Quarterly Report • Nov 20, 2019
Quarterly Report
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URBAN BENCHMARKS.
INTERIM FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2019
| INCOME STATEMENT | |||
|---|---|---|---|
| 1.1.-30.9.2019 | 1.1.-30.9.2018 | ||
| Rental income | € m | 164.8 | 141.5 |
| Net rental income | € m | 144.4 | 130.5 |
| EBITDA | € m | 132.1 | 113.4 |
| Operating result (EBIT) | € m | 325.2 | 224.1 |
| Net result before taxes (EBT) | € m | 247.8 | 182.5 |
| Consolidated net income | € m | 177.9 | 135.9 |
| Operating cash flow | € m | 87.4 | 88.5 |
| Capital expenditure | € m | 189.4 | 256.3 |
| FFO I (excl. trading and pre taxes) | € m | 101.4 | 93.7 |
| FFO II (incl. trading and after taxes) | € m | 99.0 | 88.3 |
| 30.9.2019 | 31.12.2018 | ||
|---|---|---|---|
| Total assets | € m | 5,692.3 | 5,355.5 |
| Shareholders' equity | € m | 2,756.4 | 2,639.7 |
| Long and short term interest-bearing liabilities | € m | 2,075.9 | 1,943.4 |
| Net debt | € m | 1,722.3 | 1,566.9 |
| Net asset value (EPRA NAV) | € m | 3,286.6 | 3,097.8 |
| Triple Net asset value (EPRA NNNAV) | € m | 2,913.7 | 2,798.7 |
| Gearing | % | 62.5 | 59.4 |
| Equity ratio | % | 48.4 | 49.3 |
| Gross LTV | % | 42.8 | 43.5 |
| Net LTV | % | 35.5 | 35.0 |
| 30.9.2019 | 31.12.2018 | ||
|---|---|---|---|
| Total usable space (excl. parking, excl. projects) 2) | sqm | 1,571,820 | 1,586,183 |
| Fair value of properties | € m | 4,851.3 | 4,470.6 |
| Gross yield investment properties 3) | % | 5.6 | 5.8 |
| Occupancy rate 3) | % | 95.0 | 94.4 |
| 1.1.-30.9.2019 | 1.1.-30.9.2018 | |
|---|---|---|
| Rental income / share € |
1.77 | 1.52 |
| Operating cash flow / share € |
0.94 | 0.95 |
| Earnings per share € |
1.91 | 1.46 |
| Earnings per share (diluted) € |
1.91 | 1.46 |
| FFO I / share € |
1.09 | 1.01 |
| FFO II / share € |
1.06 | 0.95 |
| 30.9.2019 | 31.12.2018 | |
| NAV/share € |
29.63 | 28.37 |
| EPRA NAV/share € |
35.33 | 33.30 |
| EPRA NNNAV/share € |
31.32 | 30.08 |
| Price (key date)/NAV per share % |
9.86 | –2.66 |
| Dividend paid in the business year / per share € |
0.90 | 0.80 |
| SHARES | |
|---|---|
| 30.9.2019 | 31.12.2018 | ||
|---|---|---|---|
| Number of shares | pcs. | 98,808,336 | 98,808,336 |
| Treasury shares | pcs. | 5,780,037 | 5,780,037 |
| Number of shares outstanding | pcs. | 93,028,299 | 93,028,299 |
| Average number of shares | pcs. | 98,808,336 | 98,808,336 |
| Average treasury shares | pcs. | 5,780,037 | 5,755,417 |
| Average number of shares outstanding | pcs. | 93,028,299 | 93,052,919 |
| Average price/share | € | 31.66 | 28.33 |
| Closing price | € | 32.55 | 27.62 |
| Highest price | € | 34.25 | 32.94 |
| Lowest price | € | 27.36 | 21.40 |
1) Key figures include all fully consolidated properties, i.e. all properties wholly owned by CA Immo 2) Incl. land leases and rentable open landscapes 3) Excl. the recently completed office buildings Orhideea Towers (Bucharest), ViE (Vienna) and Bürogebäude am Kunstcampus (Berlin) which have been added to the portfolio 4) Closing price as at last year
Andreas Quint (CEO) Dr. Andreas Schillhofer (CFO) Keegan Viscius (CIO)
Thanks to excellent operating results over the first nine months, CA Immo is on course for another positive overall result for the year. With a 10% increase in (adjusted) rental income, we are reaping the benefit of last year's intensive development and acquisition activity. The company's efficiently administered portfolio holdings, which are continually expanding as a result (occupancy rate of 95%, total property assets of € 4.9 bn), will provide a stable foundation for corporate performance based on longterm and quantifiable rental revenue. With the support of a consistently dynamic market environment, we will be able to sustain our highly value-enhancing development activity.
Recurring earnings (FFO I) rose 8.1% to € 101.4 m in the first nine months of 2019 (2018 value: € 93.7 m). FFO I per share stood at € 1.09 on the key date, an increase of 8.1% on the 2018 value of € 1.01 per share.
In the first nine months of 2019, rental income for CA Immo rose by a significant 16.4% to € 164.8 m (€ 141.5 m in 2018). Adjusted for the IFRS 16 effects in the amount of € 9.5 m, rental income stood at € 155.3 m, a rise of 9.7% year-on-year. This positive development was linked to portfolio expansion in 2018. Completion of the KPMG building in Berlin, InterCity Hotel Frankfurt Hauptbahnhof and Orhideea Towers in Bucharest alongside the acquisition of the Warsaw Spire C office building in Warsaw, Campus 6.1 in Bucharest and the Visionary building in Prague delivered a positive contribution in terms of yearly comparisons.
As a result of the developments outlined above, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 16.5% to € 132.1 m (2018: € 113.4 m). The revaluation result of € 193.5 m on the key date significantly exceeded the previous year's reference value (€ 92.5 m in 2018). The largest contributions to the revaluation gain in terms of amount came from value adjustments linked to construction progress on the development projects Cube and MY.B in Berlin, NEO in Munich and one land reserve in Frankfurt. As regards incomeproducing investment properties, assets in Berlin recorded the largest gains on the basis of positive market developments.
Earnings before interest and taxes (EBIT) were € 325.2 m, 45.1% above the previous year's result (2018: € 224.1 m).
The financial result stood at € –77.4 m after the first nine months (2018: € –41.6 m). The result from interest rate derivative transactions includes non-cash valuation effects in connection with the convertible bond (€ –18.6 m) plus interest rate hedges and amounted to € –52.9 m (€ –23.4 m in 2018).
The result for the period was € 177.9 m, 30.9% above the previous year's value (2018: € 135.9 m). Earnings per share amounted to € 1.91 on the balance sheet date (2018: € 1.46 per share).
The EPRA NAV (undiluted) stood at € 35.33 per share on the key date (€ 33.30 per share on 31.12.2018). Adjusted to take account of the dividend payment of € 0.90 per share in May 2019, EPRA NAV per share was up 8.8% since the start of the year.
