Hahn-Immobilien-Beteiligungs AG
HAHN-Immobilien-Beteiligungs AG: Hahn Group expands fund business whilst earnings perform according to plan
HAHN-Immobilien-Beteiligungs AG / Key word(s): Half Year Results Half Year Figures 2014: Hahn Group expands fund business whilst earnings perform according to plan – Management income up by 6.8 percent to EUR 4.58 million – Good demand for newly launched investment funds – Gross income reduced to EUR 6.41 million (H1 2013: EUR 7.71 million) as expected – Earnings forecast for full year 2014 confirmed Bergisch Gladbach, August 14, 2014 – The HAHN-Immobilien-Beteiligungs AG is on track to a successful fiscal year 2014. Real estate assets under the company’s management continued to expand during the first six months of 2014 with management income from real estate and fund management recording a pleasing increase of 6.8 percent. Due to the changed approval situation for new products because of the introduction of the Kapitalanlagegesetzbuch the gross profit decreased as scheduled from EUR 7.71 million to EUR 6.41 million. Said Thomas Kuhlmann, Board of Management member for HAHN-Immobilien-Beteiligungs AG: “We took important steps to secure the further growth of the company during the first half of the year. The Hahn Group established its own capital management company last year, which in April 2014 received its license from the German ‘Bundesanstalt für Finanzdienstleistungsaufsicht’ (Federal Financial Supervisory Authority – BaFin). In addition, we also successfully launched two regulated alternative investment funds (AIF) for semi-professional and professional investors. Given the strong institutional demand, we managed to raise equity commitments of EUR 160 million through these real estate funds. This means that we secured the best subscription result in the company’s history already at half year.” New Business The two special AIFs issued in the first half year have a target investment volume of EUR 200 million each. As listed above, equity raised from private customers after the first six months came to EUR 160 million (H1 2013: EUR 109 million). These institutional capital commitments relate exclusively to the two new investment assets and will be called step-by-step depending on the investments made by the fund. During the period under review the Hahn Group was able to contribute four large-scale retail properties with a total investment volume of EUR 100 million to its managed investment funds. Two retail warehouse centers, one in Munich and one in Lüneburg, were bought during the first six months for the HAHN FCP – FIS German Retail Fund (HAHN FCP), which is co-managed together with LRI Invest S.A. The retail warehouse center ‘Life’ in Munich carried an investment volume of around EUR 35 million and has REWE as its anchor tenant. For the retail warehouse center Lüneburg-Adendorf the anchor tenant is Marktkauf (EDEKA). It saw investments being made of around EUR 25 million. Two additional retail properties, the hypermarket Salzgitter and the retail warehouse center Gelnhausen, were added as the first property objects into one of the two newly issued special AIFs with a total investment volume of around EUR 40 million. The ‘real,-‘ hypermarket in Salzgitter is a former Pluswert fund of the Hahn Group. The retail warehouse center Gelnhausen has Kaufland as its anchor tenant. In addition to these, the retail warehouse center ‘Implerstrasse’ in Munich, which had an investment volume of around EUR 25 million was sold on behalf of the HAHN FCP. Prior to the sale, the property had been successfully revitalised and newly positioned for the fund. In the business with private customers no investment funds could be marketed during the first six months because of the changed approval situation for new products. The more complex regulative stipulations for public AIFs require longer conception and approval periods, which Hahn Group’s planning duly takes account of. Result of operations and financial position Proceeds from the disposal and brokerage of properties decreased over the first six months of 2014 from EUR 1.96 million (H1 2013) to EUR 0.85 million. This change is due to the absence of placements being made in the business with private customers during the first six months of the year. Reflected in revenue are shares from a property object company that are added into one of the newly launched special AIFs as is the collection of fees from the acquisition and sales of property objects for the semi-professional and institutional investment assets. The mainly recurring income from property and fund management increased 6.8 percent to EUR 4.88 million (H1 2013: EUR 4.57 million). The development of fund management fees was particularly pleasing. The shares of profit and loss in associated companies and joint ventures essentially include the earnings contributions from the successfully performing RREBO joint venture. The positive contribution to earnings of this item increased from EUR 0.94 million to EUR 1.19 million. Other operating income decreased from the same period the year before, because a lower volume of retail objects were tied up, generating less rental revenue. Countervailing this were lower property operating costs and financing costs, which are included in the material expenses. Personnel expenses climbed from EUR 3.20 million to EUR 3.41 million. The number of employees increased accordingly against the reporting date of the prior-year period to 75 members of staff. Other operating expenses increased from EUR 2.84 million to EUR 3.24 million as a result of higher legal and consulting costs. The Group’s gross profit went down from EUR 7.71 million to EUR 6.41 million as expected. At EUR -0.38 million, the operative result, respectively earnings before interest and taxes (EBIT), was down on the prior-year figure of EUR 1.53 million. The above mentioned reduction in assets held for sale meant that the financial result improved from EUR -2.26 million to EUR -1.42 million. Earnings before income taxes came to EUR -1.80 million (H1 2013: EUR -0.73 million). Consolidated earnings after taxes amounted to EUR -1.13 million (H1 2013: EUR -0.14 million), which equals earnings per share of EUR -0.09 (previous year: EUR -0.01). As at June 30, 2014 the balance sheet total was EUR 93.52 million and therefore more or less unchanged from the year end 2013 (EUR 92.71 million). The repayment of current account credit lines saw liabilities to banks reduced by around EUR 3.0 million. As at balance sheet date, equity came to EUR 31.81 million (December 31, 2013: EUR 32.57 million), with the equity ratio at 34.0 percent as against the 35.1 percent at the yearend 2013. Forecast The Hahn Group confirms its earnings outlook from the Annual Report. For the full year 2014, the Board of Management expects to generate consolidated earnings after taxes in the range of EUR 2.2 to 3.2 million. These projections continue to be based on the assumption that the sale of a new public AIF can still start during the current year. The Hahn Group More information on the Hahn Group is available online atwww.hahnag.de. Contact 14.08.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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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