Deutsche Wohnen increases turnover of privatization

Deutsche Wohnen AG has sold a total of 1.334 houses in 2003, about a fifth more than in the previous year. The average sales price dropped to € 1.015/m² (the previous year: € 1.066/m²). With the privatization a profit of € 42,2 mln was realized.

The results of the usual business of the company improved slightly to € 19,9 mln. The fact that, with € 10,7 mln, the company profit stayed below the value of 2002 (€ 13,4 mln), is mainly a result of the tax expenditure that rised about 50% to € 9,2 mln. As every year, the free company-cashflow is paid out to the shareholders tax-free. These booked, for 2003, a dividend return of 6,4%.

Source: Immobilien Zeitung

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