CA Immo has maintained a robust balance sheet that serves as a sound basis for dynamic corporate growth. As at the key date, the equity ratio was 48.4% and the loanto-value ratio (net, taking account of Group cash and cash equivalents) stood at 35.5%.
The CA Immo share also continued its positive development in Q3 2019. The share price rose by 18% since the start of the year to stand at € 32.55 on the final day. Taking the dividend of 90 cents per share into account, the total shareholder return amounts to 21%. By comparison, the ATX and EPRA, the European index for real estate (excluding the UK), reported increases of approximately 10% and 15% respectively.
Tenant demand for (office) projects developed by CA Immo remains high. The Kunstcampus office building in Berlin, which has been completed in September, is 100% let and now part of the CA Immo investment portfolio. Pre-letting for the other two office projects due to be completed and transferred to our own investment portfolio in the first half of 2020 was 93% (for MY.B, Berlin) and 92% (for MY.O, Munich) as at reporting date.
In 2019, we´ve been pushing ahead with our strategy of profitable expansion of the investment portfolio through own development projects. Besides the project completion in Berlin – as mentioned above –, we´ve started the construction of two premium office buildings in Prague (Mississippi & Missouri), which will complement the established Class-A-office complex River City Prague to a
total of five buildings in Prague top location directly on the Vltava River. In Q4 2019, construction of another class A office highrise adjacent to Berlin's main station is about to start. The 84-metre structure has been fully pre-let to KPMG before construction work begins. As at the balance sheet date, CA Immo had an approximate volume of around 170,000 sqm of rentable effective area under construction (equivalent to an investment volume of just above € 870 m). Of this development volume, some 134,000 sqm (appr. € 660 m) is earmarked for the company's portfolio and the rest will be sold on completion.
In November, we successfully sold our remaining stake in Immofinanz AG on the market (volume of approximately 4.0% of the capital stock issued by Immofinanz) as part of an accelerated process for placement with institutional investors. The total value of this remaining stake was approximately € 111 m. An additional share of 0.9% of the capital stock issued by Immofinanz had already been sold in the course of the year. The total investment generated an approximate return on investment of € 19 m, equivalent to some 15% of the investment volume of around € 130 m. We will reinvest the revenue from this non-strategic disinvestment in our core business, i.e. the development and management of high quality real estate in the company's core cities in Germany and Austria as well as Central and Eastern Europe.
The annual target for recurring earnings – an increase in FFO I on last year's value of € 118.5 m to over € 125 m – is hereby confirmed.
Vienna, 20 November 2019
The Management Board
Andreas Quint (Chairman)
Dr. Andreas Schillhofer (Member of the Management Board)
Keegan Viscius (Member of the Management Board)
In spite of a slight downturn in the third quarter, development for the CA Immo share price was generally positive over the first nine months of the business year. The shares rose in value by approximately 18% since the start of the year to stand at € 32.55 on the final day. By comparison, the ATX rose by approximately 10% and EPRA, the European index for real estate (excluding the UK) by 15%. The CA Immo share price reached its high for the year of € 34.25 on 22 May 2019. The lowest value at the start of the year was € 27.36.
As at 30 September 2019, market capitalisation for CA Immo was approximately € 3.2 bn (€ 2.7 bn on 31.12.2018). Since the end of 2018, the average trading volume has fallen by 29% to stand at 164,500 shares (against 231,600 on 31 December 2018). The average liquidity of the shares has also declined by approximately 20% to stand at € 5.2 m (traded value, double-counting) since the end of 2018 (€ 6.5 m on 31.12.2018).
| CA Immo share | 5.75% |
|---|---|
| ATX | –9.97% |
| IATX | 12.49% |
| EPRA (ex UK) | 5.39% |
Source: Bloomberg
At present, CA Immo is assessed by eight equity analysts. The most recently published 12-month target rates are in the range of € 32.50 to € 42.00, with the valuation median at € 37.00. The closing rate for 30 September 2019 implies price potential of approximately 14%.
| Baader-Helvea Bank | 22.8.2019 | 34,00 € | Hold |
|---|---|---|---|
| Deutsche Bank | 22.8.2019 | 42,00 € | Buy |
| Erste Group | 22.8.2019 | 38,00 € | Buy |
| HSBC | 20.3.2019 | 39,00 € | Buy |
| Kepler Cheuvreux | 22.8.2019 | 38,00 € | Buy |
| Raiffeisen Centrobank | 26.8.2019 | 32,50 € | Hold |
| SRC Research | 22.8.2019 | 36,00 € | Accumulate |
| Wood & Company | 12.6.2019 | 34,30 € | Hold |
| Average | 36.73 € | ||
| Median | 37.00 € |
As at the balance sheet date, five CA Immo corporate bonds were trading on the second regulated market of the Vienna Stock Exchange and, to an extent, the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg). The convertible bonds were registered for trading in the unregulated third market (multilateral trade system) of the Vienna Stock Exchange.
The company's capital stock amounted to € 718,336,602.72 on the balance sheet date. This was divided into four registered shares and 98,808,332 bearer shares each with a proportionate amount of the capital stock of € 7.27. The bearer shares trade on the prime market segment of the Vienna Stock Exchange (ISIN: AT0000641352).
With a shareholding of approximately 26% (25,843,652 bearer shares and four registered shares), SOF-11 Klimt CAI S.à r.l., Luxembourg, a company managed by Starwood Capital Group, is the largest shareholder in CA Immo. Starwood is a financial investor specialising in global real estate investment. The remaining shares of CA Immo are in free float with both institutional and private investors. Other major shareholders include at present the S IMMO Group (around 6%) and
AXA S.A. (around 4%). No other shareholders with a stake of more than 4% are known. The company held 5,780,037 treasury shares as at the balance sheet date.
