period the vacancy rate of the total portfolio was reduced from 13.5% to 11.3%. Due to the positive development of the portfolio and the arranged building renovations in 2014 the management boards expects, that the positive development will continue in the course of the year. Due to the successful start in the fiscal year 2014 the management board confirms its forecast and expects net rental income of approx. 30 mn and FFO of EUR 5.0 mn in the business year 2014. Contact KWG Kommunale Wohnen AG Jan Hutterer Alstertor 9 20095 Hamburg Germany Tel.: +49- 40- 2263088-100 eMail: Hutterer@kwg-ag.de www.kwg-ag.de End of Corporate News --------------------------------------------------------------------- 15.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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, Düsseldorf, Hamburg, Hannover, München, Stuttgart; Frankfurt in Open Market (Entry Standard) End of News DGAP News-Service --------------------------------------------------------------------- 268607 15.05.2014 |
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