Hahn-Immobilien-Beteiligungs AG
HAHN-Immobilien-Beteiligungs AG: Fiscal year 2013 – Hahn Group continues on success track
HAHN-Immobilien-Beteiligungs AG / Key word(s): Final Results Fiscal year 2013: Hahn Group continues on success track – Management income climbs 13 percent to EUR 10.4 million – Equity ratio up to 35.1 percent (previous year: 30.5 percent) – Consolidated profit after taxes at EUR 2.65 million (previous year: Euro 2.62 million) – February 2014: First special AIF issued – Forecast fiscal 2014: Continuation of positive earnings development Bergisch Gladbach, March, 28 2014 – The Hahn Group successfully closed out fiscal year 2013. Aided by generally favorable conditions on the property and financial markets, the asset and investment management specialist for retail properties seamlessly continued the good business performance of the previous year. At the same time, the company has taken major steps to sustainably boost the enterprise’s future growth. Michael Hahn, Chairman of the Board of Management: “The good placement figures recorded in the new business segment and moderate growth in the property assets under management have meant that our earnings position has improved further. We managed to achieve and/or outperform our targets across all segments. Consolidated profit after taxes is at the upper range of the earnings forecast.” In fiscal year 2013 the Hahn Group collected equity of around EUR 123 million from private and institutional investors, which is an increase by around 40 percent on the previous year (EUR 88 million). The volume of subscriptions generated in the business with institutional clients rose by around 62 percent to EUR 97 million (previous year: EUR 60 million). In business with private clients, subscribed equity came to EUR 26 million and was close to the level of the prior year (EUR 28 million). As at the year-end 2013, Hahn Group’s property assets under management increased to EUR 2.4 billion (previous year: EUR 2.3 billion). Equally encouraging was the development of rental activities in 2013. Hahn Group’s asset management concluded new and follow-up rental agreements for around 169,000 m² retail space, which is an increase year-on-year of approximately 24 percent (previous year: 136,000 m²). As at balance sheet closing date, the occupancy ratio was 97.7 percent (previous year: 98.4 percent). 2013 business performance in figures Proceeds from the disposal and brokerage of properties increased in fiscal year 2013 from EUR 3.1 million to EUR 5.4 million. Key factors contributing towards this increase were the placement of the Pluswertfund 161, Bodensee-Center, and the successful sale of the revitalized Itter-Karree retail property in Hilden. Management income also improved very positive, up 13.0 percent from EUR 9.2 million the year before to EUR 10.4 million in the year under review. Especially the recurring income from the fund and property management increased significantly. The shares in the profit of associated companies and joint venture came to EUR 2.5 million (previous year: EUR 3.1 million) and include earnings from equity investments in real estate joint ventures. The prior year’s figure had been strongly affected by a non-recurring effect of EUR 3.8 million from the initial valuation of properties. Income from distributions increased to EUR 2.2 million (previous year: EUR 1.6 million). Vital for this upward trend was the additional income generated from the transitory ownership of fund units. The Group’s gross profit improved from EUR 17.7 million to EUR 21.5 million. Year-on-year this equals an increase by 21.5 percent. Personnel expenses rose 6.3 to EUR 6.7 million (previous year: EUR 6.3 million). At the end of the year the Group had 69 employees (previous year: 66). The Group’s other operating expenses fell from EUR 7.1 million to EUR 6.4 million. Above all legal and consulting costs were reduced, despite the higher expenses for the measures undertaken to implement the AIFM Directive. At EUR 8.1 million, the operative result, respectively earnings before interest and taxes (EBIT), were significantly higher than last year’s total of EUR 4.1 million. Net finance expenses of EUR -4.8 million (previous year: EUR -2.3 million) reflect above all the higher financial expenses. Analog to these, earnings from dividends as well as rental income from investments also developed positively. Earnings before taxes amounted to EUR 3.3 million (previous year: EUR 1.7 million). The consolidated earnings after taxes increased slightly to EUR 2.65 million (previous year EUR 2.62 million), which equals earnings per share of EUR 0.20 (previous year: EUR 0.20). As of December 31, 2013 total assets had decreased year-on-year by 5.3 percent to EUR 92.7 million, which was the result of the EUR 11.5 million reduction in assets held for sale. Mirroring this, the liabilities and equity side of the balance sheet registered a significant reduction in current debt, down by EUR 11.6 million. As of balance sheet closing date 2013, equity came to EUR 32.6 million (previous year: EUR 29.8 million). As a consequence the equity ratio improved to 35.1 percent (previous year: 30.5 percent) Outlook For 2014 the Hahn Group’s Board of Management once more expects strong institutional demand for professionally managed indirect retail property investments. The net inflow in specialized property funds from institutional investors, evident now for a number of years already, should continue unabated in 2014. The interest in investments coming from wealthy private investors is also very pronounced in the view of the Board of Management. Said Board of Management member Thomas Kuhlmann: “For our new business we expect to collect between EUR 100 to 150 million from institutional and semi-professional investors in 2014. To achieve this figure we want to issue at least two new special AIFs. At present we are scheduling our sales activities to private clients to begin in summer. Under these circumstances we estimate the volume of placements with the publicly AIF to be around EUR 20 million. According to forecasts the other segments are also set to develop positively. Hahn AG reckons to see long-term growth in 2014 for recurring management income and income from property fund investments/co-investments.” February 2014: First special AIF issued In line with the regulatory stipulations of the KAGB (German Capital Investment Code) that became effective on July 22, 2013, the Hahn Group’s subsidiary DeWert Deutsche Wertinvestment GmbH has issued a first special fund for professional and semi-professional investors in February 2014 in accordance with the new law. The special AIF is named ‘HAHN PRIMUS – Retail Fund GmbH & Co. geschlossene Investment-KG’ and pursues an investment strategy geared to investing in large-scale retail properties in Germany that have long-term rental agreements. At the time of foundation, EUR 60 million of the fund company’s target equity of EUR 100 million had already been placed. The special AIF is scheduled to start its investing activities in the second quarter of 2012, once the fund company has been entered into the Commercial Register and has signed up with the German Financial Authority BaFin. Thomas Kuhlmann: “The subscription commitments for our new special AIF are already at EUR 60 million. This means we have taken the first step this year to outperform once more the very good placement result of the previous year.” The complete 2013 Annual Report is available on the Internet at: www.hahnag.de The Hahn Group More information on the Hahn Group is available online atwww.hahnag.de. Contact End of Corporate News 28.03.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group 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 |
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