euro adhoc: CA Immo International AG
Financial Figures/Balance Sheet
Interim
report as at 30 September 2008:
POSITIVE OPERATING DEVELOPMENT, REVALUATIONS WEIGHT ON RESULTS
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
quaterly report
28.11.2008
. Rental income higher than in previous year (+5%) . Significant increase in EBITDA; reduction in net income . Negative revaluation result in Eastern and South Eastern Europe in Q3 (EUR- 6.7 m) . 66 % equity ratio and strong liquidity underline healthy financial basis
The result from operations of CA Immo International continued to develop positively during the third quarter: rental income amounted to EUR 29.7 m (+5%), EBITDA increased by 16% compared to the same period of the previous year to EUR 26 m. At the same time a negative revaluation result of EUR 6.7 m (equivalent to 1.1% of the standing portfolio) was incurred as a result of a noticeable weakening of real estate values in individual markets. Accordingly the operating result (EBIT) declined from EUR 67.7 m in the first nine months of 2007 to EUR 17.8 m in the first nine months of 2008. The financial result of the first nine months 2008 amounted to EUR -2.8 m compared to EUR -0.9 m in the first nine months 2007. This decline mainly reflects higher financing costs as a result of an increase in financing volume and non-cash currency losses from the appreciation of the US Dollar. Earnings before tax after nine months amounted to EUR 15 m (1-9/2007: EUR 66.8 m), consolidated net income after minorities was EUR 7.7 m (1-9/2007: EUR 55.7 m).
The group's equity ratio at the balance sheet date reached 66%, cash and cash equivalents amounted to EUR 149 m and thus were 4% higher compared to the beginning of the year. Net debt as of Sept 30, 2008 was EUR 137.6 m compared to a real estate portfolio of EUR 781 m.
Despite the continuing market turbulence, CA Immo International is currently anticipating that operative developments will be largely unchanged for the remainder of the year, although further negative revaluations are conceivable.
As there are no signs as yet of any easing of the crisis on the financial markets, the company currently cannot make any concrete statement regarding a dividend for 2008. A decision will therefore be made on the dividend proposal for 2008 in the spring of 2009 after presentation of the annual results."
Key financial figures
| | | | |in EUR million |Q1-3 2008|Q1-3 2007 | |Rental incomes |29,7 |28,3 | |Net operating income |28,1 |26,3 | |Result from the sale of properties|7,0 |3,9 | |EBITDA |26,0 |22,4 | |Revaluation gains/losses |-6,7 |46,5 | |Operating result (EBIT) |17,8 |67,7 | |Financial result |-2,8 |-0,9 | |Net income before taxes (EBT) |15,0 |66,8 | |Consolidated net income |5,6 |54,6 | |Consolidated net income, parent |7,7 |55,7 | |company | | | |Result per share (in EUR) |0,18 |1,28 | |Operating cash flow |17,7 |16,7 | |Rental income per share (in EUR) |0,68 |0,65 | | | | | | |30-9-08 |31-12-07 | |Property assets (EUR million) |781,1 |708,4 | |NAV per share (in EUR) |14,75 |14,93 | |NNNAV per share (in EUR) |15,05 |15,54 |
end of announcement euro adhoc
Further inquiry note:
CA Immo International AG
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: Wiener Börse AG / official market