(DGAP-Media / 27.03.2013 / 07:01)
HAMBORNER REIT AG: Successful financial year 2012, provisional figures
- Rental and leasing income up around 15%
- Rise in operating result (FFO) of around 18%
- Dividend proposal of 40 cents per share
- Further increase in rent and FFO of around 20% forecast for 2013
Duisburg, 27 March 2013 - 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 growth trajectory of the
last few years continued and was also reflected in increases in key
figures. Rental and leasing income amounted to approximately EUR37.0
million (previous year: EUR32.2 million). This represents a rise of 15% as
at 31 December 2012 (previous year: 29%), chiefly as a result of new
acquisitions in the past two years. The increase in rental and leasing
income also resulted in a rise in the operating result, which amounted to
EUR17.5 million (previous year: EUR14.9 million). At EUR18.4 million, EBIT
was around 7% higher than in the previous year (EUR17.1 million). After
deducting net financing costs and taxes, the net profit for the year
amounted to around EUR7.7 million, roughly on par with the previous year's
figure (EUR7.9 million).
The average vacancy rate remained at a very low level of 1.9% (1.7%
including rent guarantees). Across the entire portfolio, the weighted
average remaining term of the rental agreements is 7.2 years.
As a key indicator of operating performance and one of the company's main
performance indicators, FFO (funds from operations) climbed significantly
by around 18% to EUR18.9 million in absolute terms (previous year: EUR16.0
million). FFO per share amounted to EUR0.41 as at 31 December 2012
(previous year: EUR0.47). In July 2012, the company performed a capital
increase and raised its share capital to EUR45,493,333. The higher number
of shares is also reflected in the key figures per share.
The company's net asset value (NAV) is EUR8.17 per share (previous year:
EUR8.77 per share). The revaluation of the properties as at 31 December
2012 underlines the stable value of the HAMBORNER property portfolio. As in
the previous year, no impairment losses were required. The addition of
three new properties in Aachen, Tübingen and Karlsruhe (total investment
volume of approximately EUR75 million) led to a 15% rise in the total
portfolio value to EUR580 million. Between January and March 2013, another
two properties in Munich and Berlin were added to the books, increasing the
current portfolio value to approximately EUR655 million. In addition, a
contract for an OBI store in Hamburg with a volume of around EUR17 million
was signed in 2012. This property is currently under construction and is
expected to be added to the books in autumn 2013.
The company's financial situation remains very sound, with cash and cash
equivalents of around EUR29.3 million as at 31 December 2012 , a
loan-to-value (LTV) ratio of 34.2% and a REIT equity ratio of 60.3%, well
in excess of the 45% required under the German REIT Act. Liabilities to
banks totalled EUR231 million as at 31 December 2012, with an average
remaining term of 7.9 years for the fixed-rate interest agreements. Further
loan agreements for a total of EUR33.3 million were concluded in the first
two months of 2013. Together with loan funds of EUR63.1 million not yet
utilised as at the end of the reporting period, the average interest rate
on these loans is 2.99% as against 4.42% on existing financial liabilities.
In light of the strong business performance in 2012, the distribution of a
dividend of EUR0.40 per share will be proposed at the Annual General
Meeting on 7 May 2013.
The company is also optimistic for the current financial year, particularly
due to the investments made in recent years. The Managing Board anticipates
growth in rents of around 20% in 2013. FFO is also expected to rise
significantly by around 20% as against the previous year.
Overview of key figures 2012 2011 Change
Rental and leasing income EUR 37.0 EUR 32.2 + 15 %
Operating result EUR 17.5 EUR 14.9 + 18 %
EBIT EUR 18.4 EUR 17.1 + 7 %
Net profit for the year EUR 7.7 EUR 7.9 - 2 %
REIT capital ratio 60.3 % 55.7 % + 4.6 percentage
Loan-to-value (LTV) 34.2 % 39.1 % - 4.9 percentage
Funds from operations EUR 18.9 EUR 16.0 + 18 %
Funds from operations (FFO) EUR 0.41 EUR 0.47
Net asset value (NAV) EUR 371.8 EUR 299.3 +24 %
Net asset value (NAV) per EUR 8.17 EUR 8.77 -6.8 %
Dividend per share (**) EUR 0.40 EUR 0.40 +/- 0 %
(*) 31.12.2011: 34,120,000 shares
31.12.2012: 45,493,333 shares
About HAMBORNER REIT AG
HAMBORNER REIT AG is a stock exchange-listed public limited company that
today 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.
Furthermore, the company still has approximately 0.9 million m² of
undeveloped land areas, which are located predominantly in Duisburg North
and in the adjacent municipalities of Dinslaken and Hünxe.
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.
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
End of Media Release
Issuer: HAMBORNER REIT AG
Key word(s): Enterprise
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Company: HAMBORNER REIT AG
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München, Stuttgart
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