DGAP-News: HAMBORNER REIT AG / Key word(s): Final Results/Forecast
HAMBORNER REIT AG: Annual financial statements 2011: Successful
business performance and confirmation of provisional figures
29.03.2012 / 07:58
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Press Release
HAMBORNER REIT AG - Annual financial statements 2011: Successful business
performance and confirmation of provisional figures
- Rental and leasing income up around 29%
- Strong rise in operating result (FFO) of around 32%
- Dividend to increase by 8% to 40 cents per share
- Managing Board contracts extended
- Positive outlook for 2012
Duisburg, 29 March 2012 - HAMBORNER REIT AG today confirmed all the advance
figures it announced in February at its press conference in Frankfurt/Main
to mark the publication of its annual report. The continuing strong
operating performance of the last few years is reflected in the significant
year-on-year increases in many of its key figures. Rental and leasing
income climbed to around EUR32.2 million, a rise of approximately 29% as
against the previous year (EUR25.0 million) as a result of new
acquisitions. The average vacancy rate declined further as against the
previous year (2.5%) to a very low level of 1.8% (1.3% including rent
guarantees).
The net profit for the year of around EUR7.9 million was up roughly 39% on
the previous year's figure of EUR5.7 million. Taxes of around EUR1.3
million resulted from the tax audit performed in the period under review
for the 2007 to 2009 period and relate to additional payments in connection
with the company's exit taxation on attaining REIT status.
As a key indicator of operating performance, FFO (funds from operations)
climbed significantly by around 32% in absolute terms to approximately
EUR16 million (previous year: EUR12.2 million). FFO per share was EUR0.47
based on 34.12 million shares in total (previous year: EUR0.36 per share).
The company's net asset value (NAV) has risen slightly year-on-year to
EUR8.77 (EUR8.74) per share. The value of the property portfolio proved
highly stable, as confirmed by third-party experts in the annual
revaluation. The total portfolio value rose by 34% to EUR504 million as a
result of the addition of new properties in 2011. Contracts have already
been signed for two further properties worth around EUR56 million that will
be transferred in 2012 and 2013 respectively.
The company's healthy financial situation is also confirmed by cash and
cash equivalents of around EUR18.7 million, a loan-to-value (LTV) ratio of
39.1% and the REIT equity ratio of 55.7%, well in excess of the 45%
required under the German REIT Act.
In light of the good business performance in 2011, the distribution of a
dividend roughly 8% higher year-on-year of EUR0.40 per share will be
proposed at the Annual General Meeting on 15 May 2012. In its meeting to
adopt the financial statements, the Supervisory Board extended the
contracts of both members of the Managing Board, Dr. Rüdiger Mrotzek and
Hans Richard Schmitz, by a further five years.
The company is optimistic for the current financial year with forecast
growth in rents of around 10%. FFO is also expected to rise significantly
as against the previous year by 5-10%.
|[![CDATA[|[pre|]]]|]
Overview of key figures 2011 2010 Change
Rental and leasing income EUR32.2 EUR25.0 +29%
million million
Operating earnings EUR14.9 EUR12.5 +19%
million million
EBIT EUR17.1 EUR14.8 +16%
million million
Net profit for the year EUR7.9 EUR5.7 +39%
million million
REIT equity ratio 55.7% 74.4% -18.7 percentage
points
Loan-to-value (LTV) 39.1% 19.3% +19.8% percentage
points
Funds from operations EUR16.0 EUR12.2 +32%
million million
Funds from operations (FFO) EUR0.47 EUR0.36 +32%
per share
Net asset value (NAV) per EUR8.77 EUR8.74 +0.3%
share
Dividend per share (*) EUR0.40 EUR0.37 +8.1%
|[![CDATA[|[/pre|]]]|]
(*) proposal to AGM
About HAMBORNER REIT AG
HAMBORNER REIT AG is a listed public limited company that operates
exclusively in the property sector and is positioned as a portfolio holder
for high-yield commercial properties. The company generates sustainable
rental income on the basis of a solid portfolio of properties distributed
throughout Germany. Attractive retail trade spaces in key city centre
locations in German cities and intermediate centres form the focal point of
the portfolio. In addition, the property portfolio includes highly
frequented specialist stores and profitable office buildings as well as
doctors' surgeries. The company also owns approximately 1.4 million m² of
undeveloped land, located predominantly in Duisburg North and in the
adjacent municipalities of Dinslaken and Hünxe.
HAMBORNER REIT AG is distinguished by its many years of experience in the
property and capital market, its lean and transparent corporate structure
and its particular proximity to its tenants. The company is a registered
real estate investment trust (REIT) and benefits at company level from
exemption from corporation and trade tax.
Investor Relations:
Sybille Albeser
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
e-mail: s.albeser@hamborner.de
Web: www.hamborner.de
End of Corporate News
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Language: English
Company: HAMBORNER REIT AG
GoethestraÃe 45
47166 Duisburg
Germany
Phone: 0203/54405-0
Fax: 0203/54405-49
E-mail: info@hamborner.de
Internet: www.hamborner.de
ISIN: DE0006013006
WKN: 601300
Indices: SDAX
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München, Stuttgart
End of News DGAP News-Service
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162757 29.03.2012
DGAP-News: HAMBORNER REIT AG: Annual financial statements 2011: Successful business performance and confirmation of provisional figures
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