HELMA Eigenheimbau AG — Interim / Quarterly Report 2015

Aug 31, 2015

2015 half-year report

Contents	The HELMA Group at a glance 3
	The Share 4
	Corporate bond 6
	Interim Group management report 8
	Organisational structure 8
	Business areas8
	Business trends and profitability 10
	Net assets and financial position 12
	Order book 15
	Investments 16
	Employees and the company's boards 16
	Risk report 17
	Report on events subsequent to the reporting date.17
	Dividend18
	Medium-term growth strategy 18
	Forecast report 18
	Consolidated balance sheet 20
	Consolidated statement of total comprehensive income 22
	Consolidated cash flow statement 23
	Consolidated statement of changes in equity 24
	Notes to the Consolidated Financial Statements 25
	Contact / Financial Calendar / Editorial 27
	HELMA-locations 28

Note:

The English version of the half-year report of HELMA Eigenheimbau AG at hand is a non-binding translation of the German version. Should any deviations between the English and German versions be found, only the German version applies.

The HELMA Group at a glance

Earnings

in k€	H1 2015	H1 2014
Revenue	76,997	65,180
EBITDA	5,779	4,439
Operating earnings (EBIT)	4,910	3,617
Earnings before taxes (EBT)	3,265	2,009
Net income after minority interests	2,177	1,374

Sales performance

in k€	H1 2015	H1 2014
Net new orders received	113,080	86,123

Selected balance sheet items and key figures

		06/30/2015	12/31/2014
Property, plant and equipment	in k€	15,925	16,139
Inventories including land	in k€	125,364	96,054
Cash an cash equivalents	in k€	6,709	6,916
Equity	in k€	52,728	40,952
Net debt	in k€	87,776	79,401
Total assets	in k€	194,669	159,947
Equity ratio	in %	27.1	25.6

Other data

	06/30/2015	12/31/2014
Number of employees	236	233

The Share

Key data

Class	Nil-par ordinary bearer shares
ISIN / Ticker symbol	DE000A0EQ578 / H5E
Share capital	€3,700,000
Initial listing	September 19, 2006
Market segment	Entry Standard

Share price performance

The HELMA share started 2015 at a price of € 26.10. Accompanied by positive business results, the share appreciated over the following months, reaching an all-time high of around € 40 in mid-April 2015. The closing price of the HELMA share in XETRA trading as of June 30, 2015 was € 35.19, reflecting a marked gain since the start of the year of around 35 %.

Performance of the HELMA share

Analyst coverage

The development of the HELMA share continued to be assessed and commented upon in the 2015 business year by the analysts Frank Laser (Warburg Research), Cosmin Filker (GBC Research) and Jens Jung (Steubing Research). In their respective studies, all three research houses issued buy recommendations for the HELMA share. The current analysts' recommendations can be downloaded from the HELMA website, within the Investor Relations area.

Research Company	Date	Stock price target	Recommendation
	07/13/2015	€47.50	Buy
	07/13/2015	€47.00	Buy
	07/13/2015	€44.00	Buy

Shareholder structure

After entry of the capital increase in the commercial register on March 2015, the shareholder structure is as follows:

A total of 50.5% of the shares in HELMA Eigenheimbau AG are held by the family of company founder and CEO Karl-Heinz Maerzke, who consequently continues to hold a majority interest. CFO Gerrit Janssen holds a further 0.3%. The free float stands at 49.2%.

Corporate bond

Key Data

Issuer	HELMA Eigenheimbau AG
ISIN	DE000A1X3HZ2
Volume	€35.0 million
Corporate rating	BBB (Investment grade; Creditreform Rating AG)
Annual coupon	5.875% p.a.
Coupon payment date	Annually on September 19
Term	September 19, 2013 - September 19, 2018 (exclusive)
Listing	Frankfurt Stock Exchange - Entry Standard

Corporate rating history

At the end of 2010, HELMA Eigenheimbau AG subjected itself for the first time to a corporate rating procedure by Creditreform Rating AG. Its BBB investment-grade rating was set in November 2010. As part of the last bond issue, the corporate rating by Creditreform Rating AG was renewed in July 2013, and is since subject to an annual update. The rating is currently unchanged at BBB, thereby stably within the investment grade range.

Validity	Agency	Corporate rating
11/08/2010-11/07/2011	Creditreform Rating AG	BBB (Investment-Grade)
07/25/2013-07/20/2014	Creditreform Rating AG	BBB (Investment-Grade)
07/21/2014-07/13/2015	Creditreform Rating AG	BBB (Investment-Grade)
07/14/2015-10/13/2016	Creditreform Rating AG	BBB (Investment-Grade)

Bond price performance

The price of the HELMA bond traded in a range between 105.00 % and 108.00 % during the first half of the current year, thereby significantly above par over the whole period. The HELMA bond started the year on the Frankfurt Stock Exchange at a price of 105.85 %, and closed the first half of the year at 107.50 %.