SHAREHOLDER STRUCTURE
| 30.9.2019 | 31.12.2018 | |
|---|---|---|
| NAV/share € |
29.63 | 28.37 |
| EPRA NAV/share € |
35.33 | 33.30 |
| EPRA NNNAV/share € |
31.32 | 30.08 |
| Price (key date)/NAV per share % |
9.86 | –2.66 |
| Price (key date)/EPRA NAV per share % |
–7.87 | –17.06 |
| Price (key date)/EPRA NNNAV per share % |
3.92 | –8.19 |
| Number of shares pcs. |
98,808,336 | 98,808,336 |
| Treasury shares pcs. |
5,780,037 | 5,780,037 |
| Number of shares outstanding pcs. |
93,028,299 | 93,028,299 |
| Average number of shares pcs. |
98,808,336 | 98,808,336 |
| Average treasury shares pcs. |
5,780,037 | 5,755,417 |
| Average number of shares outstanding pcs. |
93,028,299 | 93,052,919 |
| Average price/share € |
31.66 | 28.33 |
| Market capitalisation (key date) € m |
3,216.21 | 2,729.09 |
| Highest price € |
34.25 | 32.94 |
| Lowest price € |
27.36 | 21.40 |
| Closing price € |
32.55 | 27.62 |
| Dividend paid in the business year/per share € |
0.90 | 0.80 |
| Dividend yield 1) % |
3.26 | 3.10 |
1) Closing price as at last year
| Type of shares: | No-par value shares |
|---|---|
| Stock market listing: | Vienna Stock Exchange, prime market |
| Indices: | ATX, ATX-Prime, IATX, FTSE EPRA/NAREIT Europe, GPR IPCM LFFS Sustainable GRES, WBI |
| Specialist: | Tower Research Capital Europe BV |
| Market maker: | Erste Group Bank AG, HRTEU Limited, Raiffeisen Centrobank AG, Société Générale S.A., |
| Susquehanna International Securities Limited | |
| Stock exchange symbol/ISIN: | CAI/AT0000641352 |
| Reuters: | CAIV.VI |
| Bloomberg: | CAI:AV |
| Email: | [email protected] |
| Website: | www.caimmo.com |
Christoph Thurnberger Head of Capital Markets Co-Head of Corporate Development Tel.: +43 1532 5907 504 Fax: +43 1532 5907 550 [email protected] Claudia Höbart Head of Corporate Office Tel.: +43 1532 5907 502 Fax: +43 1532 5907 550 [email protected]
PUBLICATION OF ANNUAL RESULTS FOR 2019 / PRESS CONFERENCE ON FINANCIAL STATEMENTS
VERIFICATION DATE FOR THE 33RD ORDINARY GENERAL MEETING
33RD ORDINARY GENERAL MEETING
EX-DIVIDEND DATE / RECORD DATE (DIVIDEND) / DIV-IDEND PAYMENT DAY
INTERIM REPORT FOR THE FIRST QUARTER 2020
26 AUGUST / 27 AUGUST SEMI-ANNUAL REPORT 2020 / PRESS CONFERENCE ON SEMI-ANNUAL RESULT
25 NOVEMBER INTERIM REPORT FOR THE THIRD QUARTER 2020
As at key date 30 September 2019, CA Immo's total property assets stood at € 4.9 bn (31.12.2018: € 4.5 bn). The company's core business is commercial real estate, with a clear focus on office properties in Germany, Austria and Central Eastern Europe; it deals with both investment properties (82% of the total portfolio) and investment properties under development (17% of the total portfolio). Properties intended for trading (reported under short-term property assets) account for the remaining 1% of property assets.
Property assets sold during the first nine months of 2019 generated total trading revenue1) of € 70.7 m.
In mid-June, CA Immo completed the first section (gross floor space of approximately 6,400 sqm) of the Kunstcampus office building in Berlin's Europacity district; this was duly handed over to the tenant, the Federal Union of German Associations of Pharmacists (ABDA). The remaining floor space (section 2) was completed in Q3 and is 100% let to the auditing and consulting firm KPMG.
After a two-year rental period, ABDA will incorporate their section into its own portfolio; the remaining floor space in the building will continue to be owned by CA Immo. The structure has 9,800 sqm of gross floor space in total, and the total investment for CA Immo is approximately
€ 47 m.
DISTRIBUTION OF BOOK VALUE TOTAL PROPERTY ASSETS BY SEGMENT (Basis: € 4.9 bn)
| in € m | Investment properties 2) |
Investment properties under development |
Short-term property assets 3) |
Properties assets | Property assets in % |
|---|---|---|---|---|---|
| Austria | 562.2 | 0.0 | 0.0 | 562.2 | 12 |
| Germany | 1,422.1 | 832.9 | 57.7 | 2,312.8 | 47 |
| Czechia | 361.2 | 11.9 | 0.0 | 373.1 | 8 |
| Hungary | 510.6 | 0.0 | 1.2 | 511.8 | 11 |
| Poland | 514.8 | 0.0 | 0.0 | 514.8 | 11 |
| Romania | 396.2 | 0.0 | 0.0 | 396.2 | 8 |
| Others | 180.4 | 0.0 | 0.0 | 180.4 | 4 |
| Total | 3,947.5 | 844.8 | 58.9 | 4,851.3 | 100 |
| Share of total portfolio | 82% | 17% | 1% |
2) Includes properties used for own purposes
3) Short-term property assets include properties intended for trading or sale
1) Incl. properties partially owned by CA Immo, consolidated at equity (prorata share)
As at 30 September 2019, the investment property portfolio had an approximate book value of € 3.9 bn (31 December 2018: € 3.8 bn) and incorporated a total rentable effective area of 1.4 m sqm. Around 50% of the portfolio (based on book value) is located in CEE and SEE nations, with 36% of the remaining investment properties in Germany and 14% in Austria.
In the first nine months of the year, the Group generated rental income of € 164.8 m (30 September 2018: € 141.5 m). The portfolio produced a yield of 5.6%1) (31 December 2018: 5.8%2)) The occupancy rate was 95.0%1) as at 30 September 2019 (31 December 2018: 94.4%²) ).
In total, approximately 186,100 sqm of rentable effective area was newly let or extended in the first three quarters. Pre-letting on development projects accounted for some 22% of total lettings performance (see section 'Property assets under development'). New lettings and floor space expansions accounted for 27% of all rental agreements, while contract extensions represented 51%.
In Germany, CA Immo held investment properties with an approximate value of € 1,412.4 m on 30 September 2019 (31 December 2018: € 1,311.3 m). The occupancy rate for the German investment property assets on the key date was 98.9%3) (against 99.0% on 31.12.2018). Where the rent contributions of properties intended for trading and temporarily let property reserves in the development segment are taken into account, rental income of € 49.3 m was generated in the first nine months (30 September 2018: € 42.8 m).
As at 30 September 2019, CA Immo held investment properties in Austria with a value of € 558.4 m (31 December 2018: € 560.2 m) and an occupancy rate of 89.2%4) (89.7%4) on 31.12.2018). This comparatively low occupancy rate is a result of a former anchor tenant moving out of one of the Lände 3 office buildings and will be continuously improved during the coming months by new tenants moving in. The company's asset portfolio generated rental income of € 21.5 m in the first nine months (30 September 2018: € 20.9 m).
5) Excludes properties used for own purposes and short term property assets; excl. the office buildings Orhideea Towers (Bucharest), ViE (Vienna) and the Bürogebäude am Kunstcampus (Berlin), which have been completed and transferred to the investment portfolio in 2018 and 2019 respectively and are still in the stabilisation phase 6) Incl. land leases in Austria (around 106,000 sqm)
1) Excl. properties used for own purposes and the office buildings Orhideea Towers (Bucharest), ViE (Vienna) and Bürogebäude am Kunstcampus (Berlin), which have been completed and transferred to the investment portfolio in 2018 and 2019 respectively and are still in the stabilisation phase
3) Excl. properties used for own purposes and short term properties, excl. the Bürogebäude am Kunstcampus, which has been completed and transferred to the investment portfolio in 2019 and is still in the stabilisation phase
2) Excl. properties used for own purposes and the office buildings Visionary (Prague), Orhideea Towers, Campus 6.1 (Bucharest) and ViE (Vienna), which have been completed and transferred to the investment portfolio in 2018 and were in the stabilisation phase as at 31 December 2018
4) Excl. the office building ViE in Vienna, which has been completed and transferred to the investment portfolio in 2018 and is still in the stabilisation phase
The value of the CA Immo investment properties is € 1,963.2 m as at 30 September 2019 (31 December 2018: € 1,883.7 m). In the first nine months, property assets let with a total effective area of 750 k sqm generated rental income of 94.0 m (30 September 2018: € 77.8 m). The occupancy rate on the key date was 94.6%1) (31 December 2018: 93.4%2)).
