Earnings Release • Nov 23, 2016
Earnings Release
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publication: 23.11.2016 19:50 source: http://adhoc.pressetext.com/news/1479927000940 keywords: CA Immobilien Anlagen AG / quarterly result / financial report / update
Public disclosure of inside information according to article 17 MAR
Wien (pta037/23.11.2016/19:50) - 23.11.2016
* Net rental income increase by 11% to EUR 108.8 m
* EPRA NAV per share at EUR 26.25 (+10% since the beginning of the year, adjusted for the dividend payment of EUR 0.50 EUR per share)
* Share buyback programme is to be continued
* Prof. Dr. Klaus Hirschler and Prof. Dr. Sven Bienert were appointed to the Supervisory Board (SB); Dmitry Mints und Timothy Fenwick to step down from the SB
In the third quarter of business year 2016, CA Immo managed to maintain the positive pace of earnings established in previous quarters. Given the extremely positive operational development, strong consolidated net income is anticipated for the current business year. The annual target for recurring earnings of a 10% increase in FFO I per share compared to the previous year (> Eur 0.90 per share) is confirmed.
Frank Nickel, CEO of CA Immo: "We stayed firmly on course to meet our strategic and opera-tional targets. Sales of our nonstrategic properties were largely concluded with the sale of the Sestka shopping centre in Prague. The strategic focus now fully turns to expansion in our core cities - in Eastern Europe by acquisitions of standing investments, in Germany by project development. This will enable us to steadily raise our recurring earnings power over the long term and thereby increase the dividends for shareholders. The recently closed acquisition of Millennium Towers in Budapest with an annual rental income of EUR 12 m has already made a considerable impact on growth for the coming business year."
In the first nine months, rental income for CA Immo increased by a solid 9.8% to EUR 122.6 m. This positive trend was essentially made possible by the acquisition of the minority share of the EBRD early in quarter three 2015 and the increase in rent this entailed. Net rental income stood at EUR 108.8 m, up 10.9% on the 2015 figure of EUR 98.1 m. The overall result from property sales amounted to EUR 24.3 m after the first three quarters of 2016 (EUR 0.7 m in 2015). This result contains the highly profitable sales of smaller properties in Austria or a property in Stuttgart (agreed in the first half but concluded in quarter three).
Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 111.8 m, 38.9% above the previous year's level of EUR 80.5 m. In addition to a strong operational result, a significantly positive revaluation result of EUR 100.3 m on key date 30 September 2016 was recorded. This result reflects the extremely positive market environment specifically in Germany, the most important core market of CA Immo. Earnings before interest and taxes (EBIT) stood at EUR 217.8 m on key date 30 September 2016, up by a solid 16.1% on the 2015 figure of EUR 187.5 m.
The Group's financing costs, a key element in long-term earnings, declined despite an expan-sion of the balance sheet to EUR 32.2 m (against EUR 46.6 m in 2015). Earnings before taxes (EBT) increased significantly from EUR 134.5 m in 2015 to EUR 172.6 m. The result for the period stood at EUR 126.4 m or EUR 1.32 per share (2015: EUR 88.7 m or EUR 0.90 per share in 2015).
FFO I, a key indicator of the Group's long-term earnings power, reported before taxes and ad-justed for the sales result and other non-permanent effects, totalled EUR 69.9 m after the first nine months of 2016 (EUR 55.8 m in 2015). FFO I per share amounted to EUR 0.73, an in-crease of 29.0% on the previous half-year value of EUR 0.57 per share). This underlines opera-tional development that was both extremely robust and independent of the valuation result, thereby forming the basis for our long-term dividend policy. FFO II, which includes the sales result and applicable taxes, was EUR 86.6 m on the key date (2015: EUR 50.3 m). FFO II per share was EUR 0.91, up 77.3% from the figure for 2015 amounting to EUR 0.51 per share in 2015).
