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Preliminary numbers: Most successful H1 KWG AG's history

09-06-2012 11:14 AM CET | Industry, Real Estate & Construction

Press release from: KWG Kommunale Wohnen AG

- Group H1 2012 net result increased six times to approx. EUR 20 mn (last year: EUR 3.4 mn)
- Group-FFO raised significantly to approx. EUR 1.2 mn (last year: EUR 0.2 mn)
- KWG stand-alone results underline positive operational development

Hamburg, 31 July 2012 - KWG Kommunale Wohnen AG, the long-term oriented property holding company of German residential real estate, expects to post the most successful first half year in the company's history. The preliminary H1 2012 Group net result was raised by six times from EUR 3.4 mn to approx. EUR 20 mn. Net Cold Rent increased according to preliminary numbers in H1 2012 by around 30 per cent vs. last year to around EUR 9.0 mn. Funds-from-Operations (FFO) increased significantly from EUR 0.2 mn to around EUR 1.2 mn. Thus, the cash generation and profitability of KWG Group have been improved considerably.

This dynamic development in results is i.a. based on the first time full consolidation per 01 May 2012 of Barmer Wohnungsbau AG, in which KWG has secured a controlling stake. The consolidation of Barmer Wohnungsbau AG is expected to contribute approx. EUR 13 mn to the Group's H1 net result and approx. EUR 0.2 mn to the Group's FFO. However, KWG AG also records significant improvements of all relevant metrics excluding the consolidation of Barmer Wohnungsbau AG in a like-for-like comparison vs. last year.

Compared like-for-like KWG AG improved its H1 2012 Revenues that represent Gross Rental Income from EUR 10.1 mn to almost EUR 12 mn. At the same time income from Net Cold Rent increased over-proportionally by almost 20 per cent to around EUR 8 mn. The Net Result of more than EUR 7 mn was doubled vs. last year (last year: EUR 3.4 mn). Particularly satisfactory is the FFO development which improved by more than four times from previous year's EUR 0.2 mn to almost EUR 1 mn.

The positive development is primarily a result of the company's own portfolio's successful optimisation. I.a. the actual Net Cold Rent per sqm was increased from EUR 4.83 to EUR 5.05. The net result from the fair value measurement of investment property which improved from EUR 3.1 mn per 30 June 2011 to approx. EUR 7 mn per 30 June 2012 reflects the portfolio's improved cash generation and quality. The Group's investment property was valued at approx. EUR 754/sqm per 30 June 2011.

Final H1 2012 numbers for the entire KWG Group will be published according to schedule on Tuesday, 14 Aug 2012.

About KWG AG
KWG Kommunale Wohnen AG is a long-term oriented owner and operator of German residential real estate units. The company acquires residential real estate portfolios at attractive conditions in promising micro-locations of metropolitan regions and German regional centres and sustainably increases their value through an active real estate asset management. By refurbishments to high energy efficiency standards incidental costs for tenants are being lowered. KWG AG covers the complete value chain from acquisitions to construction management and its own internal property management. As a result vacancies are being reduced and income from net cold rent is being increased. This leads to value enhancements of the properties, above average Returns on Equity and profitability. KWG's shares are listed in the Entry Standard of the Frankfurt Stock Exchange.

KWG Kommunale Wohnen AG
Jan Hutterer
Alstertor 9
20095 Hamburg
F. +49 (0)40 2263088-100

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