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KWG Kommunale Wohnen AG: KWG reports good operating performance along with significant increase in earnings
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0 KommentareDGAP-News: KWG Kommunale Wohnen AG / Key word(s): Quarter Results/Real
Estate
KWG Kommunale Wohnen AG: KWG reports good operating performance along
with significant increase in earnings
13.11.2014 / 08:00
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- Net cold rents of around EUR22.9 mn
- FFO up from EUR4.6 mn to EUR5.7 mn
Berlin, 13 November 2014 - KWG Kommunale Wohnen AG (KWG) is a German
property company focusing on developing and marketing residential property.
Today the company, in which Austrian majority stakeholder conwert
Immobilien Invest SE holds around 79%, announced the figures for the first
nine months of 2014.
In the reporting period revenue rose by almost 5% to EUR45.4 mn (1-9/2013:
EUR42.9 mn). Rental income accounted for the largest share of revenue,
although at EUR33.2 mn it was somewhat lower than the previous year due to
the sale of properties (1-9/2013: EUR33.6 mn). Consequently, net cold rents
also slipped back from EUR23.2 mn to EUR22.9 mn. Overall, 486 units and 167
parking spaces were sold in the first three quarters of 2014, representing
sales income of EUR12.1 mn (1-9/2013: EUR8.3 mn). The sales margin was
15.1%.
These profitable sales allowed KWG to successfully continue its strategic
portfolio streamlining, initiated in 2013. Surplus liquidity from property
sales will be reinvested in developing the hold portfolio in order to
increase the quality of property held. KWG will continue to implement its
strategy of portfolio streamlining in the fourth quarter of 2014 and
selectively dispose of properties which are not an ideal fit for the
corporate profile in light of structural or regional aspects. Successful
property sales caused the number of rental units to fall to 8,846
residential and commercial units (30/09/2013: 9,416), representing a
reduction in usable space of around 36,000 sqm or 6%. As of 30 September
2014 the vacancy rate of the KWG portfolio improved by 10.4% to 12.9%
(30/09/2013: 14.4%). At the same time, average portfolio rents rose
slightly from EUR5.00/sqm/m to EUR5.10/sqm/m.
For the first three quarters of 2014 KWG reported FFO excluding sales of
EUR5.7 mn (1-9/2013: EUR4.6 mn). This represents yoy growth of around 24%
and is already above the forecasts for the full year 2014 of around EUR5
mn. Consolidated profit fell by around 63% to EUR4.3 mn (1-9/2013: EUR11.7
mn), primarily due to positive fair value adjustments of EUR8.9 mn caused
by acquisitions of KWG in the same period 2013. In the first three quarters
of 2014 KWG recorded fair value gains on properties of EUR0.4 mn.
N.B.: KWG group reporting was adjusted in the current business year to
conform to that of the conwert group by means of reporting amendments to
the income statement, balance sheet, statement of changes in equity and
cash flow statement, along with other key performance indicators.
Comparative figures were also amended. As a result, comparison with the
data published by the KWG group as of the third quarter 2013 is only
possible to a limited extent.
Contact:
KWG Kommunale Wohnen AG
T +49 30 60 90 24-0
E info@kwg-ag.de
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13.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP 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
Leipziger Platz 9
10117 Berlin
Germany
Phone: 030 60 90 24 - 0
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
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296886 13.11.2014
- Net cold rents of around EUR22.9 mn
- FFO up from EUR4.6 mn to EUR5.7 mn
Berlin, 13 November 2014 - KWG Kommunale Wohnen AG (KWG) is a German
property company focusing on developing and marketing residential property.
Today the company, in which Austrian majority stakeholder conwert
Immobilien Invest SE holds around 79%, announced the figures for the first
nine months of 2014.
In the reporting period revenue rose by almost 5% to EUR45.4 mn (1-9/2013:
EUR42.9 mn). Rental income accounted for the largest share of revenue,
although at EUR33.2 mn it was somewhat lower than the previous year due to
the sale of properties (1-9/2013: EUR33.6 mn). Consequently, net cold rents
also slipped back from EUR23.2 mn to EUR22.9 mn. Overall, 486 units and 167
parking spaces were sold in the first three quarters of 2014, representing
sales income of EUR12.1 mn (1-9/2013: EUR8.3 mn). The sales margin was
15.1%.
These profitable sales allowed KWG to successfully continue its strategic
portfolio streamlining, initiated in 2013. Surplus liquidity from property
sales will be reinvested in developing the hold portfolio in order to
increase the quality of property held. KWG will continue to implement its
strategy of portfolio streamlining in the fourth quarter of 2014 and
selectively dispose of properties which are not an ideal fit for the
corporate profile in light of structural or regional aspects. Successful
property sales caused the number of rental units to fall to 8,846
residential and commercial units (30/09/2013: 9,416), representing a
reduction in usable space of around 36,000 sqm or 6%. As of 30 September
2014 the vacancy rate of the KWG portfolio improved by 10.4% to 12.9%
(30/09/2013: 14.4%). At the same time, average portfolio rents rose
slightly from EUR5.00/sqm/m to EUR5.10/sqm/m.
For the first three quarters of 2014 KWG reported FFO excluding sales of
EUR5.7 mn (1-9/2013: EUR4.6 mn). This represents yoy growth of around 24%
and is already above the forecasts for the full year 2014 of around EUR5
mn. Consolidated profit fell by around 63% to EUR4.3 mn (1-9/2013: EUR11.7
mn), primarily due to positive fair value adjustments of EUR8.9 mn caused
by acquisitions of KWG in the same period 2013. In the first three quarters
of 2014 KWG recorded fair value gains on properties of EUR0.4 mn.
N.B.: KWG group reporting was adjusted in the current business year to
conform to that of the conwert group by means of reporting amendments to
the income statement, balance sheet, statement of changes in equity and
cash flow statement, along with other key performance indicators.
Comparative figures were also amended. As a result, comparison with the
data published by the KWG group as of the third quarter 2013 is only
possible to a limited extent.
Contact:
KWG Kommunale Wohnen AG
T +49 30 60 90 24-0
E info@kwg-ag.de
---------------------------------------------------------------------
13.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP 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
Leipziger Platz 9
10117 Berlin
Germany
Phone: 030 60 90 24 - 0
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
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296886 13.11.2014
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