Quarterly Report • Nov 26, 2013
Quarterly Report
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FINANCIAL REPORT AS AT 30 SEPTEMBER 2013
| 01.01.-30.09.2013 | 01.01.-30.09.2012 | ||
|---|---|---|---|
| Rental income | € m | 213.1 | 212.2 |
| EBITDA | € m | 179.1 | 174.7 |
| Operating result (EBIT) | € m | 208.6 | 176.8 |
| Net result before taxes (EBT) | € m | 71.9 | 59.2 |
| Consolidated net income | € m | 45.5 | 37.8 |
| attributable to the owners of the parent | € m | 40.2 | 39.0 |
| Operating cash flow | € m | 151.7 | 153.7 |
| Capital expenditure | € m | 156.9 | 181.2 |
| 30.9.2013 | 31.12.2012 | ||
|---|---|---|---|
| Total assets | € m | 5,961.5 | 5,888.4 |
| Stated value (equity) (incl. minority interests) | € m | 1,903.9 | 1,815.7 |
| Long and short term interest-bearing liabilities | € m | 3,397.0 | 3,379.5 |
| Net debt | € m | 3,081.5 | 3,067.2 |
| Gearing | % | 162 | 169 |
| Equity ratio | % | 32 | 31 |
| Equity-to-fixed-assets ratio | % | 49 | 35 |
| Net asset value | € m | 1,771.4 | 1,692.9 |
| Net asset value (NNNAV) | € m | 1,838.0 | 1,746.4 |
| 30.9.2013 | 31.12.2012 | |
|---|---|---|
| sqm | 2,623,611 | 2,583,633 |
| % | 6.5 | 6.5 |
| € m | 5,456.8 | 5,261.1 |
| 01.01.-30.09.2013 | 01.01.-30.09.2012 | ||
|---|---|---|---|
| Rental income / share | € | 2.43 | 2.42 |
| Operating cash flow / share | € | 1.73 | 1.75 |
| Basic earnings per share | € | 0.46 | 0.44 |
| Diluted earnings per share | € | 0.43 | 0.44 |
| 30.9.2013 | 31.12.2012 | ||
| NNNAV/share | € | 20.92 | 19.88 |
| NAV/share | € | 20.16 | 19.27 |
| Price (key date)/NNNAV per share – 11) | % | – 49 | – 47 |
| Dividend distribution | € | 0.38 | 0.38 |
| Dividend yield | % | 3.54 | 3.63 |
| 30.9.2013 | 31.12.2012 | ||
|---|---|---|---|
| Number of shares (30.09.) | pcs. | 87,856,060 | 87,856,060 |
| Ø Number of shares | pcs. | 87,856,060 | 87,856,060 |
| Ø price/share | € | 10.3 | 8.4 |
| Closing price (30.09.) | € | 10.73 | 10.47 |
| Highest price | € | 11.57 | 10.75 |
| Lowest price | € | 8.63 | 7.06 |
1) before deferred taxes
The Management Board (left to right): Dr. Bruno Ettenauer, Florian Nowotny, Bernhard H. Hansen
The CA Immo Group can look back on a highly productive third quarter in which we made essential preparations for implementing our corporate strategy for 2012-2015. The partial sale of the office high-rise Tower 185 in Frankfurt – the biggest development project in the history of the Group and a landmark for the real estate market in Germany – has crowned a successful venture initiated under challenging market conditions in 2009. CA Immo will retain a one-third stake in the earnings power of the 100,000 sqm property.
The planned sale of the Hesse portfolio in line with the strategic streamlining of the portfolio, the closing of which is expected during the fourth quarter, will be another key element in terms of raising the Group's profitability. Both transactions exceed the book value, with a correspondingly positive impact on the net asset value of CA Immo. Disposable funds from the sales will be utilised not only to reduce debt, but also to consolidate the balance sheet substantially. Increasing the equity ratio from the current level of 32% to 40% – a core strategic objective and the basis for the Group's continued expansion – should now be achieved much faster than envisioned.
Recent weeks have also been by characterised by the sustained pace of project development. The InterCityHotel adjacent to Berlin's main rail station was handed over on schedule to the Steigenberger group after a construction period of just under two years. Meanwhile the sale to Allianz of Skyline Plaza, a shopping centre completed in Frankfurt in August, has been successfully transacted. Over the next few years, real estate development activity – the main organic driver of growth for the Group – will continue to be concentrated on the fundamentally strong German market. Alongside projects under construction in Munich, Düsseldorf and Berlin, the signing of a lease agreement with an anchor tenant has laid the foundation for a new office development scheme in the German capital with gross floor space of approximately 10,000 sqm.
While quarter three was heavily influenced by one-time effects linked to sales transactions, operational business development was stable and satisfactory over the first nine months. The rental income of € 75,429 K generated during the third quarter was the highest for a single quarter in the company's history. Meanwhile the result from
renting rose by a marginal 1.4% in yearly comparison thanks to greater efficiency in portfolio activity.
The operating result (EBITDA) increased by 2.5% to stand at € 179,083 K thanks to a higher contribution from sales of properties. After nine months, the Group's indirect expenditures were largely unchanged on the previous year's level at € 29,228 K. A significant reduction in personnel spending was counteracted by higher expenditure connected with sales transactions.
Following a negative value at the half-year point, the revaluation result returned to significantly positive territory in the third quarter. This development has been driven by the planned sale of the Hesse portfolio and the partial sale of Tower 185, which led to positive value adjustments; earnings before interest and taxes (EBIT) were 18% up on the same period last year at € 208,613 K.
In quarter three, the financial result was adversely affected by a one-time effect linked to the planned sale of the Hesse portfolio as negative swap fair values previously recognised directly in equity were reclassified. As at key date 30 September 2013, the financial result stood at -€ 136,698 K (down 16% in year-on-year comparison) despite a 14% cut in financing costs. The formation of deferred taxes in quarter three, mainly in connection with the Hesse portfolio sale, served to raise taxes on earnings.
Taken together, the income components outlined above produced a marginal increase in earnings. Net operating income, which is critical to the shareholders, rose by 3.1% on the first three quarters of last year to € 40,216 K (€ 0.46 per share against € 0.44 per share in 2012).
The Net Asset Value (NAV) of CA Immo Group was significantly increased despite a dividend payment 0.38 € per share. As at September 30 2013, the EPRA NNNAV stood at 20.9 € per share, which translates in an increase of 5.2% compared to December 31 2012.
Following the successful conclusion of some key largescale projects (including the proportionate sale of Tower 185), Bernhard H. Hansen (59) will be resigning his post as CDO (Chief Development Officer) and Chief Executive Officer of CA Immo Deutschland GmbH on 31 December 2013 and leaving the company with the consent of the Supervisory Board. The position of Chief Development Officer will be allowed to lapse after he steps down; his duties will be assumed by CEO Bruno Ettenauer.
The real estate sales described above should be finalised by the end of the year, thus establishing the first milestone in the implementation of the company's strategy for 2012-2015, according to which the focus will switch to raising the profitability of the CA Immo Group. We expect operational developments to remain stable in the final quarter, bringing business year 2013 to a highly satisfactory conclusion despite an economically challenging climate. The goal of paying a dividend of 2% of NAV for 2013 remains unchanged.
The Management Board
Bruno Ettenauer (Chief Executive Officer)
Florian Nowotny Bernhard H. Hansen
Although quarter three was heavily influenced by monetary policy in the USA, European stock markets in particular performed surprisingly well. At present, the international trend is clearly moving away from bonds in favour of shares – and given low interest rates, the increasing risk of price falls on bonds and the sharp upturn in the economic climate, this development is likely to continue for the time being. However, problems in the Eurozone and the debt sustainability of certain countries could bring about another correction on the capital market.
The CA Immo share rose by 19.8% in quarter three, offsetting the negative performance of the year's first half (–15.4%). The closing price on the last day of the reporting period was € 10.73, above the opening price on 2 January 2013 (€ 10.47). Over the same period the ATX, Austria's benchmark index, gained 12.2%. The highest rate for the period under review was € 11.57 (in March 2013) while the low for the period (in June) was € 8.63.
As at the key date, market capitalisation for the CA Immo share was € 942.7 m (compared to € 919.9 m on 31 December 2012). Trading on the Vienna Stock Exchange averaged approximately € 2.1 m in the first three quarters, against € 1.8 m in the same period of 2012; the average trading volume was around 208,400 shares compared to 222,500 shares in the same period last year. In the third quarter, the average liquidity of the CA Immo share was approximately € 1.8 m (double-counting applied to all trading figures). With an approximate discount to NAV of – 46.78% on the final day, the discrepancy between fair value and the company's intrinsic value remains significant.
KEY PERFORMANCE FIGURES
(1.10.2012 bis 30.9.2013)
| CA Immo-share | 23.33% |
|---|---|
| ATX | 18.93% |
| IATX | 10.68% |
| EPRA Developed Europe Index | 9.75% |
CA Immo was assessed by nine investment companies during the first three quarters. Regular analyses are produced by Baader Bank, Erste Group, Goldman Sachs, HSBC, Kempen & Co, Kepler Cheuvreux, Raiffeisen Centrobank, SRC Research and Wood & Company. In addition Deutsche Bank announced its initial coverage with a recommendation to purchase and a target price of € 14.00 on 1 November 2013. Five analysts are now recommending the purchase of shares in CA Immo. The 12-month target rates most recently published fluctuate between € 10.70 and € 14.00. The valuation median of € 12.75 implies price potential of around 19% (based on the closing rate for 30 September 2013).
The capital stock of CA Immo amounted to € 638,713,556.20 on the balance sheet date, divided into four registered shares and 87,856,056 bearer shares traded on the prime market segment of the Vienna Stock Exchange. Around 18% of the capital stock and the registered shares are held by UniCredit Bank Austria AG, the company's largest shareholder. The company is not aware of any other shareholders with a stake of more than 5%. The remaining shares of CA Immo (approximately 82% of the capital stock) are in free float with both institutional and private investors (roughly 32% and 50% respectively). As at key date 30 September 2013, the company did not hold any own shares.
In admitting its shares for official listing on the Vienna Stock Exchange in 1988, CA Immo issued 1.2 million shares as effective share certificates, i.e. individually
FINANCIAL CALENDAR 2014
19 MÄRCH PUBLICATION OF ANNUAL RESULTS FOR 2013 PRESS CONFERENCE
8 MAY ORDINARY GENERAL MEETING
EX-DATE (DIVIDENDS) / DIVIDEND PAYMENT DAY
certificated shares. In accordance with the provisions of article 10 subsection 2 of the Stock Corporation Act as amended by the Company Law Amendments Act 2011, the company is obliged to replace all bearer shares in circulation (effective share certificates) with one or more collective certificate(s), and if necessary to cancel bearer shares not submitted (actual securities). The collective certificate(s) will be deposited with Oesterreichische Kontrollbank Aktiengesellschaft (OeKB). Relevant authorisation was issued via a resolution of the Vienna Commercial Court on 5 July 2013. Demands to submit the effective share certificates were published in the 'Amtsblatt zur Wiener Zeitung' (an official insert in the Wiener Zeitung newspaper) on 11 July, 22 August and 3 October 2013. For more details on the cancellation procedure, please see www.caimmo.com.
