DGAP-News: HAHN-Immobilien-Beteiligungs AG: Half Year Figures 2013 - Improved Business Performance and Positive Outlook
(firmenpresse) - DGAP-News: HAHN-Immobilien-Beteiligungs AG / Key word(s): Half Year
Results
HAHN-Immobilien-Beteiligungs AG: Half Year Figures 2013 - Improved
Business Performance and Positive Outlook
14.08.2013 / 08:00
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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.
The Group's gross income came to EUR 7.71 million, an increase of 31.1
percent over the same period the year before. Operating profit (EBITDA)
improved from EUR 0.23 million to EUR 1.53 million.
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
The Board of Management of Hahn Group continues to expect demand for
indirect real estate investment to remain stable. For issuers of fund
products the AIFM (Alternative Investment Fund Managers) Directive has been
in force since July 22, promising better protection of investors and higher
product transparency for private investors.
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
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.
'Working value into retail properties.'
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(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, 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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225724 14.08.2013
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Datum: 14.08.2013 - 08:00 Uhr
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