Hahn-Immobilien-Beteiligungs AG
HAHN-Immobilien-Beteiligungs AG: Fiscal year 2012: good business performance confirms upward trend for Hahn AG
HAHN-Immobilien-Beteiligungs AG / Key word(s): Final Results
PRESS RELEASE Fiscal year 2012: good business performance confirms upward trend for Hahn AG – Equity collected in private and institutional fund business up by 57 percent to EUR 88 million – Management income increases by 13.4 percent to EUR 9.2 million – Consolidated profit after tax: EUR 2.62 million (previous year: EUR 1.04 million) – Equity climbs 13.8% to EUR 29.8 million – Full-year outlook: Positive results at previous year’s level Bergisch Gladbach, March, 28 2013 – In a stable economic environment the Hahn Group closed out a successful fiscal year, with the Group’s profitability further strengthened year-on-year. This consolidated the upward trend the Group has been recording with its earnings development since 2010. Michael Hahn, Chairman of the Board of Management: ‘The fiscal year was very satisfactory. We recorded consistently high investment demand, above all from institutional investors, which we managed to meet with numerous fund subscriptions and a new joint venture. The Company is equally well positioned in the current fiscal year following the successful streamlining of the Group’s structures and the further optimization of business processes.’ In the preceding fiscal year the Hahn Group collected equity of around EUR 88 million from private and institutional investors, which is a 57 percent increase on the year before (previous year: EUR 56 million). – Equity collected from institutional clients in 2012 amounted to EUR 60 million, which were subscription orders for the Luxembourg fund HAHN FCP-FIS German Retail Fund. At the end of the year HAHN FCP held gross fund assets of EUR 429 million. As of reporting day the total equity subscribed rose to EUR 261.5 million (previous year: EUR 201.5 million). – In business with private clients, equity of EUR 28 million was collected through public funds and private placements (previous year EUR 35 million). Two closed-end real estate funds, one public fund and one private placement, were newly issued in the year under review. In the fourth quarter of 2012 Hahn AG and a German real estate company founded a joint venture by the name of ‘RREBO’. The joint venture acquired a value-add portfolio comprising 16 retail properties with an investment volume of EUR 137 million. The joint venture partner contributed 50 percent of the equity required. The Hahn Group had been managing the properties already before their acquisition. RREBO constitutes an important milestone in the company’s development. In future, income generated from investments will be an integral part of the operative business and will be recognized in a third Group unit entitled ‘Investments’. The real estate assets held by the Hahn Group under management rose to EUR 2.30 billion (previous year: EUR 2.25 billion) Given the continued high demand for space in the retail sector, the Hahn Group was able to increase its take-up by 35 percent to around 136,000 m² (previous year: 101,000 m²). Per reporting date the occupancy ratio on the property portfolio also improved year-on-year from 97.9 percent to 98.4 percent. 2012 business performance in figures Due to lower transaction sales and non-recurring income, the proceeds from the disposal and brokerage of real estate declined year-on-year to EUR 3.14 million (previous year: EUR 7.43 million). The sustainable management income, on the other hand, rose by a gratifying 13.6 percent to EUR 9.2 million. The shares of profit and loss in associated companies and joint venture also developed positively. At EUR 3.11 million (previous year: EUR -0.29 million) the generated income was mainly attributable to the initial consolidation of real estate investments. Consolidated gross income improved by 9.3 percent to EUR 17.7 million. Personnel expenses amounted to EUR 6.3 million (previous year: EUR 6.5 million). Unlike in the previous year there were no extraordinary expenses. Other operating expenses increased from EUR 6.0 million to EUR 7.1 million, which is due, among other things, to higher legal and consulting costs that were incurred in connection with the acquisition of the properties for the RREBO joint venture. Net finance expenses came to EUR -2.3 million (previous year: EUR -1.7 million). Concurrent with higher interest expenses was also a lengthening of total liabilities and shareholders’ equity. As last year’s reporting period had included corporate tax expenses from the placement of a fund and fiscal 2012 recognized positive tax effects, income taxes of EUR +0.9 million were better than the previous year’s figure of EUR -0.7 million. Consolidated profit after taxes was EUR 2.6 million, which brought earnings per share to EUR 0.20 (previous year: EUR 0.08) Total assets as of December 31, 2012 increased year-on-year by 26.7 percent to EUR 97.9 million. Due to this increase the equity ratio as of reporting date came to 30.5 percent (previous year 33.9 percent). The successful placement of a corporate bond in the amount of EUR 20 million in the second half of the year additionally improved the company’s capital structure and made it more independent from banks. Outlook In the business with private customers the aim is to increase the placement performance. Michael Hahn: ‘We expect the impending regulation with the AIFM Directive to bring back demand from private customers for top-quality property investments. Moreover, we want to expand the segment for individually tailored private placements and clubdeals.’ Despite the difficult conditions on the financial and capital markets, the Hahn Group expects consolidated earnings to be as good in fiscal year 2013 as in the preceding year and expects an after-tax profit in the range between EUR 2 and 3 million. The complete 2012 Annual Report is available on the Internet at: www.hahnag.de Hahn Group Contact information
End of Corporate News 28.03.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | HAHN-Immobilien-Beteiligungs AG | |
Buddestrasse 14 | ||
51429 Bergisch Gladbach | ||
Germany | ||
Phone: | +49 (0)2204 9490-118 | |
Fax: | +49 (0)2204 9490-139 | |
E-mail: | mweisener@hahnag.de | |
Internet: | www.hahnag.de | |
ISIN: | DE0006006703, DE000A1EWNF4 | |
WKN: | 600670, A1EWNF | |
Listed: | Regulierter Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf (Mittelstandsmarkt), Hamburg, München, Stuttgart | |
End of News | DGAP News-Service |
205410 28.03.2013 |