News
Ad-hoc report as of 21.05.12
• Rental income: € 72.4 m (+13%)
• Significant rise of +30% takes EBITDA to € 60.3 m
• Net income after non-controlling interests: € 17.3 m (+71%)
• NAV/share: € 19.32 (+0.8%)
Vienna, 21 May 2012. Measured against the previous year, recurring income rose appreciably in the first quarter of 2012 - in particular as a consequence of additional rental income from own development projects that have been completed in recent months.
Rental income of the CA Immo Group increased year on year by 12.8% to € 72.4 m. Net operating income climbed by 23.1% to € 65.6 m.
In the first quarter, when the volume of transactions is traditionally low, property sales reflected in the accounts totalled € 42.7 m. Around 90% was attributable to the disposal of long-term properties, and about 10% to the sale of properties intended for trading. The total earnings contribution made by property sales in the first quarter of 2012 stood at around € 5.2 m (€ 3.3 m from the sale of properties intended for trading, and € 1.9 m from the disposal of long-term properties).
Thanks to reductions in staff expenses and consultants' fees, indirect expenditures decreased by 20.6% to € 9.2 m. EBITDA increased by 30.3 % to € 60.3 m.
The valuation result of € -19.6 m reflects devaluations in Eastern Europe, which were not entirely counterbalanced by the appreciation of property values in Germany. The devaluations in Eastern Europe are to be seen, however, in the context of a favourable non-recurring effect in the amount of € 21.0 m arising from project finance restructuring, which is recognised in the financial result. This effect gave rise to a financial result of € -29.3 m (2011: € -21.6 m). Financing costs were driven up by additional interest expenses for the completed development projects. The item rose by around 11.1 % to € -44.4 m. The financial result also contains a valuation loss from interest-rate hedges in the amount of € -1.6 m. A substantial valuation gain of € 9.5 m was posted in the prior-year period.
Consolidated net profit after non-controlling interests advanced year on year, from € 10.1 m to € 17.3 m.
Funds from operations (FFO) before non-controlling interests and after taxes came to € 28.0 m (2011: € 7.4 m).
As of 31 March 2012, the equity ratio of CA Immo remained unchanged at 31%. The Group's net financial debt as of 31 March 2012 stood at € 2.9 bn, alongside property assets of around € 5.2 bn.
At € 19.32 the net asset value per share as of 31 March 2012 was slightly lower than the figure posted at the end of 2011; the NNNAV per share, in which deferred taxes are neutralised, stood at € 19.92.
The financial report of CA Immobilien Anlagen AG as of 31 March 2012 is available at www.caimmo.com.
Selected financials
in € Tsd | Q1 2012 | Q1 2011 | Change |
Rental Income | 72,417 | 64,210 | 12.8% |
Net Rental Income | 63,123 | 53,059 | 19.0% |
Result from sale of trading properties | 3,254 | 1,816 | 79.2% |
Other development expenses | -1,153 | -1,976 | -41.6% |
Net operating Income | 65,578 | 53,265 | 23.1% |
Result from sale of l.t. properties | 1,914 | 1,340 | 42.8% |
Indirect Expenditures | -9,234 | -11,627 | -20.6% |
other operating income | 2,079 | 3,312 | -37.2% |
EBITDA | 60,337 | 46,290 | 30.3% |
Depreciation / Impairments | -815 | -1,831 | -55.5% |
Revaluations | -19,621 | 3,489 | n.m |
EBIT | 39,901 | 47,948 | -16.8% |
Financing Cost | -44,435 | -39,988 | 11.1% |
other Financial Result | 22,835 | 10,714 | n.m |
EBT | 18,301 | 18,674 | -2.0% |
Taxes on income | -4,600 | -5,704 | -19.4% |
Income attributable to minorities | -3,607 | 2,830 | n.m |
Consolidated net income (parent company) | 17,308 | 10,140 | 70.7% |
Earnings per share in € (diluted=undiluted) | € 0.20 | € 0.12 | 70.7% |
in € Tsd | 31.3.2012 | 31.12.2011 | Change |
Property assets | 5,237,772 | 5,222,183 | 0.3% |
Total assets | 5,903,146 | 5,916,576 | -0.2% |
Long-term financial liabilities (including bonds) | 2,538,345 | 2,486,925 | 2.1% |
Short-term financial liabilities | 717,265 | 777,089 | -7.7% |
Cash and cash equivalents and short-term securities | 338,774 | 353,778 | -4.2% |
Shareholders’ equity | 1,820,368 | 1,809,455 | 0.6% |
Equity ratio | 30.8% | 30.6% | 0.3% |
NAV per share (in €) (undiluted) | 19.32 | 19.17 | 0.8% |
NNNAV per share (in €) (undiluted) | 19.92 | 19.83 | 0.4% |
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
Monday, 21. May 2012 19:10