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02.02.2016 07:00:01
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DGAP-News: HAMBORNER REIT AG
DGAP-News: HAMBORNER REIT AG: Preliminary figures for 2015 show significant FFO increase and value-creative growth
- Income from rents and leases up 12.0%
- Increase in FFO of 19.0%
- NAV per share up 5.1%
- Portfolio value as at 31 December 2015 around EUR900 million
Duisburg, 2 February 2016 - Preliminary earnings figures have confirmed a successful 2015 financial year. According to preliminary annual financial statement figures that have not yet been audited, income from rents and leases amounted to EUR52.4 million in the reporting year, up by EUR5.6 million or 12.0% on 2014 as a result of new investments in particular. On a like-for-like basis - comparing the properties that were in the portfolio for the whole of 2014 and 2015 - income from rents and leases was EUR0.5 million or 1.0% higher than the previous year's level at EUR45.3 million in total. At 1.9% (including rent guarantees), the average vacancy rate was even lower than the very low level of the previous year (2.3%).
The key indicator of operating performance and the company's controlling system, FFO (funds from operations), was EUR29.2 million for 2015 (previous year: EUR24.6 million). At 19.0%, the increase in FFO was slightly higher than projected in the interim report on the third quarter (16%). The absolute increase in FFO is due in particular to higher rental income as a result of property acquisitions in 2014 and 2015. With around 16.5 million more shares than in the previous year, FFO per share amounted to EUR0.47.
EBIT was EUR27.1 million. After deducting the financial result, the net profit for the year amounted to around EUR13.8 million, down on the previous year owing to the lower earnings contribution from the disposal of properties (EUR17.1 million).
Important news in the 2015 financial year was the two capital increases in February and July. The gross issue proceeds from this of around EUR143 million formed the basis for further growth. Accordingly, approximately EUR157 million was invested in the acquisition of six properties in Aachen, Celle, Gießen, Fürth , Berlin and Neu-Isenburg in 2015. The annual revaluation of the property portfolio revealed a like-for-like increase in value of EUR25.6 million or 3.6%. The new investments also contributed to this growth. With purchase prices of EUR156.7 million, their value at the end of the year was EUR163.3 million. Overall, NAV per share was up by 5.1% at EUR9.11 thanks to the value-creative growth.
As a result of changes in the property portfolio and the increased market values of properties, the fair value of the portfolio as at 31 December 2015 rose by a net amount of around EUR182 million to approximately EUR900 million. Furthermore, in the financial year the company closed two further agreements for the acquisition of properties in Ditzingen and Lübeck with a combined purchase price volume of EUR61.8 million. These properties had not yet been transferred as at the end of the reporting period.
The company's financial position remains very healthy as well. Cash and cash equivalents amounted to EUR27.1 million (previous year: EUR10.4 million). The loan-to-value (LTV) ratio is 35.0% (previous year: 43.3%). The REIT equity ratio of 61.5% is still well in excess of the 45% required under the German REIT Act.
In light of the consistently good business performance in 2015, and subject to the final figures in the annual financial statements, the company intends to propose to the Annual General Meeting for the 2015 financial year to increase the dividend from 40 cents to 42 cents. The company will publish its final figures and its forecast for the current year on 22 March 2016.
Overview of key figures 2015 preliminary 2014 Change figures
Income from rents and leases EUR52.4 million EUR46.8 +12% million
EBIT EUR27.1 million EUR30.6 -11% million
Net profit for the year EUR13.8 million EUR17.1 -19% million
REIT equity ratio 61.5% 53.1% +8.4 percentage points
Loan-to-value (LTV) 35.0% 43.3% -8.3 percentage points
Funds from operations EUR29.2 million EUR24.6 +19% million
Net asset value (NAV) EUR564.7 million EUR394.5 +43% million
Number of shares 62,002,613 45,493,333
Funds from operations (FFO) EUR0.47 EUR0.54 -13% per share
Net asset value (NAV) per EUR9.11 EUR8.67 +5% share
Dividend per share (*) EUR0.42 EUR0.40 +5%
(*) 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:
Christoph Heitmann Tel.: +49 (0)203 54405-32 Fax: +49 (0)203 54405-49 E-Mail: c.heitmann@hamborner.de Web: www.hamborner.de
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02.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: HAMBORNER REIT AG Goethestraße 45 47166 Duisburg Germany Phone: 0203/54405-0 Fax: 0203/54405-49 E-mail: info@hamborner.de Internet: www.hamborner.de ISIN: DE0006013006 WKN: 601300 Indices: SDAX Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart End of News DGAP News Service ---------------------------------------------------------------------------
433813 02.02.2016
DGAP-News: HAMBORNER REIT AG / Key word(s): Preliminary Results
HAMBORNER REIT AG: Preliminary figures for 2015 show significant FFO
increase and value-creative growth
02.02.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Press Release
HAMBORNER REIT AG - Preliminary figures for 2015 show significant FFO
increase and value-creative growth
- Income from rents and leases up 12.0%
- Increase in FFO of 19.0%
- NAV per share up 5.1%
- Portfolio value as at 31 December 2015 around EUR900 million
Duisburg, 2 February 2016 - Preliminary earnings figures have confirmed a successful 2015 financial year. According to preliminary annual financial statement figures that have not yet been audited, income from rents and leases amounted to EUR52.4 million in the reporting year, up by EUR5.6 million or 12.0% on 2014 as a result of new investments in particular. On a like-for-like basis - comparing the properties that were in the portfolio for the whole of 2014 and 2015 - income from rents and leases was EUR0.5 million or 1.0% higher than the previous year's level at EUR45.3 million in total. At 1.9% (including rent guarantees), the average vacancy rate was even lower than the very low level of the previous year (2.3%).
