euro adhoc: CA Immobilien Anlagen Aktiengesellschaft / quarterly or semiannual financial statement / Interim review as of 30 September 2007: CA Immo boosts useful area and result strongly
Geschrieben am 30-11-2007 |
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
9-month report
30.11.2007
- Total useful area increases by 125% - EBIT climbs by 95% and rental income by 60% - Net asset value (NAV) rises 58%
The interim balance sheet as of 30 September 2007 shows that CA Immo continues to grow steadily. The company posted increases in all the key indicators. CA Immo remains committed to the strong asset base of a first-rate property portfolio and the pursuit of its investment policy in Austria and Germany, as well as that of the 51% subsidiary, CA Immo International, in CEE, SEE and the CIS.
Key financial figures
EURm Q1-3 2006 Q1-3 2007 Change Rental income 56.9 90.9 + 60% EBITDA 43.7 72.2 + 65% Operating result (EBIT) 60.8 118.3 + 95% Net income before taxes (EBT) 54.8 86.6 + 58% Consolidated net income 46.7 70.1 + 50% Operating cash flow 38.1 65.7 + 72%
The operating result (EBIT) was raised from EUR60.8m in the first nine months of 2006 to EUR118.3m, or by 95%. The EBITDA, essentially the earnings before revaluation gains, increased by 65% to EUR72.2m. The earnings before income taxes (EBT) climbed from EUR54.8m to EUR86.6m, which represents an increase of 58%. Rental income advanced from EUR56.9m to EUR90.9m, which represents growth of 60%. Consolidated net income rose year on year by 50%, from EUR46.7m to EUR70.1m. The growth in operating cash flow came to 72%; it increased from EUR38.1m to EUR65.7m.
Portfolio significantly enlarged
The Group's portfolio already expanded in HY1 2007, but several further prominent additions were posted in the third quarter. These included a property portfolio in Vienna, a development project in Hamburg (a logistics centre for the Hennes & Mauritz fashion chain), and a warehouse property in Kassel. By way of a project in Tallinn, CA Immo International made its debut on the Estonian market. The office building being constructed there will offer a useful area of 9,350 sqm and cost EUR30.8m. Shortly after the end of the third quarter, the acquisition of an administration complex in Berlin was concluded. CA Immo International wrapped up the purchase of a private school in Prague together with a long-term lease, and a contract to build a shopping centre in Sibiu, Romania, to be followed by similar projects in cooperation with a local developer.
As of the reporting date, 30.9.2007, the portfolio of CA Immo encompassed 211 properties with a total useful area of 1,930,169 sqm. The useful area increased by 1,068,938 sqm or 125%.
It breaks down into 55% or 167 core investments of CA Immo in Austria and Germany, 15% or 16 core investments of CA Immo International in the CEE and SEE regions and the CIS, 17% or 19 development projects of CA Immo, and 13% or 9 development projects of CA Immo International. In the portfolio of the CA Immo Group, the breakdown of useful area by type of use is dominated by office space, with a share of 46%, but this ratio is declining as a result of the diversification strategy. Commercial and warehousing facilities occupy 15% of the total useful area, retail premises 5%, hotels 4%, and residential units 4%. Parking spaces tied to properties account for 23% of the portfolio. The breakdown by country indicates that Austrian properties embrace just less than 40% of the total useful area, followed by those in Germany with 32%, Hungary with 7%, and Poland with a share of a good 4%. Next in line are the Czech Republic, Romania and Bulgaria with 4% each, Slovakia with 2% and Serbia with a little more than 1%.
The portfolio was valued at EUR2,353m on the reporting date, 30.9.2007, which is 80% higher than the figure posted at the end of the equivalent period in 2006 (EUR1,308.7m).
NAV climbs 58%
The CA Immo share price reflected the general market pattern. The shares are trading at a mark-down of about 30% compared with the current net asset value (NAV). As of 30.9.2007 the NAV stood at EUR1,905.9m (58% higher than on 31.12.2006) or EUR21.84/share. Measured against the start of the year (EUR20.77), the NAV/share has thus increased by 5%. During the same period the NNNAV/share also climbed by 5%, to close Q3 at EUR22.25. Analyses of the CA Immo share performed in the reporting period gave buy recommendations and underscored its price potential.
Outlook for whole of 2007 business year
In view of its development during the first nine months, CA Immo gives a favourable general forecast for the whole year for both the Group and the individual companies. The company intends to exhaust its planned investment volume of EUR3bn by mid-2008. CA Immo is countering the rise in interest rates with a sustainable, long-term risk strategy, which will also largely avert the impact of future increases. In Germany, the company intends to float a real estate investment trust (REIT) in the first half of 2008 and thus add a further nuance to its product portfolio.
CA Immo Group
Founded in 1987, CA Immo has emerged within 20 years as one of the leading property investment companies in Austria. It invests in commercial properties (offices, business hotels, shopping centres, logistics parks and warehouses). In order to be able to address new, especially institutional investor groups while maintaining its position among the approximately 22,000 private shareholders, CA Immo adopted a Group structure in 2006. CA Immo International, which embraces the Group's entire portfolio in Eastern and South East Europe, was positioned as a subsidiary of CA Immo, which was listed in 1988. The properties in Austria and Germany continue to be overseen by CA Immo. In addition, the CA Immo New Europe property fund was established for the projects business, and the H1 Hotelfonds for the hotel segment. CA Immo is listed on the Vienna Stock Exchange, and about 90% of its shares are publicly held at present.
end of announcement euro adhoc 30.11.2007 09:00:00 --------------------------------------------------------------------------------
ots Originaltext: CA Immobilien Anlagen AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note:
CA Immobilien Anlagen AG Bruno Ettenauer Wolfhard Fromwald Andrea Bauer Phone: +43 1 532 59 07 Fax: +43 1 532 59 07-510 E-mail: office@caimmoag.com www.caimmoag.com
Branche: Real Estate ISIN: AT0000641352 WKN: 064135 Index: Immobilien-ATX Börsen: Wiener Börse AG / Regulated free trade
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