INTERIM REPORT FOR THE FIRST QUARTER 2014
INTERIM REPORT FOR THE FIRST HALF 2014
INTERIM REPORT FOR THE THIRD QUARTER 2014
| 30.09.2013 | 31.12.2012 | ||
|---|---|---|---|
| NNNAV/share | € | 20.92 | 19.88 |
| NAV/share | € | 20.16 | 19.27 |
| Price (key date)/NAV per share – 11) | % | – 46.78 | – 45.66 |
| Number of shares (key date) | pcs. | 87,856,060 | 87,856,060 |
| Ø number of shares (key date) | pcs. | 87,856,060 | 87,856,060 |
| Ø price/share | € | 10.26 | 8.43 |
| Market capitalisation (key date) | € m | 942.70 | 919.85 |
| Highest price | € | 11.57 | 10.75 |
| Lowest price | € | 8.63 | 7.06 |
| Closing price | € | 10.73 | 10.47 |
| Dividend distribution | € | 0.38 | 0.38 |
| Dividend yield | % | 3.54 | 3.63 |
1) before deffered taxes
| Type of shares: | No-par value shares |
|---|---|
| Listing: | Vienna Stock Exchange, Prime Market |
| Indices: | ATX, ATX-Prime, IATX, FTSE EPRA/NAREIT Europe, WBI |
| Specialist: | Erste Group Bank AG |
| Market Maker: | Raiffeisen Centrobank AG, Close Brothers Seydler Bank AG, Virtu Financial Ireland |
| Limited | |
| Stock exchange symbol / ISIN: | CAI / AT0000641352 |
| Reuters: | CAIV.VI |
| Bloomberg: | CAI:AV |
| Shareholder's phone line (in Austria): | 0800 01 01 50 |
| E-Mail: | [email protected] |
| Website: | www.caimmo.com |
| Investor Relations contacts: | |
|---|---|
| ------------------------------ | -- |
Claudia Hainz T: +43 1 532 59 07-502 F: +43 1 532 59 07-550 [email protected] Christoph Thurnberger T: +43 1 532 59 07-504 F: +43 1 532 59 07-550 [email protected]
The Eurozone continued its slow economic recovery in the third quarter, with GDP increasing 0.1% in line with expectations (-0.4% yoy), compared to a better reading of 0.3% growth in the second quarter. The stabilisation in the Eurozone was led by Eurozone core, Germany and Austria grew by 0.3% and 0.2% respectively, followed by Spain growing 0.1%, while France and Italy contracted 0.1% in the quarter.
Growth based on the PMI Composite business survey points to further economic momentum during the course of the third quarter, with the PMI Composite reading reaching 52.2 in September, however momentum has slowed during the course of October. According to Eurostat, the Eurozone's economy will bottom out in 2013, with GDP falling 0.4% yoy in 2013, while they forecast the Eurozone's economy to grow by 1.1% yoy in 2014, with Germany and Austria leading the pack among Eurozone nations according to the study.
Inflation in the third quarter has substantially eased in the Eurozone, falling from +1.6% yoy in July to +0.7% yoy in October, to levels well below the 2% target specified by the European Central Bank. October mom inflation data in the Eurozone already points to deflationary pressures, with the CPI index falling 0.1% in October mom. Falling prices in the Eurozone led the ECB to surprisingly cut interest rates by 25bps to 0.25% on the meeting of the 7th November, leading the Euro to depreciate against the USD to 1.34 levels. The ECB commented that further monetary easing measures using a wide variety of tools are still available if incoming macro data, with a focus on inflation is not satisfactory. The 3-month Euribor, the reference rate for floating rate loans hovered between 0.22% and 0.23% during the quarter. As a reaction to the ECB's 25bps rate cut in early November, the Euribor fell below 0.22% levels.
During the third quarter of 2013 the Euro strengthened by approximately 4% (until 30 September) against the USD to 1.35 levels due to the relative softness of US macro data as well as the continuation of the Federal Reserve's asset purchases. This trend was somewhat reversed in the first months of the fourth quarter with the ECB's 25bps rate cut. In the third quarter, the Euro stayed flat or slightly depreciated versus main CEE3 currencies
(note however the intervention of the Czech Central Bank in the CZK in early November that strengthened the Euro versus CZK considerably).
In CEE3, Poland and Hungary continued a modest economic recovery, while the Czech Republic's economic contraction deepened in the third quarter. Poland's Q3 GDP increased 0.6% qoq (pre-lim reading) with the main contributing components likely being private consumption and exports. The benchmark interest rate remained 2.50% in the period, and the Central Bank extended its guidance that rates will remain on low levels until macro data sustainably picks up and the 2.5% inflation target is reached (currently 0.8% yoy).
Hungary's Q3 GDP reading surprised positively, increasing 0.8% qoq (pre-lim number) on better than expected exports coming mainly from the auto sector and a strong agricultural sector, while investments were supported by the Central Bank's Funding for Growth Scheme programme. Hungary continued the monetary easing cycle in the third quarter by cutting rates to 3.4%, a move that was supported by the benign global climate, still weak domestic demand and below target inflation (0.9% yoy versus 3.0% yoy target).
Czech GDP developments showed a negative surprise in the third quarter, falling 0.5% qoq (pre-lim number) on declining investments and worse than expected exports. Concerns about the continuation of an export-driven Czech economic recovery and deflation going into the next quarters led the Czech Central Bank to intervene on the FX markets to peg the CZK to 27.0 against the Euro (5% depreciation), while keeping benchmark interest rates at a record low of 0.05%.
Romania's Q3 GDP developments surprised the markets positively, growing 1.6% qoq, well ahead of +1.2% qoq consensus growth expectations, mainly on the back of strong agricultural output. On a year on year basis this makes Romania the fastest growing economy among the above mentioned countries - albeit from a very low base -, posting +4.1% yoy growth in Q3. Inflation significantly fell throughout the last months in Romania, from +4.4% yoy in July to +1.9% yoy in October. The Romanian National Bank continued its monetary easing cycle during
1 Eurostat; Markit Economics; The Economist
2 Bloomberg
3 Central Statistical Office of Poland (GUS); Hungarian Central Statistical Office (KSH); Czech Statistical Office (CZSO); Romanian National Institite of Statistics (NIS); Bloomberg
the third quarter, the benchmark interest rate was cut in several steps from 5.0% in early July to 4.0% by the 5th of November.
During the third quarter, activity continued to pick up on the European transaction market for commercial real estate, rising sharply (by more than 20%) to around € 35 bn against the reference period of 2012. A rise of around 15% (equivalent to € 95 bn) was achieved between the nine-month periods of both years. The focus of investment in quarter three of 2013 followed a similar pattern to that of the two preceding quarters. The concentration on core properties (i.e. top quality properties in prime locations) continues on large, solvent markets; commercial real estate in Germany remains a top priority for investors. Activity in Q3 rose 21% year-on-year, maintaining the trend of the two strong preceding quarters; CBRE reported an increase of around 30% to just under € 19 bn after nine months. The focus on Germany's top five investment locations continues to intensify; Berlin, Düsseldorf, Frankfurt, Hamburg and Munich account for more than half of all activity.
Most transactions in Germany still involve office properties (44% of the total volume based on the first three quarters of 2013). In yearly comparison, investment in commercial real estate is also recovering on those markets most seriously affected by the crisis in the eurozone. Compared to Q3 2012, the investment volume in Southern Europe rose by more than 140%. Investment in Eastern Europe also increased significantly compared to the previous year (up 114% in Q3 and 200% over Q1-3). The upturn is being driven by the Russian market, although the CEE continues to account for a minor share of the total transaction volume in Europe (approx. 4% in Q3, excluding Russia).
In line with economic developments, the upturn in user demand – and thus floor space turnover – has continued on office property markets in Germany2 in 2013. Across the BIG 7 locations, floor space turnover is expected to decline by just 2% in the third quarter compared to the same period of 2012. The vacancy rate has continued to fall to its current level of 8.5%, despite a 22% increase in the completion volume. Peak rents in the top segment have remained largely stable, rising slightly in Frankfurt and Munich only.
In the third quarter of 2013, lettings performance on the office rental market in Vienna3 improved by 6% on the same period of 2012. Owing to low levels of new construction, the vacancy rate remained at around 7%; the peak rent was stable at € 25/sqm, as were average rents (€ 8.75/sqm to € 20/sqm).
Vacancy rates remained stable across the office rental markets of the CEE/SEE4 , mainly because of moderate completion volumes; only Warsaw stood apart from the CEE markets on account of strong construction activity and high market absorption of new premises. Despite this, the vacancy rate rose slightly to almost 12%, placing pressure on rents in several locations. Peak rents in the other CEE markets were largely unchanged on the levels of the prior quarter, with only Prague encountering a marginal fall of -2.4%.
The property sector should be a major beneficiary of the historically low interest environment. Real estate as an asset class should remain in favour of yield-seeking investors given a lack of alternatives with a correspondingly positive impact on property transaction markets. While the European economy shows signs of a moderate recovery, growth rates should remain rather subdued across the region for the time being.
1 Germany Investment Quarterly MarketView, Q3 2013; European Investment Quarterly MarketView, Q3 2013
2 Jones Lang LaSalle, Office Market Overview Germany Q3 2013
3 CB Richard Ellis, Vienna Office MarketView, Q3 2013
4 Jones Lang LaSalle: Warsaw City Report Q3 2013, Office Property Clock Q3 2013
The CA Immo Group invests in Austria, Germany and Eastern Europe. The Group's core business is commercial real estate, with a clear focus on office properties; it deals with both investment properties (85% of the total portfolio) and investment properties under development (10% of the total portfolio). Properties intended for trading (reported under short-term property assets) account for the remaining 5% or so of property assets. As at key date 30 September 2013, the CA Immo Group's property assets stood at € 5.4 bn (31.12.2012: € 5.3 bn).
As at 30 September 2013, the Group's investment properties had an approximate market value of € 4.6 bn (€ 4.4 bn on 31 December 2012) and a total rentable effective area of 2.6 m sqm. According to book value, around 42% of the investment property portfolio is located in CEE and SEE nations, with 43% of the remaining investment properties in Germany and 15% in Austria. In the first six months of the year, the Group generated rental income of € 213.1 m, compared to € 212.2 m in the same period of 2012; the portfolio produced a yield of 6.6%. As at 30 September 2013, the occupancy rate stood at 89.3% (86.7% on 31 December 2012).
Of the investment properties under development with a total value of around € 555.8 m (€ 727.0 m on 31.12.2012), developments and land reserves in Germany accounted for 84.0% and projects in the CEE, SEE and CIS countries made up the remaining16.0%. Of the development projects in Germany with a total market value of € 469.1 m, projects under construction account for roughly € 109.7 m and land reserves make up € 359.4 m.
PROPERTY ASSETS OF CA IMMO GROUP AS OF 30.9.2013 (BOOK VALUES)
1 including own use and self-managed properties
² including properties intended for trading or sale, excluding Tower 185 and Hesse portfolio - in derogation from the presentation in the consolidated statement of financial position
In Germany, CA Immo held investment properties and properties intended for trading with an approximate value of € 2.0 bn as at 30 September 2013 (compared to € 1.8 bn on 31.12.2012). The occupancy rate for investment property assets on the key date was 92.8% (against 88.0% on 31.12.2012). 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 € 84.5 m was generated in the first nine months (against € 74.3 m in the same period of 2012). Almost 24,000 sqm of office space was newly let in Germany between January and the end of September; of this, investment properties accounted for around 9,900 sqm and pre-letting on development projects accounted for 14,000 sqm.
