KWG Kommunale Wohnen AG
KWG Kommunale Wohnen AG: KWG shows successful performance in H1-2014
DGAP-News: KWG Kommunale Wohnen AG / Key word(s): Interim Report/Half Year Results 14.08.2014 / 08:00 --------------------------------------------------------------------- - Turnover reaches EUR 30.2 mn (prev. EUR 31.7 mn) - Earning power increased by profitable real estate sales (EUR 8.0 mn) - Positive outlook for H2-2014 Hamburg - 14 August 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 performance in the first half of 2014. Increasing profitability of KWG-portfolio The positive development is characterized by the successful alignment of the real estate portfolio of KWG's real estate portfolio. Due to profitable portfolio sales turnover declined slightly from EUR 31.7 mn to EUR 30.2 mn. With EUR 22.2 mn the net rental income was nearly kept on the previous year's level of EUR 22.5 mn. In line with the successful adjustment of the real estate portfolio the lettable area was reduced by approx. 25,000 m². The average net rental income per m² in the core portfolio increased from EUR 4.97 to EUR 5.11. This development reflects the increasing profitability of the KWG-portfolio. With Funds from Operations of EUR 1.9 mn (prev. EUR 3.4 mn) and gains from property sales of EUR 8.0 mn the earnings power of the company shows a positive development. Earnings before interest and taxes reached EUR 8.3 mn. Positive outlook for H2-2014 The management board expects a continuous positive development of KWG in the second half of the fiscal year 2014 due to a continuous optimization of the real estate portfolio. With approx. EUR 30 mn net rental income shall be kept on the previous year's level. The earnings before interest and valuation gains are expected to reach approx. EUR 5 mn. Further information In line with the preparation of the half year report 2014 the IFRS-consolidated statement of H1-2013 has been restated. The H1 report is available for download on the corporate website at http://www.kwg-ag.de/en/investor-relations/ Contact KWG Kommunale Wohnen AG Jan Hutterer Alstertor 9 20095 Hamburg Tel.: +49 (0)40 226 30 88-100 eMail: ir@kwg-ag.de www.kwg-ag.com --------------------------------------------------------------------- 14.08.2014 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 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 --------------------------------------------------------------------- 282200 14.08.2014
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