ISARIA Wohnbau : In 2014, ISARIA Wohnbau AG generated revenue amounting to EUR 160 million, the highest figure in the company's history; consolidated net income after tax amounted to EUR 9.3 million

ISARIA Wohnbau AG / Key word(s): Final Results/Development of Sales

2015-03-16 / 11:05

Corporate News

2014 Business Figures
In 2014, ISARIA Wohnbau AG generated revenue amounting to EUR 160 million, the highest figure in the company's history; consolidated net income after tax amounted to EUR 9.3 million

- In the strong fourth quarter alone, real estate valued at EUR 94 million was handed over

- EBIT amounting to EUR 21.6 and consolidated net income after tax amounting to EUR 9.3 million

- Equity amounting to EUR 22.9 million significantly strengthened; additional EUR 89 million in undisclosed reserves in the projects

- Current project volume under development valued at approximately EUR 1 billion; the company starts 2015 with an order book totalling EUR 84 million

- For 2015 further strengthening of the equity base with profit in the high single-digit million range expected; further expansion of the project pipeline initiated

16.03.15 - ISARIA Wohnbau AG, one of the leading project developers for residential real estate in Munich released key figures of its 2014 IFRS consolidated financial statements today.

Record revenues and record profit
Through the completion of four additional construction phases in the large-scale project nido in Karlsfeld, the fourth quarter 2014 proved to be a strong one as expected. In 2014, a total of 300 new apartments were handed over to individual buyers. Furthermore, the sale of a developed project reported in the ad-hoc announcement of November 5, 2014 was successfully completed. The figure of EUR 160 million (previous year EUR 38 million) once again exceeded the past record for revenue from 2011 (EUR 156 million).
The gross profit of EUR 42.7 million (previous year EUR 13.0 million) and the EBIT of EUR 21.6 million (previous year EUR 3.0 million) are indicative of the significant increase in the company's profitability.
Due to lower interest rates, the financial result remained nearly constant despite the increase in the project volume (total assets EUR 300 million versus EUR 227 million in the previous year) in the amount of EUR -10.9 million (previous year EUR 10.4 million). Overall, the Company generated the best result in its twenty year history with a consolidated net result after tax of EUR 9.3 million (previous year EUR 1.1 million).

Significant improvement in equity
The outstanding result further improves book equity (now EUR 22.9 million compared to EUR 13.6 million in the previous year). "If we reported our projects at IFRS market values like most listed real estate companies and not at acquisition cost, our equity would amount to EUR 112.3 million", notes Michael Haupt, spokesman of the Executive Board of ISARIA Wohnbau AG. In recent years, the undisclosed reserves of EUR 89.4 million were primarily accumulated due to increasing property prices and the successful development of projects. "However, we still believe there is no price bubble with respect to the substantial increase in prices observed in recent years as the demand for living space still significantly exceeds the current supply situation", adds Haupt.

Large number of orders booked for 2015
The Company will start 2015 with an order book of notarised sales totalling EUR 84 million; this greatly improves the predictability of the group's sales in the current year as well. For 2015, the Company is forecasting consolidated net income after tax in the high single-digit million range. Michael Haupt notes: "The record-setting year of 2014 was not an exception. ISARIA Wohnbau now has a strong, long-term earnings position and is benefiting from increased prices as well as the project volume of over one billion Euros in Munich and Hamburg that was built up and developed in recent years". The continued high profitability of the Company is set to further improve its equity situation this year.

The 2014 annual report will be published on 27 March 2015 under www.ISARIA.ag.

About ISARIA Wohnbau AG
ISARIA Wohnbau is a leading project developer for residential real estate construction projects in Munich. Since 2014, the company also develops residential projects in Hamburg. The company, which was founded in 1994, is listed on the prime standard of the Deutsche Börse. The projects realised by the company range from multi-storey apartments to rerraced houses as well as the revitalisation of existing buildings. ISARIA Wohnbau is therefore capable of offering residential properties that meet the demands of a wide variety of customer groups as both owner-occupied or for investment. Since the end of 2013, Hamburg-based One Group GmbH has been part of the ISARIA Group. The business activities of One Group GmbH and its subsidiaries primarily comprise the issue of project development funds for residential real estate construction projects. For more information, please visit www.ISARIA.ag and www.onegroup.ag

IR Contact
ISARIA Wohnbau AG
Leopoldstraße 8 | 80802 Munich
Phone: [phone] | Fax: [phone]
E-mail: [e-mail] | Web: www.ISARIA.ag

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