HCI Capital AG Annual Report Dr. Andreas Pres, CFO 28 March 2011

Transcription

1 HCI Capital AG Annual Report 2010 Dr. Andreas Pres, CFO 28 March 2011

2 Agenda Summary Market Environment & Distribution Financial Results Outlook 2

3 Summary Global economy regained momentum in 2010 stronger than expected Nevertheless, closed-end funds market keeps on suffering from negative effects subsequent to financial market crisis all in all the market has not yet recovered Investments of EUR million in HCI funds in 2010 including ship funds reinvestments of EUR 47.1 million ship funds remain HCI s strongest product segment Financial year 2010 with positive result, financial ratios significantly improved - major steps implementing the restructuring agreement were conducted: Consolidated result after tax amounts to EUR 5.0 million Increase in consolidated equity to EUR 46.1 million raising equity ratio to 43.4 % Decrease in contingent liabilities by EUR 1.6 billion to EUR 43 million Improvement of placement result and an at least balanced consolidated net result expected for

4 Agenda Summary Market Environment & Distribution Financial Results Outlook 4

5 Global economic growth rates rebound 2010 figures much better than expected Annual growth rates of global production and trade ( ) 12 % 8 % 4 % 5.3 % 7.4 % 2.8 % 2.9 % 5.0 % 12.0 % 7.1 % 6.8 % 4.4 % 4.5 % 0 % - 4 % - 8 % - 12 % % % Forecast Global production Global trade Source: IMF World Economic Outlook Database - October 2010, World Economic Outlook Update January

6 Container ship fleet regains momentum significant decrease of ships lying idle Number of ships Size (TEU) 7, ,000 7,499 3,000 4,999 2,000 2,999 1,000 1, J F M A M J J A S O N D J F M A M J J A S O N D J F Source: Alphaliner February

7 and correspondingly substantial increase of charter rates since end of in USD thousand ,500 TEU (cranes) 3,500 TEU (without cranes) 2,750 TEU (without cranes) 4,400 TEU (without cranes) Source: Clarkson Research Services Ltd.: Shipping Intelligence Network, January 2011; charter rates for container ships 6 12 months 7

8 Bulker and tanker markets remain volatile Baltic Dry Index (BDI) 12,000 10,000 8,000 6,000 4,000 2, Baltic Dirty Tanker Index (BDTI) 2,500 2,000 1,500 1, Bulker markets under pressure due to natural catastrophe (Australia), insolvency of Korea Lines and large order book Tanker markets volatile due to political developments in North Africa and large order book 8

9 Development of equity capital placed in the closed-end funds market Invested equity capital in EUR billion New placements (retail) Institutional investors Capital increases and reinvestments in existing funds Source: VGF Branchenzahlen Geschlossene Fonds 2009,

10 German real estate funds dominated the total placement result in , , , International Germany , , Capital increases / reinvestments in existing funds New placements Real Estate Aircraft Energy Ship Source: VGF Branchenzahlen Geschlossene Fonds 2010; equity capital placed in EUR million (closed-end funds sectors in total) 10

11 HCI Group placement volumes per segment as at 31 December 2010 (in EUR million) Total , % % Transport & % Logistics 1) % 1.1 Real Estate 2) % 12.5 Life Insurance % 1.2 Energy & % Commodities 3) 4.8 Thereof Structured % Products 4) Re-investments in existing funds Investments by ship managers amounting to 24.4 EUR million (2010) and respectively 2.4 EUR million (2009) 1) Ship and Aircraft 2) incl. EUR 0,1 million re-investments in ) HCI Deepsea Oil Explorer (2009), HCI Energy 1 Solar (2009), HCI Energy 2 Solar (2010) 4) Guarantee products and certificates 11

12 Diversification of distribution channels * as at 31 December 2010 Big banks / private banks 2.4 % (6.7 %) Savings banks 4.9 % (20.3 %) Pools 2.6% (6.8 %) Co-operative banks 13.7 % (13.0 %) IFA 76.4 % (53.2 %) * Allocation of equity capital placed in 2010 in percent (figures 2009 in brackets), without HSC investments and equity capital invested by ship managers 12

