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18:34 | 27.08.2009
DJ EANS-Adhoc: CA Immobilien Anlagen Aktiengesellschaft / First half of 2009 shows strong operative performance and successful property sales, but further market induced revaluations
DJ EANS-Adhoc: CA Immobilien Anlagen Aktiengesellschaft / First half of 2009 shows strong operative performance and successful property sales, but further market induced revaluations
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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.
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27.08.2009
ad-hoc Announcement
Interim report as of 30 June 2009
. Rental income increased by 5 % to EUR 90 m
. Proceeds from property sales of over EUR 200 m with EUR 14 m profit
. Increase of EBITDA by 28%, increase in operating cash flow by 21 %
. Devaluations in CEE and SEE lead to negative revaluation result
. Further property sales of over EUR 100 m agreed
. Management optimistic regarding business outlook
Vienna, 27 August 2009. The operative business of CA Immo in the first half of
2009 performed satisfactorily. Compared to the first half of 2008 rental income
of the CA Immo Group increased by 5.3 % to EUR 90.1 m. Sales of properties in
Germany and Austria contributed a profit of EUR 14.3 m (H1 2008: EUR 9.2 m), of
which about one quarter resulted from the sale of assets held for trading and
about three quarter from sales of investment properties. Overall the proceeds
from sales were over EUR 200 m.
The continued implementation of cost cutting measures lead to a significant
reduction of indirect expenditures, which decreased by 18.4 % to EUR 21.4 m.
EBITDA amounted to EUR 79.3 m, which means a significant increase of 27.6 %
compared to H1 2008. The revaluation result came out at EUR -98.0 m and mainly
relates to non cash-effective negative revaluations in our CEE and SEE
portfolio.
In addition to financing costs of EUR -52.3 m, the financial result of the first
six months of 2009 was also negatively impacted by non-cash negative effects
from valuation changes of interest rate hedges and impairments of affiliated
companies and therefore amounted EUR -66.3 m (H1 2008: EUR -41.9 m). Earnings
before tax (EBT) amounted to EUR - 87.4 m (H1 2008: EUR 17.3 m), net income
after minorities was EUR -56.2 m (H1 2008: EUR 6.6 m). The operating cash flow,
however,showed a significantly positive development and reached EUR 59.7 m, an
increase of 21 % compared to the first half of 2008.
The equity ratio of CA Immo at the balance sheet date reached 41.3 %. Net debt
as of June 30, 2009 was EUR 1,561.1 m (-1.9%) compared to a real estate
portfolio of EUR 3.7 bn. Cash and cash equivalents amounted to EUR 288.6 m. Net
asset value (NAV) per share as of June 30 2009 was 18.21 EUR (Dec 31 2008: EUR
18.92).
Successful implementation of operational plans
Despite the challenging economic environment, CA Immo was able to reach its
operational goals in the first half of 2009. Through the successful execution
of the announced property sales, operating result was significantly increased
and the liquidity position strengthened. Since the half year balance sheet
date, further significant sales were closed (such as "Velum" in Munich) or
signed, so that the intended sales volume of EUR 300 m for 2009 will be
reached if not surpassed.
In addition to the sales activities the focus of the CA Immo Group for the
second half of 2009 will be the continued implementation of the announced cost
cutting measures and the further optimization of the maturity profile of the
financial liabilities.
CA Immo is confident that in an unchanged market environment the revaluations
of the first half of 2009 sufficiently provide for the further development of
real estate values in East- and Southeast Europe. Therefore an improvement in
the earnings situation can be expected for the second half of 2009.
The financial report for the first six months 2009 of CA Immobilien Anlagen AG
is available on www.caimmoag.com
Key financial figures
| | | | |
|in EUR million |H1 2009 |H1 2008 |change |
|Rental income |90.1 |85.5 |5.3% |
|Net operating income |80.2 |69.9 |14.7% |
|Result from the sale of investment |11.0 |7.4 |49.9% |
|properties | | | |
|Indirect expenditure |-21.4 |-26.2 |-18.4% |
|EBITDA |79.3 |62.1 |27.6% |
|Depreciation |-2.3 |-2.9 |-21.9% |
|Revaluation result |-98.0 |-0.1 | |
|EBIT |-21.1 |59.1 | |
|Financing costs |-52.3 |-50.8 | |
|Other financial result |-14.1 |8.9 | |
|Net income before taxes (EBT) |-87.4 |17.3 | |
|Consolidated net income |-91.9 |9.4 | |
|Consolidated net income, parent company |-56.2 |6.6 | |
|Result per share (in EUR) |-0.66 |0.08 | |
|Operating cash flow |59.7 |49.4 |20.9% |
| | | | |
| |30 June 2009|30 June | |
| | |2008 | |
|Property assets (EUR million) |3,657.5 |3,788.3 |0.5% |
|Total assets |4,260.0 |4,394.8 |-3.1% |
|Lt. financial liabilities (incl. bond) |1,697.4 |1,834.9 |-7.5% |
|St. financial liabilities |158.3 |88.9 |78.2% |
|Cash and cash equivalents |288.6 |321.4 |-10.2% |
|Equity |1,760.6 |1,854.7 |-5.1% |
|Equity ratio |41.3% |42.2% | |
|NAV per share (in EUR) |18.21 |18.92 |-3.7% |
|NNNAV per share (in EUR) |19.06 |20.50 |-7.0% |
end of announcement euro adhoc
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(END) Dow Jones Newswires August 27, 2009 12:34 ET (16:34 GMT) |
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