Hahn-Immobilien-Beteiligungs AG
HAHN-Immobilien-Beteiligungs AG: Half Year Figures 2013 – Improved Business Performance and Positive Outlook
HAHN-Immobilien-Beteiligungs AG / Key word(s): Half Year Results Half Year Figures 2013: Improved Business Performance and Positive Outlook – EUR 109 million equity collected – Management revenue up by 6.6 percent to EUR 4.57 million – Gross income climbs 31.1 percent to EUR 7.71 million – After-tax loss comes to EUR -0.14 million (vs. EUR -0.56 million) – Positive earnings forecast reconfirmed for full year Bergisch Gladbach, August 14, 2013 – During first six months HAHN-Immobilien-Beteiligungs AG improved key business performance indicators over the previous year. As of 30 June 2013, subscription orders of EUR 109.0 million equity had been collected from private and institutional investors, thereby outperforming the good result for the full year 2012 (EUR 88 million) already after six months. Said Thomas Kuhlmann, Board of Management member for HAHN-Immobilien-Beteiligungs AG: ‘The general conditions for commercial real estate investments continue to be favorable. We registered a very stable demand for our investment products, benefiting in particular from our diversified sales channels, which are geared to both, private as well as institutional investors.’ In the business with institutional clients, equity of around EUR 97 million was collected in the form of subscription orders for the HAHN FCP-FIS German Retail Fund. With equity commitments of around EUR 360 million, the fund significantly exceeded its target volume of EUR 300 million and now does not take in any new subscribers. The funds committed will be called over the coming quarters and recognized in the income statement. Three new commercial properties were acquired for the fund, including two hypermarkets in Hagen and Ennepetal and a retail warehouse center in Gevelsberg. The investment volume totaled approximately Euro 40 million. After adding in these transactions, the property portfolio of HAHN FCP increased to around EUR 440 million as of June 30, 2013. In business with private investors, equity of around EUR 12 million was collected for three funds. The PWF 162 fund had only been established in the first half of 2013 and was already completely placed. At a total investment volume of EUR 12.5 million the fund invested equity of around EUR 5.2 million in a retail warehouse center in Bad Hersfeld. With the start of the second half of the year, marketing of the Pluswertfonds 161 was begun. This public fund is investing in the Bodensee-Center as well as a shopping- and entertainment-center in Friedrichshafen. The investment volume for the PWF 161 comes to EUR 39.4 million. As of June 30, 2013 the total volume of the real estate assets managed by the Hahn Group amounted to EUR 2.35 billion (year end 2012: EUR 2.30 billion). Thanks to take-up having almost tripled to 147,100 m², we managed to increase the occupancy rate of the portfolio to 99.0 percent (year end 2012: 98.4 percent). Due to indexed rental agreements and the good demand for space, the total annual rent under management increased 3.3 percent to EUR 164.6 million. H1 2013 business performance in figures In the period under review, the retail warehouse center in Bad Hersfeld was completely wound down as closed-end property fund and the disposal of the shopping center Itter-Karree, which the Hahn Group had revitalized, recognized through profit and loss. Because of these transactions the proceeds from the disposal and brokerage of real estate held by the Group increased from EUR 0.71 million to EUR 1.96 million. Management income benefited from higher assets under management and increased encouragingly by 6.6 percent to EUR 4.57 million (vs. EUR 4.29 million). The RREBO joint venture established at the end of the preceding year triggered a significant increase in the profit share in associated companies and joint ventures to around EUR 1.3 million. The losses carried forward from the share in associated companies reduced this by an amount of EUR -0.38 million. Personnel expenses rose from EUR 2.96 million to EUR 3.20 million. The increase was driven by an increase in assets under management leading to higher personnel requirements. Other operating expenses rose from EUR 2.56 million to EUR 2.84 million because of higher legal and consulting expenses, incurred as a consequence of the sought licensing of a capital management company. Financial liabilities increased as a result of the intermediate financing of a new fund product, which is earmarked for placement by the end of the fiscal year 2013, as well as from the proportional financing of the RREBO portfolio. As a consequence, net finance expenses amounted to EUR -2.26 million (vs. EUR -0.91 million). The positive pre-tax profit stems from the capitalization of deferred taxes on carryfoward losses for the period under review. The after-tax loss for the period improved to EUR -0.14 million (vs. EUR -0.56 million). The after-tax result equals earnings per share of EUR 0.01 (vs. EU 0.04). Total assets increased to EUR 125.13 million as of June 30, 2013, which is 27.8 percent higher than on December 31, 2012 (EUR 97.97 million). The increase was mainly attributable to the acquisition of shares in a property company for the impending placement of the PWF 161 and higher trade receivables. Equity went up slightly to EUR 30.04 million (December 31, 2012: EUR 29.82 million), bringing the equity ratio as of reporting date to 24.0 percent (December 31, 2012: 30.5 percent). Including the complete placement of the PWF 161 scheduled for the end of the year as well as the July repayment of the loan for the Itter-Karee, the normalized equity ratio stands clearly above 30 percent. Outlook Michael Hahn, CEO of HAHN-Immobilien-Beteiligungs AG: ‘With the AIFM Directive the participation models for private customers are moving closer to the institutional fund products we also have under management. This is to be welcome. At present we are working intensively to implement the new, and not yet fully finalized conditions. Over and above though, the pre-eminent task is to select a good investment and manage this in a way that maximizes value. Our preferred asset class, large-scale retail properties, offers excellent conditions for this.’ For the full year we reconfirm our earnings projections from the 2012 annual report and expect an after-tax profit in the range between EUR 2 to 3 million. This is based on the assumption that the further steps in the implementation of the AIFM Directive will proceed according to plan for us. Hahn Group More information on the Hahn Group is available online atwww.hahnag.de. Contact
End of Corporate News 14.08.2013 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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