News


Ad-hoc Report as at 25.08.2011

Half-year results as at 30 June 2011

Sharp rise in earnings in H1

  • Rental income: € 127.5 m (up 54 %)
  • EBIT up by a considerable 53.0 % to € 112.4 m
  • Net income after minorities at € 14.4 m (€ 4.2 m in 2010)
  • NAV/share up 2.1 % to € 19.09, NNNAV/share up 4.6 % to € 19.83
  • Letting of an additional 4,500 sqm at Tower 185 in Frankfurt

 Vienna, 25.08.2011. The figures for the first half of 2011 have been influenced by the inclusion of Europolis in the consolidated accounts of the CA Immo Group. According to Dr. Bruno Ettenauer, Chief Executive Officer of CA Immobilien Anlagen AG, “In spite of the volatile climate that prevails, the acquisition of Europolis at the beginning of the year has enabled the CA Immo Group to increase its earnings for the first six months considerably. In the second half of the year, the emphasis will be on concluding additional real estate sales in Germany and Eastern Europe. We therefore look forward to a strong second-half showing for the CA Immo Group despite the challenging economic environment.”

 Significant rise in earnings

Compared to the first six months of last year, rental income for the CA Immo Group rose by 54.1 % to € 127.5 m. Net operating income was up 28.5 % to € 106.1 m. This figure includes a contribution to earnings from the sale of properties intended for trading of € 1.6 m (against € 14.5 m in 2010). Sales of investment properties completed in the first half of 2011 produced revenue of € 35.7 m and profit of € -1.4 m. As in the previous year, most sales are likely to be reflected on the balance sheet in the third and (especially) fourth quarters of 2011. On the basis of sales already finalised and in view of the progress in ongoing negotiations, the Management Board of CA Immo is confident that sales will deliver a major contribution to earnings in the second half of 2011, and that the annual sales target of around € 300-350 m will be reached.

There was a 26.0 % increase in EBITDA to € 88.5 m in the first six months of 2011. The consolidation of Europolis, which is active exclusively in Eastern and South Eastern Europe, also significantly shifted the balance in the contributions to total earnings of the various regional segments. The relative contribution of the Eastern and South Eastern Europe segment to Group EBITDA was double that of the first half of last year at around 58 %; Germany accounted for 28 % and Austria was responsible for 14 %.

Thanks largely to upward valuations of developments in Germany, the revaluation result stood at
€ 26.4 m, compared to € 3.5 m in 2010. Accordingly, earnings before interest and taxes (EBIT) also rose sharply, from € 73.5 m to € 112.4 m.

The change in the financial result from € -63.6 m last year to € -74.9 m is essentially caused by the rise in financing costs from € -57.9 m to € -80.0 m linked to the inclusion of Europolis. This increase was, however, counterbalanced by a positive result from the valuation of interest-rate hedges in the amount of € 3.6 m (€ -13.9 m in 2010). This result stood at € 9.5 m at the end of the first quarter of 2011; however, a reclassification of interest rate swaps for which value changes had been reflected in shareholders’ equity in previous periods took place in the second quarter, thus producing a negative effect.

Following on from a result of € 4.2 m last year, consolidated net income after minorities rose to
€ 14.4 m.

 CA Immo's equity ratio fell as expected to 31.0 % as a consequence of the consolidation of Europolis. The Group's net debt was € 2.8 bn as at 30 June 2011, with property assets worth around € 5.2 bn.

 Net asset value per share was € 19.09 as at 30 June 2011, some 2.1 % above the value at the end of last year; NNNAV per share, for which deferred taxes are neutralised, increased by 4.6 % to € 19.83.

 Another lease contract agreed for Tower 185 in Frankfurt

Another high-profile tenant has been secured for Tower 185 in Frankfurt, CA Immo's largest development project at present: the globally active law firm Mayer Brown LLP. The 4,500 sqm of floor space let to Mayer Brown brings the pre-letting level to approximately 73 %. Construction work on Tower 185 is proceeding according to plan, with completion scheduled for the end of the year.

 The interim report for CA Immobilien Anlagen AG as at 30 June 2011 is published on the company's web site (www.caimmoag.com).

 

Financial performance indicators

€ 1,000

H1-2011

H1-2010

Change

 

Q2-2011

Q2-2010

Change

Rental income

127,505

82,750

54.1 %

 

63,849

41,038

55.6 %

Trading income, properties intended for trading

7,465

47,275

-84.2 %

 

882

33,629

-97.4 %

Book value deduction, properties intended for trading

-5,909

-32,759

-82.0 %

 

-1,143

-17,414

-93.4 %

Net operating income

106,060

82,507

28.5 %

 

53,221

49,454

7.6 %

Result from the sale of investment properties Property assets

-1,407

1,814

n.m.

 

-2,861

-545

>100 %

Indirect expenditures

-29,496

-23,864

23.6 %

 

-14,844

-11,694

26.9 %

Internal expenditure capitalised

5,957

5,330

11.8 %

 

3,060

2,034

50.4 %

Other operating income

7,344

4,444

65.3 %

 

3,478

2,275

52.9 %

EBITDA

88,459

70,231

26.0 %

 

42,055

41,525

1.3 %

Change from revaluation

26,375

3,514

>100 %

 

22,885

10,189

>100 %

Earnings before interest and taxes (EBIT)

112,437

73,483

53.0 %

 

63,998

51,997

23.1 %

Financing costs

-80,015

-57,944

38.1 %

 

-40,038

-28,593

40.0 %

Other financial income/expense

5,091

-5,655

n.m.

 

-4,630

-4,138

11.9 %

Net earnings before tax (EBT)

37,513

9,883

>100 %

 

19,329

19,266

0.3 %

Taxes on income

-16,450

-4,840

>100 %

 

-11,236

-5,805

93.5 %

Attributable to non-controlling interests

6,645

870

>100 %

 

3,815

2,750

38.7 %

Consolidated net income (parent company)

14,419

4,173

>100 %

 

4,278

10,710

-60.1 %

Earnings per share in €

€ 0.16

€ 0.05

>100 %

 

 

 

 

                                                                                                 

 € 1,000

30/06/2011

31/12/2010

Change

Property assets

5,221,270

3,612,216

44.5 %

Total assets

5,941,089

4,379,463

35.7 %

Long-term financial liabilities (including bonds)

2,682,054

1,888,306

42.0 %

Short-term financial liabilities

562,822

236,910

137.6 %

Cash and cash equivalents and short-term securities

395,917

358,617

10.4 %

Shareholders' equity

1,839,051

1,659,939

10.8 %

Equity ratio

31.0 %

37.9 %

-6.9pp

NAV per share (in €)

19.09

18.69

2.1 %

NNNAV per share (in €)

19.83

18.95

4.6 %

 

Please address any questions to:

CA Immobilien Anlagen AG
Florian Nowotny (Investor Relations)
Claudia Hainz (Investor Relations)
Tel.: +43 (0)1532 5907
Fax: +43 (0)1532 590 7595
Email: ir@caimmoag.com
www.caimmoag.com


Wednesday, 24. August 2011 18:00