DGAP-News: HAMBORNER REIT AG / Key word(s): Preliminary Results/Real
Estate
HAMBORNER REIT AG: Provisional figures for 2014: Rise in earnings and
increase in net asset value
05.02.2015 / 08:00
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HAMBORNER REIT AG - Provisional figures for 2014: Rise in earnings and
increase in net asset value
- Rental and leasing income up 3.5%
- Growth in FFO of 3.2%, NAV rises 5.1%
- Earnings for year double
Duisburg, 5 February 2015 - Provisional earnings figures have confirmed a
successful 2014 financial year. According to provisional annual financial
statement figures that have not yet been audited, rental and leasing income
amounted to EUR46.8 million for 2014, an increase of 3.5% as against the
previous year (EUR45.2 million). The average vacancy rate remained at a
very low level of 2.5% (2.3% including rent guarantees). EBIT amounted to
EUR30.6 million, around 47% higher than in the previous year (EUR20.8
million). After deducting net financing costs, the net profit for the year
amounted to around EUR17.1 million - double the figure for the previous
year (EUR8.5 million) thanks largely to the disposals in 2014.
The key indicator of operating performance and the company's controlling
system, FFO (funds from operations) amounted to EUR24.6 million for 2014
(previous year: EUR23.8 million). This corresponds to FFO per share of
EUR0.54 (previous year: EUR0.52). The increase as against the previous year
of 3.2% is due in particular to higher rental income as a result of
property acquisitions in 2013 and 2014. The company's net asset value (NAV)
per share is EUR8.67 and therefore up 5.1% on the previous year (EUR8.25
per share). The reason for the growth in NAV, in addition to the rise in
FFO, is the remeasurement of the property portfolio, which was worth around
EUR717 million as at the end of the year. The changes in market value
("like for like") amounted to a net positive figure of EUR12.4 million
against previous year. This corresponds to rise in the value of the
portfolio of 1.9%.
Investment in the 2014 financial year amounted to approximately EUR32
million. The company was able to acquire three new properties for its
portfolio in Bad Homburg, Siegen and Koblenz, and also to sign purchase
agreements for the job centre in Aachen and the T-Damm Center in Berlin,
with an additional volume of roughly EUR46 million. The new job centre in
Aachen built in 2014 is expected to be transferred in the first quarter of
the current year of 2015. The extensive new construction and conversion
work in the T-Damm Center is scheduled for completion in 2015. Ownership is
expected to transfer at the end of the year.
2014 was extremely successful in terms of the sale of smaller properties
with intensive management requirements. Thus, the result from the disposal
of properties was EUR10.7 million as at 31 December 2014 after EUR0.4
million in the previous year, and was essentially due to the sale of seven
properties in Moers, Wuppertal, Hanover, Frankfurt, Berlin, Hamburg and
Kamp-Lintfort in addition to the sale of 92,000 square metres of
undeveloped land. Furthermore, the sale of a smaller property in Düren was
notarised shortly before the end of the year. However, the property will
not transfer until the end of 2015. The administrative capacity that has
been freed up as a result of the sales can now be effectively put to work
elsewhere in the portfolio, as the annual rental income of around EUR1.8
million on the properties sold was offset by 20 commercial and 26
residential area agreements with intensive management requirements.
The company's financial position remains very healthy. Cash and cash
equivalents amounted to EUR10.4 million (previous year: EUR28.2 million).
The loan-to-value (LTV) ratio is 43.3% (previous year: 43.7%). The REIT
equity ratio of 53.1% is also still well in excess of the 45% required
under the German REIT Act.
In light of the consistently good business performance in 2014, the
Managing Board intends - subject to the approval of the Supervisory Board -
to propose to the Annual General Meeting on 7 May 2015 a dividend of
EUR0.40 per share. Based on the price of shares as at the end of the year
of EUR8.12, this means a dividend yield of 4.9%. The company will publish
its final figures on 25 March 2015.
<pre>
2014 2013 Change
Overview of key figures preliminary
figures
Income from rents and leases EUR46.8 EUR45.2 +3.5%
million million
EBIT EUR30.6 EUR20.8 +47%
million million
Net profit for the year EUR17.1 EUR8.5 +101%
million million
REIT equity ratio 53.1% 52.5% 0.6 percentage
points
Loan-to-value (LTV) 43.3% 43.7% -0.4 percentage
points
Funds from operations EUR24.6 EUR23.8 +3.2%
million million
Funds from operations (FFO) per EUR0.54 EUR0.52 +3.2%
share
Net asset value (NAV) EUR394.5 EUR375.3 +5.1%
million million
Net asset value (NAV) per share EUR8.67 EUR8.25 +5.1%
Dividend per share (*) EUR0.40 EUR0.40 +/-0%
</pre>
(*) Proposal to the AGM, subject to the approval of the Supervisory Board
About HAMBORNER REIT AG
HAMBORNER REIT AG is a stock exchange-listed public limited company that
exclusively operates in the property sector and is positioned as a
portfolio holder for high-yielding commercial properties. The company has
sustainable rental incomes, with a nationally-dispersed substantial
property portfolio as its foundation. Attractive retail trade spaces in key
town centre sites of 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 spaces for medical practices.
HAMBORNER REIT AG stands out due to its many years of experience in the
property and capital market, its lean and transparent corporate structure
as well as its special proximity to the tenants. Since February 18, 2010
HAMBORNER has been a registered Real Estate Investment Trust (REIT) and
benefits at company level from exemption from corporation and trade tax.
PR/IR:
Sybille Schlinge
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-mail: s.schlinge@hamborner.de
Web: www.hamborner.de
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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 Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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319533 05.02.2015
DGAP-News: HAMBORNER REIT AG: Provisional figures for 2014: Rise in earnings and increase in net asset value
| Source: EQS Group AG