Hahn-Immobilien-Beteiligungs AG
HAHN-Immobilien-Beteiligungs AG: Interim Report as of September 30, 2013
HAHN-Immobilien-Beteiligungs AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act] 14.11.2013 08:12 Interim report according to Article 37x of the WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Interim report of HAHN-Immobilien-Beteiligungs AG as of September 30, 2013 - EUR 123 million in equity collected from investors (vs. EUR 19 million) - Management revenue up by 18.8 percent to EUR 7.47 million - Gross income climbs 47.9 percent to EUR 11.98 million - Consolidated earnings after taxes at EUR -0.12 million (vs. EUR -1.66 million). - Forecast confirmed: Consolidated earnings in a range of 2 to 3 EUR million expected Bergisch Gladbach, November 14, 2013. HAHN-Immobilien-Beteiligungs AG managed to continue its upward business development in the period under review. In line with plan, the Group's earnings situation developed positively during the first nine months of the fiscal year. The New Business segment brokered substantially more equity than scheduled, in particular because institutional clients' eagerness for investments had grown. In the period under review the Company collected subscription orders with a total equity volume of around EUR 123 million from private and institutional investors (prior year: EUR 19 million). Says Thomas Kuhlmann, Board of Management member for HAHN-Immobilien-Beteiligungs AG: 'The demand for our investment products is more than satisfactory for us. On the institutional side many investors are eager to expand their real estate ratio still further. The business with private customers is performing equally gratifying.' As Thomas Kuhlmann explains: 'Early October we had already fully placed our current PWF 161 public fund (Friedrichshafen), a mere 12 weeks after start of its sale. This exceeded our expectations.' As of the end of September 2013 equity commitments from institutional clients came to EUR 97 million. The third quarter saw the acquisition of the retail warehouse center Wachtberg. The property has rental space of 11,700 m² and supplements the property portfolio of the HAHN FCP-FIS-German Retail Fund. The Luxembourg-based special property fund HAHN FCP, which is managed jointly with LRI Invest S.A., currently holds gross fund assets of around EUR 500 million. With equity subscriptions of EUR 360 million the fund will be able to acquire additional real estate assets with a volume of about EUR 250 million. Equity placed with private customers as of the end of September came to EUR 26 million (previous year: EUR 19 million). The PWF 161 fund went on sale in the third quarter. This public fund is investing EUR 39.4 million in a modern shopping- and entertainment-center in Friedrichshafen and has already completed its marketing. Its settlement through profit and loss is scheduled for the fourth quarter. Mid-October the Hahn Group received the Scope Award 2013 in the category 'Asset Based Investments - Real Estate / German Retail'. Held in high regard by the capital investment industry this seal of quality is granted in recognition of special achievements in the investment industry. Crucial for the jury's decision were the five criteria of product quality, transparency, continuity, innovative prowess and strategic foresight. Result of operations and financial position In the period under review, management revenue climbed from EUR 6.29 million to EUR 7.47 million. The 18.8 percent increase was driven particularly by higher commissions from asset and fund management. The RREBO joint venture, started last year and comprising of 16 retail properties, meant that the share in the profit and loss of associated companies and joint venture improved significantly from EUR 0.33 million to EUR 1.67 million. The Group's gross profit climbed from EUR 8.10 million to EUR 11.98 million. Interest expenses rose due to the growth in tied-up real estate assets. As a consequence, net finance expenses came to EUR -3.48 million (previous year: EUR -1.24 million). Consolidated earnings after taxes amounted to EUR -0.12 million (previous year: EUR -1.66 million), which equals earnings per share of EUR -0.01 (previous year: EUR -0.13). At EUR 29.8 million as of September 30, 2013 the Group's equity was on a par with the year end 2012. Given higher total assets, the equity ratio as of reporting date came to 27.9 percent (end of year 2012: 30.5 percent). Outlook In September the Hahn Group founded its own capital management company as part of the implementation of the AIFM Directive for alternative investment funds (AIF) which came into force on July 22, 2013. At present this company is in the accreditation process by the BaFin ('Bundesanstalt für Finanzdienstleistungsaufsicht': Federal Financial Supervisory Authority). The plan is to issue the first special AIF still this year. This fund will be geared to a small group of professional investors. For the first half of 2014, the company aims to issue the first public fund in compliance with the new (German) Investment Code. Michael Hahn, Supervisory Board Chairman of HAHN-Immobilien-Beteiligungs AG notes: 'Given their above-average positive risk-return profile, investments in large-scale retail properties remain very much in demand with a large proportion of investors. We intend to implement the new regulatory conditions as swiftly as possible so that we can offer attractive fund products quickly again also outside the institutional and semi-institutional investor circles.' Hahn Group confirms its projections from the 2012 Annual Report and reckons to generate consolidated earnings after taxes in the range of EUR 2 to 3 million. Hahn Group For more than three decades already the Hahn Group acts as asset manager for retail properties developing the assets of investors. With its exclusive focus on the market segment for large-scale retail properties and the associated competence in value protection the Group holds a unique position in the market. At over 150 sites across Germany the Hahn Group manages assets of over EUR 2.3 billion. With the experience gained from the issue of about 170 closed-end real estate funds and institutional fund products, the Hahn Group aims for a high degree of investment security and strong returns on investment. To this end it manages and controls the entire value-creation chain of the retail properties under its management. That's creating value with retail space. More information on the Hahn Group is available online atwww.hahnag.de. Contact Hahn Group Marc Weisener Buddestr. 14 51429 Bergisch Gladbach Telephone +49 2204-9490-118 E-mail: mweisener@hahnag.de 14.11.2013 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 Internet: www.hahnag.de End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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