HAHN-Immobilien-Beteiligungs AG: Hahn Group releases preliminary figures for fiscal 2009; restatement of 2008 consolidated financial statements; outlook for 2010: growth and profit

HAHN-Immobilien-Beteiligungs AG / Preliminary Results/Miscellaneous

18.03.2010 18:24

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AD HOC RELEASE

Hahn Group releases preliminary figures for fiscal 2009; restatement of
2008 consolidated financial statements; outlook for 2010: growth and profit

Bergisch Gladbach, March 18, 2010 - HAHN-Immobilien-Beteiligungs AG has
released preliminary key figures for fiscal 2009, together with its
projections for fiscal 2010.

Amid an economic environment that remained difficult, the Company performed
as follows:

The Group's revenue decreased to EUR 92.40 million (previous year: EUR
428.11 million). The primary reason for the reduction was a lower
transaction volume, impacted by the current business environment. Also, the
previous year's revenue was comparatively high, because of investments in
assets for an institutional real estate fund.

Although placement activity with private clients was very successful - with
sales volume growing 70 percent - sales commissions were down 5.5 percent,
to EUR 1.03 million. The decrease was caused by temporarily narrower
commission margins.

The Group's recurring management income performed well. Revenue grew 5.1
percent in the Property Management unit, to EUR 4.45 million, and 3.6
percent in the Fund Management unit, to EUR 3.6 percent. Asset Management
expanded its take-up from 34,500 m2 to 47,200 m2.

Property under management by the Hahn Group at December 31, 2009, was on a
par with the previous year, at EUR 2.02 billion. Given the difficult
general economic environment, the occupancy rate for the portfolio as a
whole, at 97.6 percent demonstrates the strong stability and reliable
income offered by large retail properties.

A number of exceptional factors adversely affected earnings for 2009. Risks
were addressed and reduced by valuation adjustments and by the losses taken
on the reduction of real estate assets.  Non-recurring exceptional expenses
and marketing costs were incurred for the placement of the HAHN FCP
institutional fund. Restructuring expenses associated with moderate staff
cutbacks also had an adverse effect.

The prior-year consolidated financial statements (for fiscal 2008) were
restated in the preparation of the financial statements for 2009. In the
sale of properties to investors, obligations had been undertaken that
resulted in a reduction of the purchase price. These obligations were not
yet taken into account at December 31, 2008. The information was corrected
retrospectively in the consolidated financial statements for 2009. The
restatement resulted in a decrease of EUR 4.5 million in the net revenue
and consolidated net earnings for 2008. There was a corresponding increase
in other financial liabilities and a commensurate decrease in the Group's
equity. All prior-year figures from 2008 mentioned here refer to the
restated values.

The operating earnings (EBIT) for 2009 decreased to EUR -3.25 million
(previous year: profit of EUR 13.57 million). Pared-back real estate
holdings meant that rental income was down to only EUR 7.91 million,
compared to EUR 32.85 for the previous year. In this context the net
finance expense improved from EUR -24.53 million to EUR -8.19 million.
Earnings before tax, at EUR -11.44 million, were roughly on a par with the
previous year (EUR -10.96 million). The after-tax loss was EUR -6.13
million (previous year: EUR -9.87 million), equivalent to earnings per
share of EUR -0.51 (previous year: EUR -0.82).

Total assets were lowered substantially by the scheduled sale of investment
property and portions of property held for sale, so that the equity ratio
as of the reporting date improved accordingly, from 12.91 percent to 16.30
percent. The planned cash capital increase of a total of 2.3 million
shares, this equates to EUR 12.65 million, in connection with the
cooperative arrangement with the UNIMO Group that was announced at the
beginning of the year, will continue building the Hahn Group's financial
strength still further.

The Management Board expects higher non-recurring income and management
income for fiscal 2010, with demand for professionally managed real estate
funds to increase among private and institutional investors. The Group is
well positioned for a sustainable turnaround in profitability. The Hahn
Group expects to show a consolidated profit for 2010.

The complete figures for fiscal 2009 and the restated comparison figures
for fiscal 2008 will be released on March 31, 2010.

Contact information     

Hahn Group     

Marc Weisener   

Investor and Press Relations  

Buddestrasse 14   

51429 Bergisch Gladbach  

Phone: 02204-94 90-118  

Fax: 02204-94 90-139  

Email: mweisener@hahnag.de   


18.03.2010 Ad hoc announcement, Financial News and Media Release
distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      HAHN-Immobilien-Beteiligungs AG
              Buddestrasse 14
              51429 Bergisch Gladbach
              Deutschland
Phone:        +49 (0)2204 9490-118
Fax:          +49 (0)2204 9490-139
E-mail:       mweisener@hahnag.de
Internet:     www.hahnag.de
ISIN:         DE0006006703
WKN:          600670
Indices:      General Standard
Listed:       Regulierter Markt in Frankfurt (General Standard);
              Freiverkehr in Berlin, Düsseldorf, München, Hamburg,
              Stuttgart
 
End of News                                     DGAP News-Service
 
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