DGAP-News: HAHN-Immobilien-Beteiligungs AG: Hahn Group presents annual report for 2009 and confirms preliminary figures
(firmenpresse) - HAHN-Immobilien-Beteiligungs AG / Final Results
31.03.2010 08:00
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PRESS RELEASE
Hahn Group presents annual report for 2009 and confirms preliminary figures
- Positive sales situation for private and institutional fund products
- Increase in recurring fees from fund and property management
- Occupancy rate of 97.6 percent, new leases and follow on-leases of
47,000 m² for the past calendar year
- Positive Outlook for 2010
Bergisch Gladbach, March 31, 2010 - HAHN-Immobilien-Beteiligungs AG today
confirms preliminary figures for 2009 by publishing its annual report.
The Group's revenue decreased to EUR 92.40 million (previous year: EUR
428.11 million). Theprimary reason for the reduction was a lower
transaction volume, impacted by the current business environment. Also, the
previous year's revenue was comparatively high, because of investments in
assets for an institutional real estate fund.
Although placement activity with private clients was verysuccessful - with
sales volume growing 70 percent - sales commissions were down 5.5 percent,
to EUR 1.03 million. The decrease was caused by temporarily narrower
commission margins.
The Group's recurring management income performed well. Revenue grew 5.1
percent in the Property Management unit, toEUR 4.45 million, and 3.6
percent in the Fund Management unit, to EUR 3.6 percent. Asset Management
expanded its take-up from 34,500 m2 to 47,200 m2.
Property under management by the Hahn Group at December 31, 2009, was on a
par with the previous year, at EUR 2.02 billion. Given the difficult
general economic environment, the occupancy rate for the portfolio as a
whole, at 97.6 percent demonstrates the strong stability and reliable
income offered by large retail properties.
A number of exceptional factors adversely affected earnings for 2009. Risks
were addressed and reduced by valuation adjustments and by the losses taken
on the reduction of real estate assets. Non-recurring exceptional expenses
and marketing costs were incurred for the placement of the HAHN FCP
institutional fund. Restructuring expenses associated with moderate staff
cutbacks also had an adverse effect.
The prior-year consolidated financial statements (for fiscal 2008) were
restated in the preparation of the financial statements for 2009. In the
sale of properties to investors, obligations had been undertaken that
resulted in a reduction of the purchase price. These obligations were not
yet taken into accountat December 31, 2008. The information was corrected
retrospectively in the consolidated financial statements for 2009. The
restatement resulted in a decrease of EUR 4.5 million in the net revenue
and consolidated net earnings for 2008. There was a corresponding increase
in other financial liabilities and a commensurate decrease in the Group's
equity. All prior-year figures from 2008 mentioned here refer to the
restated values.
The operating earnings (EBIT) for 2009 decreased to EUR -3.25 million
(previous year: profit of EUR 13.57 million). Pared-back real estate
holdings meant that rental income was down to only EUR 7.91 million,
compared to EUR 32.85 for the previous year. In this context the net
finance expense improved from EUR -24.53 million to EUR -8.19 million.
Earnings before tax, at EUR -11.44 million, were roughly on a par with the
previous year (EUR -10.96 million). The after-tax loss was EUR -6.13
million (previous year: EUR -9.87 million), equivalent to earnings per
share of EUR -0.51 (previous year: EUR -0.82). The Board of Management and
the Supervisory Board will propose to the Annual General Meeting not to pay
out a dividend.
Total assets were lowered substantially by the scheduled sale of investment
property and portions of property held for sale, so that the equity ratio
as of the reporting date improved accordingly, from 12.91 percent to 16.30
percent.
'Last year we have sold our principal investment properties and reduced our
properties held for sale. This change is reflected in an improved equity
ratio,' said Dr. Michael Nave, CEO of Hahn Group. 'At the same time we have
addressed all known risks and reassessed them very conservatively. This is
the foundation that will allow us to return to profitability this year.'
Outlook 2010
For 2010 the Management Board expects demand for professionally managed
real estate funds to increase among private and institutional investors.
With a placement volume of EUR 90 million in the private client fund
business we expect to surpass the good numbers of 2009. In the
institutional fund business, we intend to build subscriptions for the HAHN
FCP fund to more than EUR 200 million. We are also actively examining the
possibility of tapping new sales channels.
The growth of our fund vehicles will lead to an expansion of real estate
assets under management, and thus to an increase in management fees. We
also expect non-recurring commissions from Asset Management and sales to
grow in 2010.
Dr. Michael Nave: 'This year we will set a high priority in making the
Group more competitive, so that we can take even better advantage of our
strong market position as asset manager for retail properties. Given this
background we do expect to show a consolidated profit for the year 2010.
The annual report 2009 with the complete figures for the business year is
available for download at: www.hahnag.de .
Hahn Group
The Hahn Group has been a leading asset manager for retail properties for
more than 25 years. We develop fund products for private and institutional
investors and manage external real estate portfolios. The Hahn Group
manages assets in excess of Euro 2 billion. With experience gained from the
issue of more than 150 closed-end real estate funds and institutional fund
products, we choose to rely on a high degree of investment security and
strong returns on investment. We use our comprehensive management services
to develop the full return potential of real estate and thus maximize
value-added for our 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
31.03.2010 08:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: 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(at)hahnag.de
Internet: www.hahnag.de
ISIN: DE0006006703
WKN: 600670
Indices: General Standard
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Hamburg,
Stuttgart
End of News DGAP News-Service
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