13 Agenda Summary Market Environment & Distribution Financial Results Outlook 13

14 Consolidated P&L Financial year 2010 (in EUR million) Revenues Other Bestands- Change oper. verände- in inventories income rungen Cost of purchased services EBIT Financial result EBT Taxes Net income 36.8 Personnel expenses Depr.** Other. oper. exp Hammonia Reederei Ordering companies Teilankaufskonzept KG efonds , Results of joint ventures and associated companies at equity: * Asset Management Sales and Design *) previous year s figures **) Depreciation, amortization and impairment of property, plant and equipment and intangible assets -24.3* -51.3* After Sales Services -55.8* Others 14

15 Operational result and one-off effects Financial year 2010 (in EUR million) Compensation claim of banks for the release from contingent liabilities (net present value) -8.5 CALL option HAMMONIA Adjusted operational result 0.6 Revaluation HAMMONIA Depreciation efonds Operating result of affiliated companies / joint ventures Legal & consulting expenses related to restructuring -3.9 Bank fee Other neutralized items EBIT Profit from debt equity swap Other neutralized items Residual financial result EBT Taxes Consolidated net result Operational result Financial result 15

16 Segment Report 2010 vs EBIT by segment in EUR million Design & Sales After Sales Services Asset Management Segments total Other / Holding HCI Group * ) * ) *) Adjustment of 2,9 million EUR in FY09 due to reclassification of fees relating to life insurance funds (previously shown among financial result) 16

17 Consolidated cash flow 01 January December 2010 (in EUR million) Losses (+) / gains (-) from associated companies Cash flow from operating activities Cash and cash equivalents as at 31 December EUR million Net changes in cash and cash equivalents Consolidated net income for the period Cash flows from investing activities Others Increase (-) in working capital -2.2 Cash flows from financing activities -55.8* 14.9* 42.3* 1.0* 2.4* -6.6* -1.6* -5.8* *) previous year s figures (2009) 17

18 Consolidated balance sheet as at 31 December 2010 (in EUR million) Assets Equity and Liabilities 31 December December 2010 Equity Ratio 31 December Intangible Assets 1 Property, plant and equipment 1 3 Financial assets Other non-current financial assets Receivables and other current assets Inventory and other assets Cash and cash equivalents 18 0 Deferred taxes % 29.4 % Equity Debt Provisions Other payables Deferred taxes

19 Contingencies and other financial commitments as at 31 December December December 2009 EUR million EUR million USD million EUR million EUR million USD million Guarantees , ,158 Placement Guarantees Acquisition commitments Total 43 1,655 Add. Contingencies 172 IV HGB amounts to million EUR Rate of exchange as at 31 December 2010: EUR / USD

20 Agenda Summary Market Environment & Distribution Financial Results Outlook 20

21 Outlook 2011 Conclusion of HCI Group s financial restructuring strengthens HCI s rating, stimulates existing and new business relationships and provides financial flexibility for the initiation of new products New products in 2011 mainly focused on ships and real estate; new products ahead: Ship funds, especially container ships, are expected to regain attractiveness for investors first new container ship fund HCI JPO Leo scheduled for the second quarter 2011 Broadening of real estate product offering planned, starting with HCI Berlin Airport Center in April 2011 Outlook on business results for 2011: Clear increase in new placement volume compared to 2010 An at least balanced consolidated net result 21

22 Thank you for your attention 22

23 Disclaimer The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. This document contains various forward looking statements which reflect management s current views with respect to certain future events and financial performance. A number of factors could cause actual results to differ materially from those projected or implied in such statements. This document does not constitute, or form part of, an offer or invitation to purchase any shares and neither it nor part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This material is given in conjunction with an oral presentation and should not be taken out of context. By receiving this document, each investor is deemed to represent that (i) if in the United Kingdom, it is a person who has professional experience in matters relating to investments falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and (ii) if falling outside the United Kingdom, it is a sophisticated investor and possesses sufficient professional investment expertise to understand the risks involved in the offering. HCI Capital AG Burchardstraße 8 D Hamburg hci@hci-capital.de 23