The Kunstcampus office building in Berlin, developed by CA Immo, was completed and taken over to the investment portfolio in September 2019.
DISTRIBUTION OF BOOK VALUE INVESTMENT PROPERTIES BY MAIN USAGE (Basis: € 3,9 bn)
1) Exclusive of the office building Orhideea Towers (Bucharest), which has been completed and transferred to the investment portfolio in 2018 and is still in the stabilisation phase
2) Exclusive of the office buildings Visionary (Prague), Orhideea Towers and Campus 6.1 (Bucharest), which have been completed and transferred to the investment portfolio in 2018 and were still in the stabilisation phase as at 31 December 2018
Of investment properties under development with a total book value of around € 844.8 m (31 December 2018: € 651.6 m), development projects and land reserves in Germany account for 99%, while the CEE segment represents 1% as at 30 September 2019. Investment properties under development in Germany with a book value of € 832.9 m include projects under construction (€ 601.2 m) and land reserves (€ 231.8 m).
During the first nine months, CA Immo pre-let almost 40,800 sqm of floor space in development projects in Germany. In July, amongst other things, CA Immo concluded a long-term lease agreement with KPMG for approximately 23,000 sqm of rentable space in a planned class A office building in Berlin's Europacity. Construction of the modern, 84-metre, fully pre-let landmark building adjacent to Berlin's main station is expected to begin this year, with completion scheduled for the end of 2023. CA Immo will be investing an approximate total of €155 m.
Also in July, Munich city council granted preliminary planning approval and ruled on the key details of a new residential district on a 21-hectare site of the so-called Eggarten in the north of Munich. The structural concept sets out the benchmark data for a new residential quarter with 1,750 to 2,000 apartments to be brought to construction readiness in the next few years by joint venture partners CA Immo and the Büschl group of companies.
In September, CA Immo startet the construction of two premium office properties in the River City Prague complex, which is located in the sought-after Prague Karlín district. Mississippi House and Missouri Park will complete the attractive office complex, which currently includes three high-quality Class-A-office buildings (Amazon Court, Nile House and Danube House). The construction will follow the highest sustainability standards (LEED platinum).
| in € m | Total Investment 1) |
Outstanding construction costs |
Planned rentable effective area in sqm |
Gross yield on cost in % |
City | Usage | Share in % 2) |
Utilisation in % 3) |
Scheduled completion |
|---|---|---|---|---|---|---|---|---|---|
| Projects (own stock) | |||||||||
| MY.O | 101.3 | 34.0 | 26,986 | 6.7 | Munich | Office | 100 | 92 | Q2 2020 |
| Europacity, MY.B | 69.1 | 20.4 | 14,817 | 7.1 | Berlin | Office | 100 | 93 | Q1 2020 |
| Zollhafen Mainz, ZigZag | 16.3 | 12.0 | 4,695 | 5.5 | Mainz | Office | 100 | 0 | Q4 2020 |
| Europaviertel, ONE | 411.7 | 314.0 | 66,249 | 5.3 | Frankfurt | Office | 100 | 34 | Q1 2022 |
| Mississippi | 43.0 | 35.9 | 13,736 | 6.0 | Prague | Office | 100 | 0 | Q3 2021 |
| Missouri | 23.1 | 19.3 | 7,543 | 6.5 | Prague | Office | 100 | 0 | Q3 2021 |
| Subtotal | 664.5 | 435.7 | 134,026 | 5.8 | |||||
| Projects (for sale) | |||||||||
| Europacity, cube berlin | 113.4 | 31.0 | 16,829 | n.m. | Berlin | Office | 100 | 100 | Q2 2020 |
| Baumkirchen, NEO | |||||||||
| (Office) | 67.3 | 20.6 | 13,491 | n.m. | Munich | Office | 100 | 0 | Q2 2020 |
| Baumkirchen, NEO | |||||||||
| (Residental) | 28.8 | 8.8 | 5,782 | n.m. | Munich Residential | 100 | 0 | Q2 2020 | |
| Subtotal | 209.5 | 60.4 | 36,102 | ||||||
| Total | 874.0 | 496.1 | 170,127 |
1) Incl. plot (total investment cost excl. plot € 766.5 m)
2) All figures refer to the project share held by CA Immo
3) Utilisation of projects for own stock: pre-letting rate; utilisation of projects for sale: sale
The following activities after key date 30 September 2019 are reported:
Early in November, CA Immo successfully sold its remaining stake in IMMOFINANZ AG on the market (volume of 4,483,453 shares, equivalent to approximately 4.0% of the capital stock issued by IMMOFINANZ) as part of an accelerated process for placement with institutional investors. The total value of this remaining share was approximately € 111 m. An additional share of 0.9% of the capital stock issued by IMMOFINANZ had already been sold in the course of the year. The total investment generated an approximate return on investment of € 19 m, equivalent to some 15% of the investment volume of around € 130 m. The revenue from this non-strategic disinvestment will be reinvested in the core business of CA Immo, i.e. the letting, development and management of high quality real estate in the company's core cities in Germany and Austria as well as Central and Eastern Europe.
The IFRS 16 standard on the subject of leasing came into force on 1 January 2019. Amongst other things, the standard involves changes in connection with leasing
agreements for cars, operating and office equipment, lease agreements and usufruct.
In cases where the CA Immo Group is a tenant and not the landowner, the application of IFRS 16 leads to recognition of a right of usage and a liability. The relevant agreements of the CA Immo Group relate to properties in Poland and Serbia. The leasing of parking spaces via subletting also results in recognition of a right of usage and a lease liability. In both situations, the usage rights are shown in the item 'Investment properties' and assessed under IAS 40. Amongst other things, the initial application of IFRS 16 led to an increase of € 31.8 m in the item 'Investment properties' as of 1 January 2019.
Moreover, the CA Immo Group will recognise revenue from operating costs passed on to tenants separately, in line with the allocation of components to IFRS 16 or IFRS 15, as from 1 January 2019. The proportion of operating costs entered as a part of leasing income under IFRS 16 will be allocated to rental income. Associated expenditure will be entered in the item 'Other expenditure directly attributable to property assets'; interest expense and result from revaluation is recognized for the right of use assets (usufructs and corresponding lease liabilities). As from 2019, the items 'Operating expenses' and 'Operating expenses passed on to the tenant' will only contain components assignable to IFRS 15. The comparative values have not been adjusted.
