DGAP-News: HAMBORNER REIT AG / Key word(s): Final Results
HAMBORNER REIT AG - 2015 annual report confirms provisional figures and successful business performance
- Significant rise in income from rents and leases
- Increase in FFO and NAV per share
- Value of portfolio as at 31 December 2015 around EUR900 million
- Positive outlook for 2016
SUCCESSFUL 2015 FINANCIAL YEAR
Duisburg, 22 March 2016 - With HAMBORNER REIT AG already having reported a successful 2015 financial year with the publication of its provisional figures on 2 February 2016, the key figures can now be confirmed without exception with today's publication of the annual report. Income from rents and leases amounted to EUR52.4 million in 2015 and was therefore EUR5.6 million or 12.0% higher than the figure for the previous year. On a like-for-like basis as well, income from rents and leases was up by EUR0.5 million or 1.0%. The average vacancy rate (including rent guarantees) declined further as against the previous year (2.3%) to a very low level of 1.9%. EBIT was EUR27.1 million. After deducting the financial result, the net profit for the year amounted to EUR13.8 million.
The key indicator of operating performance and for the company's controlling system is FFO (funds from operations). Following the property acquisitions in 2014 and 2015, and the higher rental income as a result, FFO amounted to EUR29.2 million in the year under review and was therefore around 19% higher than in the previous year (EUR24.6 million). This corresponds to FFO per share of EUR0.47, less than in the previous year (EUR0.54) on account of the much larger number of shares (+ 16.5 million).
The foundations for the growth within the reporting year were formed by the company's successful capital increases in February and July 2015. The gross issue proceeds of around EUR143 million were used for the acquisition of six properties in Aachen, Celle, Gießen, Fürth, Berlin and Neu-Isenburg, which already contributed to growth by the end of the year. With a total investment volume of EUR156.7 million, the result of the valuation of the new acquisitions as at 31 December 2015 was EUR163.3 million. The fair value of the like-for-like portfolio was also around EUR26 million or 3.6% higher than the figure for the previous year. The property portfolio therefore has a significantly higher total value as at the end of 2015 of around EUR900 million (up 25.4%). The company's NAV also increased over the course of the 2015 financial year. NAV per share amounted to EUR9.11, up by 5.1% compared to 2014 (EUR8.67 per share).
In addition to six new acquisitions, four properties no longer consistent with strategy and with intensive administration requirements were sold in Duisburg, Krefeld, Düren and St. Augustin in 2015. Furthermore, sales agreements were signed for four further properties in Duisburg, Dinslaken, Solingen and Kassel. The total proceeds for the eight properties sold amount to approximately EUR16 million. Furthermore, in 2015 the company signed two further agreements to acquire properties in Ditzingen and Lübeck with a total investment volume of EUR61.8 million.
The company's financial position remains very healthy as well. Cash and cash equivalents amount to EUR27.1 million (previous year: EUR10.4 million), while the loan-to-value ratio decreased to 35.0% (previous year: 43.3%). At 61.5%, the REIT equity ratio is still well in excess of the 45% required under the German REIT Act.
GOOD START TO 2016 FINANCIAL YEAR
2016 has also begun well for the company. Of particular note is the transfer of the property acquired in Lübeck in 2015. The Haerder Center in the heart of the city was transferred to HAMBORNER on 29 February 2016 and, with a purchase price of around EUR50 million, is the largest single acquisition in the history of the company to date. Furthermore, the purchase agreement was signed for an office property in the Loddenheide industrial area in Münster. January also saw the transfer of the properties in Duisburg, Dinslaken and Solingen sold in 2015.
For the current 2016 financial year, the company is assuming that the good business performance will continue with significant year-on-year increases in FFO again. A central factor in this is rental income, which is currently expected to rise by between around 13% and 15% in 2016. The Managing Board is striving for growth of a similar amount in FFO. This forecast does not take into account other acquisitions or disposals not yet specified further.
After the capital increases in the past financial year and the subsequent investments and while maintaining the long-term target REIT equity ratio of 50%, the company still has scope for acquisitions of EUR100 million to EUR120 million.
ANNUAL GENERAL MEETING 2016
The Annual General Meeting of the company will be held on 28 April 2016 in Mülheim an der Ruhr. In light of the consistently good business performance, the Managing Board and the Supervisory Board will be proposing to the Annual General Meeting to increase the dividend from EUR0.40 to EUR0.42 per share. This marks an increase of 5.0% as against 2014. The agenda for the Annual General Meeting was published in the Federal Gazette and on the company's homepage on 18 March 2016.
(*) proposal to AGM
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.
Investor Relations/Public Relations
|Company:||HAMBORNER REIT AG|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart|
|End of News||DGAP News Service|