Balance sheet for 31 December 2009:

CA Immo International AG publishes results for 2009

• Rental income up 4.2 %
• Notably higher negative revaluation result
• CA Immobilien Anlagen AG offers voluntary bid to take over CA Immo International shares in free float at € 6.50 per share

Vienna, 24.03.2010. Rental income for 2009 rose by 4.2 % to € 40.3 m, reflecting the completion of development projects and the first time rental for the full year of projects completed during the previous year. The significant reduction in indirect expenditure (down 17.6 % from € 13.7 m in 2008 to € 11.3 m in 2009) stemming from the implementation of cost cutting measures and the discontinuation of costs associated with running a hotel in Ljubljana (included in other administrative expenses in 2008) also had a positive impact on the operating result. The decline in the EBITDA from € 32.2 m in 2008 to € 24.9 m in 2009 was mainly the result of profits from sales of € 7.0 m included in the previous year’s result. Valuation-related charges in the income statement (i.e. the revaluation result and impairments) increased from € -92.2 m in 2008 to € -152.0 m. Of this figure, around € -120.9 m related to income-producing properties and € -31.1 m related to property assets under development entered at fair value for the first time. The main factor behind the value change was property yields, which increased compared to the end of 2008 and thus forced down property values. The devaluations principally affected Hungary (€ -41.4 m) and Romania (€ -36.7 m). The considerable revaluation losses led to a reduction in the EBIT, from € -62.0 m in 2008 to € -127.1 m in 2009. Financial results improved from € -32.7 m in 2008 to € -22.9 m in 2009 owing to recoveries in local currencies and the US dollar, and the reduced negative contributions to the result from the valuation of financial assets and the result from affiliated companies. However, these positive trends were counteracted by higher financing costs (up € 2.2 m to € -18.2 m when the periods are compared) as well as a negative result from derivative transactions of € -2.2 m caused by the closure of interest rate swaps following an early loan repayment. Earnings before taxes (EBT) amounted to € -150.0 m in 2009, compared to € -94.7 m in 2008. The consolidated loss after minorities rose substantially (from € -96.6 m in 2008 to € -123.3 m) owing to unrealised revaluation losses shown in the books. By contrast, operational business performance was reflected in the rise in operating cash flow of around 3.5 % to € 23.5 m.

CA Immo International’s equity ratio stood at 48 % on the reporting date. As of 31 December 2009, net debt was € 258.0 m (+54.7 %) with property assets of approximately € 674 m. Liquid assets amounted to € 115.9 m on 31 December 2009 (compared to € 148.8 m on 31.12.2008). Net asset value (NAV) per share was € 9.33 on the same date (€ 12.20 on 31.12.2008).

Voluntary takeover bid for free float shares of CA Immo International AG
CA Immo International AG hereby informs that CA Immobilien Anlagen AG has announced its intention to offer a voluntary takeover bid to the free float shareholders of CA Immo International AG. The offer price will be € 6.50 in cash, equivalent to a premium of 22.6 % on today’s closing price. At present, CA Immobilien Anlagen AG has a 63.05 % stake in CA Immo International AG (directly and indirectly); after the offer, it intends to acquire full control over CA Immo International AG by means of a squeeze out or merger. The bid will not be dependent on securing a minimum acceptance threshold. The bidding document, containing further details and provisions, is expected to be published in calendar week 16 of 2010, subject to approval by the Austrian Takeover Commission.
Dr. Bruno Ettenauer, Chief Executive Officer of CA Immo International AG and CA Immobilien Anlagen AG, says that, “The plan to increase the share of CA Immobilien Anlagen AG in CA Immo International AG with the aim of an eventual de-listing will streamline the Group structure and improve the flexibility of capital allocation in the CA Immo Group. Because of developments on property markets in Eastern and South Eastern Europe over the past two years, CA Immo International AG has not been able to live up to the expectations raised at the time of the IPO in autumn 2006. The share in particular has been affected by reduced liquidity on the stock market. For this reason, CA Immobilien Anlagen AG intends to offer a fair exit opportunity (measured against the current share price) to free float shareholders of CA Immo International AG with a cash offer of € 6.50 per share.”

The 2009 financial report for CA Immo International AG has been published on the web site www.caimmointernational.com.

Selected financial indicators:

 

€ m	2009	2008	Change	Q4 2009	Q4 2008
Rental income	40.3	38.7	4.2 %	10.3	9.0
Net operating income	34.7	37.2	-6.7 %	12.9	11.9
Result f. sale of inv. Properties	-0.1	7.0	n.a.	-0.1	0.0
Indirect expenditure	-11.3	-13.7	-17.6 %	-3.8	-3.1
EBITDA	24.9	32.2	-22.6 %	4.8	5.5
Depreciation	-0.1	-47.6	n.a.	0.0	-46.1
Result from revaluation	-152.0	-46.7	n.a.	-24.9	-39.9
EBIT	-127.1	-62.0	105.0 %	-20.1	-80.6
Financing cost	-18.2	-16.0	-13.6 %	-4.8	-4.7
Other financial result	-4.7	-16.7	n.a.	-2.1	-25.2
EBT	-150.0	-94.7	-58.3 %	-27.1	-110.5
Result for the period	-134.5	-117.5	-14.5 %	-23.3	-123.8
Net Income (after minorities)	-123.3	-96.6	-27.7 %	-20.4	-105.0
Earning per share (in €)	-2.84	-2.22	-27.7 %
Operative Cash-flow	23.5	22.7	3.5 %
	31.12. 2009	31.12. 2008
Property assets	674.0	751.7	-10.3 %
Total assets	882.8	996.2	-11.4 %
L.t. financial liabilities	310.7	287.2	8.2 %
S.t. financial liabilities	63.3	28.4	122.6 %
Cash and cash equivalents	115.9	148.8	-22.1 %
Equity	424.6	558.5	-24.0 %
Equity ratio	48 %	56 %	8.0 pp
NAV per share (in €)	9.33	12.20	-23.5 %
NNNAV per share (in €)	9.59	12.65	-24.2 %

 

 

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