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Abonner CA Immobilien Anlagen AG

CA Immobilien Anlagen AG

EANS-Adhoc: CA Immobilien Anlagen Aktiengesellschaft
First three quarters of 2009 show strong operative performance, Slow down in market induced revaluations

  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.
9-month report
25.11.2009
• Rental income increased by 4 % to EUR 134.3 m
• Increase of EBITDA by 26%, increase in operating cash flow by 30 %
    • Positive EBIT in Q3 despite further revaluation in East- and Southeast
      Europe
    • Capital structure significantly strengthened
Vienna, 25 November 2009. Due to a stable operative performance and 
lower unrealized revaluation losses compared to the previous 
quarters, CA Immo Group reached a positive EBIT in Q3 2009. This 
reflects the stabilization of the real estate markets that has become
visible since the beginning of the third quarter 2009. Compared to 
the first nine months of 2008 rental income of the CA Immo Group 
increased by 3.7 % to EUR 134.3 m. Sales of investment- and trading 
properties in Germany and Austria contributed a profit of EUR 16.4 m 
(2008: EUR 16.1 m). The continued implementation of cost cutting 
measures lead to a significant reduction of indirect expenditures, 
which decreased by 12.1 % to EUR 33.2 m. EBITDA amounted to EUR 115.8
m, which means a significant increase of 25.9 % compared to 2008. The
revaluation result came out at EUR -115.3 m and mainly relates to non
cash-effective negative revaluations in the CEE and SEE portfolio. 
EBIT for the first nine months 2009 amounted to EUR -6.1 m. Due to 
significantly lower revaluation losses, the third quarter already 
showed a positive EBIT of 15.0 Mio. EUR. In addition to financing 
costs of EUR -80.3m, the financial result of the first nine months of
2009 was also negatively impacted by non-cash impairments of 
affiliated companies and negative effects from valuation changes of 
interest rate hedges (mainly attributable to the third quarter) and 
therefore amounted to EUR -115.1 m (2008: EUR -72.0 m). Earnings 
before tax (EBT) amounted to EUR -121.1 m (2008: EUR 10.0 m), net 
income after minorities was EUR -78.3 m (2008: EUR -2.2 m).
The positive operative performance is also reflected in a significant
increase in operating cash flow, which reached EUR 94.4 m (+30.2 % 
compared to the first nine months of 2008). The equity ratio of CA 
Immo at the balance sheet date reached 41.0 %. Net debt as of 
September 30, 2009 was EUR 1.5 bn (-2.9 %) compared to a real estate 
portfolio of EUR 3.7 bn. Cash and cash equivalents amounted to EUR 
273.8 m. Net asset value (NAV) per share as of September 30 2009 was 
EUR 17.97 (Dec 31 2008: EUR 18.92).
Property-sales target already exceeded Despite the challenging 
environment, property sales of over EUR 350 m were either finalized 
or agreed on a binding basis until the end of the third quarter 2009.
Of this figure EUR 229 m were already reflected in the accounts until
September 30. CA Immo thus clearly exceeded the target of EUR 300 m 
of property sales that was communicated at the beginning of the year.
Strengthening of Capital Base At the start of Q4 2009 CA Immo was 
able to significantly strengthen its liquidity position by issuing a 
corporate bond amounting to EUR 150 m and a convertible bond with a 
volume of EUR 135 m. Additionally, a refinancing package was 
completed under which existing loans were partially paid down and 
loan maturity terms were expanded significantly. Dr. Bruno Ettenauer,
CEO of CA Immo: "The experiences of the last 12 months have shown the
prime importance of a well balanced financing profile. It was 
therefore important to us to make optimum use of the market window 
that opened at the start of Q4 in order to place the transactions 
successfully on the capital markets. We now have the necessary 
financial flexibility, in terms of both the amount of liquidity and 
the maturity profile of our financial liabilities, to be able to 
utilise investment opportunities arising in the current phase of the 
market."
The financial report as of September 2009 of CA Immobilien Anlagen AG
is available on www.caimmoag.com
Key financial figures
|                                  |                |                |       |
|in EUR million                      |1-9/2009        |1-9/2008        |change |
|Rental income                     |134.3           |129.5           |3.7%   |
|Net operating income              |118.2           |104.4           |13.3%  |
|Result from the sale of investment|13.1            |11.2            |17.1%  |
|properties                        |                |                |       |
|Indirect expenditure              |-33.2           |-37.8           |-12.1% |
|EBITDA                            |115.8           |92.0            |25.9%  |
|Depreciation                      |-6.5            |-3.7            |76.6%  |
|Revaluation result                |-115.3          |-6.3            |n.a.   |
|EBIT                              |-6.1            |82.0            |n.a.   |
|Financing costs                   |-80.3           |-77.5           |n.a.   |
|Other financial result            |-34.7           |5.5             |n.a.   |
|Net income before taxes (EBT)     |-121.1          |10.0            |n.a.   |
|Consolidated net income           |-127.0          |-0.6            |n.a.   |
|Consolidated net income, parent   |-78.3           |-2.2            |n.a.   |
|company                           |                |                |       |
|Result per share (in EUR)           |-0.91           |-0.03           |n.a.   |
|Operating cash flow               |94.4            |72.5            |30.2%  |
|                                  |                |                |       |
|                                  |30 September    |31 December 2008|       |
|                                  |2009            |                |       |
|Property assets                   |3,659.8         |3,788.3         |-3.4%  |
|Total assets                      |4,207.0         |4,394.8         |-4.3%  |
|Lt. financial liabilities (incl.  |1,632.7         |1,834.9         |-11.0% |
|bond)                             |                |                |       |
|St. financial liabilities         |193.1           |88.9            |117.2% |
|Cash and cash equivalents         |273.8           |321.4           |-14.8% |
|Equity                            |1,722.8         |1,854.7         |-7.1%  |
|Equity ratio                      |41.0%           |42.2%           |-1.2pp |
|NAV per share (in EUR)              |17.97           |18.92           |-5.0%  |
|NNNAV per share (in EUR)            |18.63           |20.50           |-9.1%  |
Please address any queries to:
CA Immobilien Anlagen AG
Florian Nowotny (Investor Relations)
Claudia Hainz (Investor Relations)
Tel.: +43 (0)1 532 59 07
Fax: +43 (0)1 532 59 07-595
e-mail:  ir@caimmoag.com
www.caimmoag.com
end of announcement                               euro adhoc

Further inquiry note:

CA Immobilien Anlagen AG
Investor Relations
Florian Nowotny
Claudia Hainz
Tel.: +43/1/532 59 07-593
eMail: ir@caimmoag.com
www.caimmoag.com

Branche: Real Estate
ISIN: AT0000641352
WKN: 064135
Index: IATX
Börsen: Wien / official market

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Plus de actualités: CA Immobilien Anlagen AG