Hansteen (LSE: HSTN), the investor in UK and continental European industrial property, announces its full year results for the year ended 31 December 2014.
- IFRS profit before tax increased by 100.9% to £131.2 million (FY 2013: £65.3 million)
- Normalised Income Profit increased by 22.3% to £48.2 million (FY 2013: £39.4 million)
- Normalised Total Profit increased by 41.0% to £65.3 million (FY 2013: £46.3 million)
- Normalised Income Profit per share, increased by 14.5% to 7.1p (FY 2013: 6.2p)
- Diluted EPRA earnings per share increased by 4.0% to 5.2p* (FY 2013: 5.0p)
- Full year dividend increased by 4.2% to 5.0p per share (2013: 4.8p per share)
- Special dividend of 3p per share
- EPRA NAV per share increased by 12.1% to 102p (31 December 2013: 91p)
- Net debt to property value ratio of 41.1% (31 December 2013: 49.3%)
- £315.3 million of sales with a total profit of £26.1 million over 31 December 2013 valuation and £47.7 million over gross acquisition cost
- £267.7 million of properties acquired at an average yield of 9.8% and a vacancy of 16.0%
- Acquisition of a further 9.2% stake in the Ashtenne Industrial Fund (‘AIF’) for £26 million increasing ownership to 36.7% - increased to 40.8% post year end with acquisition of additional 4.1% for £11.0 million
- Placing of 44,834,877 shares to raise £46.3 million
- Completion of the German debt refinancing with banks new to Hansteen at an all-in average cost of 3.8% per annum
- 41 estates acquired in the Netherlands for €106.0 million
- Property valuation increase across the total portfolio of 9.2% (£135.8 million)
- Like-for-like occupancy improvement of 195,000 sq m or 29.2% of vacancy at the start of the year
- Like-for-like rent roll improvement of £1.7 million per annum
* Diluted EPRA earnings includes £13.6 million charge relating to the LTIP. See note 3 of the financial statements.
- See note 3 of the financial statements for a reconciliation of Normalised Income Profit and Normalised Total Profit to the IFRS measure of profit before tax.
- Operational Highlights relate to property, owned and managed, of Hansteen and its associated funds.
James Hambro, Chairman, commented: “Further improvements in both the occupational and investor markets across all three of our core regions have enabled the business to produce another year of record results. We have sold a significant amount of property into a very buoyant UK investment market which has released capital and allowed Hansteen to make some noteworthy acquisitions. These acquisitions fit our business model perfectly having a high initial yield and a material vacant element.”
Ian Watson and Morgan Jones, Joint Chief Executives, added: “The outlook for Hansteen is excellent. We have a high yielding, diverse portfolio of properties valued at substantially below replacement cost. The pan European network of offices and teams that we have established over the last ten years has proved to be first class at operating the business. Our portfolio still has a valuable vacant element to drive the rent roll and rents which look set to grow as the economies in which we operate improve. Risk adjusted returns from industrial property look high relative to many other investments and there is a significant weight of capital looking to invest.”
For full report, please click here:
Full Year Results
For more information:
Morgan Jones / Ian Watson Jeremy Carey / Faye Walters
Hansteen Holdings plc Tavistock Communications
Tel: 020 7408 7000 Tel: 020 7920 3150
Notes to Editors:
HANSTEEN HOLDINGS PLC
Hansteen Holdings PLC (LSE: HSTN) is a European industrial REIT that invests in properties with high yields, low capital costs and opportunity for value improvement across the Netherlands, Germany, Belgium, France and the UK.
Founded by Morgan Jones and Ian Watson, the Company listed on Aim in November 2005 raising £125 million. In 2009, it raised a further £200.8 million by way of a Placing and Open Offer and moved to the Official List, converting to a REIT shortly thereafter. In April 2011, the Company raised a further £150 million by way of a Placing and Open Offer.
At 31 December 2014, Hansteen had total property under management of some 583 assets with a value of £1.6 billion.