Performance of the HELMA bond

Interim Group management report

Organisational structure

HELMA Eigenheimbau AG is the parent company of the HELMA Group, and is also operationally active as a customer-oriented building services provider. The company also provides services connected with the management, planning, and execution of construction projects on the basis of a non-gratuitous contract for services or work for its subsidiaries HELMA Wohnungsbau GmbH and HELMA Ferienimmobilien GmbH, which primarily operate in the business of developing residential and holiday properties. As a financial advisory company and home insurance broker, the subsidiary Hausbau Finanz GmbH rounds out the HELMA Group's product range.

Karl-Heinz Maerzke, MD (0.82%) Harald Beinlich, MD (0.41%) Third Party (4.83%) HELMA Eigenheimbau AG Per Barlag Arnholm, MD (4.9%) 89.93% 100% 95.1% 4.01% HELMA Wohnungsbau GmbH Hausbau Finanz GmbH HELMA Ferienimmobilien GmbH MD=Managing Director

Organisational chart of the HELMA Group

Business areas

Provider of construction services to owner-occupier housebuilders – since 1980

HELMA Eigenheimbau AG is a customer-oriented provider of a full range of construction services. The company focuses on the development, planning, sale, and construction management of turnkey or partially completed detached and semi-detached houses using the solid construction method. Particularly the option of individual planning and individualisation without extra costs, as well as the company's outstanding know-how in the area of energy-efficient construction methods, are perceived on the market as HELMA Eigenheimbau AG's unique selling propositions. With its persuasive sustainable energy concepts, the company has established itself as one of the leading providers of solar energy-saving homes, and is one of the most experienced companies in the solid construction house sector, having constructed several thousand owner-occupier homes.

Property development business for owner-occupier homes – since 1984

Through its subsidiary, HELMA Wohnungsbau GmbH, the HELMA Group also operates as a property developer, focusing on the purchase of attractive property areas that are sold together with individually planned solid-construction HELMA homes as units to private individual customers. The exclusive property areas owned by the company represent a decisive sales argument. Target construction areas comprise up to 250 building plots, and are located in major cities such as Berlin, Frankfurt, Hamburg, Hanover and Munich. We have established an extensive track record over recent decades, particularly in major metropolitan areas such as Hanover and Berlin, boasting Germany's largest unofficial showhouse park with its construction area in Berlin-Karlshorst, where approximately 400 units have meanwhile been constructed. Along with detached and semi-detached houses, the product portfolio is expanded by terraced houses as well as owner-occupier apartments in multi-family houses constructed to tried and tested solid-construction high quality in select locations.

Finance and building insurance broking for owner-occupier homes – since 2010

Through Hausbau Finanz GmbH, we offer an additional service to customers and prospective homebuyers through our own in-house financial advisory and broking service for building loans that is independent of particular banks. Hausbau Finanz GmbH also arranges building insurance, and commands an extensive customer base in both areas.

Holiday property development business – since 2011

Through HELMA Ferienimmobilien GmbH, the HELMA Group operates in the property development business for holiday homes. The focus here is on the development, planning and sale of holiday homes and apartments that are to be created at locations with good infrastructure development, predominantly on Germany's North Sea and Baltic coasts, as well as other attractive German seaside locations. Most of these properties will be sold to private customers for their own use, or as a capital investment. With the additional inclusion of strong partners for the further management of properties in the areas of rental, administration and caretaking service, we offer our customers an attractive all-inclusive package that comprises an important unique selling point.

Property development business in the residential properties for investment area - since 2013

Through HELMA Wohnungsbau GmbH, the HELMA Group since 2013 no longer operates just in the owneroccupier homes, but also develops and realises residential and partially residential construction projects intended for sale to institutional investors. As part of developing these building projects, we select suitable plots of land in the light of the needs of potential investors and their tenants using extensive market surveys, whereby all conurbation areas of more than 100,000 inhabitants generally comprising potentially interesting markets for us. The projects are then pre-planned with the help of external architects, whereby the respective building law regulations are also examined. We then prepare an offer with detailed information about expected returns, and about the potential target group (tenants), including a growth scenario. After planning the entire construction and obtaining building approvals, potential investors are contacted directly about a purchase of the entire residential real estate project. Following the sale, the construction of the building according to solid construction methods is then issued to a general contractor at a fixed price. Our own project developers and construction engineers are responsible for controlling construction progress, thereby ensuring compliance with quality standards.

Business trends and profitability

Revenue trends

In the first half of 2015, the HELMA Group grew its revenue by around 18 % year-on-year, from € 65.2 million to € 77.0 million.

