Corporate | 10 November 2010 08:06
HCI Capital AG / Key word(s): Quarter Results
10.11.2010 08:06
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HCI Capital AG generates a clear profit in the first nine months of 2010
* Consolidated net result climbs to EUR 9.3 million
* Consolidated equity rises to EUR 51.6 million
* Equity ratio increases to approximately 50%
* Investments of EUR 110.6 million in HCI funds
Hamburg, 10 November 2010 - HCI Capital AG, one of the leading issuing
houses for closed-end funds, achieved a clearly positive consolidated net
result of EUR 9.3 million for the period to 30 September 2010 (previous
year: EUR -41.9 million). The reason for this success was the
implementation of a comprehensive financial reorganisation at the Company.
The HCI Group significantly improved its profit for the first nine months
of 2010 compared with last year, posting a consolidated net result after
tax of EUR 9.3 million as of 30 September 2010. This figure is EUR 51.2
million higher than that from the previous year (EUR -41.9 million). In the
operating business, earnings from new business, stable revenues from
After-Sales Services and consistent cost savings also had a positive effect
on the result. Gross profit climbed to EUR 24.3 million (previous year: EUR
22.7 million), while the gross profit margin increased to 87.2% (previous
year: 66.2%). 'The positive key financial indicators show that HCI is on a
sound footing and in an excellent competitive position to capitalise on the
opportunities presented by the recovering market. Consistently implementing
the Company's complete financial reorganisation made a significant
contribution towards this,' said Dr. Ralf Friedrichs, Chairman of the
Management Board of HCI Capital AG.
Reorganisation delivers positive consolidated net result and sound key
financial indicators
The HCI Group has significantly strengthened the Company's capital base by
converting bank debts into equity. Between 31 December 2009 and 30
September 2010, equity increased from EUR 33.1 million to EUR 51.6 million.
The equity ratio also soared as a result, from 29.4% up to 49.9%. In
addition to this, the HCI Group's contingent liabilities shrank by more
than EUR 1.6 billion to around EUR 39 million as of 30 September 2010
following the completion of its release from liability.
Ship funds remain the strongest asset class
Investors placed some EUR 110.6 million in HCI funds in the first nine
months of 2010 (previous year: EUR 100.3 million). With invested equity
capital of some EUR 62.4 million in new business, the Ship area remains
HCI's strongest asset class. In addition to the classical placement of
equity capital in new closed-end funds, the HCI Group achieved considerable
success in developing and implementing concepts to secure existing ship
funds. HCI fund investors agreed to reinvest approximately EUR 41.0 million
in order to secure their funds' future market opportunities.
The HCI Group still expects to report a positive consolidated net result
after tax for the full year 2010.
Contact:
HCI Capital AG
Dr. Olaf Streuer
Head of Corporate Communication / Business Development
Tel: +49 40 88 88 1 1100
olaf.streuer@hci-capital.de
10.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: HCI Capital AG
Burchardstraße 8
20095 Hamburg
Deutschland
Phone: +49 (0)40 88881-0
Fax: +49 (0)40 88881-199
E-mail: ir@hci-capital.de
Internet: www.hci-capital.de
ISIN: DE000A0D9Y97, DE000A1EWVW2
WKN: A0D9Y9, A1E WVW
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in München, Düsseldorf, Berlin, Stuttgart,
Hannover
End of Announcement DGAP News-Service
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