By November, two more lease agreements were concluded in relation to rentable space of approximately 3,100 sqm at Tower 185 in Frankfurt. The signing of the lease contracts has increased the occupancy rate of the building to approximately 85%.
As at key date 30 September, CA Immo had invested € 130.4 m in development projects in Germany for 2013. On the basis of total investment costs, the volume of development projects under construction for the Group in Germany is approximately € 257.1 m, with a total book value of investment properties under development (including land reserves) of € 469.1 m.
The Skyline Plaza shopping mall – the centrepoint of the Frankfurt Europaviertel urban project – opened its doors on 28 August 2013. The construction period for the mall, which was realised under the terms of a joint venture between CA Immo and ECE, was just two years; it has been handed over to the investor Allianz, with closing scheduled for the end of October. CA Immo and ECE each retain a 10% stake in Skyline Plaza. The shopping centre offers retail space of around 38,000 sqm, with some 170 speciality outlets, service providers and restaurants on two levels. The centre's 7,300 sqm roof garden is the only one of its kind in Germany. The opening of a MeridanSpa spanning some 9,200 sqm is scheduled for February 2014.
In Berlin, meanwhile, the new InterCityHotel Berlin Hauptbahnhof was handed over to the Steigenberger group in ready-for-occupancy condition in October following a construction period of just under two years. CA Immo has concluded a long-term lease agreement on the four-star hotel with Steigenberger. CA Immo invested approximately € 53 m in the upper-mid-range hotel, the new flagship of the InterCityHotel brand for the Steigenberger group.
The Skyline Plaza shopping centre opened in Frankfurt at the end of August
The result of a design competition for the first office and residential building in the planned Baumkirchen Mitte district of Munich, initiated by investors CA Immo and Patrizia AG in partnership with the city of Munich, was announced at the end of October. Having considered the designs submitted, the jury recommended the work of UN Studio in Amsterdam for further development. The 60-metre high-rise is envisioned as a focal point of urban planning and the gateway to the district. Apartments will account for 30% of the floor space in the 18,500 sqm structure; offices, which will comprise most of the floor area, will offer flexible-use workspace. Roof gardens accessible to all residents and a roof café for office users are also planned. Development of the quarter is due to start in the spring of 2014.
In November, an anchor tenant signed a rental contract with CA Immo for some 4,700 sqm of gross floor space in the planned office building on the MK3 site in the Europacity district of Berlin. Having attained a pre-letting rate of approximately 47%, construction started on the building, which has gross floor space of around 10,000 sqm. The site is located close to Berlin's main station and directly adjacent to Tour TOTAL, which was completed by CA Immo in 2012. The total investment for the structure developed by CA Immo is approximately € 27 m; building work is scheduled to start early in 2014 and be completed by spring 2015.
During the first nine months, trading income from German real estate totalled € 35.1 m (with € 4.4 m generated in the third quarter); the profit from these transactions amounted to € 9.0 m.
In early October, the biggest single project in the history of CA Immo came to a successful conclusion with the proportionate sale of Tower 185. Two institutional investors in Germany, a pension scheme and a pension society each acquired one third of the Frankfurt office property. Tower 185 has an approximate market value of € 0.5 bn. With a one-third share, CA Immo remains responsible for the asset management of the property.
Negotiations on the sale of the Hesse portfolio, which had proceeded on an exclusive basis since September, were also brought to a successful conclusion in October. The real estate package, comprising 36 properties at 19 sites in Hesse and valued at approximately € 0.8 bn, was acquired by PATRIZIA Immobilien AG. The properties are let by the state of Hesse on a long-term basis. The transaction is due to be closed this year.
As at 30 September 2013, CA Immo held investment properties in Austria with a value of € 701.6 m and an occupancy rate of 94.9% (93.0% on 31.12.2012). The company's asset portfolio generated rental income of € 29.4 m in the first nine months. Approximately 6,200 sqm of office floor space was newly let in Austria between January and the end of September (thereof 2,170 sqm in Q3).
Trading income contributed a total of € 36.3 m to the result in Austria in the first nine months, with € 17.6 m generated in the third quarter. The total sales result for 2013 was € 2.9 m as at the key date.
CA Immo held investment properties with an approximate value of € 1.9 bn in Eastern Europe as at 30 September 2013. In the first nine months, property assets let with an effective area of around 1.3 million sqm generated rental income of € 98.8 m, compared to € 102.9 m in the same period of 2012. The occupancy rate on the key date was 85.2% (against 84% on 31.12.2012). Lease agreements relating to around 235,700 sqm were concluded in the first nine months; of that total, logistical premises accounted for almost 164,400 sqm and office space represented roughly 70,300 sqm.
The Polish bank BPH S.A. has signed a pre-letting agreement for 3,100 sqm of office space in the planned AVIA office building in Krakow. AVIA is being realised under the terms of a joint venture between CA Immo and the GD&K Group, a leading Polish project developer. When it is completed late in 2014, the AVIA building will offer some 11,500 sqm of office space arranged around a green inner courtyard. The technology, fixtures and fittings of the structure will conform to the highest standards; AVIA will be built in Krakow's foremost business quarter, the Technology Park at Aleja Jana Pawła II.
CA Immo generated the highest quarterly rental income in its history in the third quarter of 2013 (€ 75,429 K). The significant increase against the reference periods (5.6% in year-on-year comparison, 9.9% comparing the quarters) was essentially based on additional revenue from project completions such as the Skyline Plaza shopping centre in Frankfurt, the Mercedes-Benz distribution centre in Berlin and Silbermöwe in Vienna. Over the nine months, the development of rental income to € 213,106 K was consistent. In regional terms, 14% of rental income was generated in Austria, with Eastern Europe contributing 46% and Germany 40%.
Property expenses directly attributable to the asset portfolio (including own operating expenses) were cut by 6.4% to -€ 23,385 K. The net result from renting stood at € 189,721 K after the first three quarters, equivalent to a marginal rise of 1.4% compared to the same period of the previous year. The efficiency of lettings activity has increased in yearly comparison: the operating margin in routine business (result from renting in relation to rental income) rose from 88.2% for the first nine months of 2012 to 89.0%.
The area of development services for third parties rendered by the subsidiary omniCon produced a result of € 1,178 K from turnover of € 3,887 K, a fall of around 10% compared to the previous year's figure. Hotel operations contributed a total of € 1,231 K to the result over the first nine months. Reclassification in Q3 2012 was responsible for the significant rise on last year's value. The sales result from property assets held as current assets stood at € 974 K, 75.5% down on the figure for last year. Overall, net operating income (NOI) of € 190,105 K was almost unchanged on the value for the previous year (€ 189,791 K for Q1-3 2012).
Profit from the sale of investment properties has risen to € 10,899 K. A major contribution of € 7,572 K was delivered in the third quarter.
After the first three quarters, indirect expenditures stood at € 29,228 K, largely unchanged on the previous year's level. A significant reduction in personnel spending (around 12%) linked to the cost reduction programme introduced in 2012 was counteracted by higher expenditure connected with sales transactions, and especially the partial sale of Tower 185. The finalising of these transactions, which is planned for the final quarter of 2013, will bring about the reclassification of that expenditure to the sales result. Other operating income of € 7,307 K declined by 10.8% against the reference value for 2012. This includes the positive one-time effect of a deconsolidation in Eastern Europe amounting to approximately € 2,055 K.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 2.5% to stand at € 179,083 K. With an EBITDA of € 80,998 K (€ 90,304 K in 2012), the Eastern Europe segment has a share of Group EBITDA of approximately 44%.
Following a negative value at the half-year point, the revaluation result returned to significantly positive territory in the third quarter. This development has been driven by the planned sale of the Hesse portfolio and the partial sale of Tower 185; in both transactions, a signed sales contract provided the basis for revaluation. The total revaluation gain of € 70,632 K in Q3 2013 was counterbalanced by a revaluation loss of -€ 23,183 K. The cumulative revaluation result was highly positive at € 33,216 K as at key date 30 September 2013 (against € 5,751 K in 2012). Several properties in Eastern Europe and a development property in Basel underwent negative value adjustments. In regional terms, the revaluation results for Austria and Eastern Europe over the first nine months were negative at -€ 4,076 K and -€ 16,885 K respectively; however, the strongly positive valuation result of € 54,177 K for the Germany segment more than compensated for this.
Earnings before interest and taxes (EBIT) rose by 18% to € 208,613 K, an increase essentially based on the aforementioned highly positive property revaluation trend.
A clearly negative value for the third quarter (-€ 85,888 K against -€ 26,965 K in 2012) produced a financial result of -€ 136,698 K in the first nine months of 2013 (-€ 117,576 in 2012). The Group's financing costs fell by around 14% on the 2012 value to stand at - € 110,580 K. Alongside loan repayments linked to sales, the lower costs of floating-rate financing had a particularly positive effect. The item 'Other financial income/expense' stood at € 3,000 K, well down on the comparable figure of € 20,764 K in 2012 owing to a positive one-time effect linked to the restructuring of two financing arrangements in Eastern Europe in the first quarter of last business year.
The positive development of the first two quarters was counteracted by a significantly negative contribution from the valuation of interest-rate hedges in quarter three which brought about a negative result of -€ 34,148 K. In connection with the planned sale of the Hesse portfolio, swaps of € 51,400 K (previously recognised directly in equity with their negative fair value) were reclassified to the income statement.
The result from financial investments (€ 3,630 K) was lower than the 2012 figure of € 6,144 K; this was, however, counterbalanced by an improved result from other financial assets (mainly comprising value adjustments for loans to joint venture companies) of -€ 2,190 K (against -€ 6,573 K last year). The result from associated companies (€ 3,359 K compared to € 1,869 K in 2012) contains the proportionate result from the investment in UBM.
Despite the weaker financial result, earnings before taxes (EBT) increased by 21.4% to € 71,915 K (€ 59,258 K in 2012). After the first three quarters, the result from taxes on earnings was -€ 26,388 K (-€ 21,494 K in 2012). Whereas actual taxes on earnings derived mainly from the Eastern Europe segment, higher deferred taxes in quarter three were mainly linked to the planned sale of the Hesse portfolio.
The much lower financial result, combined with the increase in deferred taxes in quarter three, served to reduce the contribution to earnings after minorities to € 3,986 K. As at 30 September 2013, the result for the period stood at € 40,216 K. Taking account of the noncontrolling interest of € 5,311 K (which was negative in 2012 at -€ 1,249 K), the share attributable to parent company shareholders in the first three quarters of 2013 stood at € 40,216 K, up 3.1% on the relevant period of last year.