HELMA Eigenheimbau AG generated around 44 %, or € 33.5 million, of the total consolidated revenue during the first six months of the current financial year (H1 2014: € 33.0 million). This represents a slight increase of 2 %. The fastest revenue growth was reported by HELMA Wohnungsbau GmbH, at 73 %, to € 40.2 million. Its share of consolidated revenue rose accordingly from 36 % to 52 %. An approximately 4 % revenue share, equivalent to € 2.8 million (-67 %), is attributable to HELMA Ferienimmobilien GmbH. In relation to the reported revenue decline at HELMA Ferienimmobilien GmbH, it should be noted that the percentage of completion (PoC) method is not to be applied at this company pursuant to IFRS, in contrast to HELMA Eigenheimbau AG and HELMA Wohnungsbau GmbH. This means that revenue recognition according to the progress achieved with construction is not possible with any of the building projects at HELMA Ferienimmobilien GmbH, and that revenue is consequently not recognised until the respective construction projects have been completed. As the by far predominant proportion of this year's completed construction projects at HELMA Ferienimmobilien GmbH are expected in the fourth quarter, this will generate a completely different view on a full-year basis that will then also adequately reflect the continued positive business trend at HELMA Ferienimmobilien GmbH. Revenue of € 0.5 million was generated at Hausbau Finanz GmbH during the first six months of the current financial year (H1 2014: € 0.4 million).

in k€ H1 2015 Share H1 2014 Share HELMA Eigenheimbau AG 33,504 43.5% 32,977 50.6% HELMA Wohnungsbau GmbH 40,235 52.3% 23,233 35.6% Hausbau Finanz GmbH 452 0.6% 381 0.6% HELMA Ferienimmobilien GmbH 2,806 3.6% 8,588 13.2% Total 76,997 100.0% 65,180 100.0%

HELMA Eigenheimbau AG

Hausbau Finanz GmbH

Contributions of Group companies to Group revenue (according to IFRS)

Earnings trends

The changes in stocks of finished goods and work in progress, which are characterised mainly by additions and disposals of plots of land, amounted to € 27.1 million in the first half of the year 2015, up significantly compared with the previous year's € 13.6 million. Further major additions of plots of land are also anticipated in the second half of the year. The total output of the HELMA Group consequently amounted to € 104.1 million in the period under review, € 25.3 million above the prior-year period (H1 2014: € 78.7 million). Given continued gratifying gross profit margins, half-yearly earnings before interest and tax (EBIT) consequently grew by 36% to € 4.9 million.

Group revenue and group EBIT H1 2014-2015 (according to IFRS)

The net financial result of € -1.6 million during the period under review was almost unchanged compared with the first half of 2014. Overall, the Group generated earnings after minority interests of € 2.2 million (H1 2014: € 1.4 million). Earnings per share improved accordingly from € 0.42 to € 0.61. This represents 45% growth, reflecting the continued positive profitability trend of the HELMA Group.

Business progress at the HELMA Group (according to IFRS)

in k€	H1 2015	H1 2014
Sales revenue - of which revenue from long-term construction orders (PoC-method)	76,997 28,646	65,180 19,631
Changes in stocks of finished goods and work in progress	27,055	13,550
Total output	104,052	78,730
Other own work capitalised	0	0
Other operating income	548	643
Expense for materials and third-party services	-84,045	-61,802
Personnel expense	-8,580	-7,725
Other operating expenses	-6,195	-5,407
EBITDA	5,779	4,439
Depreciation/amortisation	-869	-822
Operating earnings (EBIT)	4,910	3,617
Net financial result	-1,645	-1,609
Earnings before taxes (EBT)	3,265	2,009
Income tax	-1,072	-619
Net income before minority interests	2,193	1,389
Minority interests' share of earnings	-16	-16
Net income after minority interests	2,177	1,374
Earnings per share	0.61	0.42

Net assets and financial position

Assets

The total assets of the HELMA Group grew from € 160.0 million to € 194.7 million in the period under review. Noncurrent assets as of June 30, 2015 of € 18.1 million were € 0.2 million below their level at the end of the last financial year, reflecting an equal reduction in property, plant and equipment. Current assets reported a further significant increase from € 141.6 million to € 176.6 million. This rise is mainly due to an increase in inventories as a result of additions of plots of land and progress realised with projects.

Group balance sheet structure: assets (according to IFRS)

Equity and liabilities

On the equity and liabilities side of the balance sheet, equity reported a marked increase of € 11.8 million to € 52.7 million due to the net income that was generated in the first half of the year, and the successful completion of the capital increase in March 2015, which entailed placing 290,000 shares at a price of € 34.00 per share with institutional investors. This corresponds to a 27.1 % equity ratio as of mid-2015 (December 31, 2014: 25.6 %).

Non-current liabilities increased from € 76.8 million to € 78.2 million during the period under review. This growth arises from issuing a bond with a total volume of € 5.0 million. The bond consists of two tranches. The first tranche carries a five-year maturity, a 2.914 % fixed interest rate, and comprises a volume of € 3.0 million. The second tranche carries a seven-year maturity, a 3.587 % fixed interest rate, and comprises a volume of € 2.0 million.

Current liabilities reported a marked rise from € 42.2 million to € 63.8 million, which is particularly attributable to an increase in current financial liabilities and in other current provisions.

