6 February 2013 / 09:00

Corporate News

HAMBORNER REIT AG: Provisional earnings figures confirm successful 2012 financial year

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

06.02.2013 / 08:00

HAMBORNER REIT AG: Provisional earnings figures confirm successful 2012 financial year

- Rental and leasing income up around 15%

- Rise in operating result (FFO) of around 18%

- Dividend proposal: Dividend of 40 cents per share

Duisburg, 6 February 2013 - HAMBORNER REIT AG has again enjoyed a highly successful financial year. 2012 was characterised largely by the company's ongoing growth. In the past year, three properties in Aachen, Tübingen and Karlsruhe were added to the company's books for around EUR75 million and two purchase agreements for properties in Berlin and Hamburg worth a further EUR50 million were also signed. This is also reflected in the improved results as against the previous year.

According to provisional annual financial statement figures that have not yet been audited, rental and leasing income again posted a double-digit increase of around 15% to EUR37.0 million (previous year: EUR32.2 million). This was primarily as a result of the new acquisitions in the past two years. The average vacancy rate remained at an extremely low level of 1.9% (1.7% including rent guarantees). The operating result was EUR17.5 million after EUR14.9 million in the previous year. This rise of around 18% is due in particular to the higher rental income.
EBIT amounted to EUR18.4 million, 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, approximately matching the previous year's figure (EUR7.9 million).

As a key indicator of operating performance and for the company's controlling system, FFO (funds from operations) climbed significantly by around 18% to EUR18.9 million (previous year: EUR16.0 million). FFO per share as at 31 December 2012 amounted to EUR0.41 (previous year: EUR0.47). The company's net asset value (NAV) per share is EUR8.17 (previous year: EUR8.77 per share). HAMBORNER carried out a capital increase in July 2012 and raised its share capital to EUR45,493,333. As at 31 December 2012, the greater number of shares was also reflected in the performance indicators per share.

The company's financial position remains very healthy. Essentially as a result of the capital increase, cash and cash equivalents rose by EUR10.6 million as against the previous year to EUR29.3 million. The loan-to-value (LTV) ratio is 34.2% (previous year: 39.1%). The REIT equity ratio of 60.3% is also still well in excess of the 45% required under the German REIT Act.
In light of the good business performance in 2012, the Managing Board intends - subject to the approval of the Supervisory Board - to propose to the Annual General Meeting on 7 May 2013 a consistent dividend of EUR0.40 per share despite the rise in the number of shares. Based on the price of shares as at the end of the year of EUR7.48, this marks a dividend yield of 5.3%. The company will publish its final figures on 27 March 2013.

Overview of key figures 2012 preliminary figures 2011 Change
Income from rents and leases EUR37.0 million EUR32.2 million +15%
Operating profit EUR17.5 million EUR14.9 million +18%
EBIT EUR18.4 million EUR17.1 million +7%
Net profit for the year EUR7.7 million EUR7.9 million -2%
REIT capital ratio 60.3% 55.7% +4.6% percentage points
Loan-to-value (LTV) 34.2% 39.1% -4.9 percentage points
Funds from operations EUR18.9 million EUR16.0 million +18%
Funds from operations (FFO) per share* EUR0.41 EUR0.47  
Net asset value (NAV) EUR371.8 million EUR299.3 million +24%
Net asset value (NAV) per share* EUR8.17 EUR8.77 -6.8%
Dividend per share (**) EUR0.40 EUR0.40 +/-0%

(*) 31 Dec. 2011: 34,120,000 shares
31 Dec. 2012: 45,493,333 shares


(**) Proposal to the AGM, subject to the approval of the Supervisory Board


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, apartments and parking spaces.

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.


Sybille Schlinge
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-mail: s.schlinge@hamborner.de
Web: www.hamborner.de

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