HAHN-Immobilien-Beteiligungs AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
13.11.2009
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Interim report of HAHN-Immobilien-Beteiligungs AG on November 13, 2009
- Sales came to Euro 43.86 million (previous year: Euro 51.65 million)
- Management revenues grew strongly by 9.6 per cent to Euro 5.7 million
- Increased demand in fund business:
o With an investment volume of Euro 40 million, private investor
business greatly surpassed the previous year's figure - on track to
achieve ambitious target of Euro 80 million for FY 2009
o The HAHN FCP achieved a subscription volume of Euro 165 million
- Result of Euro -1.83 million is up on last year's figure (Euro -2.43
million), despite lower non-recurring income
Bergisch Gladbach, November 13, 2009 - In the first nine months of the
fiscal year, the Hahn Group generated revenues of Euro 43.86 million.
Despite a pronounced rise in placement activity in private investor
business, this marked a slight drop from the previous year's figure (Euro
51.65 million) which can be attributed to the sale of a relatively large
co-investment portfolio with an impact on revenues during the previous
year.
By the end of October, shares in closed-end real estate funds equating to
an investment volume of some Euro 40 million were placed with private
investors by way of Pluswert funds. The Hahn Group managed to place an
equity subscription volume of another Euro 40 million with institutional
investors. This raised the subscribed capital of the HAHN FCP-FIS - German
Retail Fund, which was set up last year in collaboration with LRI Invest
S.A., to a total of Euro 165 million.
The operating profit (EBIT) for the Group came to Euro 3.31 million. This
decline from the previous year's result (Euro 17.69 million) was primarily
due to the scheduled reduction of assets held for sale, which led to a
considerable reduction in rental revenues. In addition to one-off costs for
the sale of shares in the HAHN FCP non-recurring income was lower than last
year. The drop in rental revenues was counterbalanced by a decrease in the
negative financial result from Euro -21.44 million to Euro -5.71 million.
The earnings before taxes improved from Euro -3.74 million to Euro -2.58
million. The earnings after tax came to Euro -1.83 million (previous year:
Euro -2.43 million). This equates to earnings per share of Euro -0.15 as
compared with Euro -0.20 in the same period of the previous year. The
equity ratio remained stable at 15.2 per cent at the end of the third
quarter.
'The economic environment has stabilized. We are noting an appreciable
growth in demand for our closed-end real estate funds, the Hahn Pluswert
funds, as compared with the previous year. There is currently a tendency
among private investors to want to increase their share of
real-value-geared investments. Participation in core properties is being
seen as a particularly secure prospect,' said Bernhard Schoofs, Chairman of
the Board of Management of the Hahn Group. 'In the institutional sector,
demand is only picking up gradually. Nonetheless, we were able to gain
further subscribers to our institutional fund, the HAHN FCP, even during
this year. With a subscription volume totaling Euro 165 million in equity,
which was obtained within one year of the first closing, our fund is the
most successful institutional fund launched last year in its segment.'
Business Segments
The Trading segment generated revenues of Euro 35.2 million. This
represented a climb of 6.0 per cent against the same period of the previous
year (Euro 33.3 million). This figure comprised revenues from the sale of
properties and investment properties, earnings from commissions and rental
income. In the reporting period, three closed-end real estate funds with an
accumulated investment value of some Euro 56 million went on sale to
private investors. The prorated placement volume came to Euro 40 million as
at the end of October.
The HAHN FCP fund gained further institutional subscribers for an equity
volume of Euro 40 million in 2009. The HAHN FCP thus has a subscribed
equity volume of Euro 165 million. With an investment volume of around Euro
230 million, the fund has sufficient resources to grasp attractive
acquisition opportunities on the current market.
Sales in the Management segment also developed well, rising by 9.6 per cent
to Euro 5.7 million (previous year: Euro 5.2 million). Asset management
generated sales of Euro 1.0 million (previous year: Euro 1.1 million).
Positive tendencies were particularly apparent in center management
earnings. In property management, sales rose by some 14 per cent to Euro
3.2 million. Fund management also achieved a distinct increase in sales of
around 15 per cent to Euro 1.5 million. This growth stemmed from higher
institutional fund management earnings.
In the Investment segment, revenues fell well below the previous year's
figure (Euro 13.8 million) to Euro 3.1 million. However, adjusted to
exclude the Euro 12 million in sales proceeds for the co-investment shares
in the former joint portfolio with Capital & Regional plc., the sales in
this segment also grew. There was a positive development in rental revenues
from the sole investment portfolio. Also the co-investment-income,
accounted as a part of the financial results, has climbed. Further rises in
equity investment income are expected during the investment phase of the
HAHN FCP in the upcoming years, thanks to the 10 per cent co-investment of
Hahn Group
Outlook
The outlook for the German economy is looking brighter again. The consumer
mood and ifo Business Climax Index indicate an upswing and, as 2009 draws
to a close, the situation on the labor market looks less bleak than many
experts feared at the start of the year. Supported by these basic figures,
retail - particularly retail-warehouse-oriented large-scale retail in
Germany - is looking pleasingly robust. This is also reflected in the high
rental quota of the total portfolio of the Hahn Group, which is now at
around 96.3 per cent. Long-term rental agreements have been concluded for
the properties with creditworthy retail companies.
Investment markets are tipped to pick up towards the end of the year. The
returns on high-quality retail properties have already stabilized over the
past months and purchase prices have taken no further tumbles in the main.
However, bank lending policies continue to stunt short to medium-term
market development.
The demand situation for the Hahn Group's investment products remains
positive. The strong demand in the private investor sector will be
instrumental to the achievement of our target - an investment volume of at
least Euro 80 million - by the end of the year. With respect to our
institutional fund, the HAHN FCP, we are adhering to our target of
achieving subscribed equity of some Euro 200 million by year-end.
As specialist real estate managers, we are well positioned to generate
stable earnings, even during volatile economic developments. By setting up
the HAHN FCP in 2009, the Hahn Group laid the basis for raising its
earnings quality step by step. 'The high start-up and launching costs of
the HAHN FCP have negatively impacted our earnings in 2008 and 2009, ' said
Bernhard Schoofs, 'however, starting in 2010 we are expecting no more
one-off-expenses, but rather a sustainable profitable development. This
development will be driven by a considerable proportion of recurring
management fee income.'
Hahn Group
For more than 25 years the Hahn Group has specialized in investments in
large-scale retail properties. With a rental space of around 1.3 million m²
under management at about 150 locations and assets under management of more
than Euro 2 billion, the Hahn Group is Germany's market leader in the
management of large-scale retail real estate. With its extensive asset,
property and fund management services for private and institutional
investors the Hahn Group taps all sources of revenues and potentials for
value increase connected with real estates and additionally acts as
investor. The Hahn Group is listed on all German Stock Exchanges. Further
information is available under www.hahnag.com
Contact
Hahn Group
Marc Weisener
Investor Relations / Press
Buddestrasse 14
51429 Bergisch Gladbach
Phone: 02204-94 90-118
Fax: 02204-94 90-139
Email: mweisener@hahnag.de
13.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: HAHN-Immobilien-Beteiligungs AG
Buddestrasse 14
51429 Bergisch Gladbach
Deutschland
Internet: www.hahnag.de
End of News DGAP News-Service
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DGAP-IRE: HAHN-Immobilien-Beteiligungs AG: Interim report on November 13, 2009
| Source: EQS Group AG