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KWG Kommunale Wohnen AG: KWG demonstrates strong performance and confirms its guidance
- Net Rental Income rises by 62% to EUR 23.2 mn.
- FFO more than doubles vs. 9-m 2012a to EUR 4.6 mn.
- Forecast for FY 2013e confirmed.
KWG Kommunale Wohnen AG, a long-term oriented property holding company of residential real estate in which Austrian conwert Immobilien Invest SE holds a 76% majority stake, looks back upon a successful 9-months period in the course of its FY 2013.
For the reporting period its Revenues increased by almost 70% to EUR 33.6 mn (9-m 2012a EUR 19.9 mn.). At the same time Net Rental Income of EUR 23.2 mn surpassed last year's EUR 14.3 mn considerably. As per 30 September 2013 KWG reports a positive Operating Cash Flow of EUR 3.1 mn. and Funds-From-Operations (FFO) of around EUR 4.6 mn. (9-m-2012a EUR 2.0 mn.), reflecting a growth of approx. 130%. Consolidated Net Profit as per 30 September 2013 rose to EUR 6.3 mn. Due to significant non-cash-effective one-off-effects from acquisitions comprised in the 9-m-2012a results a like-for-like comparison is not representative.
The positive developments of revenues and results reflect the profitable expansion and increased quality of KWG's portfolio. KWG invested some EUR 4.7 mn. as Refurbishment Capex into its portfolio over the first 9-months 2013a. The success of these investments is demonstrated by the substantial reduction of vacancies in its Investment Portfolio from 33.1% as per 30 September 2012 to 22.0% as per 30 September 2013. Over the same reporting period Net Rent per sqm increased from EUR 4.86 as per 9-m 2012a to EUR 4.98 this year.
Due to the continued positive development of KWG's operations the Management Board confirms its previously issued guidance of Net Rental Income totalling EUR 30 mn. and an FFO of around EUR 5.0 mn.
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