In the first nine months of 2019, rental income for CA Immo rose by a significant 16.4% to € 164.8 m (€ 141.5 m in 2018). Adjusted for the IFRS 16 effect in the amount of € 9.5 m, rental income stood at € 155.3 m, a rise of 9.7% year-on-year. This positive development was linked to portfolio expansion in 2018. Completion of the KPMG building in Berlin, InterCity Hotel Frankfurt Hauptbahnhof, the ViE office property in Vienna and Orhideea Towers in Bucharest alongside the acquisition of the Warsaw Spire C office building in Warsaw, Campus 6.1 in Bucharest and the Visionary building in Prague delivered a positive contribution in terms of yearly comparisons.
Property expenses directly attributable to the asset portfolio – including own operating expenses – increased year-on-year (adjusted for an IFRS 16 effect in the amount of € 8.3 m) to € -12.1 m (2018: € -11.1 m). The net result from renting after the first three quarters was € 144.4 m (2018: € 130.5 m), a rise of 10.7% on the previous year. Adjusted for IFRS 16 effects, net rental income stood at € 143.2 m (+9.8% in yearly comparison). The efficiency of letting activity (also adjusted for IFRS 16 effects), measured as the operating margin in rental business (net rental income to rental income), remained unchanged at 92.2%, against the previous year's value of 92.2%.
Other expenditure directly attributable to project development stood at € –2.4 m after nine months, against € –2.6 m in 2018. Gross revenue from services stood at € 6.6 m, below the previous year's value of € 9.3 m. Alongside development revenue for third parties via the subsidiary omniCon, this item contains revenue from asset management and other services to joint venture partners.
As at the key date, the result from property trading and construction services stood at € –1.6 m (2018: € 4.7 m). The result from the sale of investment properties stood at € 16.3 m on 30 September 2019 (€ 5.3 m in 2018).
After the first nine months, indirect expenditures stood at € –31.6 m, –8.0% below the 2018 level of € –34.3 m. This item also contains expenditure counterbalancing the aforementioned gross revenue from services. Other operating income stood at € 0.4 m, compared to the 2018 value of € 0.5 m.
As a result of the developments outlined above, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 16.5% to € 132.1 m (compared to € 113.4 m in 2018).
After the first nine months, the total revaluation gain of € 203.6 m was only slightly offset by a revaluation loss of € –10.1 m. The cumulative revaluation result of € 193.5 m on the key date significantly exceeded the previous year's reference value (€ 92.5 m in 2018). The largest contributions to the revaluation gain in terms of amount came from value adjustments linked to construction progress on the development projects Cube and MY.B in Berlin, NEO in Munich and one land reserve in Frankfurt. As regards income-producing investment properties, assets in Berlin recorded the largest gains on the basis of positive market developments.
Current results of joint ventures consolidated at equity are reported under 'Result of joint ventures' in the consolidated income statement. The low contribution to earnings of € 3.2 m (€ 19.9 m in 2018) reflects the reduced volume of joint ventures as part of the strategic streamlining of the portfolio.
Earnings before interest and taxes (EBIT) were € 325.2 m, 45.1% above the 2018 result of € 224.1 m.
The financial result stood at € –77.4 m after the first nine months (2018: € –41.6 m). The Group's financing costs, a key element in recurring earnings, amounted to € –32.2 m, 21.8% above the value for 2018.
The result from interest rate derivative transactions includes non-cash valuation effects in connection with the convertible bond (€ –18.6 m) plus interest rate hedges and amounted to € –52.9 m (€ –23.4 m in 2018). The convertible bond issued in 2017 comprises a debt component and a separable embedded derivative based on the cash settlement option of CA Immo. The embedded derivative of the convertible bond is reported at fair value.
The result from financial investments of € 10.3 m was above the reference value for the previous period (€ 6.7 m in 2018) and includes the dividend from the holding in
Immofinanz AG. Other items in the financial result (result from other financial assets and result from associated companies and exchange rate differences) totalled € –2.5 m (€ 1.5 m in 2018). The result from associated companies relates to the valuation of loans granted to an associated company in Russia.
Earnings before taxes (EBT) totalled € 247.8 m, 35.8% above the previous year's value of € 182.5 m, largely because of the improved revaluation result. On the key date, taxes on earnings stood at € –69.9 m (2018: € –46.6 m).
The result for the period was € 177.9 m, 30.9% above the 2018 value of € 135.9 m. Earnings per share amounted to €1.91 on the balance sheet date (€1.46 per share in 2018).
An FFO I of € 101.4 m was generated in the first nine months of 2019, 8.1% above the previous year's value of € 93.7 m. FFO I, a key indicator of the Group's long-term earning power, is reported before taxes and adjusted for the sales result and other non-permanent effects. FFO I per share stood at € 1.09 on the key date, an increase of 8.1% on the 2018 value of € 1.01 per share.
FFO II, which includes the sales result and applicable taxes, stood at € 99.0 m on the key date, 12.2% below the 2018 value of € 88.3 m. FFO II per share was € 1.06 per share, up 12.2% against € 0.95 per share in 2018.
| € m | 1.1.- | 1.1.- |
|---|---|---|
| 30.9.2019 | 30.9.2018 | |
| Net rental income (NRI) | 144.4 | 130.5 |
| Income from services rendered | 6.6 | 9.3 |
| Other expenses directly related to | ||
| properties under development | –2.4 | –2.6 |
| Other operating income | 0.4 | 0.5 |
| Other operating income/expenses | 4.6 | 7.2 |
| Indirect expenses | –31.6 | –34.3 |
| Result from investments in joint | ||
| ventures 1) | 4.6 | 3.9 |
| Finance costs | –32.2 | –26.4 |
| Result from financial investments | 8.7 | 6.6 |
| Other adjustments 2) | 2.8 | 6.4 |
| FFO I (excl. trading and pre taxes) | 101.4 | 93.7 |
| Trading result | –1.6 | 4.7 |
| Result from the sale of investment | ||
| properties | 16.3 | 5.3 |
| Result from sale of joint ventures | –0.5 | 0.0 |
| At-Equity result property sales | 7.6 | 12.1 |
| Result from property sales | 21.8 | 22.2 |
| Current income tax | –15.5 | –35.5 |
| Current income tax of joint ventures | –1.1 | –0.1 |
| Other adjustments | –7.6 | –11.9 |
| Other adjustments FFO II 3) | 0.0 | 19.8 |
| FFO II (incl. trading and after taxes) | 99.0 | 88.3 |
1) Adjusted for real estate sales and non-sustainable results
2) Adjustment for other non-sustainable results
3) Taxes in connection with the sale of Tower 185
As at the balance sheet date, long-term assets amounted to € 5,053.0 m (88.8% of total assets). Investment property assets on balance sheet stood at € 3,934.0 m on the key date (31.12.2018: € 3,755.2 m).
