DGAP-News: HAHN-Immobilien-Beteiligungs AG: Fiscal 2010: Hahn Group Increases Revenue, Shows Pretax Profit
(firmenpresse) - DGAP-News: HAHN-Immobilien-Beteiligungs AG / Key word(s): Final
Results
HAHN-Immobilien-Beteiligungs AG: Fiscal 2010: Hahn Group Increases
Revenue, Shows Pretax Profit
31.03.2011 / 07:50
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PRESS RELEASE
Fiscal 2010: Hahn Group Increases Revenue, Shows Pretax Profit
- Group revenue rises 9.8 percent to EUR 101.48 million
- Private-client placements improve 10 percent to EUR 36 million
- Group earnings before taxes (EBT) at EUR 4.69 million (prior year: EUR
-11.44 million)
- Consolidated after tax result: EUR -1.07 million (prior year: EUR -6.13
million)
- Equity ratio rises to 20.7 percent (prior year: 16.3 percent)
Bergisch Gladbach, March 31, 2011 -Amid a brightening economic environment,
the Hahn Group's business operations performed better than in the prior
year. However, consolidated net result was EUR -1.07 million, due to a
negative tax effect from the placement of a property.
Group revenue grew 9.8 percent, from EUR 92.40 million to EUR 101.48
million. Rising profits from placements with private clients, together with
a return of commission margins to normal, yielded a welcome increase in
non-recurring income for the conception, placement and financing of fund
properties. Recurring management income - comprising commissions from fund
management and property management - increased 6.1 percent, from EUR 6.01
million to EUR 6.38 million. This gain was mostly driven by the
institutional fund business.
Systematic cost management further reduced other operating expenses, from
EUR 7.19 million to EUR 5.24 million. After adjustment for non-recurring
effects, this represented a decrease of 11.4 percent. The net finance
expense was EUR -1.89 million, compared to the prior-year figure of EUR
-8.19 million, which reflected, among others, higher interest expenses.
These improvements in operations are reflected in the consolidated earnings
before taxes (EBT) of EUR 4.69 million (prior year: EUR -11.44 million).
Income taxes resulted in a negative tax effect of EUR -4.06 million,
because undeclared reserves were released in the process of placing a
property. The result was a non-recurring increase in the expense for
corporate income tax and trade tax. The consolidated after-tax loss was EUR
-1.07 million, compared to the prior year's EUR -6.13 million. This is
equivalent to earnings per share of EUR -0.09 (prior year: EUR -0.51).
As a consequence of the placement of real estate fund shares, the inventory
of assets had decreased as planned as of the end of the year. Financial
debt was retired accordingly, and total assets were reduced. The equity
ratio rose to 20.7 percent as of the end of 2010 (prior year: 16.3
percent).
The Hahn Group's real estate assets under management as of December 31,
2010, came to about EUR 2.11 billion. The portfolio's occupancy rate was
unchanged at a high 97.6 percent.
Said Michael Hahn, CEO of HAHN-Immobilien-Beteiligungs AG: 'Investors have
regained confidence in real estate investments. In our business with
private clients as a fund issuing house, we saw the best placement results
of the past ten years. The institutional demand was weakened slightly
because of uncertainties about the 'Solvency II' rules that have not yet
been finalized.'
Said Thomas Kuhlmann, the member of the Board of Management:'We began our
profitability turnaround in fiscal 2010. Our course of consolidation over
the past two years has placed us in a good position for moderate,
profitable growth in the next few years. At the same time, we'll continue
to hold on to our proven business model, specializing on retail properties
In fiscal 2011, the Hahn Group expects higher placement figures in business
with private clients and larger investment volumes in the institutional
business. Assuming developments advance as planned, management at Hahn AG
expects the Group to show a positive net result.
The German 2010 annual report is available on the Internet at
www.hahnag.de.
Hahn Group
The Hahn Group has been a leading asset manager for retail properties for
more than 28 years. We develop fund products for private and institutional
investors and manage external real estate portfolios. The Hahn Group
manages assets in excess of Euro 2 billion. With experience gained from the
issue of about 160 closed-end real estate funds and institutional fund
products, we choose to rely on a high degree of investment security and
strong returns on investment. We use our comprehensive management services
to develop the full return potential of real estate and thus maximize
value-added for our 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
Deutschland
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
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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117699 31.03.2011
Datum: 31.03.2011 - 07:50 Uhr
Sprache: Deutsch
News-ID 33658
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