DGAP-News: HAMBORNER REIT AG / Key word(s): Final Results/Real Estate
HAMBORNER REIT AG: Publication of annual report - Prompt reinvestment
of funds from capital increase
25.03.2015 / 08:00
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HAMBORNER REIT AG - Publication of annual report - Prompt reinvestment of
funds from capital increase
- Significant rise in earnings and increase in net asset value in 2014
- Further growth through acquisition
- Positive outlook for 2015
SUCCESSFUL 2014 FINANCIAL YEAR
Duisburg, 25 March 2015 - With HAMBORNER REIT AG already having reported a
successful 2014 financial year with the publication of its provisional
figures on 5 February, the key figures can now be confirmed without
exception with today's publication of the annual report. Income from rents
and leases 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 the financial result, 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 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 property portfolio was valued at around EUR717 million as at
the end of the year. The like-for-like change in the fair value of the
portfolio was around EUR12.4 million year-on-year, an increase of 1.9%.
Investment in the 2014 financial year amounted to approximately EUR32
million. HAMBORNER added three new properties to its portfolio in Bad
Homburg, Siegen and Koblenz, and also signed purchase agreements for two
properties with a volume of a further approximately EUR46 million. 2014 was
extremely successful in terms of the sale of smaller properties with
intensive management requirements. Thus, the result from the sale of
investment property was EUR10.7 million as at 31 December 2014 after EUR0.4
million in the previous year. 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.
GOOD START TO 2015
2015 has also begun well for the company: For example, HAMBORNER has let
the vacant parts of its "LINZER 7.9" property in Linzer Strasse in Bremen.
Furthermore, as a result in particular of securing the RAG Foundation as a
stable, long-term shareholder and the associated inflow of funds from the
capital increase, the way ahead for the company's continuing growth is
clear. With yesterday's signing of a purchase agreement for the acquisition
of a large-scale retail property in Celle with a volume of around EUR35
million, the utilisation of most of the funds generated has also been
quickly finalised.
OUTLOOK 2015
Prior to the capital increase in February the Management Board was assuming
growth in rental income of between 4% and 5% in 2015. Following the
acquisition of the property in Celle and depending on when further
properties are added, the Managing Board now expects this growth rate to
double. The Managing Board is striving for growth of the same amount in
absolute FFO. With the number of shares 10% higher in 2015, this would mean
FFO per share roughly on par with the previous year's level.
ANNUAL GENERAL MEETING 2015
The Annual General Meeting of the company will be held on 7 May 2015 in
Mülheim an der Ruhr. In light of the consistently good business performance
in 2014, the Managing Board and the Supervisory Board will be proposing the
distribution of a dividend of EUR0.40 per share. Based on the price of
shares of EUR8.12 as at 31 December 2014, this means a dividend yield of
4.9%. The agenda for the Annual General Meeting will be published in the
Federal Gazette and on the company's homepage today.
<pre>
Overview of key figures 2014 2013 Change
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 (FFO) EUR24.6 EUR23.8 +3.2%
million million
Funds from operations (FFO) EUR0.54 EUR0.52 +3.2%
per share
Net asset value (NAV) EUR394.5 EUR375.3 +5.1%
million million
Net asset value (NAV) per EUR8.67 EUR8.25 +5.1%
share
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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25.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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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: Regulated Market in Dusseldorf, Frankfurt (Prime
Standard); Regulated Unofficial Market in Berlin, Hamburg,
Hanover, Munich, Stuttgart
End of News DGAP News-Service
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336905 25.03.2015
DGAP-News: HAMBORNER REIT AG: Publication of annual report - Prompt reinvestment of funds from capital increase
| Source: EQS Group AG