29 March 2012 / 07:58

Corporate News

HAMBORNER REIT AG: Annual financial statements 2011: Successful business performance and confirmation of provisional figures

HAMBORNER REIT AG / Key word(s): Final Results/Forecast

29.03.2012 / 07:58

Press Release

HAMBORNER REIT AG - Annual financial statements 2011: Successful business performance and confirmation of provisional figures

- Rental and leasing income up around 29%

- Strong rise in operating result (FFO) of around 32%

- Dividend to increase by 8% to 40 cents per share

- Managing Board contracts extended

- Positive outlook for 2012

Duisburg, 29 March 2012 - 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 continuing strong operating performance of the last few years is reflected in the significant year-on-year increases in many of its key figures. Rental and leasing income climbed to around EUR32.2 million, a rise of approximately 29% as against the previous year (EUR25.0 million) as a result of new acquisitions. The average vacancy rate declined further as against the previous year (2.5%) to a very low level of 1.8% (1.3% including rent guarantees).

The net profit for the year of around EUR7.9 million was up roughly 39% on the previous year's figure of EUR5.7 million. Taxes of around EUR1.3 million resulted from the tax audit performed in the period under review for the 2007 to 2009 period and relate to additional payments in connection with the company's exit taxation on attaining REIT status.

As a key indicator of operating performance, FFO (funds from operations) climbed significantly by around 32% in absolute terms to approximately EUR16 million (previous year: EUR12.2 million). FFO per share was EUR0.47 based on 34.12 million shares in total (previous year: EUR0.36 per share).

The company's net asset value (NAV) has risen slightly year-on-year to EUR8.77 (EUR8.74) per share. The value of the property portfolio proved highly stable, as confirmed by third-party experts in the annual revaluation. The total portfolio value rose by 34% to EUR504 million as a result of the addition of new properties in 2011. Contracts have already been signed for two further properties worth around EUR56 million that will be transferred in 2012 and 2013 respectively.

The company's healthy financial situation is also confirmed by cash and cash equivalents of around EUR18.7 million, a loan-to-value (LTV) ratio of 39.1% and the REIT equity ratio of 55.7%, well in excess of the 45% required under the German REIT Act.

In light of the good business performance in 2011, the distribution of a dividend roughly 8% higher year-on-year of EUR0.40 per share will be proposed at the Annual General Meeting on 15 May 2012. In its meeting to adopt the financial statements, the Supervisory Board extended the contracts of both members of the Managing Board, Dr. Rüdiger Mrotzek and Hans Richard Schmitz, by a further five years.
The company is optimistic for the current financial year with forecast growth in rents of around 10%. FFO is also expected to rise significantly as against the previous year by 5-10%.

Overview of key figures 2011 2010 Change
Rental and leasing income EUR32.2 million EUR25.0 million +29%
Operating earnings EUR14.9 million EUR12.5 million +19%
EBIT EUR17.1 million EUR14.8 million +16%
Net profit for the year EUR7.9 million EUR5.7 million +39%
REIT equity ratio 55.7% 74.4% -18.7 percentage points
Loan-to-value (LTV) 39.1% 19.3% +19.8% percentage points
Funds from operations EUR16.0 million EUR12.2 million +32%
Funds from operations (FFO) per share EUR0.47 EUR0.36 +32%
Net asset value (NAV) per share EUR8.77 EUR8.74 +0.3%
Dividend per share (*) EUR0.40 EUR0.37 +8.1%

(*) proposal to AGM


HAMBORNER REIT AG is a listed public limited company that operates exclusively in the property sector and is positioned as a portfolio holder for high-yield commercial properties. The company generates sustainable rental income on the basis of a solid portfolio of properties distributed throughout Germany. Attractive retail trade spaces in key city centre locations in 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 doctors' surgeries. The company also owns approximately 1.4 million m² of undeveloped land, located predominantly in Duisburg North and in the adjacent municipalities of Dinslaken and Hünxe.

HAMBORNER REIT AG is distinguished by its many years of experience in the property and capital market, its lean and transparent corporate structure and its particular proximity to its tenants. The company is a registered real estate investment trust (REIT) and benefits at company level from exemption from corporation and trade tax.

Investor Relations:

Sybille Albeser
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
e-mail: s.albeser@hamborner.de
Web: www.hamborner.de

End of Corporate News

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