The balance sheet item 'Property assets under development' was € 844.8 m on 30 September 2019 (31.12.2018: € 651.6 m). Total property assets (investment properties, properties used for own purposes, property assets under development and property assets held as current assets) amounted to € 4,851.3 m on the key date (€ 4,470.6 m on 31.12.2018).
The net assets of joint ventures are shown in the balance sheet item 'Investments in joint ventures', which stood at € 185.5 m on the key date (€ 200.0 m on 31.12.2018).
Cash and cash equivalents stood at € 352.1 m on the balance sheet date (€ 374.3 m on 31.12.2018).
As at the key date, shareholders' equity on the Group balance sheet stood at € 2,756.4 m (€ 2,639.7 m on 31.12.2018). The equity ratio of 48.4% remained unchanged and within the strategic target range (the comparative value for the end of 2018 was 49.3%).
The Group's financial liabilities stood at € 2,075.9 m on the key date (against € 1,943.4 m on 31.12.2018). Net debt (interest-bearing liabilities less cash and cash equivalents) was € 1,722.3 m at the end of September 2019 (31.12.2018: € 1,566.9 m). 100% of interest-bearing financial liabilities are in euros.
The loan-to-value ratio based on market values as at 30 September 2019 was 35.5% (net, taking account of Group cash and cash equivalents) compared to 35.0% at the start of the year. Gearing was 62.5% on the key date (59.4% on 31.12.2018).
Net asset value (IFRS) was € 2,756.3 m on 30 September 2019 (€ 29.63 per share, basic), 4.4% above the value for the end of 2018 (€ 2,639.6 m, € 28.37 per share). Adjusted to take account of the dividend payment of € 0.90 per share in May 2019, NAV per share was up 7.6% since the start of the year.
The table below shows the conversion of NAV to NNNAV in compliance with the best practice policy recommendations of the European Public Real Estate Association (EPRA). The basic EPRA NAV stood at € 35.33 per share on the key date (€ 33.30 per share on 31.12.2018). The basic EPRA NNNAV per share after adjustments for
financial instruments, liabilities and deferred taxes, stood at € 31.32 per share as at 30 September 2019 (€ 30.08 per share on 31.12.2018). The number of shares in circulation was 93,028,299 on the key date (93,028,299 on 31.12.2018).
The potential dilutive effect of the convertible bond issued by the Group (€ 200 m) was taken into consideration in the calculation of net asset value. The conversion price for the convertible bond was € 30.17 as of 30 September 2019, compared to the share price of € 32.55. Conversion at this price would raise the number of outstanding shares by around 6.6 million.
| € m | 30.9.2019 diluted |
30.9.2019 undiluted |
31.12.2018 |
|---|---|---|---|
| Equity (NAV) | 2,756.3 | 2,756.3 | 2,639.6 |
| Exercise of options | 215.8 | 0.0 | 0.0 |
| NAV after exercise of options | 2,972.1 | 2,756.3 | 2,639.6 |
| NAV/share in € | 29.82 | 29.63 | 28.37 |
| Value adjustment for 1) | |||
| - Own used properties | 8.2 | 8.2 | 7.3 |
| - Short-term property assets | 127.3 | 127.3 | 111.4 |
| - Financial instruments | 0.0 | 0.0 | 0.0 |
| Deferred taxes | 394.8 | 394.8 | 339.5 |
| EPRA NAV after adjustments | 3,502.4 | 3,286.6 | 3,097.8 |
| EPRA NAV per share in € | 35.14 | 35.33 | 33.30 |
| Value adj. for financial instruments | 0.0 | 0.0 | 0.0 |
| Value adjustment for liabilities | –43.0 | –85.6 | –47.1 |
| Deferred taxes | –294.8 | –287.3 | –252.1 |
| EPRA NNNAV | 3,164.5 | 2,913.7 | 2,798.7 |
| EPRA NNNAV per share in € | 31.75 | 31.32 | 30.08 |
| Share price (key date) | 32.55 | 32.55 | 27.62 |
| Number of shares excl. treasury shares | 99,657,313 | 93,028,299 | 93,028,299 |
1) Includes proportional values from joint ventures
The Group is subject to all risks typically associated with the acquisition, development, management and sale of real estate. These include risks arising from unexpected changes in the macroeconomic market environment, general market fluctuations linked to the economic cycle, delays and budget overruns in project developments and risks linked to financing and interest rates.
As regards the profile of opportunities and risks, no major changes that could give rise to new opportunities or threats to the CA Immo Group have emerged since the consolidated financial statements for business year 2018 were drawn up; nor has there been any significant change in the company's assessment of the probability of damage occurring and the extent of such potential damage. The position as outlined in the Group management report for 2018 ('Risk report') is therefore unchanged.
| € K | 1st –3rd Quarter 2019 1st –3rd Quarter 2018 3rd Quarter 2019 3rd Quarter 2018 | |||
|---|---|---|---|---|
| Rental income | 164,815 | 141,538 | 53,378 | 47,777 |
| Operating costs charged to tenants | 38,504 | 41,698 | 12,351 | 12,352 |
| Operating expenses | –41,577 | –45,028 | –13,451 | –13,221 |
| Other expenses directly related to properties rented | –17,361 | –7,737 | –3,991 | –3,233 |
| Net rental income | 144,381 | 130,471 | 48,287 | 43,675 |
| Other expenses directly related to | ||||
| properties under development | –2,429 | –2,633 | –352 | –1,258 |
| Income from the sale of properties | ||||
| and construction works | 12,178 | 37,248 | 2,621 | 13,458 |
| Book value of properties sold | ||||
| incl. ancillary and construction costs | –13,728 | –32,509 | –2,182 | –13,793 |
| Result from trading and construction works | –1,550 | 4,739 | 439 | –336 |
| Result from the sale of investment properties | 16,268 | 5,320 | 7,746 | 937 |
| Income from services rendered | 6,617 | 9,312 | 2,352 | 1,979 |
| Indirect expenses | –31,604 | –34,343 | –9,260 | –11,002 |
| Other operating income | 447 | 515 | 197 | 70 |
| EBITDA | 132,130 | 113,382 | 49,409 | 34,066 |
| Depreciation and impairment of long-term assets | –3,456 | –1,669 | –1,230 | –518 |
| Changes in value of properties held for trading | –73 | 0 | 0 | 0 |
| Depreciation and impairment/reversal | –3,529 | –1,669 | –1,230 | –518 |
| Revaluation gain | 203,579 | 112,733 | 81,913 | 50,703 |
| Revaluation loss | –10,127 | –20,236 | –3,275 | –6,912 |
