EANS-Adhoc: CA Immobilien Anlagen Aktiengesellschaft
First half of 2009 shows
strong operative performance and successful property sales, but further market
induced revaluations
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
6-month report
27.08.2009
ad-hoc Announcement
Interim report as of 30 June 2009
. Rental income increased by 5 % to EUR 90 m
. Proceeds from property sales of over EUR 200 m with EUR 14 m profit
. Increase of EBITDA by 28%, increase in operating cash flow by 21 %
. Devaluations in CEE and SEE lead to negative revaluation result
. Further property sales of over EUR 100 m agreed
. Management optimistic regarding business outlookVienna, 27 August 2009. 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 EUR 90.1 m. Sales of properties in Germany and Austria contributed a profit of EUR 14.3 m (H1 2008: EUR 9.2 m), of which about one quarter resulted from the sale of assets held for trading and about three quarter from sales of investment properties. Overall the proceeds from sales were over EUR 200 m. The continued implementation of cost cutting measures lead to a significant reduction of indirect expenditures, which decreased by 18.4 % to EUR 21.4 m. EBITDA amounted to EUR 79.3 m, which means a significant increase of 27.6 % compared to H1 2008. The revaluation result came out at EUR -98.0 m and mainly relates to non cash-effective negative revaluations in our CEE and SEE portfolio. In addition to financing costs of EUR -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 EUR -66.3 m (H1 2008: EUR -41.9 m). Earnings before tax (EBT) amounted to EUR - 87.4 m (H1 2008: EUR 17.3 m), net income after minorities was EUR -56.2 m (H1 2008: EUR 6.6 m). The operating cash flow, however,showed a significantly positive development and reached EUR 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 EUR 1,561.1 m (-1.9%) compared to a real estate portfolio of EUR 3.7 bn. Cash and cash equivalents amounted to EUR 288.6 m. Net asset value (NAV) per share as of June 30 2009 was 18.21 EUR (Dec 31 2008: EUR 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 EUR 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. CA Immo is confident that in an unchanged market environment the revaluations of the first half of 2009 sufficiently provide for the further development of real estate values in East- and Southeast Europe. Therefore an improvement in the earnings situation can be expected for the second half of 2009.
The financial report for the first six months 2009 of CA Immobilien Anlagen AG is available on www.caimmoag.com
Key financial figures
| | | | | |in EUR million |H1 2009 |H1 2008 |change | |Rental income |90.1 |85.5 |5.3% | |Net operating income |80.2 |69.9 |14.7% | |Result from the sale of investment |11.0 |7.4 |49.9% | |properties | | | | |Indirect expenditure |-21.4 |-26.2 |-18.4% | |EBITDA |79.3 |62.1 |27.6% | |Depreciation |-2.3 |-2.9 |-21.9% | |Revaluation result |-98.0 |-0.1 | | |EBIT |-21.1 |59.1 | | |Financing costs |-52.3 |-50.8 | | |Other financial result |-14.1 |8.9 | | |Net income before taxes (EBT) |-87.4 |17.3 | | |Consolidated net income |-91.9 |9.4 | | |Consolidated net income, parent company |-56.2 |6.6 | | |Result per share (in EUR) |-0.66 |0.08 | | |Operating cash flow |59.7 |49.4 |20.9% | | | | | | | |30 June 2009|30 June | | | | |2008 | | |Property assets (EUR million) |3,657.5 |3,788.3 |0.5% | |Total assets |4,260.0 |4,394.8 |-3.1% | |Lt. financial liabilities (incl. bond) |1,697.4 |1,834.9 |-7.5% | |St. financial liabilities |158.3 |88.9 |78.2% | |Cash and cash equivalents |288.6 |321.4 |-10.2% | |Equity |1,760.6 |1,854.7 |-5.1% | |Equity ratio |41.3% |42.2% | | |NAV per share (in EUR) |18.21 |18.92 |-3.7% | |NNNAV per share (in EUR) |19.06 |20.50 |-7.0% |
end of announcement euro adhoc
Further inquiry note:
CA Immobilien Anlagen AG
Mag. Florian Nowotny (Investor Relations)
Mag. Claudia Hainz (Investor Relations)
Tel.: +43 (0)1 532 59 07
Fax: +43 (0)1 532 59 07-595
e-mail: ir@caimmoag.com
www.caimmoag.com
Branche: Real Estate
ISIN: AT0000641352
WKN: 064135
Index: Immobilien-ATX
Börsen: Wien / official market