• 42 % increase in rental incomes, 27 % in EBITDA
• Positive contribution from property sales despite difficult climate
• Negative revaluation result in Eastern and South Eastern Europe in Q3
• 47 % equity ratio and long-term loan agreements ensure healthy financial base; long-term refinancing of Vivico acquisition loan secured

The positive operating development of CA Immo continued in the third quarter despite the increasingly difficult market conditions. As a result, rental income increased by 42 % from € 90.9 m (1-9 2007) to € 129.5 m (1-9 2008). The growth resulted mainly from the Vivico portfolio, which contributed to the rental income since the beginning of the year. EBITDA increased by 27 % in comparison with the first nine months of 2007 to stand at € 92 million. The figure includes positive contributions from successful sales from the trading portfolio (€ 4.9 million) as well as the stock portfolio (€ 11.2 million). These factors were counterbalanced by a negative revaluation result (€ -6.3 million as compared with € 47.7 million in the same period of 2007), deriving in particular from market value adjustments in Eastern and South Eastern Europe.

In addition to the ongoing interest cost, the financial result for the third quarter was adversely affected by several, mostly non-cash factors (changes in the valuation of interest rate hedges, the rise in the US Dollar, valuation losses from securities) and totalled € -72.0 million for the first nine months of 2008. The figure for income before taxes after nine months was € 10.0 million (1-9 2007: € 86.6 million), consolidated net income after minority interests € -2.2 million (1-9 2007: € 44 million).

The net asset value (NAV) per share as at 30.9.2008 was € 22.38 (31.12.2007: € 22.04). The operating cash flow increased by 11 % and stands at € 72.5 m.

On the reporting date, the equity ratio of CA Immo was 47 %. The net debt of the Group as at 30.9.2008 was € 1.7 billion compared with property assets of about € 4.1 billion. In addition, the short-term financial liabilities arising from the acquisition financing for the purchase of Vivico were rolled over into a long-term financing structure as planned. For this a financing package in the amount of € 330 million was concluded. The scheduled repayment of the remaining liabilities is imminent.

More restrictive loan allocations by the banks have resulted in a significant downturn in the volume of transactions on the European property investment market. The lower liquidity of the market means that property sales have become more difficult. Despite this challenging climate, CA Immo was able to conclude substantial sales in Germany in the third quarter, totalling over € 90 m, which have contributed an important positive effect for the Group in terms of both liquidity and income.

In view of the current major valuation discount at which the subsidiary CA Immo International is traded on the stock market, a further increase of the stake held (currently about 61 %) is being considered. 

Given the difficult situation on the financial markets an improvement in the results in Q4 2008 is not realistic. From today’s perspective, the goal set at mid-year of exceeding the result for the first six months in the second half of the year, will not be achievable – particularly in view of the fact that income from property sales originally planned is not expected to materialise and further negative contributions from revaluations are conceivable.

As no easing of the market situation is currently in view, it is currently not possible to make any concrete statement regarding a dividend payment for 2008. A decision regarding the dividend proposal will therefore be made in spring 2009 after presentation of the annual financial statements.

Financial key figures

Please address any queries to:
CA Immobilien Anlagen AG
Florian Nowotny (Investor Relations)
Claudia Hainz (Investor Relations)
Tel.: +43 (0)1 532 59 07
Fax: +43 (0)1 532 59 07-595
e-mail: office@caimmoag.com
www.caimmoag.com