The key financial performance indicators for such value management are the gross ratio of rental income to purchase price, the net operating income (NOI) in relation to revenues and property assets, the operating cash flow per share, the net asset value per share, the ROCE, EVA and ROE, and the price/cash flow multiplier.
Value Key Figures
For CA Immo International, the regional distribution of the property portfolio and the financing structure are further indicators of capital growth. As of the balance sheet date, the property assets of CA Immo International totalled € 530 m, of which 67% were attributable to CEE and 33% to SEE. In future the investment focus is to shift in favour of the more lucrative regions, namely SEE and the CIS. In the medium term, the assets are thus to be divided more or less equally between these three regions.
Short and Medium Term Targets
An IPD (Investment Property Database) index for Eastern Europe is being published for the first time in 2007. The index for Western Europe has a long tradition on the markets there and is used as a benchmark for the development of property assets. The IPD analysis compares the performance of the domestic property portfolios of all the real estate companies that are active in the market. The key indicators are the market value, revaluation return, net cash flow yield, market potential yield and gross cash flow yield. The costs and income per property and type of use and the vacancy rates are also analyzed. As CA Immo International‘s experience with the index grows and the underlying data are consolidated, it is to be used as a benchmark.