JK Wohnbau AG / Key word(s): Miscellaneous 13.12.2011 09:35 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Munich, December 8, 2011 - The consolidated net loss of JK Wohnbau AG will stand at prospectively around EUR -75.4 million for the 2010 financial year (on the basis of IFRS), significantly below the previous year's result. This result is primarily attributable to special effects. Approximately EUR - 43.0 million of these expenses arise from transactions of relevance to IFRS 2, and which relate to services that third parties have rendered for the company, and which shareholders have paid for utilising JK Wohnbau AG shares. Further effects of around EUR -18.1 million derive from IPO costs that are not reported in equity, and from significant one-off expenses connected with the preparation and auditing of the consolidated financial statements as of December 31, 2010, as well as from follow-up costs arising from projects that were incurred after completion, and from the impairment charge implied to the Viktoriastrasse property. Higher financing costs of around EUR -14.3 million also burdened earnings, and are attributable to a higher level of additional project purchases over the course of the 2010 financial year. The Management Board has passed a resolution today to provide the auditor with no further information. The auditor has subsequently announced that it would issue a disclaimer of opinion for both the single-entity and consolidated annual financial statements as of December 31, 2010, due to various obstacles to its audit, and due to objections. The Management Board regards these findings as unfounded. The Management and Supervisory boards have mandated an independent auditing company to conduct a voluntary audit of the quarterly financial statements as of September 30, 2011, in order to inform investors reliably about the company's current financial position. These quarterly financial statements are to be presented by the end of January 2012. The founder of JK Wohnbau AG, Dr. Josef L. Kastenberger, established the company, listed it on the stock market, and is now structuring arrangements for his succession, which he regards as a worthwhile undertaking, in order to transfer the company to an experienced real estate management team as of December 31, 2011. End of the ad hoc announcement Company contact JK Wohnbau AG Leopoldstrasse 8 | 80802 Munich Phone: +49 (0)89 38 99 84-0 | Fax: +49 (0)89 38 99 84-760 E-mail: ir@jkwohnbau.de | Web: www.JKWohnbau.de 13.12.2011 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 LeopoldstraÃe 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 Announcement DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: JK Wohnbau AG: * Significant net loss expected for 2010 * Auditor announces disclaimer of opinion* Dr. Kastenberger has agreed succession arrangement
| Source: EQS Group AG