| Result from revaluation | 193,451 | 92,498 | 78,637 | 43,792 |
| Result from joint ventures | 3,153 | 19,914 | 2,552 | –3,030 |
| Result of operations (EBIT) | 325,205 | 224,125 | 129,369 | 74,309 |
| Finance costs | –32,172 | –26,409 | –11,624 | –8,079 |
| Foreign currency gains/losses | 442 | 3,724 | 935 | –274 |
| Result from derivatives | –52,937 | –23,386 | –12,860 | –6,586 |
| Result from financial investments | 10,268 | 6,682 | 2,057 | 779 |
| Result from associated companies | –2,967 | –2,195 | –4 | –876 |
| Financial result | –77,366 | –41,585 | –21,496 | –15,035 |
| Net result before taxes (EBT) | 247,839 | 182,540 | 107,873 | 59,274 |
| Current income tax | –15,473 | –35,478 | –7,082 | –3,867 |
| Deferred taxes | –54,436 | –11,152 | –26,148 | –9,076 |
| Income tax expense | –69,909 | –46,630 | –33,230 | –12,943 |
| Consolidated net income | 177,930 | 135,910 | 74,643 | 46,330 |
| thereof attributable to non-controlling interests | 3 | 5 | 1 | 3 |
| thereof attributable to the owners of the parent | 177,927 | 135,905 | 74,642 | 46,327 |
| Earnings per share in € (basic) | €1.91 | €1.46 | €0.80 | €0.50 |
| Earnings per share in € (diluted) | €1.91 | €1.46 | €0.80 | €0.50 |
| € K | 1st –3rd Quarter 2019 1st –3rd Quarter 2018 | 3rd Quarter 2019 | 3rd Quarter 2018 | ||
|---|---|---|---|---|---|
| Consolidated net income | 177,930 | 135,910 | 74,643 | 46,330 | |
| Other comprehensive income | |||||
| Reclassification of cash flow hedges | 0 | 1,110 | 0 | 368 | |
| Foreign currency gains/losses | –38 | –3,951 | –35 | 139 | |
| Income tax related to other comprehensive income | 0 | –268 | 0 | –89 | |
| Other comprehensive income for the period | |||||
| (realised through profit or loss) | –38 | –3,109 | –35 | 418 | |
| Revaluation securities | 23,383 | 5,316 | 12,272 | 11,180 | |
| Revaluation IAS 19 | –1,356 | 178 | 0 | 0 | |
| Income tax related to other comprehensive income | –1,029 | –389 | –767 | –511 | |
| Other comprehensive income for the period | |||||
| (not realised through profit or loss) | 20,998 | 5,105 | 11,505 | 10,669 | |
| Other comprehensive income for the period | 20,961 | 1,996 | 11,469 | 11,087 | |
| Comprehensive income for the period | 198,891 | 137,905 | 86,113 | 57,417 | |
| thereof attributable to non-controlling interests | 3 | 5 | 1 | 3 | |
| thereof attributable to the owners of the parent | 198,888 | 137,901 | 86,111 | 57,414 |
| € K | 30.9.2019 | 31.12.2018 |
|---|---|---|
| ASSETS | ||
| Investment properties | 3,934,019 | 3,755,196 |
| Investment properties under development | 844,835 | 651,575 |
| Own used properties | 13,513 | 5,223 |
| Office furniture and equipment | 7,117 | 5,938 |
| Intangible assets | 5,262 | 5,689 |
| Investments in joint ventures | 185,489 | 200,012 |
| Financial assets | 61,013 | 65,163 |
| Deferred tax assets | 1,716 | 1,951 |
| Long-term assets | 5,052,965 | 4,690,748 |
| Long-term assets as a % of total assets | 88.8% | 87.6% |
| Assets held for sale and relating to disposal groups | 1,190 | 15,144 |
| Properties held for trading | 57,721 | 44,468 |
| Receivables and other assets | 92,069 | 97,115 |
| Current income tax receivables | 21,731 | 19,184 |
| Securities | 114,552 | 114,544 |
| Cash and cash equivalents | 352,064 | 374,302 |
| Short-term assets | 639,327 | 664,757 |
| Total assets | 5,692,292 | 5,355,504 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Share capital | 718,337 | 718,337 |
| Capital reserves | 791,372 | 789,832 |
| Other reserves | 28,626 | 12,804 |
| Retained earnings | 1,218,003 | 1,118,663 |
| Attributable to the owners of the parent | 2,756,337 | 2,639,635 |
| Non-controlling interests | 65 | 62 |
| Shareholders' equity | 2,756,402 | 2,639,697 |
| Shareholders' equity as a % of total assets | 48.4% | 49.3% |
| Provisions | 39,898 | 29,327 |
| Interest-bearing liabilities | 1,919,388 | 1,723,749 |
| Other liabilities | 122,344 | 67,485 |
| Deferred tax liabilities | 401,597 | 346,793 |
| Long-term liabilities | 2,483,227 | 2,167,353 |
| Current income tax liabilities | 20,519 | 38,648 |
| Provisions | 108,522 | 119,646 |
| Interest-bearing liabilities | 156,541 | 219,645 |
| Other liabilities | 167,081 | 169,588 |
| Liabilities relating to disposal groups | 0 | 927 |
| Short-term liabilities | 452,664 | 548,454 |
| Total liabilities and shareholders' equity | 5,692,292 | 5,355,504 |
| € K | 1st –3rd Quarter 2019 | 1st –3rd Quarter 2018 |
|---|---|---|
| Operating activities | ||
| Net result before taxes | 247,839 | 182,540 |
| Revaluation result incl. change in accrual and deferral of rental income | –194,489 | –93,211 |
| Depreciation and impairment/reversal | 3,529 | 1,669 |
| Result from the sale of long-term properties and office furniture and other equipment | –16,254 | –5,347 |
| Taxes paid excl. taxes for the sale of long-term properties and investments | –15,612 | –3,708 |
| Finance costs, result from financial investments and other financial result | 23,451 | 19,835 |
| Foreign currency gains/losses | –442 | –3,724 |
| Result from derivatives | 52,937 | 23,386 |
| Result from other financial assets, securities and non-cash income | ||
| from investments in at equity consolidated entities | –1,733 | –17,826 |
| Cash flow from operations | 99,226 | 103,613 |
| Properties held for trading | –12,923 | –2,918 |
| Receivables and other assets | 7,306 | –16,643 |
| Provisions | –3,652 | 1,785 |
| Other liabilities | –2,535 | 2,631 |
| Cash flow from change in net working capital | –11,805 | –15,145 |
| Cash flow from operating activities | 87,421 | 88,468 |
| Investing activities | ||
| Acquisition of and investment in long-term properties incl. prepayments | –151,700 | –173,369 |
| Acquisition of property companies, less cash and cash equivalents of € 0 K (2018: € 190 K) | –2,331 | –59,297 |
| Acquisition of office equipment and intangible assets | –1,799 | –357 |
| Repayment of financial assets | 9 | 16 |
| Disposal of securities | 23,374 | 0 |
| Investments in joint ventures | –10 | –2 |
| Disposal of investment properties and other assets | 22,923 | 20,427 |
