14 February 2012 / 08:20

Corporate News

HAMBORNER REIT AG: Preliminary results confirm good forecast for 2011

HAMBORNER REIT AG / Key word(s): Preliminary Results

14.02.2012 / 07:20


Press Release

HAMBORNER REIT AG: Preliminary results confirm good forecast for 2011

- Rental and leasing income up around 29%

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

- Dividend proposal: Distribution to improve to 40 cents per share

Duisburg, 14 February 2012 - HAMBORNER REIT AG has again enjoyed a highly successful financial year. 2011 was largely defined by a clear implementation of strategy and further growth through attractive investments. This is also reflected in the improved results as against the previous year, with some figures rising significantly:

According to provisional annual financial statement figures that have not yet been audited, rental and leasing income amounted to around EUR32.2 million, an increase of approximately 29% as against the previous year (EUR25.0 million). The average vacancy rate remained at an extremely low level of 1.3% (1.8% not including rent guarantees). The operating result was EUR14.9 million after EUR12.5 million in the previous year. This rise of around 19% is due in particular to the higher rental income. EBIT amounted to EUR17.1 million, around 16% higher than in the previous year (EUR14.8 million).
After deducting net financing costs and taxes, the net profit for the year amounted to around EUR7.9 million, up roughly 39% on the previous year's figure (EUR5.7 million). Taxes of around - EUR1.3 million resulted from the tax audit preformed 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% to EUR16 million in absolute terms (previous year: EUR12.2 million). FFO per share as at 31 December 2011 amounted to EUR0.47 (previous year: EUR0.36). The company's net asset value (NAV) has risen slightly year-on-year to EUR8.77 (EUR8.74) per share.

The company's financial position remains very healthy. Owing new investments, cash and cash equivalents declined by EUR64.9 million as against the previous year to EUR18.7 million. The loan-to-value (LTV) ratio is 39.1% (previous year: 19.3%). The REIT equity ratio of 55.7% is also still well in excess of the 45% required under the German REIT Act.

In light of the good business performance in 2011, the Managing Board intends - subject to the approval of the Supervisory Board - to propose to the Annual General Meeting on 15 May 2012 an 8.1% higher dividend of EUR0.40 per share. Based on the price of shares as at the end of the year of EUR6.40, this marks a dividend yield of 6.3%. The company will publish its finalised figures on 29 March 2012.

Overview of key figures 2011 preliminary figures 2010 Change
Income from rents and leases EUR32.2 million EUR25.0 million +29%
Operating result 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 the AGM, subject to the approval of the Supervisory Board


HAMBORNER REIT AG is a public limited company listed on the stock exchange which today works exclusively in the real estate sector and occupies a position as a portfolio holder for high-yield commercial properties. The basis of the company's sustainable rental income is a substantial real estate portfolio that is spread throughout the country. The main focus of the portfolio consists of attractive retail space in central city centre locations in Germany and resources centres. Furthermore, the property portfolio comprises highly frequented specialist stores and profitable office buildings, as well as doctors' surgeries, apartments and car parks.
The outstanding features of HAMBORNER REIT AG are its many years of experience in the real estate and capital market, its lean and transparent corporate structure and its particular proximity to the tenants. The company is a registered Real Estate Investment Trust (REIT) and benefits at the 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

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