Jk Wohnbau Aktiengesellschaft : JK Wohnbau AG Reports Positive Earnings after Taxes

• 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 bt rolled back by 52 million Euros or 32 percent

24 April 2013 - JK Wohnbau AG, a leading project veloper 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 velop very handsomely. At 12.6 million Euros, the earnings before interest and taxes (EBIT) in 2012 increased by 14 percent year on year (2011: 11.1 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 exclu one global sale in the amount of 39.7 million Euros in 2011). "This means that the velopment 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 add. "Owing to a well-stocked project pipeline that equals several annual sales totals, JK Wohnbau has sufficient 'reserves' to satisfy mand with attractive offers both today and in the years to come." Revenues clined 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 consirably 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 finitively to the consolidated income the group achieved. In addition to refinancing arrangements at much more favourable interest conditions, the interest-bearing bt was reduced by 52 million Euros, equal to about 32 percent of the bt 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 veloping as planned," Haupt went on to say. During the first two months of 2013, the remaining few resintial 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 ma 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 velopers for resintial construction in Munich and, according to BulwienGesa, Germany's largest housing veloper 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 provi resintial real estate to suit the requirements of diverse customer target groups either for owner-occupation or as equity investment. For tails go to: www.jkwohnbau.

Company contact
JK Wohnbau AG
Leopoldstrasse 8 | D-80802 Munich Tel.: [phone] | Fax: [phone]
E-mail: ir@jkwohnbau. | Web: www.JKWohnbau.

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