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 DIFFI
Geschrieben am 28-11-2008 |
-------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------
ots Originaltext: CA Immobilien Anlagen AG Im Internet recherchierbar: http://www.presseportal.de
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
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