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Abonner CA Immobilien Anlagen AG

CA Immobilien Anlagen AG

euro adhoc: CA Immobilien Anlagen Aktiengesellschaft
Financial Figures/Balance Sheet
Interim report as at 30 September 2008: GOOD OPERATING DEVELOPMENT - CONSOLIDATED NET INCOME AFFECTED BY DIFFICULT CONDITIONS

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
quaterly report
28.11.2008
. 42 % increase in rental incomes, 27 % in EBITDA . Positive 
contribution from property sales despite difficult climate . Negative
revaluation result in Eastern and South Eastern Europe in Q3 . 47 % 
equity ratio and long-term loan agreements ensure healthy financial  
base; long-term refinancing of Vivico acquisition loan secured
The positive operating development of CA Immo continued in the third 
quarter despite the increasingly difficult market conditions. As a 
result, rental income increased by 42 % from EUR 90.9 m (1-9 2007) to
EUR 129.5 m (1-9 2008). The growth resulted mainly from the Vivico 
portfolio, which contributed to the rental income since the beginning
of the year. EBITDA increased by 27 % in comparison with the first 
nine months of 2007 to stand at EUR 92 million. The figure includes 
positive contributions from successful sales from the trading 
portfolio (EUR 4.9 million) as well as the stock portfolio (EUR 11.2 
million). These factors were counterbalanced by a negative 
revaluation result (EUR -6.3 million as compared with EUR 47.7 
million in the same period of 2007), deriving in particular from 
market value adjustments in Eastern and South Eastern Europe.
In addition to the ongoing interest cost, the financial result for 
the third quarter was adversely affected by several, mostly non-cash 
factors (changes in the valuation of interest rate hedges, the rise 
in the US Dollar, valuation losses from securities) and totalled EUR 
-72.0 million for the first nine months of 2008. The figure for 
income before taxes after nine months was EUR 10.0 million (1-9 2007:
EUR 86.6 million), consolidated net income after minority interests 
EUR -2.2 million (1-9 2007: EUR 44 million). The net asset value 
(NAV) per share as at 30.9.2008 was EUR 22.38 (31.12.2007: EUR 
22.04). The operating cash flow increased by 11 % and stands at EUR 
72.5 m.
On the reporting date, the equity ratio of CA Immo was 47 %. The net 
debt of the Group as at 30.9.2008 was EUR 1.7 billion compared with 
property assets of about EUR 4.1 billion. In addition, the short-term
financial liabilities arising from the acquisition financing for the 
purchase of Vivico were rolled over into a long-term financing 
structure as planned. For this a financing package in the amount of 
EUR 330 million was concluded. The scheduled repayment of the 
remaining liabilities is imminent.
More restrictive loan allocations by the banks have resulted in a 
significant downturn in the volume of transactions on the European 
property investment market. The lower liquidity of the market means 
that property sales have become more difficult. Despite this 
challenging climate, CA Immo was able to conclude substantial sales 
in Germany in the third quarter, totalling over EUR 90 m, which have 
contributed an important positive effect for the Group in terms of 
both liquidity and income.
In view of the current major valuation discount at which the 
subsidiary CA Immo International is traded on the stock market, a 
further increase of the stake held (currently about 61 %) is being 
considered.
Given the difficult situation on the financial markets an improvement
in the results in Q4 2008 is not realistic. From today's perspective,
the goal set at mid-year of exceeding the result for the first six 
months in the second half of the year, will not be achievable - 
particularly in view of the fact that income from property sales 
originally planned is not expected to materialise and further 
negative contributions from revaluations are conceivable. As no 
easing of the market situation is currently in view, it is currently 
not possible to make any concrete statement regarding a dividend 
payment for 2008. A decision regarding the dividend proposal will 
therefore be made in spring 2009 after presentation of the annual 
financial statements.
Financial key figures
|                                  |         |          |
|in EUR million                    |Q1-3 2008|Q1-3 2007 |
|Rental incomes                    |129.5    |90.9      |
|Net operating income              |104.4    |81.9      |
|Result from the sale of properties|11.2     |5.7       |
|EBITDA                            |92.0     |72.2      |
|Revaluation gains/losses          |-6.3     |47.7      |
|Operating result (EBIT)           |82.0     |118.3     |
|Financial result                  |-72.0    |-31.6     |
|Net income before taxes (EBT)     |10.0     |86.6      |
|Consolidated net income           |-0.6     |70.1      |
|Consolidated net income, parent   |-2.2     |44.0      |
|company                           |         |          |
|Result per share (in EUR)         |-0.03    |0.59      |
|Operating cash flow               |72.5     |65.6      |
|Rental income per share (in EUR)  |1.5      |1.21      |
|                                  |         |          |
|                                  |30-9-08  |31-12-07  |
|Property assets (EUR million)     |4,058.0  |2,535.4   |
|NAV per share (in EUR)            |22.38    |22.04     |
|NNNAV per share (in EUR)          |23.48    |22.51     |
end of announcement                               euro adhoc

Further inquiry note:

CA Immobilien Anlagen AG
Mag. Claudia Hainz
Tel.: 01/532 59 07-502
eMail: hainz@caimmoag.com

Mag. Florian Nowotny
Tel.: 01/532 59 07-518
eMail: nowotny@caimmoag.com

Branche: Real Estate
ISIN: AT0000641352
WKN: 064135
Index: Immobilien-ATX
Börsen: Wiener Börse AG / official market

Plus de actualités: CA Immobilien Anlagen AG
Plus de actualités: CA Immobilien Anlagen AG