25 March 2015 / 09:00

Corporate News

HAMBORNER REIT AG: Publication of annual report – Prompt reinvestment of funds from capital increase

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

2015-03-25 / 08:00

HAMBORNER REIT AG - Publication of annual report - Prompt reinvestment of funds from capital increase

- Significant rise in earnings and increase in net asset value in 2014

- Further growth through acquisition

- Positive outlook for 2015

Duisburg, 25 March 2015 - With HAMBORNER REIT AG already having reported a successful 2014 financial year with the publication of its provisional figures on 5 February, the key figures can now be confirmed without exception with today's publication of the annual report. Income from rents and leases amounted to EUR46.8 million for 2014, an increase of 3.5% as against the previous year (EUR45.2 million). The average vacancy rate remained at a very low level of 2.5% (2.3% including rent guarantees). EBIT amounted to EUR30.6 million, around 47% higher than in the previous year (EUR20.8 million). After deducting the financial result, the net profit for the year amounted to around EUR17.1 million - double the figure for the previous year (EUR8.5 million) thanks largely to the disposals in 2014.

The key indicator of operating performance and the company's controlling system, FFO (funds from operations) amounted to EUR24.6 million for 2014 (previous year: EUR23.8 million). This corresponds to FFO per share of EUR0.54 (previous year: EUR0.52). The company's net asset value (NAV) per share is EUR8.67 and therefore up 5.1% on the previous year (EUR8.25 per share). The property portfolio was valued at around EUR717 million as at the end of the year. The like-for-like change in the fair value of the portfolio was around EUR12.4 million year-on-year, an increase of 1.9%.

Investment in the 2014 financial year amounted to approximately EUR32 million. HAMBORNER added three new properties to its portfolio in Bad Homburg, Siegen and Koblenz, and also signed purchase agreements for two properties with a volume of a further approximately EUR46 million. 2014 was extremely successful in terms of the sale of smaller properties with intensive management requirements. Thus, the result from the sale of investment property was EUR10.7 million as at 31 December 2014 after EUR0.4 million in the previous year. The company's financial position remains very healthy. Cash and cash equivalents amounted to EUR10.4 million (previous year: EUR28.2 million). The loan-to-value (LTV) ratio is 43.3% (previous year: 43.7%). The REIT equity ratio of 53.1% is also still well in excess of the 45% required under the German REIT Act.

2015 has also begun well for the company: For example, HAMBORNER has let the vacant parts of its "LINZER 7.9" property in Linzer Strasse in Bremen.

Furthermore, as a result in particular of securing the RAG Foundation as a stable, long-term shareholder and the associated inflow of funds from the capital increase, the way ahead for the company's continuing growth is clear. With yesterday's signing of a purchase agreement for the acquisition of a large-scale retail property in Celle with a volume of around EUR35 million, the utilisation of most of the funds generated has also been quickly finalised.

Prior to the capital increase in February the Management Board was assuming growth in rental income of between 4% and 5% in 2015. Following the acquisition of the property in Celle and depending on when further properties are added, the Managing Board now expects this growth rate to double. The Managing Board is striving for growth of the same amount in absolute FFO. With the number of shares 10% higher in 2015, this would mean FFO per share roughly on par with the previous year's level.

The Annual General Meeting of the company will be held on 7 May 2015 in Mülheim an der Ruhr. In light of the consistently good business performance in 2014, the Managing Board and the Supervisory Board will be proposing the distribution of a dividend of EUR0.40 per share. Based on the price of shares of EUR8.12 as at 31 December 2014, this means a dividend yield of 4.9%. The agenda for the Annual General Meeting will be published in the Federal Gazette and on the company's homepage today.

Overview of key figures 2014 2013 Change
Income from rents and leases EUR46.8 million EUR45.2 million +3.5%
EBIT EUR30.6 million EUR20.8 million +47%
Net profit for the year EUR17.1 million EUR8.5 million +101%
REIT equity ratio 53.1% 52.5% 0.6 percentage points
Loan-to-value (LTV) 43.3% 43.7% -0.4 percentage points
Funds from operations (FFO) EUR24.6 million EUR23.8 million +3.2%
Funds from operations (FFO) per share EUR0.54 EUR0.52 +3.2%
Net asset value (NAV) EUR394.5 million EUR375.3 million +5.1%
Net asset value (NAV) per share EUR8.67 EUR8.25 +5.1%
Dividend per share (*) EUR0.40 EUR0.40 +/-0%

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

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.


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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