Webdisclosure.com

Search

HAMBORNER REIT AG (FRA:HAB) HAMBORNER REIT AG: Annual report 2009 - Positive business development confirmed

Directive transparence : information réglementée

25/03/2010 09:26
HAMBORNER REIT AG / Final Results 25.03.2010 09:26 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Press release HAMBORNER REIT AG: Annual report 2009 - Positive business development confirmed - Rental and leasing income increased, - FFO increase by 12.7%, - Continuing comfortable financial funding Duisburg, 25 March 2010 - After the disclosure of preliminary figures on 22.02.2010, HAMBORNER REIT AG was today able to confirm the positive development of the financial year 2009 at the press conference in Frankfurt am Main with publication of the annual report. The company has successfully held its ground in a still difficult market environment and can look back on a by and large satisfactory financial year. The rental and leasing income has increased by 13.7% to EUR 22.4 million compared with the previous year through further acquisitions. The average vacancy rate shows a familiarly low level at 3.5% or 1.1% after rent guarantees. The earnings before interest, taxes, depreciation and amortisation (EBITDA) amount to EUR 16.9 million (previous year: EUR 31.0 million) and also the profit for the financial year is perceptibly in the positive area at EUR 5.1 million (previous year: EUR 17.3 million). As the previous year was characterised by high book profits due to sales, the current earnings figures are not comparable with the figures of the previous year. Adjusted for sales proceeds and as a key figure for the operational business development, the FFO (Funds from Operations) at 42.3 cents per share shows a significant increase of 12.7% compared with the previous year (37.5 cents per share). Moreover, in a consistently difficult market environment, the property portfolio has proven to be comparatively stable. Due to the annual external revaluation of the property portfolio, the net asset value (NAV) of the company at EUR 10.37 per share has only moderately reduced by 1.9% compared with the previous year (EUR 10.57 per share). With a cash balance of approximately EUR 38 million, a Loan-To-Value (LTV) of 34.3% and an equity ratio of 67.1%, which is considerably above the 45% required in accordance with the German REIT Act, the company is very well equipped for further growth. A dividend increase from 35 cents to 37 cents compared with the previous year is proposed to the general shareholders' meeting on 10 June 2010. The company expects stimulation for future development due to the conversion into a REIT. The share is listed in the REIT segment of Deutsche Börse since 22.02.2010. HAMBORNER wishes to exploit its opportunities on the property transactions market through acquisitions. A further increase in the FFO and thus a continuation of the good operating business development is anticipated for 2010. Key figures as of 31.12.2009

                                                       2009           2008
Rental and leasing income                          EUR 22.4       EUR 19.7
                                                    million        million
EBITDA*                                            EUR 16.9       EUR 31.0
                                                    million        million
Profit for the financial year before               EUR 11.1       EUR 26.7
amortisation and depreciation (EBDA)*               million        million
Profit for the financial year*                      EUR 5.1       EUR 17.3
                                                    million        million
Balance sheet capital ratio                           52.0%          56.9%
REIT capital ratio                                    67.1%          77.1%
Loan-To-Value (LTV)                                   34.3%         31.1%.
Net Asset Value (NAV) per share                   EUR 10.37      EUR 10.57
Funds From Operations (FFO) per share              EUR 0.42       EUR 0.37

* with special effects from high book profits in 2008 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 via a nationally-dispersed substantial property portfolio as a 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, apartments and parking spaces. Furthermore, the company still has approximately 4.5 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 many years of experience in the property and capital market, its lean and transparent corporate structure as well as the special closeness to the tenants. The company is a registered Real Estate Investment Trust (REIT) and benefits at company level from the exemption from corporation and trade tax. Press contact: Sybille Albeser Tel.: +49 (0)203 54405-32 Fax: +49 (0)203 54405-49 E-mail: s.albeser@hamborner.de Web: www.hamborner.de 25.03.2010 09:26 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: HAMBORNER REIT AG Goethestraße 45 47166 Duisburg Deutschland Phone: 0203/54405-0 Fax: 0203/54405-49 E-mail: info@hamborner.de Internet: www.hamborner.de ISIN: DE0006013006 WKN: 601300 Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard), München, Düsseldorf, Stuttgart, Hamburg End of News DGAP News-Service ---------------------------------------------------------------------------