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.
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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
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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
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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