News
Ad-hoc report 9.3.2010
Highly positive annual result for CA Immobilien Anlagen AG in 2010
- Steep rise in EBIT from € 3.0 m in 2009 to € 183.3 m
- Revaluation result of € 46.7 m due to property sales and completions of developments
- Consolidated net income after minorities clearly positive at € 45.4 (€ -76.9 m in 2009)
- NAV/share up 4.6 % to € 18.69
- Further increase in earnings expected for 2011
Vienna, 9 March 2011. With the business climate clearly improving, especially regarding the investment market for real estate, the CA Immo Group achieved a significant improvement of key earnings indicators in 2010.
As a result of sales transacted in the previous year, rental income decreased as expected by around – 7.1 % to € 164.3 m in comparison with 2009. The sale of properties held in fixed and current assets generated income of € 322.4 m, clearly exceeding the 2010 sales target. With development projects and undeveloped sites scheduled for development accounting for around 70 % of sales, the proportion of development assets in the overall portfolio fell from 30 % to 23 %. The profit from real estate sales was € 34.3 m (or € 49.0 m including the revaluation gains on the sold properties).
The valuation result was clearly positive at € 46.7 m (€ -129.1 m in 2009), mainly as a consequence of agreed sales as well as upward valuations linked to progress on projects and partial completions. Consequently, earnings before interest and taxes (EBIT) rose sharply from € 3.0 m to € 183.3 m, the highest level in the history of the company.
On account of lower charges associated with the valuation of interest-rate hedges, the financial result improved significantly (from € -137.5 m to € -107.6 m). Earnings before taxes (EBT) stood at € 75.8 m in 2010 (compared to € -134.5 m in 2009), whilst consolidated net income after minorities was € 45.4 m (against € -76.9 m in 2009).
As at the reporting date, the equity ratio of CA Immo stood at 37.9 %. The Group's net debt was up 20 % at € 1,766.6 m as at 31 December 2010, with property assets amounting to approximately € 3.6 bn. Cash and cash equivalents (including short-term securities) stood at € 358.6 m as at 31 December 2010 (€ 504.1 m on 31.12.2009). Net asset value (NAV) per share was € 18.69 as at 31 December 2010, up 4.6 % on the value for the previous year (€ 17.87).
Outlook for 2011
Based on a continued improvement of the economic environment, the company expects a further significant increase in profits for 2011. For 2011 a return on equity of at least 5 % is targeted, in particular as a result of the expected contribution to earnings from the Europolis Group (which will be fully consolidated starting with the first quarter of 2011). Provided the targets are reached, the Management Board intends to propose to the Ordinary General Meeting for 2011 the payment of a dividend of around 2 % of NAV for the first time.
The 2010 financial report for CA Immobilien Anlagen AG is published on the company's web site (www.caimmoag.com).
Selected financial performance indicators
in € Tsd | 2010 | 2009 | Change |
Rental income | 164,334 | 176,975 | -7.1% |
Income from the sale of trading-properties | 115,657 | 78,026 | 48.2% |
Book value of trading-properties sold | -85,640 | -68,161 | 25.6% |
Net operating income | 164,949 | 164,023 | 0.6% |
Result from the sale of long-term properties | 3,415 | 9,218 | -62.9% |
Indirect expenditures | -47,355 | -51,712 | -8.4% |
Capitalised services | 11,857 | 12,149 | -2.4% |
Other operating income | 6,548 | 8,263 | -20.8% |
EBITDA | 139,415 | 141,941 | -1.8% |
Revaluation result | 46,716 | -129,087 | n.a. |
Operating result (EBIT) | 183,334 | 3,006 | n.a. |
Financing costs | -117,446 | -108,430 | 8.3% |
Other financial income/expense | 9,871 | -29,098 | n.a. |
Net earnings before tax (EBT) | 75,759 | -134,522 | n.a. |
Income tax | -31,941 | -198 | n.a. |
Income attributable to non-controlling interests | -1,597 | -57,805 | n.a. |
Consolidated net income (parent company) | 45,415 | -76,915 | n.a. |
Basic earnings per share (in €) | € 0.52 | -€ 0.89 | n.a. |
Diluted earnings per share (in €) | € 0.52 | -€ 0.89 | n.a. |
in € Tsd | 31.12.2010 | 31.12.2009 | Change |
Property assets | 3,612,216 | 3,515,762 | 2.7% |
Total assets | 4,379,463 | 4,310,650 | 1.6% |
Long-term financial liabilities (including bonds) | 1,888,306 | 1,852,194 | 1.9% |
Short-term financial liabilities | 236,910 | 124,276 | 90.6% |
Cash and cash equivalents and short-term securities | 358,617 | 504,148 | -28.9% |
Shareholders’ equity | 1,659,939 | 1,729,160 | -4.0% |
Equity ratio | 37.9% | 40.1% | -2.2% |
NAV per share (in €) (undiluted) | 18.69 | 17.87 | 4.6% |
NNNAV per share (in €) (undiluted) | 18.95 | 18.47 | 2.6% |
Please address any questions to:
CA Immobilien Anlagen AG
Florian Nowotny (Investor Relations)
Claudia Hainz (Investor Relations)
Tel.: +43 (0)1532 5907
Fax: +43 (0)1532 5907 595
Email: ir@caimmoag.com
www.caimmoag.com
Wednesday, 09. March 2011 18:16