Overall, the HELMA Group consequently continues to enjoy very solid equity backing and a very healthy capital structure as of the balance sheet date.

in k€	06/30/2015	Share	12/31/2014	Share	% 100	27.1	25.6	 Equity  Non-current liabilities Current liabilities
Equity	52,728	27.1%	40,952	25.6%
Non-current liabilities - of which non-current financial liabilities	78,158 73,281	40.1% 37.6%	76,816 71,796	48.0% 44.9%	75	40.1	48.0
Current liabilities	63,783	32.8%	42,179	26.4%	50	32.8
- of which current financial liabilities	21,204	10.9%	14,521	9.1%	25		26.4
Total equity and liabilities	194,669	100.0%	159,947	100.0%	0	Equity and liabilities 06/30/2015	Equity and liabilities 12/31/2014

Group balance sheet structure: equity and liabilities (according to IFRS)

Cash flow statement

The HELMA Group's first-half operating profit is clearly evident when observing the cash earnings item in cash flows from operating activities, which amounted to € 3.1 million. As in the prior-year period, a further expansion of working capital occurred of approximately € 20.4 million compared with the end of the 2014 financial year, mainly due to land acquisitions that were necessitated for continued revenue growth in the property development business, and progress realised with projects. As a consequence, cash flow from operating activities amounted to around € -17.4 million in the first six months of the year under review (H1 2014: € -8.5 million).

Due to the year-on-year reduction in investments (please see the section on investments) in property, plant and equipment, and intangible assets, cash flow from investing activities amounted to € -0.6 million during the period under review (H1 2014: € -1.2 million).

Cash flow from financing activities stood at € 17.8 million in the first half of 2015, and arose especially from the share capital increase and a bond issue.

The HELMA Group has € 6.7 million of financial funds as of the balance sheet date. The HELMA Group also has at its disposal free and undrawn credit lines in a high single-digit amount in millions of euros. As a consequence, HELMA Group's financial position remains very solid.

Group cash flow statement (according to IFRS)

in k€	H1 2015	H1 2014
Cash flow from operating activities	-17,368	-8,477
- of which cash earnings	3,076	2,997
- of which change in working capital	-20,441	-11,485
- of which gain/loss on disposal of fixed assets	-3	11
Cash flow from investing activities	-600	-1,154
Cash flow from financing activities	17,760	16,878
Cash and cash equivalents at the start of the period	6,916	6,821
Cash and cash equivalents at the end of the period	6,709	14,069

Order book

New order intake

During the first half of the 2015 financial year, the HELMA Group successfully continued the past years' extremely dynamic new order intake trend. Consolidated net new order intake was up by € 27.0 million to reach € 113.1 million in the first six months of the current financial year (H1 2014: € 86.1 million). This reflects 31 percent growth in net new orders received, driven by valuable contributions from both the classic building services business and the property development business operated by the Group's subsidiaries.

We firmly assume that dynamic growth rates in new order intake can continue to be achieved during the second half of the year, thereby successfully forming the basis for the planned further revenue and earnings growth in the coming year.

Order book position

The HELMA Group's net order book position, which is composed of the net order book total held as of the balance sheet date, and consequently of orders that have not yet been finally settled, amounted to € 237.1 million as of June 30, 2015, thereby around € 71.4 million, or 43%, above the previous year's figure. This amount includes revenues of € 80.9 million partially realised according to the percentage of completion method (June 30, 2014: € 47.6 million). As in previous years, the highest order book position in the company's history as of the mid-year stage comprises an excellent starting position for strong revenue growth in the second half of the year.

HELMA Group new order intake and order book position

Investments

Investments in property, plant and equipment, and in intangible assets, amounted to around € 0.7 million in the period under review (H1 2014: € 1.7 million).

In the land and buildings area, these were mainly attributable to the administration building in Lehrte. In the office and operating equipment area, most of the investments were realised for new vehicles and IT hardware. In the intangible assets area, investments were made in the further development of software.

Besides ongoing investments – including replacement investments in vehicles, showhouse renovation and the purchasing of IT hardware and software, as well as office equipment – the company plans to build a showhouse in Chemnitz and construct a canteen in Lehrte during the second half of 2015.

Investments in property, plant and equipment, and intangible assets

in k€	H1 2015	H1 2014
Land and buildings	30	865
Intangible assets	135	135
Office and operating equipment	486	675
Total	651	1,675

Employees and the company's boards

Compared with the end of the 2014 financial year, the number of staff employed within the HELMA Group increased slightly, rising from 233 to 236 individuals as of June 30, 2015. In the house consulting area, the number of independent specialist advisors with whom we work together in the sales area on a commission basis at various locations raised from 81 to 85. The number of independent financing advisers was unchanged at 26.

