DGAP-News: HAHN-Immobilien-Beteiligungs AG: H1 2011: Fund Placements Perform Well, Recurring Management Income Rises
(firmenpresse) - DGAP-News: HAHN-Immobilien-Beteiligungs AG / Key word(s): Half Year
Results
HAHN-Immobilien-Beteiligungs AG: H1 2011: Fund Placements Perform
Well, Recurring Management Income Rises
12.08.2011 / 08:30
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PRESS RELEASE
H1 2011: Fund Placements Perform Well, Recurring Management Income Rises
- Equity placements with private clients grow to EUR 12.9 million (prior
year: EUR 8.8 million)
- Recurring management income rises 2.4 percent
- Gross profit declines due to the fact that revenue and earnings effects
of the completed placements pertain to other periods, leading to a
scheduled consolidated loss of EUR -2.74 million (prior year: EUR 1.57
million profit)
- Full-year outlook: consolidated profit expected
Bergisch Gladbach, August 12, 2011 - In its private client business the
HAHN-Immobilien-Beteiligungs AG placed EUR 12.9 million in equity with
private investors and wealth managers. This represented a substantial rise
from the same period last year (EUR 8.8 million).
- The Pluswertfonds (PWF) 154 fund, designed as a private placement, was
fully placed during the period, and invested some EUR 4.5 million in a
retail warehouse center in Schwerte.
- The partial placement of the PWF 151 fund, which is investing in two
retail warehouse centers in Nordhorn and Offenbach, marketed a further
equity volume of EUR 8.4 million.
Said Board of Management member Thomas Kuhlmann: 'Demand for high-quality
real estate investments remains stable. We are very satisfied with our
success in placing our closed-end real estate funds.'
In the institutional fund business two properties were acquired. The
acquisition of the Ulm and Würzburg hypermarkets increased the real estate
assets of the HAHN FCP-FIS-German Retail Fund (HAHN FCP) to more than EUR
300 million. The fund's subscribed equity at the end of the first half came
to EUR 180 million.
As a consequence, properties under management increased to EUR 2.13 billion
(prior year: EUR 2.02 billion). Recurring income from fund and real estate
management grew by 2.4 percent, to EUR 3.83 million. The letting rate
remained unchanged at 97.6 percent at the end of June. Given the good
retail environment, the Hahn Group has more than doubled its take-up, from
26,200 m2 a year ago to about 56,100 m2.
Approx. EUR 18.9 million of revenue from the partial PWF 151 fund placement
already had to be generated in fiscal 2010, due to its deconsolidation.
Settlement for the placement of PWF 154 (Schwerte) will take place in the
second half, and will not yield revenue and income until then.
Because of these revenue and earnings effects, revenues stood at EUR 8.36
million (prior year: EUR 29.31 million). If the completed placements, with
revenues and earnings effects pertaining to other periods, were added, the
Hahn Group would have achieved revenues at roughly the same amount as last
year.
- Gross profit (revenue less cost of sales) came to EUR 3.25 million,
accordingly, compared to EUR 8.53 million for the same period last
year. The above factors lowered the operating profit (EBIT) from EUR
2.96 million to EUR -2.55 million. The consolidated after-tax loss was
EUR -2.74 million, compared to a profit of EUR 1.57 million last year,
yielding earnings per share of EUR -0.23 (prior year: EUR +0.13).
- As a part of the income statement the personnel expenses have decreased
by 6.5 percent, to EUR 3.31 million, despite non-recurring effects. The
net finance expense improved to EUR -0.24 million (prior year: EUR
-1.46 million), combined with a reduction in consolidated real estate
assets.
The balance sheet total decreased from the end of 2010, because of the
partial placement of real estate funds. As debt was retired at the same
time, the equity ratio remained unchanged at 20.7 percent.
Outlook
We expect the positive environment for the real estate investment markets
to continue. Demand for indirect real estate investments in particular
should remain stable.
On July 26, the Hahn Group carried out the capital increase approved by the
shareholders' meeting. The registration of 1,001,430 new shares increased
the share capital from EUR 12 million to about EUR 13 million. The gross
proceeds of EUR 5.51 million from the issue will support the company in its
growth plans and increase the equity ratio to about 25 percent.
More Pluswertfonds funds will be marketed in the second half of 2011. The
upcoming PWF 155 public fund will begin distribution at the beginning of
September, and will invest some EUR 9 million in a superstore in
Sigmaringen, with an environmentally friendly photovoltaic system. In the
institutional business, the Hahn Group is aiming for another substantial
increase in the investment volume of the HAHN FCP before the year is out.
Business is developing according to plan. We confirm our outlook, as stated
in the annual report 2010. We remain confident that we will show a pre-tax
profit (EBT) in the range of EUR 1 to 2 million.
You can find the German version of the semiannual 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 more
than 160 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
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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