DGAP-News: HAHN-Immobilien-Beteiligungs AG: Fiscal 2011: Positive Annual Results
(firmenpresse) - DGAP-News: HAHN-Immobilien-Beteiligungs AG / Key word(s): Final
Results
HAHN-Immobilien-Beteiligungs AG: Fiscal 2011: Positive Annual Results
30.03.2012 / 08:14
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PRESS RELEASE
Fiscal 2011: Positive Annual Results
- Subscribed equity in private and institutional fund business rises 9.8
percent, to EUR 56 million
- Recurring management income rises 10.9 percent
- Consolidated profit after tax: EUR 1.04 million (prior year: loss of
EUR 1.07 million)
- Equity ratio rises to 33.9 percent (prior year: 20.7 percent)
- Full-year outlook: Further increases in profit expected
Bergisch Gladbach, March 30, 2012 - The Hahn Group closed out fiscal 2011
with a solid success. In its business with both private clients and
institutional funds, the Group benefited from consistently high demand for
its investment products. Moreover, with a rise in real estate assets under
management, recurring management income grew 10.9 percent. The year was
also marked by systematic cost management and Group-wide efficiency
enhancements.
The Hahn Group received fund subscriptions worth some EUR 56 million from
private and institutional investors in fiscal 2011. Subscribed equity was
9.8 percent above the prior-year figure (EUR 51 million).
- In business with private clients, subscribed equity came to EUR 35
million, almost the same as the prior year (EUR 36 million), and thus
equivalent to the second-highest subscription volume in the past ten
years. During the period, two public funds were set up, the
Pluswertfonds (PWF) 155 and PWF 157, together with three additional
private placements.
- Demand in the institutional fund business was just as good. The HAHN
FCP-FIS - German Retail Fund, managed jointly with LRI Invest S.A.,
expanded its subscription volume to EUR 201.5 million. Institutional
investors, such as insurance companies, foundations and pension funds,
invested EUR 21 million (prior year: EUR 15 million) in new equity in
the fund, which invests in large-scale retail properties. The real
estate assets of the fund, which was established in 2008, came to more
than EUR 350 million at the end of fiscal 2011.
'We are very pleased with the demand situation in the fund business.
Placement results make fiscal 2011 to a successful year for the Hahn
Group,' said Thomas Kuhlmann, member of the Board of Management of
HAHN-Immobilien-Beteiligungs AG.
The Hahn Group's real estate assets under management grew accordingly to
EUR 2.25 billion (previous year: EUR 2.11 billion). Given the good retail
environment and strong tenant demand, the Hahn Group was able to more than
double its take-up, to about 101,000 m2, compared to 43,200 m2 a year ago.
Occupancy improved as of the end of 2011 compared to the year before, from
97.6 to 97.9 percent.
The Group's revenues were EUR 69.59 million (previous year: EUR 101.48
million). The main factor in this decrease was planned lower non-recurring
income from the disposal of real estate and equity interests. About EUR
18.9 million in revenues from the partial placement of the PWF 151 fund
already had to be recognized in the 2010 financial statements because of
the associated deconsolidation. The planned reduction in properties held
for sale, moreover, caused rental income to decrease from EUR 4.25 million
to EUR 1.60 million. By contrast, recurring management income from fund and
real estate management gained a welcome 10.9 percent, to EUR 7.08 million
(prior year: EUR 6.38 million).
Gross income (revenue less cost of sales) came to EUR 14.05 million,
compared to EUR 18.74 million for the year before. Because of staff
adjustments and lower non-recurring expenses, personnel expenses decreased
12.7 percent to EUR 6.48 million (prior year: EUR 7.42 million).Operating
profit (EBIT) decreased to EUR 2.04 million (prior year: EUR 6.59 million)
because of the planned lower revenues from disposals and rental income.
The net finance expense benefited from a decrease in debt - associated with
the reduction in properties held for sale - and from rising income from
co-investments. The figure was only slightly negative, at EUR -0.27 million
(prior year: EUR -1.90 million).The consolidated after-tax profit was a
welcome EUR 1.04 million; the prior year's figure had been a loss of EUR
1.07 million. Earnings per share accordingly came to EUR 0.08 (prior year:
EUR -0.09).
Total assets as of December 31, 2011, were reduced further from the year
before, as planned, by 17.2 percent, from EUR 93.36 million to EUR 77.34
million. On the assets side, current assets in particular decreased
further. The reduction of EUR 17.94 million in properties held for sale
resulted from the placement of a real estate fund, so that assets held for
sale no longer contain any significant percentage of real estate. The
shorter balance sheet, and the successful capital increase in the summer of
2011 - which brought in about EUR 5.50 million in cash - led to a
significant increase in the Group's equity ratio, from 20.74 to 33.89
percent. Both noncurrent and current debt decreased further.
Said Michael Hahn, CEO of HAHN AG: 'A better profit position, a successful
capital increase, and a reduction of risk have significantly improved our
equity ratio. That opens up a good negotiating position for us with our
financing partners.'
Outlook
Even given the general slackening of the economy and the ongoing euro debt
crisis, the Hahn Group Board of Management expects that demand for
professionally managed indirect real estate investments will keep growing.
This would also result once again in 2012 in a pleasingly stable sales
market for closed-end real estate funds and special real estate funds with
retail properties as the asset class. Demand from asset management
services, such as those offered by the Hahn Group, will generally profit.
Said Thomas Kuhlmann: 'We want to place even more equity in 2012. Also, we
intend to serve more often as an asset manager for third parties in the
market, and advertise that service more aggressively.'
The Hahn Group expects the net profit for the year in 2012 to increase
further from 2011. If events develop as planned, the Group expects an
after-tax profit in the range between EUR 2 and 3 million.
You can find the complete 2011 Annual Report on the Internet at:
www.hahnag.de
Hahn Group
The Hahn Group has been a leading asset manager in retail real estate since
1982. It develops fund products for private and institutional investors and
manages external real estate portfolios. The Hahn Group manages assets in
excess of Euro 2 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. Its comprehensive management services develop the full
return potential of real estate and thus maximize value-added for its
investors. The Hahn Group is listed on all German stock exchanges. Further
information is available at: www.hahnag.de.
Contact information
Hahn Group
Marc Weisener
Investor and Press Relations
Buddestrasse 14
51429 Bergisch Gladbach
Phone: 02204-94 90-118
Fax: 02204-94 90-139
Email: mweisener(at)hahnag.de
End of Corporate News
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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(at)hahnag.de
Internet: www.hahnag.de
ISIN: DE0006006703
WKN: 600670
Indices: General Standard
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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163148 30.03.2012
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