Hansteen Press Centre
Interim Results
30th September 2009
Half Year Results
Hansteen Holdings PLC (AIM: HSTN), the pan European property investment company, announces Half Year Results for the six months ended 30 June 2009.
Financials
Normalised profit increased by 50% to £8.7 million (HY08: £5.7 million)*
Net Asset Value down 16% to 107 pence per share (31 December 2008: 128 pence)**
Portfolio 496 million yielding 8.7% compared with 3.3% cost of borrowing
Annualised net rental income of 43.1 million (HY08: 41.3 million)
Corporate Developments after 30 June 2009
£200 million new equity raised
Launch of £90 million UK Industrial Property Unit Trust
Move to the Official List expected on 6 October 2009
Announcement of intention to become a REIT
Adjusted NAV** post issue of new ordinary shares 87 pence per share
Net debt to value 7%***
Jamie Hambro, Chairman of Hansteen commented: The outlook for all the European economies, including the UK, is still uncertain but there is some cause for believing further downside should be limited. The occupational market will doubtless continue to be very challenging but your Board believes that high yielding industrial property with low capital values and a broad spread of tenants is a resilient and defensive investment medium. The high income returns from the portfolio will provide a beneficial backdrop as the Group deploys the new capital.
View Interim Statement click here
For further information:
Morgan Jones/Ian Watson
Hansteen Holdings plc
Tel: 020 7016 8820
David Davies/Matt Goode
KBC Peel Hunt
Tel: 020 7418 8900
Jeremy Carey/Gemma Bradley
Tavistock Communications
Tel: 020 7920 3150
*Normalised profit comprises pre-tax profit excluding gains and losses on investment properties, foreign currency and interest rate derivatives hedge valuations. (Note 6)
**Diluted EPRA basis (Note 7 and 8)
*** Net debt at 30 June 2009 adjusted for net cash from £200m new equity raised
30th September 2009
Half Year Results
Hansteen Holdings PLC (AIM: HSTN), the pan European property investment company, announces Half Year Results for the six months ended 30 June 2009.
Financials
Normalised profit increased by 50% to £8.7 million (HY08: £5.7 million)*
Net Asset Value down 16% to 107 pence per share (31 December 2008: 128 pence)**
Portfolio 496 million yielding 8.7% compared with 3.3% cost of borrowing
Annualised net rental income of 43.1 million (HY08: 41.3 million)
Corporate Developments after 30 June 2009
£200 million new equity raised
Launch of £90 million UK Industrial Property Unit Trust
Move to the Official List expected on 6 October 2009
Announcement of intention to become a REIT
Adjusted NAV** post issue of new ordinary shares 87 pence per share
Net debt to value 7%***
Jamie Hambro, Chairman of Hansteen commented: The outlook for all the European economies, including the UK, is still uncertain but there is some cause for believing further downside should be limited. The occupational market will doubtless continue to be very challenging but your Board believes that high yielding industrial property with low capital values and a broad spread of tenants is a resilient and defensive investment medium. The high income returns from the portfolio will provide a beneficial backdrop as the Group deploys the new capital.
View Interim Statement click here
For further information:
Morgan Jones/Ian Watson
Hansteen Holdings plc
Tel: 020 7016 8820
David Davies/Matt Goode
KBC Peel Hunt
Tel: 020 7418 8900
Jeremy Carey/Gemma Bradley
Tavistock Communications
Tel: 020 7920 3150
*Normalised profit comprises pre-tax profit excluding gains and losses on investment properties, foreign currency and interest rate derivatives hedge valuations. (Note 6)
**Diluted EPRA basis (Note 7 and 8)
*** Net debt at 30 June 2009 adjusted for net cash from £200m new equity raised
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