Freitag, 10. Februar | 05:09 Uhr

DJ EANS-Adhoc: CA Immobilien Anlagen Aktiengesellschaft / Interim report as of 31 March 2009: Increase in Rental Income – Group Result Impacted by Market Development in CEE and SEE . Rental income increased by 4.8 % . Reduction of indirect expenditures by 18.4 % . Reduction of EBITDA as a consequence of lower sales results . Revaluation losses in the CEE and SEE portfolio lead to a revaluation result of EUR -51.6 m . Property sales of EUR 150 m signed since start of the year

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26.05.2009 

Vienna, May 26 2009. Compared to the first quarter of 2008 rental income of the
CA Immo Group increased by 4.8 % to EUR 45.2 m. A significant part of this
increase can be attributed to the favourable development of the Austrian
portfolio, where as a result of lower vacancy levels and several additions to
the portfolio an increase of 7.9 % was achieved.  Property sales contributed EUR
4.7 m (Q1 2008: EUR 8.5 m) to the result, of which roughly half came from sales
of assets held for trading and half from the sale of long-term properties. The
implementation of cost cutting measures lead to a significant reduction of
indirect expenditures, which decreased by 18.4 % to EUR 10.8 m.
EBITDA amounted to EUR 36.4 m, which, mainly as a result of the lower
contributions from sales of properties, means a reduction of 8.0 % compared to
Q1 2008.
The revaluation result came out at EUR -51.6 m. Negative revaluations in our CEE
and SEE portfolio of EUR -59.3 m were partly counterbalanced by positive
revaluations of EUR 7.8 m of property assets under development in Germany
following the first time application of IAS 40 on property assets under
development.
In addition to financing costs of EUR -26.5 m, the financial result was also
negatively impacted by foreign currency effects and valuation changes of
interest rate hedges and therefore amounted EUR -34.9 m (Q1 2008: EUR -29.4 m).
Earnings before tax (EBT) for the first three months 2009 amounted to EUR -51.8
m
(Q1 2008: EUR 10.9 m),
net income after minorities was EUR -33.6 m (Q1 2008: EUR 3.2 m).
Net asset value (NAV) per share as of March 31 2009 was 18.22 EUR (Dec 31 2008:
EUR
18.92). Operating cash flow for the first quarter 2009 was EUR 30.8 m. 

The equity ratio of CA Immo at the balance sheet date reached 40 %. Net debt as
of March 31, 2009 was unchanged at EUR 1.6 bn compared to a real estate
portfolio
of EUR 3.8 bn. 

Despite the challenging market environment, CA Immo was able to sign property
sales in Germany and Austria with a total value of over EUR 150 m since the
beginning of the year. Of these, EUR 17 m became effective in Q1. These
transactions have an important positive effect on the Group, both in terms of
the liquidity position as well as with regard to the financial result. Another
important operational success of the first quarter 2009 was the approval of a
loan financing in the amount of EUR 254 m for the planned project Tower185 in
Frankfurt.
These transactions demonstrate again that, due the quality and first class
locations, there is demand for our projects and adequate financing can be
obtained even in these difficult times. 

 Key financial figures
|                                           |        |        |           |
|in EUR million                             |Q1 2009 |Q1 2008 |in EUR     |
|                                           |        |        |million    |
|Rental income                              |45.2    |43.1    |+4.8%      |
|Net operating income                       |40.2    |39.3    |+2.2%      |
|Result from the sale of properties         |2.3     |7.2     |-67.6%     |
|Indirect expenditure                       |-10.8   |-13.2   |-18.4%     |
|EBITDA                                     |36.4    |39.5    |-8.0%      |
|Revaluation result                         |-51.6   |1.9     |n.a.       |
|Operating result (EBIT)                    |-16.9   |40.3    |n.a.       |
|Financial result                           |-34.9   |-29.4   |-18.7%     |
|Net income before taxes (EBT)              |-51.8   |10.9    |n.a.       |
|Consolidated net income                    |-54.5   |8.9     |n.a.       |
|Consolidated net income, parent company    |-33.6   |3.2     |n.a.       |
|Result per share (in EUR)                  |-0.39   |0.04    |n.a.       |
|Operating cash flow                        |30.8    |36.5    |-15.6%     |
|                                           |        |        |           |
|                                           |31.3.2009|31.12.2008|        |
|                                           |         |          |        |
|Property assets (EUR million)              |3,791.0  |3,788.3   |0%      |
|NAV per share (in EUR)                     |18.22    |18.92     |-3.7%   |
|NNNAV per share (in EUR)                   |19.07    |20.50     |-7.0%   | 

end of announcement                               euro adhoc
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(END) Dow Jones Newswires

May 26, 2009 12:34 ET (16:34 GMT)