Funds from operations (FFO) of € 70,400 K (after actual taxes on earnings and before proportionate minority interests) were generated in the first three quarters of 2013. The 7.7% fall on the comparable figure for last year (€ 76,230 K in 2012) was tempered by a significant onetime effect on the financial result of finance restructuring in the Eastern Europe segment during the first half of
| € m | 1st –3rd | 1st –3rd |
|---|---|---|
| Quarter | Quarter | |
| 2013 | 2012 | |
| Net income before taxes before | ||
| minorities | 71.9 | 59.3 |
| Depreciation and amortisation | 3.7 | 3.6 |
| Revaluation results | –33.2 | –5.8 |
| Foreign currency gains/losses | –0.2 | 1.2 |
| Corr. At-Equity result | –3.4 | –1.9 |
| Valuation of financial instruments | 36.3 | 16.7 |
| Funds from Operations before | ||
| taxes | 75.1 | 73.1 |
| Current income tax | –4.8 | 3.1 |
| Funds from Operations | 70.4 | 76.3 |
As at the balance sheet date, long-term assets amounted to € 3,979,597 K (66.8% of total assets). By contrast, the item 'Property assets held for sale' in current assets rose sharply to € 1,566,168 K. The main factor behind the change was the reclassification of Tower 185 and the Hesse portfolio. Also included are an investment property and four other development properties in Germany, the Skyline Plaza in Frankfurt, a development project in Romania and other assets attributable to these properties.
The balance sheet item 'Property assets under development' fell 23.6% on the value as at 31 December 2012 to € 555,794 K. At the end of the period, total property assets (investment properties, properties under development and properties held as current assets) stood at € 5,422,479 K, 3.8% up on the year-end value of € 5,224,853 K. Cash and cash equivalents amounted to € 249,219 K on the balance sheet date, a fall of € 8,525 K from the value for 31 December 2012.
During the first nine months, shareholders' equity (including non-controlling interests) increased by 4.9%, from € 1,815,742 K to € 1,903,872 K. The result for the
period described above and a positive effect from the valuation of interest-rate hedges entered in the balance sheet as cash flow hedges contributed to this development. The equity ratio for the Group was 32% after nine months, compared to 30.8% at year end.
Overall financial liabilities of € 3,478,187 K were largely unchanged from the figure for key date 31 December 2012 (€ 3,379,532 K). Net debt rose marginally from € 3.067.180 K at the start of the year to € 3,081,518 K. The loan-to-value ratio as at 30 September 2013 was around 58% (net, taking account of Group cash and cash equivalents). On the key date, gearing was 161.9% (168.9% on 31.12.2012).
As at 30 September 2013, NAV (shareholders' equity excluding minority interests) stood at € 1,771.4 m (€ 20.16 per share), equivalent to a rise of 4.6% on the value at the start of the year. Aside from the result for the period, the change reflects the other changes to equity
outlined above. 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).
Given that the rate of the CA Immo share was above the conversion price of the convertible bond on the balance sheet date, a dilution effect from a hypothetical exertion of the conversion option was taken into consideration in the calculation of the EPRA NAV. The basic NNNAV as at 30 September 2013 was € 20.92 per share, a considerable rise of 5.2% on the value at the end of last year (€ 19.87 per share). Taking the dilutive effect into consideration, the NNNAV per share was € 19.80 on the key date. The number of shares outstanding was unchanged at 87,856,060.
| € m | 30.9.2013 | 30.9.2013 | 31.12.2012 |
|---|---|---|---|
| Equity (NAV) | undiluted 1,771.4 |
diluted 1,771.4 |
undiluted 1,692.9 |
| NAV/share in € | 20.2 | 20.16 | 19.27 |
| Computation of NNNAV | |||
| Exercise of options | 0.0 | 114.5 | 0.0 |
| NAV after exercise of options | 1,771.4 | 1,885.9 | 1,692.9 |
| Value adjustment for | |||
| - own use properties | 7.1 | 7.1 | 3.7 |
| - short-term property assets | 8.7 | 8.7 | 7.4 |
| - Financial instruments | 35.7 | 35.7 | 107.6 |
| Deferred taxes | 184.6 | 184.6 | 168.9 |
| EPRA NAV after adjustments | 2,007.4 | 2,121.9 | 1,980.4 |
| Value adj. for financial instruments | – 35.7 | – 35.7 | – 107.6 |
| Value adjustment for liabilities | – 11.7 | – 11.7 | – 15.6 |
| Deferred taxes | – 122.1 | – 122.1 | – 110.8 |
| EPRA NNNAV | 1,838.0 | 1,952.5 | 1,746.4 |
| EPRA NNNAV per share in € | 20.9 | 19.8 | 19.9 |
| Change of NNNAV against previous year | 5.2% | 0.2% | |
| Price (30.09.) / NNNAV per share – 1 | – 48.7 | - 45.82 | – 47.3 |
| Number of shares | 87,856,060 | 98,595,134 | 87,856,060 |
| € 1,000 | 1st – 3rd | 1st – 3rd | 3rd Quarter | 3rd Quarter |
|---|---|---|---|---|
| Quarter | Quarter | 2013 | 2012 | |
| 2013 | 2012 | |||
| Rental income | 213,106 | 212,175 | 75,429 | 71,437 |
| Operating costs charged to tenants | 50,462 | 48,792 | 15,676 | 14,109 |
| Operating expenses | – 57,901 | – 58,028 | – 18,117 | – 17,759 |
| Other expenses directly related to properties rented | – 15,946 | – 15,864 | – 5,477 | – 2,412 |
| Net rental income | 189,721 | 187,075 | 67,511 | 65,375 |
| Gross revenues hotel operations | 5,560 | 1,500 | 2,066 | 1,500 |
| Expenses related to hotel operations | – 4,329 | – 1,241 | – 1,524 | – 1,241 |
| Result from hotel operations | 1,231 | 259 | 542 | 259 |
| Income from the sale of properties held for trading | 8,810 | 6,332 | 2,172 | 464 |
| Book value of sold properties held for trading | – 7,836 | – 2,355 | – 2,092 | 50 |
| Trading result | 974 | 3,977 | 80 | 514 |
| Revenues from development services | 3,887 | 2,866 | 1,411 | 1,106 |
| Expenses related to development services | – 2,709 | – 1,554 | – 1,060 | – 363 |
| Result from development services | 1,178 | 1,312 | 351 | 743 |
| Other expenses directly related to properties under | – 1,280 | – 812 | ||
| Net operating income | 190,105 | 189,791 | 67,204 | 66,079 |
| Result from the sale of investment properties | 10,899 | 5,891 | 7,572 | 2,453 |
| Indirect expenses | – 29,228 | – 29,185 | – 10,714 | – 9,712 |
| Other operating income | 7,307 | 8,188 | 1,161 | 3,138 |
| EBITDA | 179,083 | 174,685 | 65,223 | 61,958 |
| Depreciation and impairment of long-term assets | – 3,706 | – 3,511 | – 1,760 | – 465 |
| Changes in value of properties held for trading | 20 | – 91 | 268 | – 78 |
| Depreciation and impairment/reversal | – 3,686 | – 3,602 | – 1,492 | – 543 |
| Revaluation gain | 82,434 | 41,265 | 70,362 | 3,676 |
| Revaluation loss | – 49,218 | – 35,514 | – 23,183 | – 3,320 |
| Result from revaluation | 33,216 | 5,751 | 47,179 | 356 |
| Operating result (EBIT) | 208,613 | 176,834 | 110,910 | 61,771 |
| Finance costs | – 110,580 | – 128,446 | – 37,807 | – 41,951 |
| Other financial result | 3,000 | 20,764 | 0 | 0 |
| Foreign currency gains/losses | 231 | – 1,215 | – 167 | – 834 |
| Result from interest rate derivative transactions | – 34,148 | – 10,119 | – 49,599 | – 4,082 |
| Result from financial investments | 3,630 | 6,144 | 352 | 1,700 |
| Result from other financial assets | – 2,190 | – 6,573 | 0 | – 837 |
| Result from associated companies | 3,359 | 1,869 | 1,333 | 217 |
| Financial result | – 136,698 | – 117,576 | – 85,888 | – 45,787 |
| Net result before taxes (EBT) | 71,915 | 59,258 | 25,022 | 15,984 |
| Current income tax | – 4,760 | 3,117 | – 843 | – 699 |
| Deferred taxes | – 21,628 | – 24,611 | – 19,878 | 501 |
| Income tax | – 26,388 | – 21,494 | – 20,721 | – 198 |
| Consolidated net income | 45,527 | 37,764 | 4,301 | 15,786 |
| thereof attributable to non-controlling interests | 5,311 | – 1,249 | 315 | 3,145 |
| thereof attributable to the owners of the parent | 40,216 | 39,013 | 3,986 | 12,641 |
| Earning per share in € (basic) | € 0.46 | € 0.44 | € 0.05 | € 0.14 |
| Earnings per share in € (diluted) | € 0.43 | € 0.44 | € 0.05 | € 0.14 |
| € 1,000 | 1st – 3rd Quarter 2013 |
1st – 3rd Quarter 2012 |
3rd Quarter 2013 |
3rd Quarter 2012 |
|---|---|---|---|---|
| Consolidated net income | 45,527 | 37,764 | 4,301 | 15,786 |
| Other comprehensive income | ||||
| Valuation cash flow hedges | 18,614 | – 22,264 | – 10,148 | – 8,267 |
| Reclassification cash flow hedges | 68,113 | 7 | 68,113 | 0 |
| Other comprehensive income/loss from associated | ||||
| companies | – 23 | – 424 | 19 | – 111 |
| Exchange rate differences | – 336 | – 140 | 298 | 265 |
| Income tax related to other comprehensive income | – 14,516 | 4,094 | – 9,510 | 1,416 |
| Other comprehensive income for the period (realised | 71,852 | – 18,727 | ||
| through profit or loss) | 48,772 | – 6,697 | ||
| Actuarial gains/losses IAS 19 | – 12 | – 18 | 0 | 0 |
| Income tax related to other comprehensive income | 4 | 6 | 0 | 0 |
| Other comprehensive income for the period (not realised | ||||
| through profit or loss) | – 8 | – 12 | 0 | 0 |
| Other comprehensive income for the period | 71,844 | – 18,739 | 48,772 | – 6,697 |
| Comprehensive income for the period | 117,371 | 19,025 | 53,073 | 9,089 |
| thereof attributable to non-controlling interests | 5,488 | – 1,465 | 454 | 3,204 |
| thereof attributable to the owners of the parent | 111,883 | 20,490 | 52,619 | 5,885 |
| € 1,000 | 30.9.2013 | 31.12.2012 | 1.1.2012 |
|---|---|---|---|
| ASSETS | |||
| Rental investment properties | 3,246,286 | 4,391,378 | 4,183,202 |
| Investment properties under development | 555,794 | 726,988 | 934,482 |
| Hotel and other own used properties | 34,325 | 36,253 | 12,760 |
| Office furniture and other equipment | 9,646 | 9,972 | 10,470 |
| Intangible assets | 36,038 | 37,122 | 39,103 |
| Prepayments made on investments in properties | 0 | 0 | 2,217 |
| Investments in associated companies | 38,747 | 36,233 | 34,719 |
| Financial assets | 52,590 | 93,587 | 74,308 |
| Deferred tax assets | 6,171 | 9,812 | 11,739 |
| Long-term assets | 3,979,597 | 5,341,345 | 5,303,000 |
| Long-term assets as a % of total assets | 66.8% | 90.7% | 89.6% |
| Assets held for sale | 1,566,168 | 53,794 | 57,835 |
| Properties held for trading | 54,231 | 52,693 | 33,904 |
| Receivables and other assets | 112,297 | 182,866 | 168,059 |
| Cash and cash equivalents | 249,219 | 257,744 | 353,778 |
| Short-term assets | 1,981,915 | 547,097 | 613,576 |
| Total assets | 5,961,512 | 5,888,442 | 5,916,576 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Share capital | 638,714 | 638,714 | 638,714 |
| Capital reserves | 997,025 | 1,030,410 | 1,062,184 |
| Other reserves | – 38,162 | – 109,829 | – 94,030 |
| Retained earnings | 173,779 | 133,563 | 77,696 |
| Attributable to the owners of the parent | 1,771,356 | 1,692,858 | 1,684,564 |
| Non-controlling interests | 132,516 | 122,884 | 124,891 |
| Shareholders' equity | 1,903,872 | 1,815,742 | 1,809,455 |
| Shareholders' equity as a % of total assets | 31.9% | 30.8% | 30.6% |
| Provisions | 2,854 | 4,163 | 9,182 |
| Interest-bearing liabilities | 1,956,033 | 2,454,856 | 2,622,925 |
| Other liabilities | 177,835 | 271,435 | 237,489 |
| Deferred tax liabilities | 226,839 | 215,863 | 191,813 |
| Long-term liabilities | 2,363,561 | 2,946,317 | 3,061,409 |
| Current income tax liabilities | 11,869 | 15,448 | 36,839 |
| Provisions | 55,521 | 78,931 | 79,292 |
| Interest-bearing liabilities | 528,346 | 924,676 | 777,973 |
| Other liabilities | 104,535 | 107,328 | 151,608 |
| Liabilities relating to disposal groups | 993,808 | 0 | 0 |
| Short-term liabilities | 1,694,079 | 1,126,383 | 1,045,712 |
| Total liabilities and shareholders' equity | 5,961,512 | 5,888,442 | 5,916,576 |
| € 1,000 | 1st – 3rd Quarter | 1st – 3rd Quarter |
|---|---|---|
| 2013 | 2012 | |
| Cash flow from operations | 151,734 | 153,721 |
| Cash flow from changes in net working capital | 9,703 | – 9,024 |
| Cash flow from operating activities | 161,437 | 144,697 |
| Cash flow from investing activities | – 47,933 | – 128,471 |
| Cash flow from financing activities | – 81,182 | – 122,931 |
| Net change in cash and cash equivalents | 32,322 | – 106,705 |
| Cash and cash equivalents as at 1.1. | 257,744 | 353,778 |
| Exchange rate differences | – 1,787 | 2,544 |
| Changes due to classification of disposal group acc. to IFRS 5 | – 39,060 | 0 |
| Net change in cash and cash equivalents | 32,322 | – 106,705 |
| Cash and cash equivalents as at 30.9. | 249,219 | 249,617 |
1) The German segment includes one property in Switzerland.
