Full Year Results
Hansteen Holdings PLC (LSE: HSTN), the investor in continental European and UK real estate, announces its final results for the twelve months ended 31 December 2012.
Financial Highlights
|
IFRS pre-tax profit £46.2 million (2011: £8.9 million) |
|
|
Normalised Income Profit £30.8 million (2011: £25.7 million) |
|
|
Normalised Total Profit £34.3 million including £1.8 million insurance receipt (2011: £34.2 million including £5.3 million insurance receipt) |
|
|
Diluted EPRA NAV per share 83p (2011: 82p) |
|
|
Annual dividends payable 4.5p (2011: 4.0p). A dividend yield of 5.6% |
|
|
Basic EPS 6.2p (2011: 1.3p) |
|
|
Diluted EPRA EPS 4.7p (2011: 4.9p). Effect per share of insurance receipt 0.3p (2011: 0.9p) |
Operational Highlights
|
Property portfolio at 31 December 2012 of 2.6 million sq m/28.1 million sq ft (2011: 2.4 million sq m/25.9 million sq ft) |
|
|
Total property increased by 5% to £1 billion (2011: £961 million), annualised rent roll up 7% to £85 million (2011: £79 million) |
|
|
Property valuations increased in both Europe and UK. Overall valuation increase of 2% (£18 million) |
|
|
£78 million of properties acquired during 2012 at an average yield of 11%. A further £60 million purchased in January 2013 at an average yield of 10% |
|
|
£51 million of properties sold profitably during 2012 in 38 transactions at an average yield of 5.5% |
|
|
Average profit on sales of 4% to valuation from December 2011 |
|
|
Vacancy at beginning of year 482,000 sq m/5.23 million sq ft. Like-for-like occupancy improvement in Germany, Benelux and the UK of 89,176 sq m/960,000 sq ft, 4% of the total portfolio |
Post balance sheet events
|
Acquisition of 32 industrial estates (149,000 sq m/1.6 million sq ft) for £60 million at an average yield of 10% increasing annualised rent roll from wholly owned portfolio to £78 million |
|
|
€13.1 million properties sold in Germany at a profit over the 31 December 2012 valuation |
Dividend yield is calculated with reference to dividends payable in relation to the year compared to the closing share price on the last day of the year.
James Hambro, Hansteen Chairman commented: "The Board continues to believe that Hansteen's proven business model, which is to purchase carefully, finance prudently and manage well, a large and diverse industrial portfolio, will produce secure, high and growing returns.
Although over the last few years the Hansteen management team has successfully let or sold material amounts of the vacant property that Hansteen has purchased since flotation, there is still nearly 18% of the portfolio vacant and available to improve earnings and NAV.
The decision to build Hansteen's direct marketing and asset management teams across the UK, Benelux and Germany is now providing the Group with the platform to better exploit our existing portfolio and gives us the opportunity to efficiently absorb any new acquisitions."
