DGAP-News

HAHN-Immobilien-Beteiligungs AG: Hahn Group expands fund business whilst earnings perform according to plan - Seite 3

because a lower volume of retail objects were tied up, generating less
rental revenue. Countervailing this were lower property operating costs and
financing costs, which are included in the material expenses. Personnel
expenses climbed from EUR 3.20 million to EUR 3.41 million. The number of
employees increased accordingly against the reporting date of the
prior-year period to 75 members of staff. Other operating expenses
increased from EUR 2.84 million to EUR 3.24 million as a result of higher
legal and consulting costs.

The Group's gross profit went down from EUR 7.71 million to EUR 6.41
million as expected. At EUR -0.38 million, the operative result,
respectively earnings before interest and taxes (EBIT), was down on the
prior-year figure of EUR 1.53 million. The above mentioned reduction in
assets held for sale meant that the financial result improved from EUR
-2.26 million to EUR -1.42 million. Earnings before income taxes came to
EUR -1.80 million (H1 2013: EUR -0.73 million). Consolidated earnings after
taxes amounted to EUR -1.13 million (H1 2013: EUR -0.14 million), which
equals earnings per share of EUR -0.09 (previous year: EUR -0.01).

As at June 30, 2014 the balance sheet total was EUR 93.52 million and
therefore more or less unchanged from the year end 2013 (EUR 92.71
million). The repayment of current account credit lines saw liabilities to
banks reduced by around EUR 3.0 million. As at balance sheet date, equity
came to EUR 31.81 million (December 31, 2013: EUR 32.57 million), with the
equity ratio at 34.0 percent as against the 35.1 percent at the yearend
2013.

Forecast

The Hahn Group confirms its earnings outlook from the Annual Report. For
the full year 2014, the Board of Management expects to generate
consolidated earnings after taxes in the range of EUR 2.2 to 3.2 million.
These projections continue to be based on the assumption that the sale of a
new public AIF can still start during the current year.

The Hahn Group
For more than three decades already the Hahn Group has specialised as asset
and investment manager on large-scale retail properties. In its company
history, the Hahn Group has successfully issued more than 170 property
funds. The current assets under management total well over EUR 2.4 billion.
Given its comprehensive expertise in real estate and asset management, the
Hahn Group offers its private, semi-professional and professional investors
a true USP in its market segment. The Group manages and controls the entire
value-creation chain of the retail properties under its management at over
150 different sites. This is creating value with retail space.