EANS-Adhoc: CA Immo International AG
Increase of rental income in challenging
environment - 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
Interim report as of 30 June 2009
. Rental income increased by 5 %
. Reduction of indirect expenses by 30 %
. Reduction of EBITDA as a consequence of lower result from sales of
properties
. Non-cash effective revaluation result of EUR -102.9m
. Increase of operating cash flow by 10%
. Management optimistic regarding business outlookVienna, August 27 2009. The rental income of the CA Immo International Group increased by 5 % compared to the first half of the previous year and reached EUR 19.9 m. The implementation of cost cutting measures lead to a significant reduction of indirect expenditures, which decreased by 30 % to EUR 5.0 m. There were no sales of properties in H1 2009, while in the previous year property sales had contributed EUR 7.0 m to the result. Consequently EBITDA decreased (H1 2009: EUR 13.5 m vs. EUR 19.5 m in H1 2008). The revaluation result amounted to EUR -102.9 m. The changes in value reflect the increase in real estate yields that was noticeable in all markets of CA Immo International until the end of the second quarter. In addition to the financing costs of EUR -8.4 m, the financial result 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 -13.6 m for the first six months of 2009 (H1 2008: EUR -0.3 m). Net income after minorities was EUR -80.8 m (H1 2008: EUR 9.6 m). The operating cash flow, however, showed a significantly positive development and reached EUR 12.7 m, an increase of 10 % compared to the first half of 2008. The equity ratio of CA Immo International at the balance sheet date reached 51.1 %. Net debt as of 30 June 2009 was EUR 202.5 m compared to a real estate portfolio of EUR 700.5 m. Net asset value (NAV) per share as of 30 June 2009 was EUR 10.34 (Dec 31 2008: EUR 12.20).
As it was the case in the previous quarters, the result was mainly influenced by the development of the property values. Following the revaluations of the first half of 2009 the average gross-rental yield (actual rents / real estate values excluding new completions) of the property assets let amounted to 8.3 % (7.9 % in CEE und 9.0 % in SEE), a significant increase compared to the end of 2008 (7.3 %). CA Immo International is confident that in an unchanged market environment these revaluations 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 Immo International AG is available on www.caimmointernational.com
Key financial figures
| | | | | |in EUR million |H1 2009 |H1 2008 |change | |Rental income |19.9 |18.9 |5.2% | |Net operating income |17.4 |18.3 |-5.1% | |Result from the sale of investment |0.0 |7.0 |n.a. | |properties | | | | |Indirect expenditure |-5.0 |-7.1 |-30.2% | |EBITDA |13.5 |19.5 |-30.5% | |Revaluation result |-102.9 |-0.6 |n.a. | |EBIT |-89.5 |17.8 |n.a. | |Financing costs |-8.4 |-7.1 |19.2% | |Other financial result |-5.2 |6.8 |n.a. | |Net income before taxes (EBT) |-103.0 |17.6 |n.a. | |Consolidated net income |-86.0 |7.8 |n.a. | |Consolidated net income, parent company |-80.8 |9.6 |n.a. | |Result per share (in EUR) |-1.86 |0.22 |n.a. | |Operating cash flow |12.7 |11.6 |9.5% | | | | | | | |30 June 2009|30 June | | | | |2008 | | |Property assets |700.5 |751.7 |-6.8% | |Total assets |936.9 |996.2 |-6.0% | |Lt. financial liabilities |272.8 |287.2 |-5.0% | |St. financial liabilities |66.3 |28.4 |133.5% | |Cash and cash equivalents |136.6 |148.8 |-8.2% | |Equity |478.6 |558.5 |-14.3% | |Equity ratio |51.1% |56.1% | | |NAV per share (in EUR) |10.34 |12.20 |-15.2% | |NNNAV per share (in EUR) |10.59 |12.65 |-16.3% |
end of announcement euro adhoc
Further inquiry note:
CA Immo International AG
Florian Nowotny (Investor Relations)
Claudia Hainz (Investor Relations)
Tel.: +43 (0)1 532 59 07
Fax: +43 (0)1 532 59 07-595
e-mail: ir@caimmointernational.com
www.caimmointernational.com
Mag. Claudia Hainz
Tel.: 01/532 59 07-502
eMail: hainz@caimmointernational.com
Mag. Florian Nowotny
Tel.: 01/532 59 07-518
eMail:nowotny@caimmointernational.com
Branche: Real Estate
ISIN: ATCAIMMOINT5
WKN: A0LBUV
Index: WBI, ATX Prime
Börsen: Wien / official market