Following further market-induced revaluations, CA IMMO optimistic regarding business outlook
Interim report as of 30 June 2009
• Rental income increased by 5 % to € 90.1 m
• Proceeds from property sales of over € 200 m with € 14 m profit
• Further property sales of over € 100 m agreed
• Increase of EBITDA by 28%, increase in operating cash flow by 21 %
• Devaluations in CEE and SEE lead to negative revaluation result of € -98.0 m
The operative business of CA Immo in the first half of 2009 performed satisfactorily. Compared to the first half of 2008 rental income of the CA Immo Group increased by 5.3 % to € 90.1 m. Sales of properties in Germany and Austria contributed a profit of € 14.3 m (H1 2008: € 9.2 m). Overall the proceeds from sales were over € 200 m.
The continued implementation of cost cutting measures lead to a significant reduction of indirect expenditures, which decreased by 18.4 % to € 21.4 m. EBITDA amounted to € 79.3 m, which means a significant increase of 27.6 % compared to H1 2008. The negative development of international property markets, however, is reflected in the results of CA Immo through revaluations: The revaluation result came out at € -98.0 m and mainly relates to non cash-effective negative revaluations in our CEE and SEE portfolio. „The revaluations in the second quarter were again affected by the yield expansion in Eastern Europe“, says Bruno Ettenauer, spokesman of the management board of CA Immo. „In the meantime, however, there are clear signals that the situation has stabilized and the phase of major adjustments has come to an end.“
In addition to financing costs of € -52.3 m, the financial result of the first six months of 2009 was also negatively impacted by non-cash negative effects from valuation changes of interest rate hedges and impairments of affiliated companies and therefore amounted € -66.3 m (H1 2008: € -41.9 m). Earnings before tax (EBT) amounted to € - 87.4 m (H1 2008: € 17.3 m), net income after minorities was € -56.2 m (H1 2008: € 6.6 m). The operating cash flow, however, showed a significantly positive development and reached € 59.7 m, an increase of 21 % compared to the first half of 2008.
The equity ratio of CA Immo at the balance sheet date reached 41.3 %. Net debt as of June 30, 2009 was € 1,561.1 m (-1,9%) compared to a real estate portfolio of € 3.7 bn. Cash and cash equivalents amounted to € 288.6 m. Net asset value (NAV) per share as of June 30 2009 was 18.21 € (Dec 31 2008: € 18.92).
Successful implementation of operational plans
Despite the challenging economic environment, CA Immo was able to reach its operational goals in the first half of 2009. Through the successful execution of the announced property sales, operating result was significantly increased and the liquidity position strengthened. Since the half year balance sheet date, further significant sales were closed (such as “Velum” in Munich) or signed, so that the intended sales volume of € 300 m for 2009 will be reached if not surpassed.
In addition to the sales activities, the focus of the CA Immo Group for the second half of 2009 will be the continued implementation of the announced cost cutting measures and the further optimization of the maturity profile of the financial liabilities.
Ettenauer: “We are looking confidently into the second half-year. The signs coming from the economy as a whole, but also the real estate sector, indicate that the recovery could now be gaining momentum.”
The financial report for the first six months 2009 of CA Immobilien Anlagen AG is available on www.caimmoag.com in the rubric investor relations.
Key financial figures
Net operating income
Result from the sale of investment properties
Other financial result
Net income before taxes (EBT)
Consolidated net income
Consolidated net income, parent company
Result per share (in €)
Operating cash flow
30 June 2009
30 June 2008
Property assets (€ million)
Lt. financial liabilities (incl. bond)
St. financial liabilities
Cash and cash equivalents
NAV per share (in €)
NNNAV per share (in €)
About CA Immo
A Immo was founded in 1987 and develops and invests in commercial property (focusing on offices) in Austria, Germany and, via the subsidiary CA Immo International, in Eastern Europe as well. Over the past two years, CA Immo has increased its presence on the German market, and some 60% of the current total property assets of € 3.7 billion (as of 30 June 2009) are now accounted for by Germany. At the end of 2007, CA Immo acquired the German Vivico Group, the leading developer of urban districts in Germany. CA Immo is traded on the Vienna Stock Exchange and currently has a free float of approximately 90%.
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Thursday, 27. August 2009 18:08