Public disclosure of inside information according to article 17 MAR
CA Immobilien Anlagen AG: Interim accounts as of 31 March 2012
Vienna
(pta029/21.05.2012/19:00 UTC+2)
Appreciable increase in recurring income
* Rental income: Eur 72.4 m (+13%)
* Significant rise of +30% takes EBITDA to Eur 60.3 m
* Net income after non-controlling interests: Eur 17.3 m (+71%)
* NAV/share: Eur 19.32 (+0.8%)
Measured against the previous year, recurring income rose appreciably in the first quarter of 2012 - in particular as a consequence of additional rental income from own development projects that have been completed in recent months.
Rental income of the CA Immo Group increased year on year by 12.8% to Eur 72.4 m. Net operating income climbed by 23.1% to Eur 65.6 m.
In the first quarter, when the volume of transactions is traditionally low, property sales reflected in the accounts totalled Eur 42.7 m. Around 90% was attributable to the disposal of long-term properties, and about 10% to the sale of properties intended for trading. The total earnings contribution made by property sales in the first quarter of 2012 stood at around Eur 5.2 m (Eur 3.3 m from the sale of properties intended for trading, and Eur 1.9 m from the disposal of long-term properties).
Thanks to reductions in staff expenses and consultants' fees, indirect expenditures decreased by 20.6% to Eur 9.2 m. EBITDA increased by 30.3 % to Eur 60.3 m.
The valuation result of Eur -19.6 m reflects devaluations in Eastern Europe, which were not entirely counterbalanced by the appreciation of property values in Germany. The devaluations in Eastern Europe are to be seen, however, in the context of a favourable non-recurring effect in the amount of Eur 21.0 m arising from project finance restructuring, which is recognised in the financial result. This effect gave rise to a financial result of Eur -29.3 m (2011: Eur -21.6 m). Financing costs were driven up by additional interest expenses for the completed development projects. The item rose by around 11.1 % to Eur -44.4 m. The financial result also contains a valuation loss from interest-rate hedges in the amount of Eur -1.6 m. A substantial valuation gain of Eur 9.5 m was posted in the prior-year period.
Consolidated net profit after non-controlling interests advanced year on year, from Eur 10.1 m to Eur 17.3 m.
Funds from operations (FFO) before non-controlling interests and after taxes came to Eur 28.0 m (2011: Eur 7.4 m).
As of 31 March 2012, the equity ratio of CA Immo remained unchanged at 31%. The Group's net financial debt as of 31 March 2012 stood at Eur 2.9 bn, alongside property assets of around Eur 5.2 bn.
At Eur 19.32 the net asset value per share as of 31 March 2012 was slightly lower than the figure posted at the end of 2011; the NNNAV per share, in which deferred taxes are neutralised, stood at Eur 19.92.
The financial report of CA Immobilien Anlagen AG as of 31 March 2012 is available at www.caimmo.com.
Selected financials
| in Eur Tsd | Q1 2012 | Q1 2011 | Change |
| Rental Income | 72,417 | 64,210 | 12.8% |
| Net Rental Income | 63,123 | 53,059 | 19.0% |
| Result from sale of trading properties | 3,254 | 1,816 | 79.2% |
| Other development expenses | -1,153 | -1,976 | -41.6% |
| Net operating Income | 65,578 | 53,265 | 23.1% |
| Result from sale of l.t. properties | 1,914 | 1,340 | 42.8% |
| Indirect Expenditures | -9,234 | -11,627 | -20.6% |
| other operating income | 2,079 | 3,312 | -37.2% |
| EBITDA | 60,337 | 46,290 | 30.3% |
| Depreciation / Impairments | -815 | -1,831 | -55.5% |
| Revaluations | -19,621 | 3,489 | n.m |
| EBIT | 39,901 | 47,948 | -16.8% |
| Financing Cost | -44,435 | -39,988 | 11.1% |
| other Financial Result | 22,835 | 10,714 | n.m |
| EBT | 18,301 | 18,674 | -2.0% |
| Taxes on income | -4,600 | -5,704 | -19.4% |
| Income attributable to minorities | -3,607 | 2,830 | n.m |
| Consolidated net income (parent company) | 17,308 | 10,140 | 70.7% |
| Earnings per share in Eur (diluted=undiluted) | Eur 0.20 | Eur 0.12 | 70.7% |
| in Eur Tsd | 31.3.2012 | 31.12.2011 | Change |
| Property assets | 5,237,772 | 5,222,183 | 0.3% |
| Total assets | 5,903,146 | 5,916,576 | -0.2% |
| Long-term financial liabilities (including bonds) | 2,538,345 | 2,486,925 | 2.1% |
| Short-term financial liabilities | 717,265 | 777,089 | -7.7% |
| Cash and cash equivalents and short-term securities | 338,774 | 353,778 | -4.2% |
| Shareholders' equity | 1,820,368 | 1,809,455 | 0.6% |
| Equity ratio | 30.8% | 30.6% | 0.3% |
| NAV per share (in Eur) (undiluted) | 19.32 | 19.17 | 0.8% |
| NNNAV per share (in Eur) (undiluted) | 19.92 | 19.83 | 0.4% |
(end)
| Emitter: |
CA Immobilien Anlagen AG Mechelgasse 1 1030 Wien Austria |
|
|---|---|---|
| Contact Person: | Mag. Florian Nowotny | |
| Phone: | (+431) 532 59 07 518 | |
| E-Mail: | florian.nowotny@caimmo.com | |
| Website: | www.caimmo.com | |
| ISIN(s): | AT0000641352 (Share) | |
| Stock Exchange(s): | Vienna Stock Exchange |