Quarterly Report • Nov 25, 2015
Quarterly Report
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URBAN BENCHMARKS.
FINANCIAL REPORT AS AT 30 SEPTEMBER 2015
| 1.1.-30.09.2015 | 1.1.-30.09.2014 | ||
|---|---|---|---|
| Rental income | € m | 111.7 | 109.4 |
| EBITDA | € m | 80.5 | 96.3 |
| Operating result (EBIT) | € m | 187.5 | 96.7 |
| Net result before taxes (EBT) | € m | 134.5 | 35.0 |
| Consolidated net income | € m | 88.7 | 25.3 |
| Operating cash flow | € m | 73.9 | 81.7 |
| Capital expenditure | € m | 69.0 | 127.3 |
| FFO I (excl. Trading and pre taxes) | € m | 55.8 | 54.0 |
| FFO II (incl. Trading and after taxes) | € m | 50.3 | 88.9 |
| 30.09.2015 | 31.12.2014 | ||
|---|---|---|---|
| Total assets | € m | 3,932.9 | 3,670.9 |
| Shareholders' equity | € m | 1,977.6 | 1,951.7 |
| Long and short term interest-bearing liabilities | € m | 1,427.3 | 1,229.1 |
| Net debt | € m | 1,254.1 | 1,061.3 |
| Net asset value (EPRA NAV) | € m | 2,147.8 | 2,148.2 |
| Triple Net asset value (EPRA NNNAV) | € m | 2,026.8 | 2,011.6 |
| Gearing | % | 63.4 | 54.4 |
| Equity ratio | % | 50.3 | 53.2 |
| Gross LTV | % | 45.0 | 45.6 |
| Net LTV | % | 39.5 | 39.4 |
| 30.09.2015 | 31.12.2014 | ||
|---|---|---|---|
| Total usable space (excl. parking, excl. projects)3) | sqm | 1,817,622 | 2,233,988 |
| Gross yield investment properties4) | % | 6.7 | 6.6 |
| Fair value of properties | € m | 3,624.9 | 3,583.4 |
| 1.1.-30.09.2015 | 1.1.-30.09.2014 | ||
|---|---|---|---|
| Rental income / share | € | 1.14 | 1.20 |
| Operating cash flow / share | € | 0.75 | 0.90 |
| Earnings per share | € | 0.90 | 0.38 |
| 30.09.2015 | 31.12.2014 | ||
| NAV/share | € | 20.36 | 19.75 |
| EPRA NAV/share | € | 22.11 | 21.74 |
| EPRA NNNAV/share | € | 20.87 | 20.36 |
| Price (key date)/NNNAV per share – 1 (before deferred taxes) | % | – 21 | – 24 |
| Dividend distribution | € | 0.45 | 0.40 |
| Dividend yield | % | 2.73 | 2.58 |
| 30.09.2015 | 31.12.2014 | ||
|---|---|---|---|
| Number of shares | pcs. | 98,808,336 | 98,808,336 |
| Treasury shares | pcs. | 1,674,855 | 0 |
| number of shares outstanding | pcs. | 97,133,481 | 98,808,336 |
| Ø number of shares | pcs. | 98,808,336 | 92,907,093 |
| Ø Treasury shares | pcs. | 514,936 | 0 |
| Ø number of shares outstanding | pcs. | 98,293,400 | 92,907,093 |
| Ø price/share | € | 16.71 | 14.41 |
| Closing price (30.09.) | € | 16.47 | 15.50 |
| Highest price | € | 18.59 | 16.40 |
| Lowest price | € | 14.82 | 11.80 |
1) Key figures include all fully consolidated properties, i.e. all properties wholly owned by CA Immo
2) Includes fully consolidated real estate (wholly owned by CA Immo) and real estate in which CA Immo holds a proportionate share (at equity) 3) incl. Superaedificates
4) excl. the shortly completed office projects Kontorhaus (Munich), Monnet 4 (Berlin) and John F. Kennedy Haus (Berlin)
The Management Board (left to right): Dr. Bruno Ettenauer, Florian Nowotny
CA Immo has built on a positive first half of the year by returning a strong result for quarter three on 30 September 2015. Consistent implementation of the corporate strategy for 2015-2017, the core aim of which is steadily to raise the company's recurring profitability, has prompted a positive trend in operative earnings. Earnings in the third quarter were influenced by successful takeover of the minority share (approximately 35%) of the European Bank for Reconstruction and Development (EBRD) in the E-portfolio, which was held as a shared joint venture.
As regards the rental income of the CA Immo Group, the corner has been turned following the decreases of previous quarters caused by sales of non-strategic properties. The result from renting was € 98,120 K after the first nine months, an increase of almost 2% on the 2014 value of € 96,417 K. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at € 80,473 K, -16.4% below the previous year's value. The main reasons for the decrease in earnings were the reductions in income from real estate sales and other operating income at the half year point.
