CA Immo International AG

euro adhoc: Financial Figures/Balance Sheet
CA Immo International 2007: Continued growth

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The market-listed subsidiary CA Immobilien Anlagen AG bundles together the real estate business of the Group in the states of CEE, SEE and the CIS region. With the project development fund CA Immo New Europe and the H1 Hotelfonds fund, further investment products with clear content profiles were created for large institutional investors. Local teams in Budapest, Prague, Bucharest and Belgrade ensure maximum local networking.

Portfolio of ca. 725,867 m²

The portfolio policy of the company has been characterized by balanced expansion and sales activities. In sum, real estate assets increased by 34% over the 2006 figure to reach 708.4 m EUR (after taking into account sales and purchases, investments in project development and value growth); this included 17 income properties, seven projects in development and three properties for which down-payments toward a credit-purchase have already been made. These properties, taken together, offered floor space of around 725,802 m2 (including projects and parking spaces). In terms of geographic distribution 22% of floor space lie in Hungary, followed by Romania with 20% and Poland with 17%. In terms of usage, office space dominates the portfolio (ca. 68% of total floor space). Retail space accounted for 15% and hotels for 10% of floor space. The average economic vacancy rate (based on loss against ideal financial performance for the year) reached 3.5%, and on the balance-sheet date the vacancy rate was at 3.1% (compared to 7% at the close of 2006).

Business figures show continued positive development

The important business figures for CA Immo International continued to increase: turnover rose by 10% from 47.6 m EUR to 52.3 m EUR. Rental income remained constant at 38.1 m EUR after having been 38.2 m EUR, since 2007 acquisitions had been concentrated primarily on new project development and not on income properties. The net result improved by 7% to reach 36.3 m EUR. The operating result (EBIT) increased by 30% to make 82.9 m EUR. The corporate result simultaneously climbed by 41% to reach 67.2 m EUR.

Portfolio strategy: targeted growth in all markets

The continued development of the real estate portfolio in 2007 was characterized by a mixture of attractive new arrivals and strategically planned, isolated sales. The highlights among the new properties: - In Poland, CA Immo International entered the project "Poleczki Business Park" in Warsaw with a stake of 50%. The other 50% are held by the joint venture partner, in which the corporation holds a stake of 25% plus four shares. - In the Czech Republic, the business hotel "Diplomat Center" in Plzen, the project "CITY Deko" in Prague and the "English International School" (also in Prague) joined the portfolio. The office property "Jungmannova" in Prague was sold, with the proceeds from the sale representing a growth in value of 115% compared to the cumulative investment. - CA Immo International also expanded its presence in Hungary, adding the office building "Capital Square" in Budapest and a 50% stake in the project "Duna Center Györ" (a specialist retail centre). - The corporation entered the Serbian market for the first time, with the "Belgrade Office Center" (a credit purchase) and the office building "Sava City". - In Russia, CA Immo International is to put up the Airport City St. Petersburg together with real estate developer Warimpex.

Share price: CA Immo International subject to unfavourable conditions

In 2007, the share price and performance CA Immo International stock were affected to equal degrees by the turbulences on the international capital markets. In the year´s first half, both titles exhibited their usual steady growth.

At mid-year, the onset of negative developments on financial markets worldwide also began to have a negative effect on the Viennese stock market. CA Immo International stocks, like the entire industry, were unable to escape this downward trend and experienced large drops in their value. At the end of the year, the stock of CA Immo International listed at a discount of around 23% to its intrinsic worth on the balance sheet date.

This discrepancy between the actual value of the group and the image provided by stock prices also suggests that this may be a favourable time to purchase this title. It seems inevitable that the share price of CA Immo International will begin to reflect the positive business and assets development of these corporations much more realistically during the course of 2008.

Outlook for 2008

The CA Immo International will continue on its path of diversification and sustainable expansion. In doing so, the emphasis will be on those markets in south-eastern Europe in which the Group is already well-represented. Particular importance will be accorded the business field of "project development", and here the focus will be in particular on the development activities of the H1 Hotelfonds fund and CA Immo New Europe in the regions of SEE and Russia.

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ots Originaltext: CA Immo International AG
Im Internet recherchierbar:

Further inquiry note:
CA Immo International AG
Dr. Bruno Ettenauer
Mag. Wolfhard Fromwald
Mag. Andrea Bauer
Tel.: +43/1/532 59 07
Fax: +43/1/532 59 07-510

Branche: Real Estate
WKN:        A0LBUV
Index:    WBI, ATX Prime
Börsen:  Wiener Börse AG / official market

Weitere Meldungen: CA Immo International AG

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