CA Immobilien Anlagen AG

Earnings Release • May 21, 2012

publication: 21.05.2012 19:00 source: http://adhoc.pressetext.com/news/1337619600613 keywords: preliminary result / quarterly result / interim report

Adhoc announcement according to article 48d section 1 BörseG

CA Immobilien Anlagen AG: Interim accounts as of 31 March 2012

Vienna (pta029/21.05.2012/19:00) - Appreciable increase in recurring income

• * Rental income: Eur 72.4 m (+13%)
• * Significant rise of +30% takes EBITDA to Eur 60.3 m
• * Net income after non-controlling interests: Eur 17.3 m (+71%)
• * NAV/share: Eur 19.32 (+0.8%)

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 Eur 72.4 m. Net operating income climbed by 23.1% to Eur 65.6 m.

In the first quarter, when the volume of transactions is traditionally low, property sales reflected in the accounts totalled Eur 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 Eur 5.2 m (Eur 3.3 m from the sale of properties intended for trading, and Eur 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 Eur 9.2 m. EBITDA increased by 30.3 % to Eur 60.3 m.

The valuation result of Eur -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 Eur 21.0 m arising from project finance restructuring, which is recognised in the financial result. This effect gave rise to a financial result of Eur -29.3 m (2011: Eur -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 Eur -44.4 m. The financial result also contains a valuation loss from interest-rate hedges in the amount of Eur -1.6 m. A substantial valuation gain of Eur 9.5 m was posted in the prior-year period.

Consolidated net profit after non-controlling interests advanced year on year, from Eur 10.1 m to Eur 17.3 m. Funds from operations (FFO) before non-controlling interests and after taxes came to Eur 28.0 m (2011: Eur 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 Eur 2.9 bn, alongside property assets of around Eur 5.2 bn.

At Eur 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 Eur 19.92.

The financial report of CA Immobilien Anlagen AG as of 31 March 2012 is available at www.caimmo.com.

Selected financials

in Eur 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	3,254	1,816	79.2%
trading properties

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	17,308	10,140	70.7%
(parent company)
Earnings per share in Eur (diluted=undiluted)	Eur 0.20	Eur 0.12	70.7%
70.7%in Eur 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 Eur) (undiluted)	19.32	19.17	0.8%
NNNAV per share (in Eur) (undiluted)	19.92	19.83	0.4%

emitter:	CA Immobilien Anlagen AG Mechelgasse 1 1030 Wien Austria
contact person:	Mag. Florian Nowotny
phone:	(+431) 532 59 07 518
e-mail:	florian.nowotny@caimmo.com
website:	www.caimmo.com
ISIN(s):	AT0000641352 (share)
stock exchanges:	official trade in Vienna

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