The key indicator of operating performance and the company's controlling system, FFO (funds from operations), was EUR29.2 million for 2015 (previous year: EUR24.6 million). At 19.0%, the increase in FFO was slightly higher than projected in the interim report on the third quarter (16%). The absolute increase in FFO is due in particular to higher rental income as a result of property acquisitions in 2014 and 2015. With around 16.5 million more shares than in the previous year, FFO per share amounted to EUR0.47.
EBIT was EUR27.1 million. After deducting the financial result, the net profit for the year amounted to around EUR13.8 million, down on the previous year owing to the lower earnings contribution from the disposal of properties (EUR17.1 million).
Important news in the 2015 financial year was the two capital increases in February and July. The gross issue proceeds from this of around EUR143 million formed the basis for further growth. Accordingly, approximately EUR157 million was invested in the acquisition of six properties in Aachen, Celle, Gießen, Fürth , Berlin and Neu-Isenburg in 2015. The annual revaluation of the property portfolio revealed a like-for-like increase in value of EUR25.6 million or 3.6%. The new investments also contributed to this growth. With purchase prices of EUR156.7 million, their value at the end of the year was EUR163.3 million. Overall, NAV per share was up by 5.1% at EUR9.11 thanks to the value-creative growth.
As a result of changes in the property portfolio and the increased market values of properties, the fair value of the portfolio as at 31 December 2015 rose by a net amount of around EUR182 million to approximately EUR900 million. Furthermore, in the financial year the company closed two further agreements for the acquisition of properties in Ditzingen and Lübeck with a combined purchase price volume of EUR61.8 million. These properties had not yet been transferred as at the end of the reporting period.
The company's financial position remains very healthy as well. Cash and cash equivalents amounted to EUR27.1 million (previous year: EUR10.4 million). The loan-to-value (LTV) ratio is 35.0% (previous year: 43.3%). The REIT equity ratio of 61.5% is still well in excess of the 45% required under the German REIT Act.
In light of the consistently good business performance in 2015, and subject to the final figures in the annual financial statements, the company intends to propose to the Annual General Meeting for the 2015 financial year to increase the dividend from 40 cents to 42 cents. The company will publish its final figures and its forecast for the current year on 22 March 2016.
Overview of key figures 2015 preliminary 2014 Change figures
Income from rents and leases EUR52.4 million EUR46.8 +12% million
EBIT EUR27.1 million EUR30.6 -11% million
Net profit for the year EUR13.8 million EUR17.1 -19% million
REIT equity ratio 61.5% 53.1% +8.4 percentage points
Loan-to-value (LTV) 35.0% 43.3% -8.3 percentage points
Funds from operations EUR29.2 million EUR24.6 +19% million
Net asset value (NAV) EUR564.7 million EUR394.5 +43% million
Number of shares 62,002,613 45,493,333
Funds from operations (FFO) EUR0.47 EUR0.54 -13% per share
Net asset value (NAV) per EUR9.11 EUR8.67 +5% share
Dividend per share (*) EUR0.42 EUR0.40 +5%
(*) 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:
Christoph Heitmann Tel.: +49 (0)203 54405-32 Fax: +49 (0)203 54405-49 E-Mail: c.heitmann@hamborner.de Web: www.hamborner.de
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02.02.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: HAMBORNER REIT AG Goethestraße 45 47166 Duisburg Germany Phone: 0203/54405-0 Fax: 0203/54405-49 E-mail: info@hamborner.de Internet: www.hamborner.de ISIN: DE0006013006 WKN: 601300 Indices: SDAX Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart End of News DGAP News Service ---------------------------------------------------------------------------
433813 02.02.2016
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