Ernst Russ AG

Earnings Release • May 10, 2010

News Details

Corporate | 10 May 2010 10:00

HCI Capital AG: HCI Capital AG posts positive result for first quarter

HCI Capital AG / Quarter Results

10.05.2010 10:00

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The issuer / publisher is solely responsible for the content of this announcement.

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HCI Capital AG posts positive result for first quarter

* Turnaround in result - equity ratio improves - sound cash holdings
* Bank agreement safeguards growth prospects for the HCI Group
* Total of EUR 38.8 million invested in HCI funds

Hamburg, Germany, 10 May 2010 - HCI Capital AG, one of the leading
independent issuing houses for closed-end funds, achieved a positive
consolidated net result of EUR 1.4 million in the first quarter of 2010.
The Company therefore succeeded in turning around the negative result
posted last year.

With considerably higher earnings from new business and stable income from
After-Sales Services and Asset Management, the HCI Group posted revenues of
EUR 10.1 million in the first quarter of 2010. This meant it almost
succeeded in matching last year's figure. Consistent steps to reduce costs
by some EUR 1.3 million helped the HCI Group to generate earnings before
interest and taxes (EBIT) of approximately EUR 0.7 million from its
operating activities (previous year: EUR -2.2 million). Overall, the
Company recorded a positive consolidated net result of EUR 1.4 million for
Q1 2010. This is approximately EUR 3.9 million down on the first-quarter
figure for last year. Other key financial indicators underline the outcome
of these sound business developments: the equity ratio improved to 31.5% in
Q1. As at 31 March 2010, cash and cash equivalents totalled EUR 21.3
million.

'The worst of it is over; the positive business performance shows that HCI
is on the right track. We have also made the fundamental arrangements with
our banks to ensure that HCI has a sound basis for growth,' said Dr. Ralf
Friedrichs, Chairman of the Management Board at HCI Capital AG. 'HCI will
especially benefit from the recovery in the shipping markets which is
already underway.'

HCI's bank agreement sets standards in the industry
Last year, the HCI Group was the first issuing house to develop together
with banks a trailblazing concept as a means of successfully overcoming the
challenges posed by the financial and economic crisis. The agreement
concluded in February 2010 grants the HCI Group a long-term release from
all contingent liabilities issued to banks until 30 September 2013. This
central aspect of the concept safeguards the HCI Group's financial
stability and provides a sound basis for utilising future market
opportunities. Further moves to completely terminate these liabilities at
individual project level are already at an advanced stage.

Equity of EUR 38.8 million invested in HCI funds
In addition to the original placement of equity in new closed-end funds,
the HCI Group has achieved considerable success in generating additional
financing for existing ship funds. In the first quarter of 2010, more than
2,000 HCI fund investors agreed to reinvest dividends from ship funds
totalling approximately EUR 20.9 million in order to secure their funds'
future market opportunities. As the market environment remained weak, the
HCI Group's placement result for new business came in at EUR 17.9 million
in the first quarter of 2010. The Transport and Logistics product area
accounted for EUR 16.4 million. New equity totalling approximately EUR 1.5
million was placed in the Real Estate, Energy and Commodities, and
Secondary Life Insurance Market product areas.

'Current business developments show that investors are regaining trust in
closed-end funds,' said Dr. Ralf Friedrichs. 'We are confident that this
trend will be amplified in the coming months.'

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

10.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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
WKN: A0D9Y9
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, München, Hannover, Düsseldorf,
Stuttgart

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