40%
Germany 1)
| € 1,000 | Share capital | Capital reserves | Retained earnings |
|
|---|---|---|---|---|
| As at 1.1.2012 | 638,714 | 1,062,184 | 77,696 | |
| Valuation cash flow hedge | 0 | 0 | 0 | |
| Income recognised directly in equity of associated companies | 0 | 0 | 0 | |
| Currency translation reserve | 0 | 0 | 0 | |
| Actuarial gains/losses IAS 19 | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 39,013 | |
| Total comprehensive income 1st – 3rd Quarter 2012 | 0 | 0 | 39,013 | |
| Dividend payments to shareholders | 0 | – 33,385 | 0 | |
| Payments to non-controlling interests | 0 | 0 | 0 | |
| Payments from non-controlling interests | 0 | 0 | 0 | |
| Acquisition of non-controlling interests | 0 | 131 | 0 | |
| As at 30.9.2012 | 638,714 | 1,028,930 | 116,709 | |
| As at 1.1.2013 | 638,714 | 1,030,410 | 133,563 | |
| Valuation cash flow hedge | 0 | 0 | 0 | |
| Income recognised directly in equity of associated companies | 0 | 0 | 0 | |
| Currency translation reserve | 0 | 0 | 0 | |
| Actuarial gains/losses IAS 19 | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 40,216 | |
| Total comprehensive income 1st – 3rd Quarter 2013 | 0 | 0 | 40,216 | |
| Dividend payments to shareholders | 0 | – 33,385 | 0 | |
| Dividend payments from subsidiaries to non-controlling interests | 0 | 0 | 0 | |
| Payments from non-controlling interests | 0 | 0 | 0 | |
| As at 30.9.2013 | 638,714 | 997,025 | 173,779 |
| Valuation result | other reserves | Attributable to | Non-controlling | Shareholders' |
|---|---|---|---|---|
| (hedging) | shareholders of | interests | equity (total) | |
| the | ||||
| parent company | ||||
| – 93,022 | – 1,009 | 1,684,563 | 124,892 | 1,809,455 |
| – 18,037 | 0 | – 18,037 | – 179 | – 18,216 |
| 0 | – 371 | – 371 | 0 | – 371 |
| 0 | – 103 | – 103 | – 37 | – 140 |
| 0 | – 12 | – 12 | 0 | – 12 |
| 0 | 0 | 39,013 | – 1,249 | 37,764 |
| – 18,037 | – 486 | 20,490 | – 1,465 | 19,025 |
| 0 | 0 | – 33,385 | 0 | – 33,385 |
| 0 | 0 | 0 | – 238 | – 238 |
| 0 | 0 | 0 | 5,478 | 5,478 |
| 0 | 0 | 131 | 40 | 171 |
| – 111,059 | – 1,495 | 1,671,799 | 128,707 | 1,800,506 |
| – 107,581 | – 2,248 | 1,692,858 | 122,884 | 1,815,742 |
| 71,912 | 0 | 71,912 | 296 | 72,208 |
| 0 | – 20 | – 20 | 0 | – 20 |
| 0 | – 217 | – 217 | – 119 | – 336 |
| 0 | – 8 | – 8 | 0 | – 8 |
| 0 | 0 | 40,216 | 5,311 | 45,527 |
| 71,912 | – 245 | 111,883 | 5,488 | 117,371 |
| 0 | 0 | – 33,385 | 0 | – 33,385 |
| 0 | 0 | 0 | – 324 | – 324 |
| 0 | 0 | 0 | 4,468 | 4,468 |
| – 35,669 | – 2,493 | 1,771,356 | 132,516 | 1,903,872 |
| € 1,000 1st – 3rd Quarter 2013 |
Income producing |
Development | Austria Total |
Income producing |
|
|---|---|---|---|---|---|
| Rental income | 29,419 | 357 | 29,776 | 57,377 | |
| Rental income with other operating segments | 380 | 0 | 380 | 249 | |
| Operating costs charged to tenants | 6,975 | – 39 | 6,936 | 6,124 | |
| Operating expenses | – 7,616 | 39 | – 7,577 | – 7,124 | |
| Other expenses directly related to properties rented | – 2,136 | – 19 | – 2,155 | – 3,433 | |
| Net rental income | 27,022 | 338 | 27,360 | 53,193 | |
| Result from hotel operations | 0 | 0 | 0 | 0 | |
| Trading result | 0 | 0 | 0 | 0 | |
| Result from development services | 0 | 0 | 0 | 0 | |
| Other expenses directly related to properties under | |||||
| development | 0 | – 96 | – 96 | 0 | |
| Net operating income | 27,022 | 242 | 27,264 | 53,193 | |
| Result from the sale of investment properties | 2,851 | 0 | 2,851 | 552 | |
| Indirect expenses | – 675 | – 133 | – 808 | – 4,593 | |
| Other operating income | 124 | 12 | 136 | 1,170 | |
| EBITDA | 29,322 | 121 | 29,443 | 50,322 | |
| Depreciation and impairment/reversal | – 690 | 0 | – 690 | – 118 | |
| Result from revaluation | – 798 | – 3,278 | – 4,076 | 41,610 | |
| Operating result (EBIT) | 27,834 | – 3,157 | 24,677 | 91,814 |
| Property assets2) | 647,472 | 64,728 | 712,200 | 1,363,617 | |
|---|---|---|---|---|---|
| Other assets | 46,631 | 1,240 | 47,871 | 69,891 | |
| Deferred tax assets | 0 | 0 | 0 | 1,501 | |
| Segment assets | 694,103 | 65,968 | 760,071 | 1,435,009 | |
| Interest-bearing liabilities | 350,705 | 20,643 | 371,348 | 825,379 | |
| Other liabilities | 34,767 | 2,050 | 36,817 | 120,724 | |
| Deferred tax liabilities incl. current income tax liabilities | 54,020 | 643 | 54,663 | 60,855 | |
| Liabilities | 439,492 | 23,336 | 462,828 | 1,006,958 | |
| Shareholders' equity | 254,611 | 42,632 | 297,243 | 428,051 | |
| Capital expenditures3) | 1,694 | 7,845 | 9,539 | 4,194 |
1) Incl. one property in Switzerland
2) Property assets include rental investment properties, investment properties under development, hotels and other own used properties, properties held for
trading, prepayments made on property acquisitions and properties held for sale. 3) Capital expenditures include all acquisitions of properties (long-term and short-term) including additions from initial consolidation, office furniture and other equipment and intangible assets; thereof € 8,173 K (31.12.2012: € 5,118 K) in properties held for trading.