| Disposal of investment property companies, less cash and cash equivalents of € 1,007 K | ||
| (2018: € 954 K) | 17,283 | 38,940 |
| Disposal of at equity consolidated entities (including loans granted to these entities) | 6,456 | 7,174 |
| Loans made to joint ventures | –650 | –6,401 |
| Loan repayments made by joint ventures | 100 | 30 |
| Taxes paid relating to the sale of long-term properties and investments | –20,408 | –6,479 |
| Dividend distribution/capital repayment from at equity consolidated entities and other | ||
| investments | 24,282 | 158,739 |
| Interest paid for capital expenditure in investment properties | –3,989 | –5,303 |
| Interest received from financial investments | 1,206 | 2,725 |
| Cash flow from investing activities | –85,253 | –23,156 |
| € K | 1st –3rd Quarter 2019 1st –3rd Quarter 2018 | |
|---|---|---|
| Financing activities | ||
| Cash inflow from loans received | 115,387 | 89,344 |
| Cash inflow from the issuance of bonds | 0 | 146,756 |
| Costs paid for issuance of convertible bonds | 0 | –111 |
| Costs paid for issuance of bonds | –70 | 0 |
| Repayment of loans received from joint ventures | 0 | –600 |
| Acquisition of treasury shares | 0 | –4,662 |
| Dividend payments to shareholders | –83,725 | –74,423 |
| Dividends to shareholders of non-controlling interests | –129 | –36 |
| Repayment of loans incl. interest rate derivatives | –25,274 | –96,530 |
| Other interest paid | –29,529 | –26,642 |
| Cash flow from financing activities | –23,340 | 33,096 |
| Net change in cash and cash equivalents | –21,172 | 98,409 |
| Fund of cash and cash equivalents 1.1. | 374,519 | 383,512 |
| Changes in the value of foreign currency | –1,025 | –1,408 |
| Changes due to classification of disposal group | 0 | –375 |
| Fund of cash and cash equivalents 30.9. | 352,323 | 480,137 |
| Expected credit losses cash and cash equivalents | –259 | –228 |
| Cash and cash equivalents 30.9. (balance sheet) | 352,064 | 479,909 |
The interest paid in the first three quarters of 2019 totalled € –33,518 K (1st-3rd quarter 2018: € –31,944 K). The income taxes paid in the first three quarters of 2019 totalled € –36,020 K (1st-3rd quarter 2018: € –10,187 K).
| € K | Share capital | Capital reserves - Others | Capital reserves - | |
|---|---|---|---|---|
| Treasury share reserve | ||||
| As at 1.1.2018 | 718,337 | 885,607 | –91,113 | |
| Valuation/reclassification of cash flow hedges | 0 | 0 | 0 | |
| Foreign currency gains/losses | 0 | 0 | 0 | |
| Revaluation securities | 0 | 0 | 0 | |
| Revaluation IAS 19 | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 0 | |
| Comprehensive income for 2018 | 0 | 0 | 0 | |
| Dividend payments to shareholders | 0 | 0 | 0 | |
| Acquisition of treasury shares | 0 | 0 | –4,662 | |
| As at 30.9.2018 | 718,337 | 885,607 | –95,775 | |
| As at 1.1.2019 | 718,337 | 885,607 | –95,775 | |
| Foreign currency gains/losses | 0 | 0 | 0 | |
| Revaluation securities | 0 | 0 | 0 | |
| Revaluation IAS 19 | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 0 | |
| Comprehensive income for 2019 | 0 | 0 | 0 | |
| Dividend payments to shareholders | 0 | 0 | 0 | |
| Reclassification (other comprehensive income, not realised | ||||
| through profit or loss) | 0 | 0 | 0 | |
| Subsequent acquisition costs for shares in non-controlling interests | 0 | 1,540 | 0 | |
| As at 30.9.2019 | 718,337 | 887,147 | –95,775 |
| Retained earnings | Valuation result | Other reserves Attributable to shareholders | Non-controlling interests | Shareholders' equity | |
|---|---|---|---|---|---|
| (hedging - reserve) | of the parent company | (total) | |||
| 887,662 | –842 | 19,569 | 2,419,219 | 51 | 2,419,270 |
| 0 | 842 | 0 | 842 | 0 | 842 |
| 0 | 0 | –3,951 | –3,951 | 0 | –3,951 |
| 0 | 0 | 4,984 | 4,984 | 0 | 4,984 |
| 0 | 0 | 121 | 121 | 0 | 121 |
| 135,905 | 0 | 0 | 135,905 | 5 | 135,910 |
| 135,905 | 842 | 1,154 | 137,901 | 5 | 137,905 |
| –74,423 | 0 | 0 | –74,423 | 0 | –74,423 |
| 0 | 0 | 0 | –4,662 | 0 | –4,662 |
| 949,144 | 0 | 20,723 | 2,478,035 | 56 | 2,478,091 |
| 1,118,663 | 0 | 12,804 | 2,639,635 | 62 | 2,639,697 |
| 0 | 0 | –38 | –38 | 0 | –38 |
| 0 | 0 | 21,921 | 21,921 | 0 | 21,921 |
| 0 | 0 | –923 | –923 | 0 | –923 |
| 177,927 | 0 | 0 | 177,927 | 3 | 177,930 |
| 177,927 | 0 | 20,961 | 198,888 | 3 | 198,891 |
| –83,725 | 0 | 0 | –83,725 | 0 | –83,725 |
| 5,138 | 0 | –5,138 | 0 | 0 | 0 |
| 0 | 0 | 0 | 1,540 | 0 | 1,540 |
| 1,218,003 | 0 | 28,626 | 2,756,337 | 65 | 2,756,402 |
Mechelgasse 1, 1030 Vienna Phone +43 1 532 59 07–0 Fax +43 1 532 59 07–510 [email protected] www.caimmo.com
Free info hotline in Austria: 0800 01 01 50 Christoph Thunberger Claudia Höbart Phone +43 1 532 59 07–0 Fax +43 1 532 59 07–595 [email protected]
Susanne Steinböck Cornelia Kellner Phone +43 1 532 59 07–0 Fax +43 1 532 59 07–595 [email protected]
Listed on Vienna Stock Exchange ISIN: AT0000641352 Reuters: CAIV.VI Bloomberg: CAI: AV
This Interim Report contains statements and forecasts which refer to the future development of CA Immobilien Anlagen AG and their companies. The forecasts represent assessments and targets which the Company has formulated on the basis of any and all information available to the Company at present. Should the assumptions on which the forecasts have been based fail to occur, the targets not be met, then the actual results may deviate from the results currently anticipated. This Interim Report does not constitute an invitation to buy or sell the shares of CA Immobilien Anlagen AG.
We ask for your understanding that gender-conscious notation in the texts of this Interim Report largely had to be abandoned for the sake of undisturbed readability of complex economic matters.
The use of automatic data processing equipment may lead to rounding differences in the addition of rounded amounts and percentage rates.
Published by: CA Immobilien Anlagen AG, 1030 Vienna, Mechelgasse 1 Text: Susanne Steinböck, Christoph Thurnberger, Claudia Höbart Layout: Cornelia Kellner, Photo credits: CA Immo; this report is set inhouse with FIRE.sys
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