HAHN-Immobilien-Beteiligungs AG / Final Results
31.03.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Fiscal year 2007: Hahn Group increases operating result (EBIT) by 170 per
cent to Euro 22.7 million
- Reorientation of the business model successfully concluded notable
increase in proceeds from the Management segment
- Group profit grows from Euro 4.1 to 7.1 million (+ 71 per cent)
- Proposal to raise dividend by 50 per cent to Euro 0.18 per share
- Expansion of institutional fund business in 2008: HAHN FCP-German
Retail Funds established
Bergisch Gladbach, March 31, 2008 The Hahn Group has concluded its most
successful year in corporate history and paved the way for further growth
by fully implementing its strategic reorientation.
'For us, 2007 was an exceedingly successful year, as well as a very
important one,' said Bernhard Schoofs, Chairman of the Management Board of
the Hahn Group. 'By consistently orienting the company to management and
co-investment, we have taken the necessary steps to ensure our long-term
success. In an economic climate which has been dogged by great uncertainty
over the past few months, we have been able prove our independence from the
financial markets influences and volatility by achieving our targets. We
now aim to continue along this growth path: with the expansion of our
institutional fund business we are laying the foundations for a continuingrise in proceeds from the Management segment in the coming years.'
Assets under management an important basis for future proceeds from the
Management segment climbed 12.5 per cent to Euro 2.25 billion. The
consolidated operating profit (EBIT) rose 170 per cent to Euro 22.69
million. In fiscal 2007, the sales of the Hahn Group increased by 1.2 per
cent over the previous year's figure (Euro 127.85 million), reaching Euro
129.96 million.
The result after taxes climbed 71.5 per cent to Euro 7.06 million (previous
year: Euro 4.12 million), thus achieving the best result in the history of
the company. The earnings per share came to Euro 0.59 (previous year Euro
0.40).
The Management Board and the Supervisory Board of
HAHN-Immobilien-Beteiligungs AG intend to propose a dividend of Euro 0.18
per share at the Shareholders' Meeting, an increase of 50 per cent on last
year's dividend of Euro 0.12.
In the fiscal year 2007, the Hahn Group purchased properties or stakes in
real estate companies with a total volume of Euro 169 million from third
parties. Additionally, shares in investment properties from the
Pluswertfonds product segment with a total investment volume of some Euro
374 million were repurchased. This brought the sum total for the volume of
objects acquired to Euro 543 million (previous year: Euro 260 million). The
average net initial yields for the properties came in at over 6.5 per cent.
Of the properties acquired in 2007, objects with a total volume of Euro 258
million were reinvested: some Euro 210 million with private or
institutional investors and Euro 48 million in Hahn's sole investment
portfolio.
A very important new investment instrument will be the HAHN FCP German
Retail Fund, established in March in cooperation with LRI Invest S.A. Set
up according to the law of Luxembourg and specializing in large-scale
retail properties, this real estate fund will benefit from the Hahn Group's
real estate expertise as an actively managed fund. The Hahn Group has
secured a pipeline of over Euro 200 million for the fund.
Business Segments
The Trading segment, which is responsible for the sale of properties and
property companies as well as the marketing of funds, attained sales in the
amount of Euro 115.64 million (previous year: Euro 120.57 million). The
operating result (EBIT) doubled from Euro 8.27 million to Euro 16.4
million.
The Management segment, comprising the Asset, Property and Fund Management
divisions posted growth in sales of around 82 per cent to Euro 13.07
million. This very positive development was driven by all Management
divisions. In Asset Management, the sales rose by 67.4 per cent and in
Property and Fund Management by 31.3 and 68.1 per cent respectively. This
reflects the Group's strategic orientation toward management activities.
The operating result almost quadrupled to Euro 5.9 million (previous year:
Euro 1.49 million).
In the Investment segment, which comprises both co-investments with
institutional partners and sole investments, the extension of investments
allowed rental revenues and investment income to be increased
significantly. Sales grew almost ten-fold to Euro 2.51 million. The EBIT
rose from last year's figure of Euro 0.23 million to Euro 2.11 million.
Outlook
The launch of the HAHN FCP German Retail Fund planned for 2008 will have
a sustained positive effect on the future revenues of the Hahn Group.
Taking account of the launching costs expected for initiating the placement
of the fund and assuming a positive development of our segments, we expect
the development of results to be stable overall in 2008.
For 2009, we expect a notable growth in profits due to higher management
fees from the institutional fund business.
The 2007 annual report is available online at www.hahnag.de.
Hahn Group
For more than 25 years the Hahn Group has been the real estate specialist
in retail trade. With a rental space of around 1.5 million m2 under
management at almost 170 different locations and a total investment volume
of about Euro 2.3 billion, the Hahn Group is the German market leader in
the management of large-scale retail real estate. With extensive asset,
property and fund management services for private and institutional
investors, Hahn develops all sources of revenue and added value potential
relating to real estate; in addition Hahn acts as an investor. The Hahn
Group is listed on all German stock exchanges. Further information is
available under www.hahnag.de
Contact
Hahn Group
Marc Weisener
Investor Relations / Press
Buddestrasse 14
51429 Bergisch Gladbach
Phone: +49 2204-94 90-118
Fax: +49 2204-94 90-139
Email: mweisener@hahnag.de
DGAP 31.03.2008
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Language: English
Issuer: 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@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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DGAP-News: Fiscal year 2007: Hahn Group increases operating result (EBIT) by 170 per cent to Euro 22.7 million
| Source: EQS Group AG