| Germany1) | Eastern | Total | Holding | Consolidation | Total | |||
|---|---|---|---|---|---|---|---|---|
| Europe | segments | |||||||
| Development1) | Total | Income | Development | Total | ||||
| producing | ||||||||
| 27,103 | 84,480 | 97,505 | 1,345 | 98,850 | 213,106 | 0 | 0 | 213,106 |
| 0 | 249 | 0 | 0 | 0 | 629 | 0 | – 629 | 0 |
| 4,100 | 10,224 | 33,301 | 1 | 33,302 | 50,462 | 0 | 0 | 50,462 |
| – 5,424 | – 12,548 | – 37,406 | – 370 | – 37,776 | – 57,901 | 0 | 0 | – 57,901 |
| – 2,314 | – 5,747 | – 7,696 | – 348 | – 8,044 | – 15,946 | 0 | 0 | – 15,946 |
| 23,465 | 76,658 | 85,704 | 628 | 86,332 | 190,350 | 0 | – 629 | 189,721 |
| 0 | 0 | 1,231 | 0 | 1,231 | 1,231 | 0 | 0 | 1,231 |
| 974 | 974 | 0 | 0 | 0 | 974 | 0 | 0 | 974 |
| 1,178 | 1,178 | 0 | 0 | 0 | 1,178 | 0 | 0 | 1,178 |
| – 2,725 | – 2,725 | 0 | – 178 | – 178 | – 2,999 | 0 | 0 | – 2,999 |
| 22,892 | 76,085 | 86,935 | 450 | 87,385 | 190,734 | 0 | – 629 | 190,105 |
| 7,496 | 8,048 | 0 | 0 | 0 | 10,899 | 0 | 0 | 10,899 |
| – 9,807 | – 14,400 | – 9,882 | – 1,743 | – 11,625 | – 26,833 | – 6,617 | 4,222 | – 29,228 |
| 1,616 | 2,786 | 2,693 | 2,545 | 5,238 | 8,160 | 2,740 | – 3,593 | 7,307 |
| 22,197 | 72,519 | 79,746 | 1,252 | 80,998 | 182,960 | – 3,877 | 0 | 179,083 |
| – 573 | – 691 | – 2,037 | 0 | – 2,037 | – 3,418 | – 268 | 0 | – 3,686 |
| 12,567 | 54,177 | – 11,739 | – 5,146 | – 16,885 | 33,216 | 0 | 0 | 33,216 |
| 34,191 | 126,005 | 65,970 | – 3,894 | 62,076 | 212,758 | – 4,145 | 0 | 208,613 |
| 1,312,560 | 2,676,177 | 1,901,008 | 104,255 | 2,005,263 | 5,393,640 | 0 | 0 | 5,393,640 |
|---|---|---|---|---|---|---|---|---|
| 281,165 | 351,056 | 154,685 | 88,122 | 242,807 | 641,734 | 337,943 | – 417,976 | 561,701 |
| 3,789 | 5,290 | 881 | 0 | 881 | 6,171 | 43,291 | – 43,291 | 6,171 |
| 1,597,514 | 3,032,523 | 2,056,574 | 192,377 | 2,248,951 | 6,041,545 | 381,234 | – 461,267 | 5,961,512 |
| 599,078 | 1,424,457 | 1,423,814 | 119,559 | 1,543,373 | 3,339,178 | 474,717 | – 1,329,516 | 2,484,379 |
| 149,294 | 270,018 | 47,235 | 1,591 | 48,826 | 355,661 | 45,838 | 933,054 | 1,334,553 |
| 68,738 | 129,593 | 116,344 | 2,865 | 119,209 | 303,465 | 48 | – 64,805 | 238,708 |
| 817,110 | 1,824,068 | 1,587,393 | 124,015 | 1,711,408 | 3,998,304 | 520,603 | – 461,267 | 4,057,640 |
| 780,404 | 1,208,455 | 469,181 | 68,362 | 537,543 | 2,043,241 | – 139,369 | 0 | 1,903,872 |
| 130,427 | 134,621 | 10,675 | 1,701 | 12,376 | 156,536 | 348 | 0 | 156,884 |
| € 1,000 | Austria | ||||
|---|---|---|---|---|---|
| 1st – 3rd Quarter 2012 | Income | Development | Total | Income | |
| producing | producing | ||||
| Rental income | 29,973 | 27 | 30,000 | 50,385 | |
| Rental income with other operating segments | 548 | 0 | 548 | 216 | |
| Operating costs charged to tenants | 6,705 | 27 | 6,732 | 5,353 | |
| Operating expenses | – 7,429 | – 27 | – 7,456 | – 6,282 | |
| Other expenses directly related to properties rented | – 2,742 | 0 | – 2,742 | – 3,376 | |
| Net rental income | 27,055 | 27 | 27,082 | 46,296 | |
| Result from hotel operations | 0 | 0 | 0 | 0 | |
| Trading result | 0 | 0 | 0 | 0 | |
| Result from development services | 0 | 0 | 0 | 0 | |
| Other expenses directly related to properties under development | 0 | – 388 | – 388 | 0 | |
| Net operating income | 27,055 | – 361 | 26,694 | 46,296 | |
| Result from the sale of investment properties | 892 | 0 | 892 | 29 | |
| Indirect expenses | – 632 | – 158 | – 790 | – 4,835 | |
| Other operating income | 309 | 5 | 314 | 1,075 | |
| EBITDA | 27,624 | – 514 | 27,110 | 42,565 | |
| Depreciation and impairment/reversal | – 929 | 0 | – 929 | – 87 | |
| Result from revaluation | – 1,591 | 222 | – 1,369 | – 317 | |
| Operating result (EBIT) | 25,104 | – 292 | 24,812 | 42,161 |
| Property assets2) | 679,778 | 60,200 | 739,978 | 1,132,081 | |
|---|---|---|---|---|---|
| Other assets | 56,649 | 1,036 | 57,685 | 121,469 | |
| Deferred tax assets | 0 | 0 | 0 | 974 | |
| Segment assets | 736,427 | 61,236 | 797,663 | 1,254,524 | |
| Interest-bearing liabilities | 343,719 | 20,845 | 364,564 | 699,938 | |
| Other liabilities | 44,242 | 1,091 | 45,333 | 125,735 | |
| Deferred tax liabilities incl. current income tax liabilities | 54,609 | 271 | 54,880 | 6,405 | |
| Liabilities | 442,570 | 22,207 | 464,777 | 832,078 | |
| Shareholders' equity | 293,857 | 39,029 | 332,886 | 422,446 | |
| Capital expenditures3) | 5,005 | 24,532 | 29,537 | 360 |
| Germany1) | Eastern | Total | Holding | Consolidation | Total | |||
|---|---|---|---|---|---|---|---|---|
| Europe | segments | |||||||
| Development1) | Total | Income | Development | Total | ||||
| producing | ||||||||
| 23,960 | 74,345 | 107,125 | 705 | 107,830 | 212,175 | 0 | 0 | 212,175 |
| 0 | 216 | 0 | 0 | 0 | 764 | 0 | – 764 | 0 |
| 4,021 | 9,374 | 32,540 | 146 | 32,686 | 48,792 | 0 | 0 | 48,792 |
| – 6,178 | – 12,460 | – 36,902 | – 1,210 | – 38,112 | – 58,028 | 0 | 0 | – 58,028 |
| – 4,165 | – 7,541 | – 5,483 | – 98 | – 5,581 | – 15,864 | 0 | 0 | – 15,864 |
| 17,638 | 63,934 | 97,280 | – 457 | 96,823 | 187,839 | 0 | – 764 | 187,075 |
| 0 | 0 | 259 | 0 | 259 | 259 | 0 | 0 | 259 |
| 3,977 | 3,977 | 0 | 0 | 0 | 3,977 | 0 | 0 | 3,977 |
| 1,312 | 1,312 | 0 | 0 | 0 | 1,312 | 0 | 0 | 1,312 |
| – 1,993 | – 1,993 | 0 | – 451 | – 451 | – 2,832 | 0 | 0 | – 2,832 |
| 20,934 | 67,230 | 97,539 | – 908 | 96,631 | 190,555 | 0 | – 764 | 189,791 |
| 4,755 | 4,784 | 215 | 0 | 215 | 5,891 | 0 | 0 | 5,891 |
| – 5,901 | – 10,736 | – 10,256 | – 2,129 | – 12,385 | – 23,911 | – 9,669 | 4,395 | – 29,185 |
| 1,714 | 2,789 | 5,316 | 527 | 5,843 | 8,946 | 2,873 | – 3,631 | 8,188 |
| 21,502 | 64,067 | 92,814 | – 2,510 | 90,304 | 181,481 | – 6,796 | 0 | 174,685 |
| – 1,542 | – 1,629 | – 650 | – 200 | – 850 | – 3,408 | – 194 | 0 | – 3,602 |
| 32,341 | 32,024 | – 16,052 | – 8,852 | – 24,904 | 5,751 | 0 | 0 | 5,751 |
| 52,301 | 94,462 | 76,112 | – 11,562 | 64,550 | 183,824 | – 6,990 | 0 | 176,834 |
| 1,369,555 | 2,501,636 | 1,872,552 | 146,940 | 2,019,492 | 5,261,106 | 0 | 0 | 5,261,106 |
|---|---|---|---|---|---|---|---|---|
| 235,586 | 357,055 | 178,512 | 89,890 | 268,402 | 683,142 | 344,246 | – 409,864 | 617,524 |
| 7,107 | 8,081 | 1,731 | 0 | 1,731 | 9,812 | 42,285 | – 42,285 | 9,812 |
| 1,612,248 | 2,866,772 | 2,052,795 | 236,830 | 2,289,625 | 5,954,060 | 386,531 | – 452,149 | 5,888,442 |
| 578,329 | 1,278,267 | 1,471,235 | 156,093 | 1,627,328 | 3,270,159 | 518,778 | – 409,405 | 3,379,532 |
| 176,137 | 301,872 | 56,656 | 1,518 | 58,174 | 405,379 | 56,937 | – 459 | 461,857 |
| 99,479 | 105,884 | 110,149 | 2,636 | 112,785 | 273,549 | 47 | – 42,285 | 231,311 |
| 853,945 | 1,686,023 | 1,638,040 | 160,247 | 1,798,287 | 3,949,087 | 575,762 | – 452,149 | 4,072,700 |
| 758,303 | 1,180,749 | 414,755 | 76,583 | 491,338 | 2,004,973 | – 189,231 | 0 | 1,815,742 |
| 165,452 | 165,812 | 21,411 | 24,651 | 46,062 | 241,411 | 727 | 0 | 242,138 |
The condensed consolidated interim financial statements as at 30.9.2013 were prepared in accordance to the rules of IAS 34 (Interim Financial Reporting) and are based on the accounting policies and measurement basis described in the annual consolidated financial statements of CA Immobilien Anlagen Aktiengesellschaft for the year 2012, except of new or amended standards.
The condensed consolidated interim financial statements of CA Immobilien Anlagen Aktiengesellschaft ("CA Immo AG"), Vienna, for the reporting period from 1.1. to 30.9.2013 have been neither fully audited nor examined by an auditor.
The use of automatic data processing equipment may lead to rounding differences when adding rounded amounts and percentages.
The condensed consolidated interim financial statements were prepared in accordance with all IASs, IFRSs and IFRIC and SIC interpretations (existing standards as amended and new standards) as adopted by the EU and applicable for the financial year beginning 1.1.2013. The following amended and new standards are applicable for the first time in the business year 2013:
IAS 19 (amended 2011): Employee Benefits
IFRS 13: Fair Value Measurement
As at 1.1.2013, the amendment of IAS 19 results in the coverage of actuarial profits and losses from severance payment and pension obligations of CA Immo Group in the other comprehensive income. For the purpose of improved comparability, the amounts of 1st – 3rd quarter of the previous year were amended in consolidated income statement and consolidated statement of comprehensive income. Actuarial gains and losses related to the obligation (indirect expenses € -13 K) and related to the plan asset (result from financial investments €+31 K) incl. related income tax (€ -6 K) were shifted to other comprehensive income (not realised through profit or loss €-12 K). Additionally as of the respective 1.1., a reclassification from retained earnings to other reserves was done (1.1.2012: € 742 K, 1.1.2013: € 2,170 K) in the consolidated statement of financial position and in the statement of changes in equity.
The first-time application of IFRS 13 "Fair Value Measurement" leads to an extention of disclosure notes relating to financial asset and financial liabilities.
In 2013 a Hungarian Group company has filed a petition in bankruptcy. For this reason, in April 2013 the company was deconsolidated. A deconsolidation profit in the amount of € 2,055 K was considered and shown as other operating income.
Furthermore, there were no material changes in the scope of consolidation in CA Immo Group.
As at 30.9.2013, one rental investment property in Germany and four investment properties under development in Germany and Austria as well as the disposal groups "Hesse-Portfolio", Skyline Plaza, Tower 185 and a development project in Romania are presented as held for sale. In the position Assets held for sale with a total value of € 1,566,168 K also other assets of the disposal groups are included in the amount of € 63,164. The pending disposal of a 94.8% share of the "Hessen-Portfolio" includes 36 properties at 19 locations in Hesse. The disposal group Tower 185 represents an office building in Frankfurt with a floor space of 100,000 sqm., of which CA Immo Group keeps a third share and will be responsible for the asset management of the property furthermore. After completion in August 2013 Skyline Plaza was reclassified as held for sale in the balance sheet and assigned to the acquirer in October 2013. Furthermore, CA Immo as well as the Joint Venture partner will participate with a share of 10% in this investment. As at 30.9.2013, a sale within one year from the date of reclassification was regarded as highly probable.
