Read HANSTEEN INTRODUCTION text version

PRELIMINARY RESULTS 1 January 2009 ­ 31 December 2009

HANSTEEN HOLDINGS PLC

March 2010

CORPORATE OVERVIEW

· Real Estate Investment Trust · Main Market FTSE 250 · Internally managed · True alignment of management · Net Asset Value £380 million as at 31 December 2009

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HIGHLIGHTS 2009

· £201 million new equity raised in company; £60 million in JPUT · Move to the Official List and conversion to a REIT · 31 December 2009 Net Asset Value of 84p per share ( 2008 adjusted 91p per share) · Normalised profit increased by 30% to £15.4 million (2008 £11.8 million) · Maintained dividend of 3.2p per share · 2010 acquisition of German portfolio for 330 million with 9.2% yield and 24% vacancy

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PROFIT & LOSS ACCOUNT for period ending 31 December 2009

2009 £m Turnover 38.9 34.9 (8.2) 26.7 (3.9) (11.0) 11.8 2008

Cost

Admin Interest Normalised Profit Revaluation Currency etc Pre-tax Profit/ Loss

(5.5)

33.4 (7.2) (10.8) 15.4 (32.5) (4.2) (21.3)

(41.6)

(31.1) (60.9)

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BALANCE SHEET

as at 31 December 2009

2009 £m

Goodwill Properties Investments 2 421 24

2008 £m

2 495 27

Debtors/ Creditors

Net Debt Derivative Instruments NAV (IFRS) Adjustments NAV (EPRA) IFRS NAV per share EPRA NAV per share

(7)

(55) (5) 380 3 383 84p 84p

(253)

(59) 212 15 227

*91p

*95p

* adjusted

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PORTFOLIO BREAKDOWN as at 31 December 2009

No properties

Area sqm

Rent

Valuation

Yield

Euros m

Sterling £m

Euros m

Sterling £m

%

Germany Holland

50 33

437,781 369,641

19.8 14.5

17.6 12.9

220.1 180.7

195.6 160.6

9.0 8.0

Belgium

France Other Assets Total

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4 5

49,973

79,042 8,849

3.4

2.4 0.5

3.0

2.1 0.4

42.7

20.7 9.6

37.9

18,4 8.5

8.0

11.8 5.2

105

945,286

40.6

36.0

473.8

421

8.6%

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HBI ACQUISITION IN GERMANY PORTFOLIO

· · · · · · · 34 freehold properties across Germany Approx 861,010 sqm of lettable area on 205 hectares Let to occupiers for industrial, workspace and office use Net annual rent receivable of 30.3 million per annum, equating to an initial yield of 9.2% Current vacancy of 24.4%, with an ERV of up to 7.7 million Capital value of built space 384 per sqm compared to an insurance rebuild cost of 798 per sqm Originally acquired for approximately 439 million and at peak, valued at 454 million

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HBI ACQUISITION IN GERMANY ­ PURCHASE STRUCTURE

· Purchase price of 4 for 34 Luxembourg registered companies each holding German properties A further injection of 70 million to pay down debt and to buyout existing hedging instruments to current market levels

·

·

·

Stapled bank facility of 260 million

Effective purchase price 330 million

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HBI ACQUISITION IN GERMANY ­ DEBT TERMS

· · · 260 million five year facility led by UniCredit Margin 110 basis points Loan to value covenants none in year one, 95% in years two and three, 85% in year four falling to 75% in year five Interest cover covenants 132% in year 1, 144% in year 2, rising to 155 % for years three, four and five No fees

·

·

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HBI PORTFOLIO GERMANY

No. 1 2 3 4 5 6

11 32 27 & 31

Property Bremen Braunschweig Steinrieden Leipzigg Gottmadingen Berlin Holzhauser Braunschweig Querumer Delta Forum Neuss Cologne Dietzenbach Philipp-Reis Strasse Glinde Dormagen Berlin Porschestrasse Düsseldorf Gladbeck Troisdorf Dietzenbach Waldstrasse Soltau Maisach Pleidelsheim Berlin Tegel Viersen Regensburg Neukirchen Hannover Rodenbach Reinbek Dieselstrasse Berlin Miraustrasse Bad Schönborn Paderborn Reinbek Borsigstrasse Billbrook Ladbergen Geldern

7 8 9 10 11

13

1

18 5 2 25 33 15 30 24 22 8 14 12 9 16 3 6 21

28

12 13 14 15 16 17 18 19 20

34

7 10

26 17

21 22 23 24

23

29 20

25 26 27

19

28 29 30 31 32 33 34

4

10

HBI Property Portfolio

15 Gladbeck Ellinghorst

13 Berlin Porschesgrasse Str

08 Neuss Business Triangel

34 Geldern Walbecker Str

10 Dietzenbach Philipp-Reiss Str

04 Gottmardingen

09 Porz Hansapark Koeln

14 Duesseldorf Hellerhof Park

17 Dietzenbach11 Waldstr

PRO FORMA COMBINED PROPERTY PORTFOLIO

SQM

000's million

Rent

£ million

Value

million £ million

Existing Portfolio (March 2010)

945

37.7

34.3

474

431

New Portfolio (March 2010)

861

30.3

27.5

330

300

TOTAL

1806

68

61.8

804

731

Assumes 1.10 Euros to 1.00 Pounds

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COMBINED FINANCIAL INSTRUMENTS

Debt Drawn at 31 Dec 09 Committed Facility Margin

1. HBOS 2. FGH 3. Various/Belgium 4. UniCredit

23 m 128.5 m 20 m 260 m* (projected at April 2010)

150 m to July 2014 128.5 m to June 2013 20 m 5 yr minimum 260 m to April 2015

1.75% 1.55% Various 1.1%

Hedging

HBOS

Cap Swap Cap

Swap Cap

25m 50m 50m

50m 50m

5% 2.6% 4.5%

4.46% 4.95%

Feb 2011 Feb 2014 Apr 2011

June 2013 June 2013

FGH

Currency :

Currently un-hedged 13

THE UK MARKET

·

·

Investment market in 2009

Occupier market

·

·

Opportunities in 2010

J.P.U.T

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OUTLOOK

·

Opportunities emerging

·

Strong financial base

15

Information

HANSTEEN INTRODUCTION

15 pages

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