Half year report as of 30 June 2010: Improvement of operating result for CA Immo International AG

Vienna, 25/8/2010. During the first half of 2010, rental income increased by 14.0 % to stand at € 22.7 m on account of completions in the past year. A further 8.9 % reduction in indirect expenditures to € 4.5 m also had a positive effect on the operating result. The revaluation result for the first half of 2010 was € -3.4 m, well below the value for the first six months of last year (€ -102.9 m). The revaluation losses were the result of value changes on specific properties, while the overall valuation level has stabilised to a large extent. Thanks to the improvement in the revaluation result, the EBIT recovered substantially, climbing from € -89.5 m in the first half of 2009 to € +13.0 m. The financial result was € -5.4 m for the first half of 2010, compared to € -13.6 m in the first six months of 2009. The consolidated profit (after minorities) stood at € 6.3 m, compared to € -80.8 m in 2009.
As of the reporting date, the equity ratio of CA Immo International was 49 %. Net debt was € 242.8 m on 30 June 2010, with property assets of € 680.2 m. Cash and cash equivalents amounted to € 113.4 m on 30 June 2010 (against € 115.9 m on 31/12/2009). The Net Asset Value (NAV) per share stood at € 9.42 on 30 June 2010 (compared to € 9.33 on 31/12/2009).

As already stated last week in an ad hoc announcement following the end of the extended acceptance period of the voluntary takeover bid, CA Immo Anlagen AG now holds a stake of 97.14 % in CA Immo International AG. As a next step it is planned to merge CA Immo International AG as the transferor company with CA Immobilien Anlagen Aktiengesellschaft as the acquiring company with retroactive effect back to 31.12.2009 (“effective merger date”). The proposed merger should take place on the basis of an exchange ratio, which is calculated based on the NAVs as of 30 June 2010, of 10 CA Immobilien Anlagen AG shares for 19 CA Immo International shares. An extraordinary shareholder’s meeting to vote on the proposed merger is planned for 27 September 2010.  All relevant merger documents, especially the joint report on the merger by the executive boards as well as the report by the joint merger-auditor, can be downloaded at the company’s website www.caimmointernational.com.

The financial report for CA Immo International AG for the period to 30 June 2010 is published on the company’s web site (www.caimmointernational.com).

Selected financial performance indicators

 

€ m	H1 2010	H1 2009	Change		Q2 2010	Q2 2009	Change
Rental income	22.7	19.9	14.0%		11.6	10.1	15.7%
Net operating income	19.3	17.4	11.1%		10.0	8.8	13.9%
Indirect expenditures	-4.5	-5.0	-8.9%		-2.5	-2.7	-7.3%
EBITDA	16.4	13.5	21.3%		8.6	7.0	23.9%
Revaluation result	-3.4	-102.9	-96.7%		4.7	-43.6	n.a.
Operating result (EBIT)	13.0	-89.5	n.a.		13.3	-36.7	n.a.
Financing costs	-9.5	-8.4	13.1%		-4.8	-3.4	n.a.
Other financial income/expense	4.1	-5.2	n.a.		0.7	-3.4	n.a.
Net earnings before tax (EBT)	7.5	-103.0	n.a.		9.3	-43.6	n.a.
Result for the period	6.1	-86.0	n.a.		10.2	-36.1	n.a.
Consolidated net income (parent company)	6.3	-80.8	n.a.		9.8	-34.3	n.a.
Earnings per share (in €)	0.15	-1.86	n.a.

€ m	30/6/2010	31/12/2009	Change
Property assets	680.2	674.0	0.9%
Total assets	875.2	882.8	-0.9%
Long-term financial liabilities	333.9	310.7	7.5%
Short-term financial liabilities	22.2	63.3	-64.9%
Cash and cash equivalents	113.4	115.9	-2.2%
Shareholders’ equity	429.3	424.6	1.1%
Equity ratio	49%	48%	-1pp
NAV per share (in €)	9.42	9.33	1.0%
NNNAV per share (in €)	9.66	9.59	0.7%

Please address any questions to:

CA Immo International AG
Florian Nowotny (Investor Relations)
Claudia Hainz (Investor Relations)
Tel.: +43 (0)1532 5907
Fax: +43 (0)1532 5907 595
E-mail: ir@caimmointernational.com
www.caimmointernational.com

 

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