DGAP-News: JK Wohnbau AG / Key word(s): Miscellaneous
JK Wohnbau AG: * Significantly positive EBIT expected for 2011
financial year * Strong growth in revenue and sale proceeds
13.12.2011 / 09:48
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Munich, December 13, 2011 - JK Wohnbau AG will prospectively conclude the
full 2011 financial year with significantly positively EBIT. Revenue and
sale proceeds reported strong growth in 2011, and this trend is continuing
for 2012.
The EUR 100 million revenue level will be significantly exceeded in 2011,
and project volumes will reach EUR 1.15 billion as of the year-end. On the
acquisition level, the company successfully purchased plots of land in
central Munich for its classic owner-occupier residential property
construction business. In the revitalisation area, the company has
purchased several properties for its newly developed City Apartments
product. City Apartments represents an outstanding product segment for the
future for JK Wohnbau, and will make a significant contribution to boosting
the company's earnings strength.
The delayed publication of the 2010 annual financial statements, the
absence of quarterly reports during the course of 2011 to date, and the
company's dynamic growth, required that further mezzanine capital be drawn
upon for a limited period, which will feed through to further
correspondingly high financing costs in 2011. This will diminish earnings
in 2011.
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 interim financial statements
are to be presented by the end of January 2012.
Since further planned cost reductions, particularly in the financing
context, will nevertheless result in sustained earnings improvements, the
company assumes that it will report considerably better earnings in 2012. A
further expansion of the project pipeline, and the related expansion of JK
Wohnbau AG, will also play a critical role in contributing to sustained
profitability enhancement.
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.
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
End of Corporate News
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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 News DGAP News-Service
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149503 13.12.2011
DGAP-News: JK Wohnbau AG: * Significantly positive EBIT expected for 2011 financial year * Strong growth in revenue and sale proceeds
| Source: EQS Group AG