EANS-Adhoc: CA Immo International AG / Interim report as at 31 March 2009:
Stable Development of Rental Income - Results Impacted by Development of Real
Estate Values
. Rental income increased
Geschrieben am 26-05-2009 |
-------------------------------------------------------------------------------- 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. --------------------------------------------------------------------------------
quarterly report
26.05.2009
Vienna, May 26 2009. The rental income of the CA Immo International Group showed a stable development compared to the first quarter of 2008 (+2.6%). The implementation of cost cutting measures lead to a significant reduction of indirect expenditures, which decreased by 44 % to EUR 2.3 m. There were no sales of properties in Q1 2009, while in the previous years property sales had contributed EUR 7.0 m to the result. Consequently EBITDA decreased by the same amount (Q1 2009: EUR 6.7 m vs. EUR 13.6 m in Q1 2008). The revaluation result amounted to EUR -59.3 m. Of this amount 88% relate to property assets let and 12% to changes in values of real estate assets under development. The changes in value reflect the increase in real estate yields that was noticeable in all markets of CA Immo International. As of March 31 2009 the average gross-rental yield (actual rents / real estate values) of the properties assets let amounted to 7.9% (7.8% in CEE und 8.1% in SEE). In addition to the financing costs of EUR -5.0 m, the financial result was also negatively impacted by foreign currency effects and amounted to EUR -6.7 m for the first three months of 2009 (Q1 2008: EUR 0.9 m). Earnings before Tax (EBT) for the three months amounted to EUR -59.5 m (Q1 2008: EUR 16.4 m), net income after minorities was EUR -46.5 m (Q1 2008: EUR 13.8 m).
Net asset value (NAV) per share as of March 31 2009 was EUR 11.07 (Dec 31 2008: EUR 12.20). Operating cash flow was EUR 6.1 m. The equity ratio of CA Immo International at the balance sheet date reached 52.5 %. Net debt as of March 31 2009 was EUR 178.1 m compared to a real estate portfolio of EUR 714.4 m.
As a sustainable recovery of the economic situation of our markets cannot be expected in 2009, decreases in rent levels and in further consequence the possibility of an additional reduction in real estate values can currently not be ruled out. Therefore the emphasis of CA Immo International for 2009 lies clearly on the further implementation of the initiatives to strengthen operative cash flow and the careful implementation of those developments that are currently under construction. As a result of these measures CA Immo International is confident to keep rental income stable in 2009 compared to 2008. Furthermore, due to its cash reserves of EUR 154.9 m (which increased in Q1) and its equity ratio of above 50%, CA Immo International is well prepared to succeed in these challenging market circumstances.
Key financial figures
| | | | | |in EUR million |Q1 2009 |Q1 2008 |in EUR | | | | |million | |Rental income |9.8 |9.6 |+2.6% | |Net operating income |8.6 |10.0 |-13.9% | |Result from the sale of properties|0.0 |7.0 |-100% | |Indirect expenditure |-2.3 |-4.1 |-44.2% | |EBITDA |6.6 |13.6 |-51.6% | |Revaluation result |-59.3 |2.2 | | |Operating result (EBIT) |-52.8 |15.5 | | |Financial result |-6.7 |0.9 | | |Net income before taxes (EBT) |-59.5 |16.4 | | |Consolidated net income |-49.9 |13.2 | | |Consolidated net income, parent |-46.5 |13.8 | | |company | | | | |Result per share (in EUR) |-1.07 |0.32 | | |Operating cash flow |6.1 |6.2 | | | | | | | | |March 31 2009|Dec 31 2008| | |Property assets (EUR million) |714.4 |751.7 |-4.96% | |NAV per share (in EUR) |11.07 |12.20 |-9.26% | |NNNAV per share (in EUR) |11.41 |12.65 |-9.80% |
end of announcement euro adhoc --------------------------------------------------------------------------------
ots Originaltext: CA Immo International AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note:
CA Immo International 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@caimmointernational.com
www.caimmointernational.com
Branche: Real Estate ISIN: ATCAIMMOINT5 WKN: A0LBUV Index: WBI, ATX Prime Börsen: Wien / official market
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