Interim report as at 30 September 2008:

POSITIVE OPERATING DEVELOPMENT, REVALUATIONS WEIGHT ON RESULTS

• Rental income higher than in previous year (+5%)
• Significant increase in EBITDA; reduction in net income

• Negative revaluation result in Eastern and South Eastern Europe in Q3 (€-6.7 m)

• 66 % equity ratio and strong liquidity underline healthy financial basis

The result from operations of CA Immo International continued to develop positively during the third quarter: rental income amounted to € 29.7 m (+5%), EBITDA increased by 16% compared to the same period of the previous year to € 26 m. At the same time a negative revaluation result of € 6.7 m (equivalent to 1.1% of the standing portfolio) was incurred as a result of a noticeable weakening of real estate values in individual markets. Accordingly the operating result (EBIT) declined from € 67.7 m in the first nine months of 2007 to € 17.8 m in the first nine months of 2008.

The financial result of the first nine months 2008 amounted to € -2.8 m compared to € -0.9 m in the first nine months 2007. This decline mainly reflects higher financing costs as a result of an increase in financing volume and non-cash currency losses from the appreciation of the US Dollar. Earnings before tax after nine months amounted to € 15 m (1-9/2007: € 66.8 m), consolidated net income after minorities was € 7.7 m (1-9/2007: € 55.7 m).


The group’s equity ratio at the balance sheet date reached 66%, cash and cash equivalents amounted to € 149 m and thus were 4% higher compared to the beginning of the year. Net debt as of Sept 30, 2008 was € 137.6 m compared to a real estate portfolio of € 781 m.


Despite the continuing market turbulence, CA Immo International is currently anticipating that operative developments will be largely unchanged for the remainder of the year, although further negative revaluations are conceivable. 

As there are no signs as yet of any easing of the crisis on the financial markets, the company currently cannot make any concrete statement regarding a dividend for 2008. A decision will therefore be made on the dividend proposal for 2008 in the spring of 2009 after presentation of the annual results.”

Key financial figures

in € million	Q1-3 2008	Q1-3 2007
Rental incomes	29,7	28,3
Net operating income	28,1	26,3
Result from the sale of properties	7,0	3,9
EBITDA	26,0	22,4
Revaluation gains/losses	-6,7	46,5
Operating result (EBIT)	17,8	67,7
Financial result	-2,8	-0,9
Net income before taxes (EBT)	15,0	66,8
Consolidated net income	5,6	54,6
Consolidated net income, parent company	7,7	55,7
Result per share (in €)	0,18	1,28
Operating cash flow	17,7	16,7
Rental income per share (in €)	0,68	0,65
	30-9-08	31-12-07
Property assets (€ million)	781,1	708,4
NAV per share (in €)	14,75	14,93
NNNAV per share (in €)	15,05	15,54

Please address any queries to:
CA Immo International 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: office@caimmointernational.com
www.caimmointernational.com

 

 

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