Number of employees and independent specialist advisors in the HELMA Group

	06/30/2015	12/31/2014	06/30/2014
Number of employees in the HELMA Group	236	233	223
Number of independent specialist advisors (house consultants)	85	81	86
Number of independent specialist advisors (financing consultants)	26	26	26

The company's boards consist of the following members:

Management Board member

• Karl-Heinz Maerzke (Management Board Chairman)
• Gerrit Janssen
• Max Bode (since July 1, 2015)

Supervisory Board

• Otto W. Holzkamp (Chairman)
• Sven Aßmann (Deputy Chairman)
• Dr. Peter Plathe

Risk report

No significant changes with respect to the risks pertaining to the future development of the business have arisen since the start of the financial year. The Management Board has identified no risks to the company as a going concern. The disclosures made in the risk report contained in the Group financial statements for 2014 consequently continue to apply.

Report on events subsequent to the reporting date

Expansion of the Management Board

At its meeting on June 22, 2015, the Supervisory Board of HELMA Eigenheimbau AG appointed Mr. Dipl.-Kfm. Max Bode (32) to be a further member of the Management Board for a five-year period with effect as of July 1, 2015. Mr. Bode had already been Management Board assistant at HELMA since March 2012, and his Management Board responsibilities comprise the sales and marketing areas.

Corporate rating stable in the investment grade range

In its corporate rating that was renewed on July 14, 2015, Creditreform Rating AG has again awarded HELMA Eigenheimbau AG a highly satisfactory credit rating that is above average compared to the overall economy and the company's sector. This BBB and consequently unchanged investment-grade rating underscores the high solidity and financial strength of HELMA Eigenheimbau AG. The rating summary is available for downloading from the HELMA website, within the Investor Relations area.

Residential real estate project near Hanover sold to institutional investor

In its business area that comprises the planning and realisation of residential real estate projects earmarked for sale to institutional investors, HELMA Wohnungsbau GmbH received an order worth € 25.5 million in August 2015. In this context, a planned residential property project near Hanover that will be completed in the 2017 financial year was sold to an institutional investor.

Besides this, no events of particular significance occurred between the June 30, 2015 balance sheet date and the date when the financial statements were prepared.

Dividend

A dividend of € 0.63 per share for the 2014 financial year was distributed on July 6, 2015.

Medium-term growth strategy

In the section entitled "Medium-term growth strategy" in the management report accompanying the 2014 consolidated financial statements, we made an extensive presentation of the strategic measures with which we aim to achieve our medium-term sales revenue target. This target is presented again below. For a detailed presentation please refer to the aforementioned section of the 2014 Group management report.

The target of the medium-term growth strategy is to reach a consolidated revenue level of € 340 million (2014: € 170.5 million) within the next three years (including the 2015 financial year). It is expected that this consolidated revenue would be comprised approximately as follows in the 2017 financial year:

• Owner-occupier homes area: around € 250 million (2014: € 131.1 million)
• Residential real estate for investors area: around € 40 million (2014: € 12.0 million)
• Holiday properties area: around € 50 million (2014: € 26.7 million)

Forecast report

The economic environment relevant for the residential and holiday properties sector that was described in the Group management report for the 2014 financial year remains positive. In connection with a pleasing business trends of the HELMA Group during the first half of 2015, and on the basis of our record order book position as of the mid-year stage, we confirm our revenue target for the 2015 financial year, whereby we anticipate further significant revenue growth of around € 39.5 million to reach a level of € 210.0 million. It is assumed that all HELMA Group companies will make tangible contributions to this forecast revenue growth in 2015. With a view to our existing projects pipeline, we also confirm our revenue guidance of € 260.0 million for the 2016 financial year, and of € 340.0 million for the 2017 financial year.

Group revenue 2010-2017e (according to IFRS)

Assuming that we achieve the aforementioned revenue level for the current financial year, we anticipate generating € 17.5 million of consolidated EBIT in 2015.

Group-EBIT 2010-2015e (according to IFRS)

Lehrte, August 28, 2015

(signed) Karl-Heinz Maerzke (signed) Gerrit Janssen (signed) Max Bode Management Board Chairman Management Board member Management Board member

Consolidated balance sheet

(according to IFRS)

ASSETS in k€	06/30/2015	12/31/2014
Non-current assets
Other intangible assets	476	526
Goodwill	1,380	1,380
Property, plant and equipment	15,925	16,139
Investment property	284	287
Other non-current assets	1	1
Non-current assets, total	18,066	18,333
Current assets
Inventories	125,364	96,054
Receivables arising from construction orders	29,314	21,382
Trade receivables	10,963	13,829
Tax receivables	282	0
Other current receivables	3,972	3,433
Cash and cash equivalents	6,709	6,916
Current assets, total	176,603	141,614
Total assets	194,669	159,947

Consolidated balance sheet

(according to IFRS)

