FFO I and II at record level with strengthened consolidated balance sheet

 •Preliminary results for 2014 confirmed

•FFO I of EUR 70 m 11% well above the 2014 target of EUR 63 m 

•FFO II of EUR 135.1 m almost doubled on the previous year’s value, rising by 97%

•Dividend increase to EUR 0.45 per share to be proposed

 Vienna, 23 March 2015. CA Immobilien Anlagen AG confirms the preliminary figures for fiscal year 2014. Despite declining rental revenues 2014, owing to the extensive property sales volume in 2013, CA Immo can look back on an extremely successful year due to the significantly improved sustainable profitability and an enhanced competitive position.

 Results for 2014

The figures of CA Immo Group for fiscal year 2014 reflect the successful ahead of time realization of the strategy programme 2012 2015, with funds from operations (FFO) on record level and at the same time a substantially stronger balance sheet. FFO I, a key indicator of the group’s recurring earnings power, reported before taxes and adjusted for the sales result and other non-recurring effects, increased by 10.4% from € 63.4 m to € 70.0 m and therefore was well above the 2014 target of € 63 m. FFO II, which includes the sales result and applicable taxes and indicates the group’s overall profitability, almost doubled on the previous year’s value, rising by 96.9% from € 68.6 m in 2013 to € 135.1 m. The FFO II result translates into a return on average equity of 7.2% in 2014.

 Rental income fell by –25.5% to € 145.2 m in 2014. This significant change compared to the previous year was caused by extensive real estate sales in 2013. The overall result from real estate sales was, due to the extremely high sales volume (€ 38.6 m) in 2013, well below the previous year´s figure of € 68.6 m. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at € 149.1 m, down –31.0% on the previous year’s level of € 216.0 m. The cumulative revaluation result of €  4.2 m was slightly negative (€ 6.8 m in 2013). Earnings before interest and taxes (EBIT) stood at € 142.9 m on key date 31 December 2014 (€ 243.6 m in 2013). 

In year-on-year comparison, the financial result improved significantly to stand at € –58.3 m in 2014 (against € –140.0 m in the previous year). The group’s financing costs, a key element in recurring profit, fell to €  81.8 m (2013: € –118.9 m). The decrease in earnings before taxes (EBT) to € 84.6 m (€ 103.7m in 2013) was much lower compared to EBITDA and EBIT due to the significant improvement in the financial result. The result for the period was € 70.8 m, –6.6% below the previous year’s value of € 75.8 m. The significant decrease in rental revenue and the lower revaluation result were almost completely counterbalanced by other income components such as significantly reduced financing costs in particular. 

 Since 2012 the Group´s equity ratio of around 30% was significantly increased to 53% at the reporting date 31.12.2014. Over the same period, the loan-to-value ratio improved substantially from 58% to 39% and reflects the solid financial structure of the Group. Through the sale of non-strategic assets, particu¬larly logistics properties in Eastern Europe, the real estate portfolio of CA Immo has become more efficient and focused. The portfolio share of the core product of the company, large–scale, energy-efficient core office pro¬perties in the major cities of Central and Eastern Europe was expanded further. The occupancy rate of the portfolio increased in the same period from 88% to 91%.

 The 2014 Annual Financial Report of CA Immobilien Anlagen AG will be published tomorrow (March 24, 2015) on the company's website <link en investor_relations financial_reports>www.caimmo.com/en/investor_relations/financial_reports/