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KWG Kommunale Wohnen AG: KWG with record first 6 months / final numbers confirm preliminary results

09-06-2012 11:37 AM CET | Industry, Real Estate & Construction

Press release from: KWG Kommunale Wohnen AG

- KWG half year Net Profit rises six-fold to EUR 20.4 mn (H1 2011: EUR 3.4 mn)
- Funds from Operations (FFO) increased significantly to EUR 1.2 mn (H1 2011: EUR 0.2 mn)
- KWG stand-alone underlines successful operational development

Hamburg, 16 August 2012 - KWG Kommunale Wohnen AG, the long-term oriented property holding company of German residential real estate, confirms and in part beats its preliminary numbers reported for H1 2012. According to final numbers Revenues in the reporting period rose to EUR 12.7 mn - comparing to EUR 10.1 mn during the same period last year. This represents an increase of 26 per cent. Net Cold Rent in the Group increased by 30 per cent to EUR 9.0 mn.

H1 2012 results for the first time include numbers of recently acquired Barmer Wohnungsbau AG, which has been fully consolidated as per 01 May 2012. Still, even excluding Barmer Wohnungsbau AG's consolidation KWG demonstrated a very positive development. On a like-for-like basis KWG increased its H1 2012 revenues by 18 per cent to EUR 11.9 mn. Like-for-like H1 2012 Net Cold Rents were raised by 19 per cent to EUR 8.2 mn.

H1 2012 Funds from Operations (FFO) rose to EUR 1.2 mn, compared to last year's EUR 0.2 mn. Thereof, Barmer Wohnungsbau AG's portfolio contributed EUR 0.2 mn for the months of May and June 2012. At the same time the Group's Consolidated Net Profit increased six-fold from EUR 3.4 mn to EUR 20.4 mn. Considering these numbers KWG reflects on the most successful half year in its company history by far. Before, KWG has not even reported a profit of this dimension for a full financial year.

Equity on the Group's balance sheet increased to EUR 135.0 mn as per 30 June 2012 after EUR 87.8 mn as per 31 December 2011. This reflects an increase of 54 per cent. The equity ratio increased from 36.8 per cent to 41.0 per cent and Loan-To-Value (LTV) decreased from 59.9 per cent to 50.8 per cent. NNNAV per share as per 30 June 2012 amounted to EUR 9.02. With that, KWG improved all relevant results significantly compared to the same period in the prior year.

The total lettable area of the KWG-Portfolio as per 30 June 2012 increased to 402,530 square meters compared to 311,249 as per year end 2011. This reflects an increase of 29 per cent. The number of units as per end of June 2012 amounted to 6,812 versus 5,419 as per 31 December 2011. At the same time vacancy in the core portfolio dropped to an all-time low of 2.5 per cent. Net Cold Rent per square meter increased to EUR 5.05.

KWG is confident to continue its very favourable development of business over the further course of the year. With the signing of a Term Sheet concerning the financing and acquisition of a portfolio of 2,900 units KWG has laid a foundation for further profitable growth. In addition the portfolio's earnings power will be strengthened further through active construction and asset management resulting in an expectation of revenues from Net Cold Rent for FY 2012e of more than EUR 19.5 mn.

The H1 2012 report is available for download at the Investor Relations section of

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
Tel.: +49- 40- 2263088-100

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