DGAP-News: HAHN-Immobilien-Beteiligungs AG: Figures for H1 2012: On Course for a Successful Year
(firmenpresse) - DGAP-News: HAHN-Immobilien-Beteiligungs AG / Key word(s): Half Year
Results
HAHN-Immobilien-Beteiligungs AG: Figures for H1 2012: On Course for a
Successful Year
14.08.2012 / 08:03
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PRESS RELEASE
Hahn Group Figures for H1 2012: On Course for a Successful Year
- Management revenue up 22.7 percent
- Gross income climbs to EUR 4.62 million (vs. EUR 3.24 million)
- After-tax result of EUR -0.56 million (vs. EUR -2.74 million).
- Equity ratio rises to 34.5 percent (Dec. 31, 2011: 33.9 percent)
- Outlook reconfirmed: Profit expected for full-year 2012
Bergisch Gladbach, August 14, 2012 - HAHN-Immobilien-Beteiligungs AG is
well on the way to a successful fiscal 2012. Results from the first half
outperformed the same period for last year, as the Group remained on an
uptrend.
Said Hahn Group Board of Management member Thomas Kuhlmann: 'The first half
went as planned. We saw good demand for our fund products in every segment.
Retail real estate investments with attractive risk/return profiles are
very much in demand in today's low-interest-rate environment. We have made
a substantial improvement at the operating level from the first half of
last year, and are well equipped for the second half, when more
transactions typically settle.'
In the institutional fund business, the Group made two acquisitions for the
HAHN FCP-FIS German Retail Fund (HAHN FCP), an institutional real estate
fund that the Group manages jointly with LRI Invest S.A. These were retail
warehouse centers, in Neumünster and Husum, for a total investment of some
EUR 25 million. The HAHN FCP's gross fund assets at the end of the first
half came to EUR 407 million. In July, the fund received further
subscription commitments for EUR 60 million from two German investors, so
that at present some EUR 262 million, or more than 87 percent, of the
Fund's target equity volume of about EUR 300 million has already been
subscribed.
In business with private investors, another closed-end real estate fund was
established, Pluswertfonds (PWF) 159. This public fund is investing some
EUR 27 million in a newly built retail warehouse center in Kamp-Lintfort.
PWF 159's total equity is about EUR 11 million. The fund, which is in heavy
demand, went on the market only a few days before the end of the first half
year. Equity placed with private clients in the first half totaled about
EUR 4.3 million (vs. EUR 12.9 million), equivalent to a total investment of
EUR 10.5 million (vs. EUR 30.8 million).
The total volume of the real estate assets managed by the Hahn Group as of
June 30 came to EUR 2.28 billion, compared to EUR 2.25 billion at the end
of 2011. Occupancy at the managed properties improved to 98.0 percent from
the 97.9 percent figure at the end of 2011 - evidence that tenant demand
remains strong. Total annual rent grew from EUR 150.5 million to EUR 157.5
million. Take-up, at 54,600 m2, remained roughly on a par with last year
(56,100 m2).
The Group's revenue grew from EUR 8.36 million to EUR 17.02 million in the
first half of 2012. In particular, the Group generated more non-recurring
income than in the same period last year from the sale of interests in real
estate and companies. After adjustment for the carrying amounts of the
properties and company shares, revenue grew 14.4 percent, from EUR 5.10
million to EUR 5.83 million. At the same time, management income grew a
welcome 22.7 percent, to EUR 4.23 million (prior year: EUR 3.45 million).
The gains were driven primarily by higher fee income from asset and fund
management.
The improvement in earnings quality is also reflected in an increase in
gross income (revenue less cost of sales). This important key figure grew
EUR 1.38 million, to EUR 4.62 million. Personnel expenses, which had felt
an impact from non-recurring effects last year, decreased to EUR 2.96
million in the first half (vs. EUR 3.31 million). Other operating expenses,
at EUR 2.56 million, remained almost unchanged (vs. EUR 2.58 million).
Except for a slight increase in legal and consulting expenses, other
expenses were trending downward. In other words, the Hahn Group has
successfully continued its systematic cost management into the present
reporting period.
The operating profit (EBIT) improved from EUR -2.55 million to EUR -0.46
million. The net finance expense, at EUR -0.23 million, remained almost
unchanged from the same period last year (EUR -0.24 million). The after-tax
loss for the period was EUR -0.56 million, a substantial improvement from
the same period last year (EUR -2.74 million). The resulting earnings per
share were EUR -0.04 (prior year: EUR -0.23).
Total assets decreased 2.6 percent from December 31, 2011, to EUR 75.34
million. The reduction of assets held for sale also continued the process
of reducing the Group's debt. The Group was able to retire current debt of
EUR 1.7 million during the half. Equity remained almost unchanged at EUR
25.99 million (Dec. 31, 2011: EUR 26.21 million), equivalent to an equity
ratio of 34.5 percent (December 31, 2011: 33.9 percent).
Outlook
Economic growth in Germany is expected to slacken slightly in the second
half. In view of the current low levels of interest rates, however,
conditions for real estate investments can still be considered favorable.
The unresolved crisis in the euro and in government debt continues to pose
certain risks.
Said Michael Hahn, CEO of the Hahn Group: 'We expect that our institutional
and private clients will continue to show a high propensity to invest
during the second half. Given our attractive acquisitions pipeline, the
course seems set for a successful fiscal 2012.'
The Hahn Group has reconfirmed its projections from the 2011 annual report,
and continues to expect a consolidated profit of EUR 2 to 3 million for
2012 as a whole.
You can find the full 2012 first-half report on the Web 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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