EQUITY & LIABILITIES in k€	06/30/2015	12/31/2014
Equity
Issued share capital	3,700	3,410
Capital reserves	30,123	20,798
Revenue reserves	7,143	7,143
Balance sheet profit	11,657	9,480
Equity attributable to HELMA Eigenheimbau AG owners	52,623	40,831
Minority interests	105	121
Equity, total	52,728	40,952
Non-current liabilities
Pension provisions and similar obligations	13	13
Other non-current provisions	416	1,256
Non-current financial liabilities	73,281	71,796
Trade payables	1,625	1,791
Deferred tax	2,813	1,960
Other non-current liabilities	9	0
Non-current liabilities, total	78,158	76,816
Current liabilities
Other current provisions	27,629	7,426
Tax liabilities	279	3,744
Current financial liabilities	21,204	14,521
Trade payables	6,131	4,949
Other current liabilities	8,540	11,539
Current liabilities, total	63,783	42,179
Total equity and liabilities	194,669	159,947

Consolidated statement of total comprehensive income (according to IFRS)

in k€	H1 2015	H1 2014
Revenue	76,997	65,180
Change in stocks of finished goods and work in progress	27,055	13,550
Other own work capitalised	0	0
Other operating income	548	643
Expense for materials and third-party services	-84,045	-61,802
Personnel expense	-8,580	-7,725
Depreciation/amortisation	-869	-822
Other operating expenses	-6,195	-5,407
Operating earnings (EBIT)	4,910	3,617
Finance expenses	-1,648	-1,623
Other financial income	2	15
Earnings before tax	3,265	2,009
Income tax	-1,072	-619
Net income before minority interests	2,193	1,389
Minority interests' share of earnings	-16	-16
Net income after minority interests	2,177	1,374

The company has refrained from presenting a reconciliation between net income for the year and total comprehensive income pursuant to IAS 1.81 ff. since the net income corresponds to the total comprehensive income.

Earnings per share in €	H1 2015	H1 2014
undiluted	0.61	0.42

Consolidated cash flow statement

(according to IFRS)

in k€			H1 2015	H1 2014
1.		Earnings after tax	2,193	1,389
2.	+/-	Depreciation/amortisation	870	822
3.	+/-	Change in non-current provisions	-840	514
4.	+/-	Change in deferred tax	853	272
5.	+/-	Other non-cash-effective transactions	0	0
6.	=	Cash earnings (sum of 1 to 5) 3,076
7.	-/+	Change in inventories	-29,310	-15,305
8.	-/+	Change in receivables and other assets -5,887
9.	+/-	Change in current provisions 20,203
10.	+/-	Change in liabilities (excluding financial liabilities) -5,447
11.	+/-	Change in working capital (sum of 7 to 10) -20,441 -11,485
12.	-/+	Gain/loss on disposal of assets	-3	11
13.	=	Cash flow from operating activities (sum of 6, 11 and 12)	-17,368	-8,477
14.	+	Payments received from disposal of property, plant and equipment	51	522
15.	-	Cash outflow for investments in property, plant and equipment	-516	-1,540
16.	-	Outgoing payments for investments in intangible assets	-135	-135
17.	-	Disbursements for investments in financial assets	0	0
18.	=	Cash flow from investing activities (sum of 14 to 17)	-600	-1,154
19.	-	Cash outflows to other shareholders	-32	-87
20.	+	Payments received from capital increase	9,615	6,650
21.		+/- Drawing down/redemption of liabilities	8,177	10,315
22.	=	Cash flow from financing activities (sum of 19 to 21)	17,760	16,878
23.		Net change in cash and cash equivalents (sum of 13, 18 and 22)	-208	7,247
24.		Cash and cash equivalents at the start of the period	6,916	6,821

Consolidated statement of changes in equity

(according to IFRS)

in k€	Issued share capital	Capital reserves	Revenue reserves	Balance sheet profit	Shares of owners of HELMA Eigenheim bau AG	Shares of minority interests	Equity Total
Status December 31, 2013	3,100	14,458	160	10,138	27,856	177	28,033
Payments received from capital increase	310	6,340	0	0	6,650	0	6,650
Withdrawals/deposits	0	0	0	0	0	-87	-87
Consolidated earnings	0	0	0	1,374	1,374	16	1,389
Status June 30, 2014	3,410	20,798	160	11,512	35,880	105	35,985
Status December 31, 2014	3,410	20,798	7,143	9,480	40,831	121	40,952
Payments received from capital increase	290	9,325	0	0	9,615	0	9,615
Withdrawals/deposits	0	0	0	0	0	-32	-32
Consolidated earnings	0	0	0	2,177	2,177	16	2,193
Status June 30, 2015	3,700	30,123	7,143	11,657	52,623	105	52,728

Notes to the Consolidated Financial Statements

as of June 30, 2015

HELMA Eigenheimbau Aktiengesellschaft, Lehrte

1.Key accounting methods

The consolidated balance sheet, the consolidated statement of total comprehensive income, the consolidated statement of changes in equity, and the consolidated cash flow statement were prepared in analogous application of the IFRS as adopted by the EU.

With regard to the accounting, measurement and consolidation methods applied, as well as the exercising of options defined under IFRS, please refer to the Notes to the Consolidated Financial Statements as of December 31, 2014. By way of divergence from these, deferred tax assets and deferred tax liabilities were reported on a net basis as of June 30, 2015. The previous year's figures were restated.

