euro adhoc: CA Immobilien Anlagen Aktiengesellschaft
Earnings Forecast
CA
Immobilien Anlagen AG publishes preliminary results for 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
02.03.2009
Result for 2008 impacted by property valuation
Interim results for 2008
. Rental income rises by 42%, EBITDA up 52 %
. Contribution to result from property sales increases to EUR 30 m
. Revaluation losses and impairments of properties amount to -7% of
property assets
. EBIT down to EUR -153 m
. NAV/share as of 31.12.2008: EUR 18,9Vienna, 2 March 2009. The preliminary results for 2008 show positive operational developments counterbalanced by significant revaluation losses and impairments of property assets. The clear increase in EBITDA to EUR 137.8 m (+ 52%) was a product of an increase of 42 % in rental income to EUR 175.3 m and, in particular, a jump in the contribution of property sales to the result to EUR 30.5 m. This was counterbalanced by impairments and a negative revaluation result amounting to a total of EUR -285.6m. The correction to the value of property assets of approximately -7 % reflects the present unfavourable climate on the European property market. Gross yields (annualised actual rental income in relation to current book values) for the income producing properties now stand at around 5.9 % in Germany, 6.1 % in Austria and 7.3 % in (South-) Eastern Europe. As a result of the valuation losses, the preliminary operating result (EBIT) stands at EUR -152.6 m. The financial result for 2008 of EUR -142.8 m reflects higher financing costs of EUR -105.1 m and, amongst other things, a negative valuation result for interest rate hedges and impairments of participations and financial investments posted in the fourth quarter of 2008. Preliminary net income before taxes was EUR -295.4 m, with preliminary consolidated net income after minorities at EUR -237.1 m. As of 31 December 2008, financial liabilities stood at EUR 1,923.7 m, most of which with a long term duration - only EUR 88.9 m had a remaining term of less than one year. These liabilities are counterbalanced by property assets of around EUR 3.8 bn and cash of EUR 321.4 m. The revaluations have no effects on existing financing agreements. The equity ratio amounts to 42%. As a consequence of the valuation result, the net asset value (NAV) per share declined by 14 % to EUR 18.9. No dividend will be distributed in the light of the negative annual result. In 2009, the operational focus of CA Immo will be on measures aimed at upholding and improving operational cash flow; in particular, this will mean consistent cost reduction and proactive steps to prevent vacancy. Another priority will be the realisation of those development projects that have a long-term strategic significance, such as the flagship Europaviertel project in Frankfurt. Dr. Bruno Ettenauer, speaker of the board of CA Immo: "The revaluation losses for 2008 are the result of a valuation of our property portfolio that reflects market realities. Although the annual result is disappointing, the CA Immo Group still has a stable asset and financing structure that provides a solid foundation on which we can succeed even in the challenging environment that currently faces us." Final detailed results for the business year 2008 will be published on 24 March 2009.
|Preliminary results for 2008 | | |2008 |2007 | | |EUR m |EUR m | |Rental income |175.3 |123.3 | |EBITDA |137.8 |90.7 | |Impairments/Revaluations |(285.6) |63.0 | |EBIT |(152.6) |151.5 | |Financial result |(142.8) |(45.3) | |Net income before taxes |(295.4) |106.2 | |Consolidated net income |(237.1) |52.1 | |after minorities | | | | | | | |NAV per share (in EUR) |18.9 |22.0 | | | | |
end of announcement euro adhoc
Further inquiry note:
CA Immobilien Anlagen AG
Investor Relations
Florian Nowotny
Claudia Hainz
Tel.: +43/1/532 59 07-593
eMail: ir@caimmoag.com
www.caimmoag.com
Branche: Real Estate
ISIN: AT0000641352
WKN: 064135
Index: Immobilien-ATX
Börsen: Wiener Börse AG / official market