As at 30.9.2013, CA Immo Group held cash and cash equivalents amounting to € 249,219 K, without cash presented as assets held for sale of disposal groups. Cash and cash equivalents contain bank balances of € 12,096 K (31.12.2012: € 19,773 K) to which CA Immo Group only has restricted access. These balances serve the purpose of securing current loan repayments (repayment and interest). In addition, cash and cash equivalents with restriced disposition is shown under long-term financial assets and short-term receivables and other assets:
| € 1,000 | 30.9.2013 | 31.12.2012 |
|---|---|---|
| Maturity > 1 year | 16,294 | 25,976 |
| Maturity from 3 to 12 months | 10,889 | 28,632 |
| Cash and cash equivalents with drawing restrictions | 27,183 | 54,608 |
Interest-bearing liabilities, without the liabilities presented as relating to disposal groups, as at 30.9.2013 comprise 99.6% EUR loans and bonds, 0.1% USD loans and 0.3% CZK loans. Thereof, 26.4% were fixed-interest, 41.5% were fixed-interest by way of swaps, 6.7% were hedged by caps and 25.4% (with a principal of € 628,162 K) were subject to floating interest rates. The floating interest rate liabilities are matched by swaps with a nominal amount of € 429,133 K, for which no cash-flow hedge relationship exists. The interest-bearing liabilities include subordinated liabilities, which relate to liabilities of Europolis Group owed to Österreichische Volksbanken-Aktiengesellschaft and European Bank for Reconstruction and Development (EBRD).
In 2013 CA Immo Group repurchased one loan for an investment property company in Eastern Europe from the financing bank. The difference between the purchase price and the outstanding loan of € 3,000 K is presented as separate line item in the consolidated income statement.
The result from derivative interest rate transactions comprises the following:
| € 1,000 | 1st – 3rd Quarter | 1st – 3rd Quarter |
|---|---|---|
| 2013 | 2012 | |
| Valuation interest rate derivative transactions (not realised) | 34,148 | – 9,800 |
| Reclassification of valuation results recognised in equity in prior years | – 68,113 | – 7 |
| Ineffectiveness of interest rate swaps | – 183 | – 312 |
| Result from interest rate derivative transactions | – 34,148 | – 10,119 |
The result from the measurement of interest rate derivatives is attributable to the change in fair values of the interest rate swaps for which no cash flow hedge relationship exists or, in the case of "reclassification", no longer exists. Reclassifications in the current period arise mainly from the scheduled sale of the "Hesse-Portfolio" and the reclassification caused thereby.
| € 1,000 | 1st – 3rd Quarter | 1st – 3rd Quarter |
|---|---|---|
| 2013 | 2012 | |
| Current income tax (current year) | – 5,842 | – 13,311 |
| Current income tax (previous years) | 1,082 | 16,428 |
| Current income tax | – 4,760 | 3,117 |
| Effective tax rate (current income tax) | 6.6% | – 5.3% |
| Change in deferred taxes | – 21,624 | – 24,605 |
| Tax expense related to IAS 19 in equtiy | – 4 | – 6 |
| Income tax | – 26,388 | – 21,494 |
| Effective tax rate (total) | 36.7% | 36.3% |
Current income tax arises mainly in the segment Eastern Europe. In the first three quarters 2012, the change in current income tax (previous years) is essentially due to a tax benefit claimed in tax returns for previous years, which in turn resulted in an increase in deferred tax liabilities in to some extent.
A convertible bond was issued in November 2009. Generally, this bond has an effect on earnings per share.
| 1st – 3rd Quarter | 1st – 3rd Quarter | |
|---|---|---|
| 2013 | 2012 | |
| Weighted average number of shares outstanding pcs. |
87,856,060 | 87,856,060 |
| Consolidated net income € 1,000 |
40,216 | 39,013 |
| basic earnings per share | € 0.46 |
0.44 |
| 1st – 3rd Quarter | 1st – 3rd Quarter | ||
|---|---|---|---|
| 2013 | 2012 | ||
| Weighted average number of shares outstanding | pcs. | 87,856,060 | 87,856,060 |
| Dilution effect: | |||
| Convertible bond | pcs. | 10,739,074 | 10,354,963 |
| Weighted average number of shares | pcs. | 98,595,134 | 98,211,023 |
| Consolidated net income attributable to the owners of the parent | € 1,000 | 40,216 | 39,013 |
| Dilution effect: | |||
| Effective interest rate on convertible bond | € 1,000 | 3,542 | 5,765 |
| less taxes | € 1,000 | – 886 | – 1,441 |
| Consolidated net income attributable to the owners of the parent adjusted | |||
| by dilution effect | € 1,000 | 42,872 | 43,337 |
| Diluted earnings per share | € | 0.43 | 0.44 |
In 2013, a dividend of € 0.38 per eligible share, hence in total € 33,385 K (2012: € 33,385 K), has been distributed to the shareholders.
| Financial assets | ||||
|---|---|---|---|---|
| Category | Book value | Fair value | Book value | Fair value |
| € 1,000 | 30.9.2013 | 30.9.2013 | 31.12.2012 | 31.12.2012 |
| Net plan assets from pension obligations | 66 | 66 | 77 | 77 |
| Cash and cash equivalents with drawing | ||||
| restrictions | 16,294 | 16,294 | 25,976 | 25,976 |
| Derivative financial instruments | 2,196 | 2,196 | 1 | 1 |
| Primary financial instruments | 34,034 | 34,034 | 67,533 | 67,533 |
| Financial assets | 52,590 | 52,590 | 93,587 | 93,587 |
| Cash and cash equivalents held for sale | 39,060 | 39,060 | 0 | 0 |
| Other assets held for sale | 24,104 | 24,104 | 0 | 0 |
| Total other assets held for sale | 63,164 | 63,164 | 0 | 0 |
| Cash and cash equivalents with drawing | ||||
| restrictions | 10,889 | 10,889 | 28,632 | 28,632 |
| Other receivables and assets | 101,408 | 101,408 | 154,234 | 154,234 |
| Receivables and other assets | 112,297 | 112,297 | 182,866 | 182,866 |
| Cash and cash equivalents | 249,219 | 249,219 | 257,744 | 257,744 |
| 477,270 | 477,270 | 534,197 | 534,197 |
The fair value of receivables and other assets essentially equals the book value due to daily and/or short-term maturities. Financial assets are partially given in mortgage as security for financial liabilities.
| Financial liabilities | ||||
|---|---|---|---|---|
| Category | Book value | Fair value | Book value | Fair value |
| € 1,000 | 30.9.2013 | 30.9.2013 | 31.12.2012 | 31.12.2012 |
| Convertible bond | 114,500 | 124,805 | 115,172 | 119,721 |
| Other bonds | 333,639 | 345,847 | 337,476 | 351,022 |
| Other interest-bearing liabilities | 2,036,240 | 2,040,168 | 2,926,884 | 2,929,280 |
| Interest-bearing liabilities in disposal groups | 912,601 | 912,601 | 0 | 0 |
| Interest-bearing liabilities | 3,396,980 | 3,423,420 | 3,379,532 | 3,400,023 |
| Derivative financial instruments | 111,836 | 111,836 | 215,362 | 215,362 |
| Derivative financial instruments in disposal groups | 51,788 | 51,788 | 0 | 0 |
| Other primary liabilities | 170,533 | 170,533 | 163,401 | 163,401 |
| Other liabilities | 334,157 | 334,157 | 378,763 | 378,763 |
| 3,731,137 | 3,757,577 | 3,758,295 | 3,778,786 |
| 30.9.2013 | 31.12.2012 | |||||
|---|---|---|---|---|---|---|
| € 1,000 | Nominal | Fair value | Book value | Nominal | Fair value | Book value |
| value | value | |||||
| Interest rate swaps | 1,401,929 | – 163,437 | – 163,437 | 1,415,559 | – 214,309 | – 214,309 |
| Swaption | 100,000 | 2,196 | 2,196 | 0 | 0 | 0 |
| Interest rate caps | 193,665 | 0 | 0 | 197,861 | 1 | 1 |
| Interest rate floors | 22,247 | – 189 | – 189 | 23,063 | – 1,036 | – 1,036 |
| Forward foreign exchange transactions | 0 | 0 | 0 | 2,088 | – 17 | – 17 |
| Total | 1,717,841 | – 161,430 | – 161,430 | 1,638,571 | – 215,361 | – 215,361 |
| - thereof hedging (cash flow hedges) | 541,864 | – 61,385 | – 61,385 | 1,011,288 | – 138,008 | – 138,008 |
| - thereof stand alone (fair value | ||||||
| derivatives) | 1,175,977 | – 100,045 | – 100,045 | 627,283 | – 77,353 | – 77,353 |
Interest rate swaps are concluded for the purpose of hedging future cash flows. The effectiveness of the hedge relationship between hedging instruments and hedged items is assessed on a regular basis by measuring effectiveness.
| Currency | Nominal | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| value | interest rate as at | interest rate | as at 30.9.2013 | |||
| in € 1,000 | 30.9.2013 | in € 1,000 | ||||
| EUR | 112,500 | 01/2008 | 12/2017 | 4.41% | 3M-Euribor | – 16,105 |
| EUR (nominal value each below | 3M-Euribor / | |||||
| 100 m EUR) - CFH | 429,364 | 05/2006 | 12/2022 | 1.295%– 4.789% | 6M-Euribor | – 45,280 |
| EUR in disposal groups | 464,461 | 12/2006 | 01/2017 | 3.91% | 3M-Euribor | – 49,804 |
| EUR (nominal value each below | ||||||
| 100 m EUR) - stand alone | 395,603 | 12/2006 | 12/2023 | 2.279%– 4.820% | 6M-Euribor | – 52,248 |
| Total = variable in fixed | 1,401,929 | – 163,437 |
Stand alone interest rate swaps with a nominal value each below under € 100 m concern derivative financial instruments in disposal groups with a fair value of € 1,984 K.
