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KWG according to preliminary results with extremely successful FY 2012
- Net Rental Income rises to EUR 19.8 mn. (prev. EUR 14.8 mn.)
- FFO doubles to EUR 2.3 mn. (prev. EUR 1.2 mn.)
- NNNAV per share at EUR 11.19 (prev. EUR 8.41)
- Group Result increases to EUR 46.5 mn. (prev. EUR 9.8 mn.)
KWG Kommunale Wohnen AG, the long-term oriented property holding company of German residential real estate, concluded its fiscal year 2012 with new record results in Revenues and Profits according to preliminary numbers.
Preliminary Revenues in FY 2012 increased to EUR 27.9 mn. after EUR 21.7 mn. in the previous year. Net Rental Income in the KWG-Group rose by 34% to EUR 19.8 mn. (2011a EUR 14.8 mn.). This significant increase comprises the consolidation of Barmer Wohnungsbau AG from May 2012, which was acquired during the reporting period, while at the same time the operational performance of KWG's portfolio was further improved to new records. Vacancies in the core portfolio were reduced to a record low of 1.6% versus 2.7% in the year before. Net Rental Income increased considerably during the course of the year. Q4 2012 Net Rental Income amounted to EUR 5.5 mn. versus prior year's level of approx. EUR 4.0 mn. during the comparable quarter.
The positive operational development is also reflected in FFO (Funds from Operations), which at EUR 2.3 mn. almost doubled versus the previous year. At the same time NNNAV (Triple Net Asset Value) per share climbed from EUR 8.41 in 2011a to EUR 11.19. The debt level was kept at reasonable standards with an LTV (Loan to Value) of 57.4% (prev. 59.9%). The Group's Net Result reflects a decidedly positive cash-effective component as well as profitable acquisitions and value enhancements of the existing portfolio. The Groups Net Result increased significantly from EUR 8.8 mn. in 2011a to EUR 41.6 mn. This positive development confirms KWG's business model which aims at a continuous and sustainable optimisation of its real estate portfolio.
For FY 2013 the Management Board expects the company's profitable growth to continue. Annual Rental Income is to be increased to more than EUR 30 mn. during the course of the year.
The company's Annual Report and the final numbers will be published on 22 April 2013.
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