CA Immo has upheld a robust balance sheet with an equity ratio of 51.2% and a conservative loan-to-value ratio (net debt to property assets) of 36.4%. On the key date, NAV (shareholders' equity) per share was EUR 23.09 (against EUR 21.90 per share on 31.12.2015). EPRA NAV stood at EUR 26.25 per share (against EUR 24.32 per share on 31.12.2015), an increase of 10.0% (adjusted for the dividend payment of EUR 0.50 per share in May 2016) since the begin-ning of the business year.
The market environment - especially on the core market of Germany - is expected to remain robust in the last quarter of the year. Given the extremely positive operational development, strong consolidated net income is anticipated for the current business year. We hereby confirm the annual target for recurring earnings of a 10% increase in FFO I per share compared to the previous year (> Eur 0.90 per share).
Between May 2015 and September 2016, CA Immo acquired five million of its own shares for approximately EUR 80 m through the Vienna Stock Exchange. As at the balance sheet date, CA Immobilien Anlagen AG therefore held 5.06% of the voting shares. Having passed a resolution to continue with the programme, the company plans to acquire a further one million own shares. The buyback programme will start on 28 November 2016 at the earliest and end by 2 October 2018 at the latest.
Following the resignation of Supervisory Board members Dr. Wolfgang Ruttenstorfer, Barbara Knoflach and Dr. Maria Doralt, Deputy Chairman of the Supervisory Board Dmitry Mints has also informed the company that he will resign from the Supervisory Board with effect from 21 December 2016. Moreover, Immofinanz AG made use of its right of appointment conferred by its four registered shares to appoint Professor Klaus Hirschler and Professor Sven Bienert to the Supervisory Board of CA Immo with effect of 1 December 2016 and until further notice; Timothy Fenwick steps down from his position on the Supervisory Board.
The Financial Interim Report as at 30 September 2016 of CA Immobilien Anlagen AG is pub-lished on the company's website http://www.caimmo.com/en/investor_relations/financial_reports/.
| Profit and loss (EUR m) |
1-3Q 16 | 1-3Q 15 | yoy | 3Q 16 | 3Q 15 | yoy |
|---|---|---|---|---|---|---|
| Rental income |
122.6 | 111.7 | 9.8% | 41.3 | 42.9 | -3.7% |
| Net rental income (NRI) |
108.8 | 98.1 | 10.9% | 36.7 | 37.6 | -2.4% |
| Results from hotel operations |
0.0 | 0.3 | n.m. | 0.0 | 0.0 | n.m. |
| Other development expenses |
-2.0 | -1.5 | 34.0% | -0.5 | -0.8 | -30.4% |
| Result from trading and construction works |
4.8 | 0.0 n.m. | 4.3 | 0.0 | n.m. | |
|---|---|---|---|---|---|---|
| Result from the sale of investment properties |
19.4 | 0.7 | n.m. | 17.0 | -0.1 | n.m. |
| Result from services rendered |
9.9 | 12.9 | -23.5% | 3.7 | 4.0 | -7.6% |
| Indirect expenses |
-29.9 | -30.8 | -2.7% | -11.1 | -10.2 | 8.8% |
| Other operating income |
0.8 | 0.8 | 3.8% | 0.4 | -0.3 | n.m. |
| EBITDA | 111.8 | 80.5 | 38.9% | 50.5 | 30.2 | 66.7% |
| Depreciation and impairment/re versal |
-1.6 | -2.1 | -23.8% | 0.0 | -0.7 | n.m. |
| Result from revaluation |