| Currency | Nominal | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| value | interest rate as | interest rate | as at 31.12.2012 | |||
| in | at 31.12.2012 | in € 1,000 | ||||
| € 1,000 | ||||||
| EUR | 464,461 | 12/2006 | 01/2017 | 3.91% | 3M-Euribor | – 65,325 |
| EUR (nominal value each below | ||||||
| 100 m EUR) - CFH | 519,918 03/2006 – 12/2011 | 11/2013 – 12/2022 | 1.30% – 4.79% | 3M-Euribor | – 71,077 | |
| EUR (nominal value each below | ||||||
| 100 m EUR) - stand alone | 404,271 07/2007 – 12/2008 | 12/2015 – 12/2022 | 4.01% – 4.82% | 3M-Euribor | – 76,301 | |
| EUR | 19,780 | 05/2006 | 12/2014 | 4.20% | 6M-Euribor | – 1,459 |
| CZK | 7,129 | 06/2008 | 06/2013 | 4.62% | 3M-Euribor | – 147 |
| Total = variable in fixed | 1,415,559 | – 214,309 |
| Swaption | ||||||
|---|---|---|---|---|---|---|
| Currency | Nominal value | Start | End | Fixed | Reference | Fair value as |
| in € 1,000 | interest rate as | interest rate | at 30.9.2013 | |||
| at 30.9.2013 | in € 1,000 | |||||
| Swaption EUR | 100,000 | 06/2016 | 06/2021 | 2.50% | 6M-Euribor | 2,196 |
| Total | 100,000 | 2,196 |
| Interest rate caps/interest rate floors | |||||
|---|---|---|---|---|---|
| Nominal | Start | End | Fixed | Reference | Fair value as |
| value in | interest rate as | interest rate | at 31.12.2013 | ||
| € 1,000 | at 30.9.2013 | in € 1,000 | |||
| 09/2013 – 12/2014 | 1.22% – 5.80% | 3M-Euribor | 0 | ||
| 22,247 | 06/2008 | 12/2013 | 3.85% | 3M-Euribor | – 189 |
| 219,918 | – 189 | ||||
| 193,665 10/2006 – 03/2011 |
| Currency | Nominal | Start | End | Fixed | Reference | Fair value as |
|---|---|---|---|---|---|---|
| value in | interest rate as | interest rate | at 31.12.2013 | |||
| € 1,000 | at 31.12.2012 | in € 1,000 | ||||
| Interest rate caps EUR | 197,861 10/2006 – 03/2011 | 09/2013 – 12/2014 | 1.22% – 5.80% | 3M-Euribor | 1 | |
| Interest rate floor EUR | 23,063 | 06/2008 | 12/2013 | 3.85% | 3M-Euribor | – 1,036 |
| Total | 220,924 | – 1,035 |
| € 1,000 | 2013 | 2012 |
|---|---|---|
| As at 1.1. | – 108,548 | – 93,882 |
| Change in valuation of cash flow hedges | 18,431 | – 22,576 |
| Change of ineffectiveness cash flow hedges | 183 | 312 |
| Reclassification cash flow hedges | 68,113 | 7 |
| Income tax cash flow hedges | – 14,519 | 4,041 |
| As at 30.9. | – 36,340 | – 112,098 |
| thereof: attributable to the owners of the parent | – 35,669 | – 111,059 |
| thereof: attributable to non-controlling interests | – 671 | – 1,040 |
Fianncial instruments measured at fair value relate only to derivative financial instruments. As in prior year the valuation is based on inputs which can be observed either directly or indirectly (eg. Interest rate curves or foreign exchange forward rates). This represents level 2 of the fair value hierarchy in accordance with IFRS 13.81.
Net debt and gearing ratio:
| € 1,000 | 30.9.2013 | 31.12.2012 |
|---|---|---|
| Interest-bearing liabilities | ||
| Long-term interest-bearing liabilities | 1,956,033 | 2,454,856 |
| Short-term interest-bearing liabilities | 528,346 | 924,676 |
| Interest-bearing liabilities in disposal groups | 912,601 | 0 |
| Interest-bearing assets | ||
| Cash and cash equivalents | – 249,219 | – 257,744 |
| Cash and cash equivalents with drawing restrictions | – 27,183 | – 54,608 |
| cash and cash equivalents in disposal groups | – 39,060 | 0 |
| Net debt | 3,081,518 | 3,067,180 |
| Shareholders' equity | 1,903,872 | 1,815,742 |
| Gearing ratio (Net debt/equity) | 161.9% | 168.9% |
Cash and cash equivalents with drawing restrictions were considered in the calculation of net debt, as they are used to secure the repayments of financial liabilities.
| Joint Ventures | ||
|---|---|---|
| € 1,000 | 30.9.2013 | 31.12.2012 |
| Loans | 11,862 | 11,266 |
| Receivables | 7,948 | 25,777 |
| Liabilities | 2,928 | 31,223 |
| 1st – 3rd Quarter | 1st – 3rd Quarter | |
|---|---|---|
| 2013 | 2012 | |
| Other income | 537 | 965 |
| Other expenses | – 500 | – 698 |
| Interest income | 621 | 474 |
| Interest expense | – 397 | – 37 |
The loans to and a large portion of the receivables from joint ventures existing at the reporting date serve to finance propertis. The interest rates are at arm's length. No guarantees or other forms of security exist in connection with these loans.
| € 1,000 | 30.9.2013 | 31.12.2012 |
|---|---|---|
| Loans | 18,889 | 19,070 |
| 1st – 3rd Quarter | 1st – 3rd Quarter | |
| 2013 | 2012 | |
| Income from associated companies | 3,359 | 1,869 |
| Result from associated companies | 3,359 | 1,869 |
| Interest income from associated companies | 774 | 1,924 |
| Impairment loans to associated companies | 0 | – 6,906 |
The loans to associated companies existing as of the reporting date serve to finance properties. All loans have interest rates at arm's length. No guarantees or other forms of security exist in connection with these loans.
UniCredit Bank Austria AG, Vienna, is the principal bank of the CA Immo Group and the largest individual shareholder of CA Immo AG, with an interest of around 18 % (as at 30.9.2013). CA Immo Group carries out a large portion of its payment transactions and financing transactions with this bank and places a large part of its financial investments with the bank as well, with details given in below schedule:
| € 1,000 | 30.9.2013 | 31.12.2012 |
|---|---|---|
| Share of financial liabilities recognised in the | ||
| consolidated statement of financial position | 25.7% | 18.9% |
| Outstanding receivables | 196,621 | 159,725 |
| Outstanding liabilities | – 638,855 | – 634,267 |
| Fair value of interest rate swaps | – 117,861 | – 152,683 |
| Fair value of swaptions | 1,029 | 0 |
| € 1,000 | 1st – 3rd Quarter | 1st – 3rd Quarter |
|---|---|---|
| 2013 | 2012 | |
| Finance costs | – 41,030 | – 39,764 |
| Result from interest rate derivative transactions | – 41,097 | – 3,217 |
| Result from financial investments | 243 | 608 |
| Transaction fees | – 332 | – 289 |
| - Statement of other comprehensive income (equity): | ||
|---|---|---|
| € 1,000 | 1st – 3rd Quarter | 1st – 3rd Quarter |
| 2013 | 2012 | |
| Valuation result of period (Hedging) | 78,209 | – 18,762 |
| € 1,000 | 1st – 3rd Quarter | 1st – 3rd Quarter |
|---|---|---|
| 2013 | 2012 | |
| Raising of new bank loans | 71,179 | 62,696 |
| Repayment of bank loans | – 61,152 | – 63,080 |
| Interest paid | – 40,182 | – 37,961 |
| Interest received | 237 | 476 |
The changes in the result from interest rate derivative transactions as well as the result from hedging in the other comprehensive income are attributed to the reclassification of the based liabilities to disposal groups.
The terms and conditions of the business relationship with the UniCredit Group are are at arm's length.
As at 30.9.2013, contingent liabilities of CA Immo Germany Group resulting from urban development contracts amounted to € 65 K (31.12.2012: € 65 K) and from concluded purchase agreements for cost assumptions in connection with contaminated sites or war damage to € 1,159 K (31.12.2012: € 1,159 K). In addition, letters of support exist for four proportionately consolidated companies in Germany, amounting to € 110,841 K (31.12.2012: € 98,651 K for three proportionately consolidated companies).
CA Immo Group has agreed to adopt a back to back gauarantee in connection with the refunding of the project "Airport City St. Petersburg" in the extend of € 6,237 K at the most in favour of the Joint Venture Partner. The guarantee of CA Immo Group to accept liabilities for the "Airport City Petersburg" amounting to € 4,200 K as at 31.12.2012 was finished simultaneously.
In 2011, the joint venture partner from "Project Maslov" has filed an arbitration action, which has been increased in 2012 to approx € 110 m plus interest. CA Immo Group considers the changes of this action succeeding as minimal. The expected cash outflows in this resprect have been recognised in the statements of financial position.
Other financial obligations arising from service commitments in connection with the development of properties also exist for properties in Austria amounting to € 3,192 K (31.12.2012: € 4,834 K), in Germany amounting to € 37,291 K (31.12.2012: € 91,747 K) and in Eastern Europe amounting to € 14,552 K (31.12.2012: € 476 K). Moreover as at 30.9.2013, CA Immo Group is subject to other financial obligations resulting from construction costs from urban development contracts in Germany, which can be capitalised in the future with an amount of € 46,040 K (31.12.2012: € 47,807 K).
As at 30.9.2013, the total obligation of CA Immo Group to contribute equity to proportionately consolidated companies was € 179 K (31.12.2012: € 179 K).
For the purpose of recognising tax provisions, estimates have to be made. Uncertainties exist concerning the interpretation of complex tax regulations and as regards the amount and timing of taxable income. CA Immo Group recognises appropriate provisions for known and probable charges arising from ongoing tax audits.
Borrowings, for which the financial covenants have not been met as at 30.9.2013, thus enabling the lender in principle to prematurely terminate the loan agreement, are recognised in short-term financial liabilities irrespective of the remaining term under the contract. This classification applies notwithstanding the status of negotiations with the banks concerning the continuation or amendment of the loan agreements. As at 30.9.2013, this situation applied to four loans in Eastern Europe in the total amount of € 73,868 K (31.12.2012: six loans in Eastern Europe in the total amount of € 140,664 K). CA Immo Group takes appropriate action (e.g. partial repayment of loans, increase in equity of the companies concerned) to remedy the breach of the covenants.
In the end of October 2013, the closing of the disposal of the shares of Skyline Plaza in Frankfurt took place. The preliminary purchase price has already been paid. CA Immo Group keeps a 10% share in the company.
In addition an agreement regarding the disposal of a 94.8% share on the "Hesse-Portfolio" in Germany with investment property of € 800 m was signed. Furthermore CA Immo Group sold two third of the Tower 185 in Frankfurt, an office building with a floor space of 100,000 sqm. CA Immo Group keeps a third share and will be responsible for the asset management of the property furthermore. The closing of both agreements is expected in the fourth quarter 2013.
Vienna, 26.11.2013
Bruno Ettenauer (Chief Executive Officer)
The Management Board
Florian Nowotny (Member of the Management Board)
Bernhard H. Hansen (Member of the Management Board)
CA Immobilien Anlagen AG Mechelgasse 1, 1030 Vienna Phone +43 1 532 59 07–0 Fax +43 1 532 59 07– 510 [email protected] www.caimmo.com
Investor Relations Free info hotline in Austria: 0800 01 01 50 Christoph Thunberger Claudia Hainz Phone +43 1 532 59 07-0 Fax +43 1 532 59 07-595 [email protected]
Corporate Communications Susanne Steinböck Silke Gregoritsch Phone +43 1 532 59 07-0 Fax +43 1 532 59 07-595 [email protected]
Published by: CA Immobilien Anlagen AG, 1030 Vienna, Mechelgasse 1 Text: Susanne Steinböck, Christoph Thurnberger, Claudia Hainz Graphic design: Silke Gregoritsch, WIEN NORD Werbeagentur, Photographs: CA Immo, Production: 08/16; this report is set inhouse with FIRE.sys
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. This Interim Report is printed on environmentally friendly and chlorine-free bleached paper.
Listed on Vienna Stock Exchange ISIN: AT0000641352 Reuters: CAIV.VI Bloomberg: CAI: AV
Shareholders' equity: 638,713,556.20 € Number of shares: 87,856,060 pcs
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.
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