The 2015 interim consolidated financial statements were prepared in euros (€). Unless stated otherwise, all amounts are presented in thousands of euros (k€). Please note that minor differences can occur in the formation of totals due to the commercial rounding of amounts and percentages.

2.Consolidation

The consolidation scope was not subject to change in the reporting period, and comprises both the parent company HELMA Eigenheimbau AG and the following companies:

Name and head office of the company	Share of capital (indirectly and directly)
Subsidiaries of HELMA AG, Lehrte
HELMA Wohnungsbau GmbH, Lehrte	93.94%
Hausbau Finanz GmbH, Lehrte	100.00%
HELMA Ferienimmobilien GmbH, Lehrte	95.10%

3. Events of particular significance

Capital increase

A capital increase was carried out from Authorized Capital on March 20, 2015. As part of this capital increase, 290,000 new stocks at a price of € 34.00 each were placed. Subscribed capital therefore amounts to € 3,700,000.00 and is divided up into 3,700,000 no-par value stocks.

An amount of € 9,570,000.00 attributable to the capital reserve was reduced by the costs after taxes of € 244,448.53 incurred by the capital increase. This amount results from a cost burden of € 347,474.81 that was reduced by the tax burden amounting to € 103,026.28 (29.65%).

4.Earnings per share

Earnings per share were calculated based on the following data:

in k€	01/01-06/30/2015	01/01-06/30/2014
Earnings after tax	2,193	1,389
Minority interests' share of earnings	16	16
Earnings attributable to HELMA Eigenheimbau AG shareholders	2,177	1,374
Number of shares (average during period)	3,575,028	3,286,685
Earnings per share	0.61	0.42

Diluted earnings per share correspond to undiluted (basic) earnings per share since the company has issued no options or equity-equivalent rights.

5.Significant events after the June 30, 2015 reporting date

Significant events after the June 30, 2015 reporting date are listed in the interim Group management report.

Lehrte, August 28, 2015

(signed) Karl-Heinz Maerzke (signed) Gerrit Janssen (signed) Max Bode Management Board Chairman Management Board member Management Board member

Contact / Financial Calendar / Editorial

Investor Relations Contact

HELMA Eigenheimbau AG

Dipl.-Kfm. Gerrit Janssen, CFA Management Board member, CFO

Phone: +49(0)5132/8850-113 Fax: +49(0)5132/8850-111 E-mail: ir@HELMA.de

Financial Calendar

January 15, 2015	2014 Q1-Q4 Sales Figures
March 4, 2015	Preliminary 2014 annual results
April 13, 2015	Annual Report 2014 / 2015 Q1 Sales Figures
July 3, 2015	Annual General Meeting, Lehrte
July 13, 2015	2015 Q1-Q2 Sales Figures
August 31, 2015	2015 Half-year Report
October 6, 2015	2015 Q1-Q3 Sales Figures
November 23-25, 2015	German Equity Forum, Frankfurt/Main
December 8-9, 2015	MKK Munich Capital Market Conference, Munich

Editorial

Publisher

HELMA Eigenheimbau AG Zum Meersefeld 4 D-31275 Lehrte

Registration: Local Court Hildesheim, HRB 201182

General concept and editor HELMA Eigenheimbau AG, Lehrte

Layout HELMA Eigenheimbau AG, Lehrte

Photographs HELMA Eigenheimbau AG, Lehrte Comment on forward-looking statements

The information published in this report relating to the future development of HELMA Eigenheimbau AG refers only to forecasts and estimates and thus not to given historic facts. This merely serves for information purposes and may contain words such as "intend", "aim", "expect", "plan", "forecast", "assume" or "appraise". These forwardlooking statements rely on the information, facts and expectations available to us at present, and therefore only apply at the point in time of their publishing.

Forward-looking statements are generally prone to uncertainties and risk factors difficult to estimate in their impact. The actual results and development of the company could therefore materially deviate from the forecasts. HELMA Eigenheimbau AG intends to monitor and update the published data at all times. Nevertheless, the company is not responsible for adapting the forward-looking statements to later events and developments. As a result, it is neither expressly nor actually liable for and does not assume any guarantee for the timeliness, accuracy and completeness of this data and information.

