JK Wohnbau AG / Key word(s): Final Results 24.04.2013 / 17:01 --------------------------------------------------------------------- - 90 million Euros worth of apartments retailed - 1.2 million Euros in earnings after taxes (previous year: -12.6 million Euros) - 12.6 million Euros in EBIT (previous year: 11.0 million Euros) - EBIT margin more than doubled at 16 percent - Interest-bearing debt rolled back by 52 million Euros or 32 percent JK Wohnbau AG, a leading project developer for private housing construction in Munich, realised a consolidated income of 1.2 million Euros in the 2012 financial year (up from -12.6 million Euros the previous year). 'It is the first time since its IPO in 2010 that the company reports a positive result,' said Michael Haupt, CEO of JK Wohnbau AG. The company's operational result has continued to develop very handsomely. At 12.6 million Euros, the earnings before interest and taxes (EBIT) in 2012 increased by 14 percent year on year (2011: 11.0 million Euros). The EBIT margin, which reflects the ratio between EBIT and annual turnover, more than doubled year on year, growing from seven percent to nearly 16 percent. Sales Performance Jumps in Retailing 'The market position of JK Wohnbau in apartment retail sales to private buyers remains very strong,' Haupt went on to explain. For instance, notarised sales in 2012 rose by 8.8 percent year on year, as they climbed from 83 million Euros to 90.3 million Euros (adjusted to exclude one global sale in the amount of 39.7 million Euros in 2011). 'This means that the development of JK Wohnbau contrasts favourably with the overall market, which registered a 30-percent dip,' said Haupt. 'The situation is mainly explained by short supply. Demand for condominiums remains as high as ever,' Haupt added. 'Owing to a well-stocked project pipeline that equals several annual sales totals, JK Wohnbau has sufficient 'reserves' to satisfy demand with attractive offers both today and in the years to come.' Revenues declined during the reporting period to 79.2 million Euros (previous year: 155.8 million Euros) because, unlike the previous year, there were no global sales to report. Financial Results and Financing Structure Clearly Improved The financing structure was considerably enhanced during the 2012 financial year. This brought about a significant improvement of the financial result, which amounted to -15.2 million Euros (previous year: -23.2 million Euros). Together with positive tax effects, this improvement contributed definitively to the consolidated income the group achieved. In addition to refinancing arrangements at much more favourable interest conditions, the interest-bearing debt was reduced by 52 million Euros, equal to about 32 percent of the debt total at the start of 2012. 'We expect the financial result to keep improving in 2013,' said Haupt. Projects Developing on Schedule 'All of our projects are developing as planned,' Haupt went on to say. During the first two months of 2013, the remaining few residential units of two major construction projects in Munich's districts of Giesing and Riem were sold, thereby concluding the projects with a sales total of 443 apartments. 'Having made good progress with the optimisation of our financing structure in 2012, we will mainly focus on improving the equity situation in 2013' said Haupt. About JK Wohnbau JK Wohnbau AG is one of the leading project developers for residential construction in Munich and, according to BulwienGesa, Germany's largest housing developer limited to a single region. Formed in 1995, the company has been listed on the Prime Standard of Deutsche Börse since 1995. The spectrum of projects realised extends from multi-unit houses, to terrace housing, and all the way to the revitalisation of existing buildings, enabling JK Wohnbau to provide residential real estate to suit the requirements of diverse customer target groups either for owner-occupation or as equity investment. For details go to: www.jkwohnbau.de Company contact JK Wohnbau AG Leopoldstrasse 8 | D-80802 Munich Tel.: +49 (0)89 38 99 84-0 | Fax: +49 (0)89 38 99 84-760 E-mail: ir@jkwohnbau.de | Web: www.JKWohnbau.de Press Contact Holger Friedrichs Head of Media & Communication Consulting Dr. ZitelmannPB. GmbH Rankestrasse 17 | D-10789 Berlin Tel.: +49 (0)30 72 62 76 157 | Fax: +49 (0)30 72 62 76 163 E-mail: friedrichs@zitelmann.com End of Corporate News --------------------------------------------------------------------- 24.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: JK Wohnbau AG Leopoldstraße 8 80802 München Germany Phone: +49 (0)89 38 99 84-0 Fax: +49 (0)89 38 99 84-760 E-mail: info@JKWohnbau.de Internet: www.JKWohnbau.de ISIN: DE000A1E8H38 WKN: A1E8H3 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 208418 24.04.2013
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