ISARIA Wohnbau : H1 2014 Revenues of EUR 58 million for ISARIA Wohnbau AG in H1 with on-track profits; NAV of EUR 4.33 per share

ISARIA Wohnbau AG / Key word(s): Half Year Results/Quarter Results

14.08.2014 / 09:37

Press release

H1 2014
Revenues of EUR 58 million for ISARIA Wohnbau AG in H1 with on-track profits; NAV of EUR 4.33 per share

- Revenues of EUR 58.0 million in H1 (H1 2013: EUR 6.1 million); EBIT of EUR 6.5 million (H1 2013: EUR 2.6 million)

- Earnings after taxes in H1 of EUR 0.9 million (H1 2013: EUR -1.9 million)

- NAV of EUR 4.33 per share on 30 June 2014 (31 Dec. 2013: EUR 3.17)

- Profits expected to increase substantially over 2014 as a whole

- New acquisitions made under the APP.ARTMENTS brand

14 August 2014 - ISARIA Wohnbau AG, one of the leading project developers for residential real estate in Munich, recorded revenues of EUR 58.0 million in H1 2014, which is already more than half of the forecast annual revenues of EUR 100 million. EBIT was up significantly compared to the same period of the previous year (EUR 2.7 million) to EUR 6.5 million. Earnings after taxes were also positive in the first half of 2014 at EUR 0.9 million, which is thus an improvement of EUR 2.9 million compared to the same period of the previous year (EUR -1.9 million).

NAV of EUR 4.33 per share
On 30 June 2014 the company also updated its calculations for NAV according to EPRA compared to the calculation first performed at the end of 2013. NAV is now EUR 4.33 per share This is due to the fact that property prices in Munich have increased by 47% since 2010, and also to clear progress in obtaining planning permission for the projects. Despite the most recent increase in prices, the pure value of the property for the projects, plus equity, is still higher than the share price (EUR 3.67 on 30 June 2014).

New projects for the APP.ARTMENTS brand
The company has now created more than 350 apartments in former office properties under the APP.ARTMENTS brand. As there was no successor project in the project pipeline, systematic acquisition activities were made in this segment.
During the first half of the year, corresponding office properties were acquired in Hamburg (majority acquisition via the Hamburg-based subsidiary One Group) and also in Munich. The projects will generate future revenues of around EUR 80 million.

Outlook for 2014
"For the second half of the current fiscal year, we will continue to focus on successfully processing our current high order book. In our major "Nido" project (Munich-Karlsfeld) we currently still have 188 residential units under construction, of which more than 95% have already been sold. The next major handovers are scheduled for the fourth quarter," explained Michael Haupt, the spokesman for ISARIA Wohnbau AG's Managing Board. The company is sticking to its forecast of consolidated earnings after taxes in the medium single-digit millions range for 2014 as a whole. With respect to the 2015 revenues all of the construction stages have already been started, and around 70% of the units have been sold.

Further details can be found in the quarterly report as of 30 June 2014, published today, at www.ISARIA-Wohnbau.de.

About ISARIA Wohnbau AG
ISARIA Wohnbau AG is a leading project developer for residential construction projects in Munich. The company was formed in 1995 and has been listed in Deutsche Börse's Prime Standard since 2010. The range of projects realised includes multi-storey apartments and terraced houses, through to the revitalisation of existing buildings, which means that ISARIA Wohnbau can offer residential properties to meet the needs of a wide variety of customer groups as both owner-occupied properties or for investment. Since the end of 2013, Hamburg-based One Group GmbH together with its subsidiaries has been part of the ISARIA Group. The business activities of One Group GmbH and its subsidiaries mostly comprise the issue of project development funds for residential construction projects. More information is available online: www.ISARIA-Wohnbau.de and www.onegroup.ag

Contact
ISARIA Wohnbau AG
Leopoldstraße 8 | 80802 Munich
Telephone: [phone] | Telefax: [phone]
E-mail: [e-mail] | Web: www.ISARIA-Wohnbau.de

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