News
Ad-hoc report as of 14.03.2012
• Rental income at € 265.6 m (up 62%)
• Profit from the sale of properties of € 52.8 m
• Steep rise in EBITDA by a considerable 64% to € 246.4 m
• Net income after minorities: € 62.6 m (+38%)
• FFO after taxes of € 66.2 m (€ 20.5 m in 2010)
• NAV per share € 19.17
• Dividend proposal: € 0.38 per share
Vienna, 14 March 2012. The figures for the fiscal year 2011 show key earnings indicators that are well up on last year. On the one hand, recurring rental revenue was boosted by the incorporation of Europolis into the consolidated accounts of the CA Immo Group early in the year; on the other hand, sales of property assets produced a considerable contribution to earnings particularly in the second half of the year. Dr. Bruno Ettenauer, CEO of CA Immo: ”2011 was a good year for CA Immo. We have reached our main targets and can therefore as planned distribute a dividend to our shareholders for the first time.”
Measured against 2010, rental income increased by 61.5% to € 265.6 m. In regional terms more than a half of gross revenues derived from Eastern and South Eastern Europe. Property sales totalling some € 324.7 m were closed in 2011 contributing around € 52.8 m to earnings in total. Largest transaction of 2011 was the sale of the 51% shares in the Olympia Shopping Centres in the Czech Republic, further sales are related to development projects and undeveloped sites scheduled for development in Germany. The revaluation result for 2011 was € 49.1 m (2010: € 32.1 m). From a regional perspective, the revaluation result arises from an appreciation of € 69.2 m in Germany, and negative revaluations in the Eastern and South Eastern Europe segment (€–16.7 m) and Austria (€–3.4 m). EBIT increased substantially from € 176.5 m in 2010 to € 285.0 m. The financial result of € –177.9 m (€–107.7 m in 2010) reflected additional interest payable (+37.4%) in connection with Europolis as well as a negative (non-cash) effect from the valuation of interest-rate hedges amounting to € –22.5 m. Earnings before taxes (EBT) stood at € 107.1 m in 2011 (compared to € 68.8 m in 2010), whilst consolidated net income after minorities was € 62.6 m (against € 45.4 m in 2010).
As at the reporting date, the equity ratio of CA Immo stood at 31%. The Group's net debt was € 2,854.2 m as at 31 December 2011, with property assets amounting to approximately € 5.2 bn. Cash and cash equivalents (including short-term securities) stood at € 353.8 m as at 31 December 2011 (€ 358.6 m on 31.12.2010).
These positive developments are also reflected in the FFO (Funds from Operations) which increased from € 20.5 m in 2010 to € 66.2 m in 2011 (including property sales, before minorities, after actual taxes).
On the basis of these results, the company intends to propose the payment of a dividend of 38 cents per share for the first time to the Ordinary General Meeting for 2011. This corresponds to the stated target of around 2 % of net asset value, which stood at € 19.17 per share as at 31 December 2011. It is planned to structure the distribution as a repayment of capital in accordance with Austrian tax law, making it tax-free for natural persons with domicile in Austria, who hold shares of CA Immo in their private accounts.
Outlook for 2012
We do not expect general conditions to change significantly in 2012, either on the rental market or the transaction market. Against this background, we anticipate a modest rise of around 2 % in rental income: additional rental revenue from project completions in particular should more than compensate for losses of rents due to sales. The company will aim to transact asset sales of approximately € 300-350 m, split more or less equally between Eastern Europe and Germany. Funds released by the sales will mainly be used for the purposes of debt reduction. A volume of around € 300 m will be invested in our portfolio, especially in ongoing development projects.
The 2011 Annual Financial report for CA Immobilien Anlagen AG is published on the company's web site (www.caimmo.com).
Selected financials:
in € Tsd | 2011 | 2010 | Change |
Rental Income | 265,576 | 164,424 | 61.5% |
Net Rental Income | 227,086 | 138,597 | 63.8% |
Result from sale of trading properties | 7,790 | 30,490 | -74.5% |
Other development expenses | -7,315 | -5,713 | 28.0% |
Net operating Income | 228,139 | 163,938 | 39.2% |
Result from sale of l.t. properties | 44,961 | 13,936 | 222.6% |
Indirect Expenditures | -44,045 | -33,923 | 29.8% |
other operating income | 17,368 | 6,458 | 168.9% |
EBITDA | 246,423 | 150,409 | 63.8% |
Depreciation / Impairments | -10,521 | -5,971 | 76.2% |
Revaluations | 49,143 | 32,052 | 53.3% |
EBIT | 285,045 | 176,490 | 61.5% |
Financing Cost | -161,009 | -117,202 | 37.4% |
other Financial Result | -16,936 | 9,530 | n.m |
EBT | 107,100 | 68,818 | 55.6% |
Taxes on income | -39,429 | -24,999 | 57.7% |
Income attributable to minorities | 5,042 | -1,596 | n.m |
Consolidated net income (parent company) | 62,629 | 45,415 | 37.9% |
Earnings per share in € (diluted=undiluted) | € 0.71 | € 0.52 | 37.1% |
in € Tsd | 31.12.2011 | 31.12.2010 | Change |
Property assets | 5,222,183 | 3,612,216 | 44.6% |
Total assets | 5,916,576 | 4,379,463 | 35.1% |
Long-term financial liabilities (including bonds) | 2,486,925 | 1,888,306 | 31.7% |
Short-term financial liabilities | 777,089 | 238,049 | n.a. |
Cash and cash equivalents and short-term securities | 353,778 | 358,618 | -1.4% |
Shareholders’ equity | 1,809,455 | 1,659,939 | 9.0% |
Equity ratio | 30.6% | 37.9% | -7pp |
NAV per share (in €) (undiluted) | 19.17 | 18.69 | 2.6% |
NNNAV per share (in €) (undiluted) | 19.83 | 18.95 | 4.6% |
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@caimmo.com
www.caimmo.com
Wednesday, 14. March 2012 19:00