HELMA-locations

1. Showhouse near Dresden Exhibition "UNGER-Park Dresden" Am Hügel 3A D-01458 Ottendorf-Okrilla Phone: +49 (0) 3 52 05 / 7 57 12

2. Showhouse in Leipzig Am Sommerfeld 3 D-04319 Leipzig Phone: +49 (0) 341 / 52 03 20

3. Showhouse near Leipzig Exhibition "UNGER-Park Leipzig" Döbichauer Straße 13 D-04435 Schkeuditz / OT Dölzig Phone: +49 (0) 3 42 05 / 4 23 60

4. Sales Office near Leipzig Mittelstraße 19 D-06749 Bitterfeld Phone: +49 (0) 34 93 / 82 42 16

5. Showhouse in Chemnitz Exhibition "UNGER-Park Chemnitz" Donauwörther Straße 5 D-09114 Chemnitz Phone: +49 (0) 371 / 26 73 80

6. Sales Office in Berlin-Karlshorst Johanna-Hofer-Straße 1 D-10318 Berlin Phone: +49 (0) 30 / 4 75 94 31 00

7. Sales Office in Berlin HELMA Ferienimmobilien GmbH Kurfürstendamm 42 D-10719 Berlin Phone: +49 (0) 30 / 88 72 08 90

8. Sales Office in Berlin Knesebeckstraße 54 D-10719 Berlin Phone: +49 (0) 30 / 688 14 69 50

9. Showhouse in Berlin-Rudow Silberdistelweg 16 D-12357 Berlin Phone: +49 (0) 30 / 66 76 57 80

10. Showhouse in Berlin-Marzahn Boschpolerstraße 39 D-12683 Berlin Phone: +49 (0) 30 / 54 97 99 80

11. Showhouse in Berlin-Pankow Nizzastraße 2 D-13127 Berlin Phone: +49 (0) 30 / 47 47 67 38

12. Showhouse near Berlin Paul-Gerhardt-Straße 1 D-14513 Teltow Phone: +49 (0) 33 28 / 30 85 20

13. Showhouse near Berlin Spandauer Straße 75 D-14612 Falkensee Phone: +49 (0) 33 22 / 50 57 50

14. Sales Office in Hamburg Hans-Henny-Jahnn Weg 9 D-22085 Hamburg Phone: +49 (0) 40 / 2 71 50 03

15. Sales Office in Kappeln HELMA Ferienimmobilien GmbH Am Albatrosplatz 7 D-24376 Kappeln Phone: +49 (0) 46 42 / 9 24 30 30

16. Showhouse in Bad Fallingbostel Bockhorner Weg 1 D-29683 Bad Fallingbostel Phone: +49 (0) 51 62 / 9 03 78 90

17. Showhousepark in Lehrte Zum Meersefeld 6 D-31275 Lehrte Phone: +49 (0) 51 32 / 8 85 02 00

18. Showhouse in Gießen Schöne Aussicht 8 D-35396 Gießen Phone: +49 (0) 641 / 5 59 29 92

19. Showhouse near Magdeburg Amselweg 5 D-39326 Hohenwarsleben Phone: +49 (0) 3 92 04 / 6 00 78

20. Showhouses near Dusseldorf Hanns-Martin-Schleyer-Straße 19 D-41564 Kaarst Phone: +49 (0) 21 31 / 40 21 70

21. Showhouse in Euskirchen Felix-Wankel-Straße 8 D-53881 Euskirchen Phone: +49 (0) 22 51 / 12 40 88

22. Showhouse near Trier Auf Bowert 7 D-54340 Bekond Phone: +49 (0) 65 02 / 93 84 40 23. Showhouse near Koblenz Showhousecentre Mülheim-Kärlich Musterhausstraße 152 D-56218 Mülheim-Kärlich Phone: +49 (0) 26 30 / 95 62 80

24. Showhouse in Kamen Kamen Karree 6 E D-59174 Kamen Phone: +49 (0) 23 07 / 92 41 90

25. Showhouse near Frankfurt Exhibition "Eigenheim & Garten" Ludwig-Erhard-Straße 37 D-61118 Bad Vilbel Phone: +49 (0) 61 01 / 30 41 70

26. Showhouse in Mannheim Hans-Thoma-Straße 14 D-68163 Mannheim Phone: +49 (0) 621 / 41 07 33 80

27. Showhouse near Stuttgart Exhibition "Eigenheim & Garten" Höhenstraße 21 D-70736 Fellbach Phone: +49 (0) 711 / 52 08 79 90

28. Showhouse near Munich Exhibition "Eigenheim & Garten" Senator-Gerauer-Straße 25 D-85586 Poing/Grub Phone: +49 (0) 89 / 90 47 51 50

29. Office near Munich Carl-Zeiss-Ring 19 D-85737 Ismaning Phone: +49 (0) 89 / 4 53 54 65

30. Showhouse near Erlangen Industriestraße 37b D-91083 Baiersdorf Phone: +49 (0) 91 33 / 6 04 44 40

31. Showhouse near Würzburg Otto-Hahn-Straße 7 D-97230 Estenfeld Phone: +49 (0) 93 05 / 98 82 80

32. Showhouse in Zella-Mehlis Rennsteigstraße 2-6 D-98544 Zella-Mehlis Phone: +49 (0) 36 82 / 4 69 10

HELMA Eigenheimbau AG Zum Meersefeld 4 D-31275 Lehrte

Phone: +49(0)5132/8850-0 Fax: +49(0)5132/8850-111 E-mail: info@HELMA.de

www.HELMA.de