Freitag, 10. Februar | 04:05 Uhr

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

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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
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(END) Dow Jones Newswires

November 25, 2009 12:38 ET (17:38 GMT)