HCI Capital AG Nine-month figures 2007 November 14, 2007 Dr. Rolando Gennari, CFO

Transcription

1 HCI Capital AG Nine-month figures 2007 November 14, 2007 Dr. Rolando Gennari, CFO

2 HCI at a glance HCI is one of Germany s Top 4 issuing houses for closed-end funds More than 20 years of experience and a unique expertise with a cumulated investment volume of 12.8 bn, 457 issued funds and 97,500 clients Consequent strategic development from a pure closed-end shipping funds issuing house to a multi sector investment company Strong profitability with an EBIT-margin of 35.1% and a return on equity of 31.9% (financial year 2006) High payout ratio (80% - 90%) and attractive dividend yield (~ 9%) 2

3 HCI Proven business model Core activities Financial engineering & B2B distribution After sales services Asset management & joint ventures Ship funds Real estate funds Private equity fund of funds Secondary market life insurance funds Structured finance products Trust & administration services for 97,500 end-investors and 4.2 bn equity under administration Ship manager of container & bulker vessels HAMMONIA Reederei GmbH & Co. KG Ship manager crude & product tankers HELLESPONT HAMMONIA GmbH & Co. KG Institutional property portfolio management Behringer Harvard & HCI Real Estate Holding B.V. BH & HCI Overschiestraat Holding B.V. Institutional distributors (Banks) Non institutional distributors (IFAs, Financial distribution organizations) Controlling and support service for ~ 390 objects/ships Property management HCI VASTGOED MANAGEMENT B.V." Life insurance policies management services HSC Hanseatische Management GmbH Distribution organization Aragon AG and subsidiaries 9M 2007: 71.5 million 9M 2006: 67.2 million 9M 2007: 16.9 million 9M 2006: 16.4 million 9M 2007: 12.8 million 9M 2006: 5.3 million 3

4 Highlights Strong growth of placed equity (+15.7% yoy) Mainly driven by strong demand for shipping products Increased dynamic in real estate segment with a swing to 14.3% growth Private Equity and secondary market life insurance funds below expectations Structured products with gaining importance Financial results well on track; guidance of at least 35 million net income confirmed 4

5 Placed equity volume 9M 2007 vs. 9M 2006 In million Strong increase vs. 9M-figures 2006 Total % Strong ship segment with a turnaround vs Ship Real estate Private equity Life insurance Structured products * M M % + 14% -64% -24% Real estate segment with a positive swing due to successful placement of HCI Real Estate Growth I USA Private equity below espectation weak demand due to turmoil in credit market Life insurance as expected below 9M 2006 distribution of HSC Optivita X UK ( 50 million) started in September 2007 Structured products (certificates, guarantee products) with a strong market entry * Including ~ 3 m institutional business 5

6 Quarterly placement volumes In million * Q1 Q3 Q2 Q4 41 % 38 %* 17 % 20 % 22 % 22 % 20 % 20 % e * expected 6

7 Product pipeline Q In million Total Ship Real estate Private equity Life insurance Target 2007 Product pipeline M Placement HCI Hammonia Shipping AG Ship Placement of HCI Hammonia Shipping AG already closed with a volume of 150 million more than expected Structured products: HSC Shipping Protect I & HSC Freightrate Protect Certificate II Several core ship funds in placement Real estate HCI Real Estate BRIC+: distribution start in October 2007; CASH-AWARD: best opportunity fund in the real estate market with top ratings from TKL and Feri Rating & Research; target equity volume of USD 45.4 million Private equity Private equity will not hit former target of 45 million; target adjusted to 15 million Secondary life insurance HSC Optivita X UK: distribution start in September 2007 Structured products: HSC Optivita Europe LV-Index Certificate already placed ( 16.3 million) 7

8 Financial performance In million September 2006* September 2007* in % Revenues Other operating income Changes in inventories Cost of purchased services Personnel expenses Depreciation on property & equipment & amortization of intangible assets Other operating expenses Results of associated companies & joint ventures EBIT Financial result EBT Income taxes Consolidated net income for the year Decrease of other operating income due to higher asset trade profits in 2006 Personnel expenses rose due to significant increase of the number of employees from 231 to 251 on average yoy At equity result mainly triggered by the stake in Hammonia Reederei GmbH & Co. KG Financial result mainly driven by gains from redemption of interest swaps Drop of tax ratio from 29.2% to 16.5% yoy due to one-off effects; tax ratio 2008e below 20% * Rounding differences likely to occur 8

9 Development recurring income in million M e Property management Ship operations & management Management of life insurance policies After sales services 9

10 Outlook financials e Placeable equity in EUR million Revenues in EUR million Net income in EUR million Earnings per share in EUR Dividend policy (pay out ratio in %) ~ > 35 ~ Costs of purchased services in m Gross profit in m ~80 ~70 ~70 Previous guidance ~70 Revised guidance Revised sales guidance from 150 million to 140 million due to changed fee structure Gross profit remains unchanged Net income target of at least 35 million 10

11 Product development update Shipping Well filled asset pipeline (>80 vessels; delivery ; investment volume > 3 billion) HCI Deepsea Oil Explorer: partnership financing by HCI Capital AG and MPC Capital AG; investment volume USD 580 million; launch in Q Real estate New opportunity fund of funds with a placeable equity volume > 50 million Strenghten cooperation with Behringer Harvard in Europe ( 1 billion investment volume planned) Structured finance HSC Multi Asset Protect HSC Life Insurance Certificate HSC Shipping Protect 11

12 Key figures HCI share per 12/11/2007 Dividend yield in % ~ 9 Share price in Earnings per share in 2007(e) in 1.46 Price-Earnings-Ratio 2007(e) 10.2 Market Cap in million ~ 353 Average trading volume (Xetra trading) 9M Source: Onvista 12

13 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. 13

14 Contact Investor Relations Phone: +49 (0) / 126 Fax: +49 (0) ir@hci-capital.de HCI Capital AG Bleichenbrücke 10 D Hamburg hci@hci-capital.de 14