100.3 | 78.5 | 27.8% | -12.7 | 32.1 | n.m. |
| Result from joint ventures |
7.3 | 30.7 | -76.3% | 4.5 | 24.7 | -81.7% |
| EBIT | 217.8 | 187.6 | 16.1% | 42.3 | 86.3 | -51.0% |
| Financing costs |
-32.2 | -46.6 | -31.0% | -10.2 | -15.3 | -33.2% |
| Result from derivatives |
-2.1 | -15.3 | -86.4% | -0.1 | -7.7 | -98.2% |
| Result from financial investments |
5.9 | 10.5 | -43.8% | 4.0 | 0.8 | 408.1% |
| Other financial result |
-16.9 | -1.5 | n.m. | -0.7 | -2.6 | -73.9% |
| Earnings before tax (EBT) |
172.6 | 134.6 | 28.2% | 35.2 | 61.5 | -42.7% |
| Income tax | -46.2 | -45.8 | 0.7% | -7.7 | -27.7 | -72.3% |
| Net profit | 126.4 | 88.7 | 42.5% | 27.6 | 33.7 | -18.3% |
| Earnings per | 1.32 | 0.90 | 46.4% | 0.29 | 0.34 | -14.7% |
|---|---|---|---|---|---|---|
| share in EUR | ||||||
| (basic) | ||||||
| Earnings per | 1.32 | 0.90 | 46.4% | 0.29 | 0.34 | -14.7% |
| share in EUR | ||||||
| (diluted) |
| Balance sheet (EUR m) | 30.09.2016 | 31.12.2015 | +/- |
|---|---|---|---|
| Investment properties | 2,910.2 | 2,714.3 | 0.1 |
| Properties under | 459.9 | 409.0 | 0.1 |
| development | |||
| Own-used properties | 6.7 | 7.0 | 0.0 |
| Other long-term assets | 15.9 | 17.3 | -0.1 |
| Investments in joint ventures |
160.7 | 172.3 | -0.1 |
| Financial assets | 94.1 | 134.8 | -0.3 |
| Deferred tax assets | 1.9 | 2.4 | -0.2 |
| Assets held for sale | 28.6 | 54.0 | -0.5 |
| Properties held for | 29.8 | 22.1 | 0.4 |
| trading | |||
| Cash and cash | 289.1 | 207.1 | 0.4 |
| equivalents | |||
| Other short-term assets | 237.5 | 243.7 | 0.0 |
| Total assets | 4,234.5 | 3,984.0 | 0.1 |
| Shareholders' equity | 2,166.4 | 2,120.5 | 0.0 |
| Long-term financial | 1,287.3 | 858.8 | 0.5 |
| liabilities | |||
| Other long-term liabilities 112.7 | 100.9 | 0.1 | |
| Deferred tax liabilities | 236.1 | 197.4 | 0.2 |
| Short-term financial liabilities |
256.0 | 545.2 | -0.5 |
| Other short-term liabilities |
176.0 | 161.3 | 0.1 |
| Liabilities + Equity | 4,234.5 | 3,984.0 | 0.1 |
| Selected balance sheet items |
(EUR m) | 30.09.2016 | 31.12.2015 | +/- |
|---|---|---|---|---|
| Property assets | 3,433.5 | 3,203.4 | 0.1 | |
| Total assets | 4,234.5 | 3,984.0 | 0.1 |
| Cash and cash equivalents |
289.1 | 207.1 | 0.4 | |
|---|---|---|---|---|
| Long-term interest bearing liabilities |
1,287.3 | 858.8 | 0.5 | |
| Short-term interest bearing liabilities |
256.0 | 545.2 | -0.5 | |
| Debt | 1,543.3 | 1,404.0 | 0.1 | |
| Net debt | 1,249.8 | 1,191.4 | 0.0 | |
| Shareholders' equity |
2,166.4 | 2,120.5 | 0.0 | |
| NAV per share (in EUR) |
23.1 | 21.9 | 0.1 | |
| EPRA NAV per share (in EUR) |
26.3 | 24.3 | 0.1 | |
| EPRA NNNAV per share (in EUR) |
24.1 | 22.7 | 0.1 | |
| Equity ratio | 51.2% | 53.2% | ||
| Net gearing | 57.7% | 56.2% | ||
| Loan-to-value | 44.9% | 43.8% | ||
| Loan-to-value (net) | 36.4% | 37.2% |
| emitter: | CA Immobilien Anlagen AG Mechelgasse 1 1030 Wien Austria |
|---|---|
| contact person: | Mag. Christoph Thurnberger |
| phone: | (+431) 532 59 07 504 |
| e-mail: | [email protected] |
| website: | www.caimmo.com |
| ISIN(s): | AT0000641352 (share) |
| stock exchanges: | official trade in Vienna |
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