15.05.2014
![]()
DGAP-News: KWG Kommunale Wohnen AG: KWG shows successful start in fiscal year 2014
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: [email protected]
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.
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: [email protected]
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
|