Corporate | 14 November 2007 07:00
HCI Capital AG / Interim Report/Interim Report
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.
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• Placement volume up by 15.7 percent
• Revenue increase of 5.8 percent to EUR 89.3 million
• Year-end forecast of at least EUR 35 million confirmed
• Group earnings basis broadened by successful expansion of institutional
business
(Hamburg, November 14, 2007) During the first three quarters of 2007, HCI
Capital AG increased subscribed capital by 15.7 percent to EUR 434.6
million against the same period for previous year. This growth was
generated primarily by the ship sector (up 50 percent) and the real estate
sector (up 14.3 percent). HCI Capital AG's revenue correspondingly rose by
5.8 percent to EUR 89.3 million. As expected, Earnings before interest and
taxes (EBIT), dropped by approximately 16.4 percent below the previous
year's level to EUR 28.5 million due to higher other operating income of
EUR 21.0 million for the same period last year. As announced earlier, HCI
anticipates earnings of at least EUR 35 million. The successful placement
of HCI Hammonia Shipping AG, with a subscribed equity capital volume of EUR
150 million, reinforces the company's business with institutional
investors.
The Management Board expressed satisfaction with the results for the first
three quarters. As Wolfgang Essing, Chairman of the HCI Management Board
stated, 'All key figures are on target. We see very good chances for
reaching our placement goals. With the placement of HCI Hammonia Shipping
AG finalized our total volume forecast for this year will exceed the EUR
800 million mark for the first time.' Despite the expected decline in EBIT,
earnings after taxes are almost on the same level as last year's figure and
account for EUR 27.2 million, due largely to an improvement in the
financial result and a lower income tax.
Sound placement results in the ship and real estate segments
Sales of ship and real estate funds developed very satisfactorily during
the first three quarters of the year. The ship segment increased its
placement result by 50 percent, bringing it up to EUR 280.3 million. With
world trade continuing to grow, HCI forecasts a strong demand for ship
investment funds in the next few years and has prepared accordingly with
adequate products. The real estate segment grew too, presenting a
14.3-percent rise to EUR 71.1 million, an equally pleasing result. The
demand for secondary life insurance market products and private equity
funds of funds, influenced and affected by the current instability of the
financial market, dropped somewhat. 'HCI has continued to diversify its
product palette, a strategy set two years ago. The current market demand
clearly shows that a sound development in the ship segment can be expected
in the years to come. All the better that the real estate sector is
developing so nicely, too,' HCI chairman Wolfgang Essing concluded.
Steady expansion of product range
Early this year, the company introduced a new sector for structured
products which accounted for 14.4 percent of the placement results,
totalling EUR 62.7 million for the period under review. As CPO Dr. Oliver
Moosmayer noted, 'The success of structured products is a direct result of
a shift in client demand. HCI is will prepared to meet the requirements
with innovative product concept.'
Earnings basis further diversified
With a public shipping company scheduled to go public on November 27, 2007,
institutional investors now have the opportunity to benefit from the
profitable ship fund sector. Dr. Rolando Gennari, CFO of HCI, remarked:
'This step has given us access to a new group of clients, hence further
stabilizing the development of HCI earnings.' Earnings of a recurring
nature rose from EUR 21.9 million to EUR 23.2 million for the period ended
September 30, 2007, thus reducing still further HCI's dependence on revenue
from product sales.
Outlook
Given the present business development, the Management Board forecasts a
consolidated net income after taxes of at least EUR 35 million for 2007
(earnings per share at EUR 1.46) and reconfirms its shareholder-friendly
dividend policy.
Press enquiries:
Ingo Pfeil
HCI Capital AG
Head of Public Relations
Tel. +49 40 88 88 1 236
ingo.pfeil@hci-capital.de
Investor Relations:
Dr. Olaf Streuer
HCI Capital AG
Head of Investor Relations
Tel. +49 40 88 88 1 125
olaf.streuer@hci-capital.de
14.11.2007 Financial News transmitted by DGAP
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Language: English
Issuer: HCI Capital AG
Bleichenbrücke 10
20354 Hamburg
Deutschland
Phone: +49 (0)40 88881-0
Fax: +49 (0)40 88881-109
E-mail: ir@hci.de
Internet: www.hci.de
ISIN: DE000A0D9Y97
WKN: A0D9Y9
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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