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Company Name: Hansteen Holdings PLC

Place of Registration: England and Wales

Registered Number: 05605371

Registered Office Address:

1st Floor, Pegasus House,
37-43 Sackville Street
London W1S 3DL

Telephone: +44 (0)207 408 7000
Fax: +44 (0)207 408 7001

VAT number 872 5613 11

Regional offices

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016

23 Aug 2016

HALF YEAR RESULTS

 

Hansteen (LSE: HSTN), the investor in UK and continental European industrial property, announces its half year results for the six months ended 30 June 2016.

Financial Highlights

  • Normalised Income Profit (“NIP”) increased by 28.1% to £29.2 million (H1 2015: £22.8 million)
  • Normalised Total Profit (“NTP”) of £30.8 million (H1 2015: £30.1 million)
  • EPRA NAV per share increased by 11.9% to 124.4p
  • Adjusted EPRA NAV per share increased by 8.4% to 120.5p (31 December 2015: 111.2p) *
  • IFRS NAV per share increased by 10.2% to 116.0p (31 December 2015: 105.2p)
  • IFRS pre-tax profit of £54.8 million (H1 2015: £103.7 million)
  • November interim dividend increased by 4.8% to 2.2p per share (November 2015: 2.1p per share)
  • Net debt to property value ratio 44.9% (31 December 2015: 41.2%)

Operational Highlights

  • Netherlands portfolio refinanced with a new €145.0 million five-year facility at an all-in cost of 2.6% per annum
  • Property valuation increase across the attributable portfolio of 1.0% or £15.5 million (H1 2015: 7.8% or £87.6 million)
  • Acquisition of a further 3.8% stake in the Ashtenne Industrial Fund (‘AIF’) for £10.2 million increasing ownership to 85.6% - increased to 100% in July – see below
  • Acquisition of remaining 50% of units in Hansteen Saltley Unit Trust for £9.3 million increasing ownership to 100%
  • £15.2 million of sales from the total portfolio** generating profit over 31 December 2015 valuation of £2.0 million or 15.1%

Post balance sheet events

  • Acquisition of remaining 14.4% units in AIF for £39.5 million increasing ownership to 100%
  •  UK portfolio refinanced with a new £330 million five-year loan facility at an all-in cost of 2.7% per annum 

* EPRA NAV of 120.5p assumes the same treatment of the convertible bond as 31 December 2015
** Total portfolio relates to property, owned and managed, of Hansteen and its associated funds

READ THE FULL REPORT HERE 

James Hambro, Chairman, commented:Light industrial property is one of the few areas of the property sector which has not yet surpassed its previous value highs. Yields are still high relative to the cost of money. Hansteen’s portfolio has a simple yield of 7.6% (passing rent divided by value) and our all-in cost of borrowing is 3.2%. That yield has consistently translated into one of the highest earnings amongst the REIT sector and wrapped in the yield and earnings is around 450 acres of undeveloped land and 5.3 million sq ft of vacant space, both of which does not produce income but will in time produce further value.” 

For more information:

Ian Watson / Morgan Jones  Jeremy Carey
Hansteen Holdings PLC Tavistock
Tel: 020 7408 7000 Tel: 020 7920 3150