While the result from joint ventures stood at € 30,659 K after the first three quarters of 2015 (including positive one-time effects related to the acquisition of EBRD's share in the E-portfolio) compared to € 1,061 K in 2014, the revaluation result for the Group also climbed significantly to € 78,464 K on 30 September 2015 (€ 2,495 K in 2014). The latter reflects not only another positive one-time EBRD effect of € 30,976 K but also the positive market environment (especially in Germany, CA Immo's most important core market). The positive development of values in the German portfolio was mainly driven by actual sales of individual properties, which will produce a strong sales result in the fourth quarter. Earnings before interest and taxes (EBIT) of € 187,524 K confirmed the positive trends with an increase of 93.9% (€ 96,732 K in 2014).
In yearly comparison, the financial result was broadly stable at €-52,992 K on the key date (€-52,075 K in 2014). Thanks to continual optimisation of the financing structure, the Group's financing costs – a key element in longterm earnings – fell by a substantial -26.1% on the previous year's value to stand at €-46,643 K (€-63,082 K in 2014). Earnings before taxes stood at € 134,531 K, up by a significant 201.3% on the 2014 value of € 44,657 K. Where taxes on earnings are deducted (€-45,837 K), net operating income was up 153.4% at € 88,694 K, equivalent to € 0.90 per share (€ 0.38 per share in 2014).
FFO I, a key indicator of the Group's long-term profitability and capacity to pay dividends, increased by 3.3% on the first three quarters of last year to € 55,816 K (€ 54,026 K in 2014).
The balance sheet profile of the CA Immo Group remained in robust shape as quarter three of 2015 came to a close. as a consequence of the full consolidation of the Eportfolio, the balance sheet expanded by around 7% to € 3.9 bn (31.12.2014: € 3.7 bn). Despite this expansion, the equity ratio on the key date remained stable within the strategic range at 50.3%. The loan-to-value (LTV) ratio was 39.5% at the end of June 2015 where the Group's cash and cash equivalents of € 163,491 K are taken into account; gearing stood at 63.4%. As at 30 September 2015, NAV (shareholders' equity) stood at € 20.36 per share (€ 19.75 per share on 31.12.2014).
During the first nine months of 2015, CA Immo took big strides towards boosting its long-term earning power and strengthening its capacity to pay a dividend. In line with strategy, the full takeover of the EBRD's minority share has reduced the number of joint ventures in the investment portfolio while making a critical contribution towards the expansion of core office property portfolios on the company's main Eastern European markets.
Development as a key organic growth strategy has also produced extremely encouraging results. Following on from development projects in Germany (the Kontorhaus in Munich and the John F. Kennedy Haus in Berlin), a third high grade development initiative – Monnet 4 in Berlin – was completed by the key date and transferred to the investment portfolio. Also in Berlin, KPMG has been confirmed as a tenant for the new 03 project site, while in Frankfurt a long-standing lease agreement with Steigenberger relating to the construction of a 400-room hotel adjacent to the central rail station has been signed. Intensive pre-lease negotiations are progressing on other office projects in Vienna and Bucharest.
The profitable sale of non-strategic properties was successfully sustained in the first three quarters of 2015. In addition to sales aimed at portfolio optimisation in Austria, a logistical property in Hamburg was sold alongside non-strategic plots in Berlin. As at 30 September 2015, the Group's average financing costs stood at 3.1%. The yearly target of 3.0% was therefore almost reached prematurely.
In our estimation, conditions on the core markets of CA Immo remain conducive to business. With the environment in Germany remaining fundamentally strong, core markets in Eastern Europe are increasingly reporting growth trends. Targets for this business year will be confirmed. Long-term earnings (FFO I) of € 80 m is expected (compared to € 70 m in 2014). We will aim to pay shareholders a dividend of € 0.50 per share (€ 0.45 per share in 2014). Given the positive market environment, the target sales volume for non-strategic properties of € 150-200 m will be exceeded.
The Management Board
Bruno Ettenauer (Chief Executive Officer)
Florian Nowotny
Vienna, November 2015
Even though the price fell sharply during the second quarter of the current business year, the CA Immo share rose in value by 5.2% in quarter three to close at € 16.47. As a result, the share price has increased by 6.5% since the start of the year, also developing more positively against the ATX (3.2%). EPRA, the European index for real estate, rose by 12.4% over the same period. As at 30 September 2015, market capitalisation for CA Immo stood at € 1,627.4 m (compared to € 1,531.5 m on 31.12.2014). Since the end of 2014, the average trading volume has risen by 17.3% to 439,100 shares (against 374,400 shares on 31 December 2014). In the first nine months, the average liquidity of the share was € 7,423.9 K (€ 5,417.1 K on 31.12.2014). CA Immo is currently weighted at 3.95% on the ATX.
| CA Immo-share | 4.17% |
|---|---|
| ATX | 1.16% |
| IATX | 11.38% |
| EPRA Developed Europe | 21.25% |
Source: Vienna Stock Exchange
At present, two CA Immo corporate bonds are registered for trading on the unlisted securities market of the Vienna Stock Exchange. The 5.125% CA Immo bond 06-16 (ISIN: AT0000A026P5) with a nominal value of € 200 m has a residual term of 0.94 years; it will be 100% redeemed on 22 September 2016. The closing rate was 103.03 (compared to 104.55 on 31.12.2014). The 2.75% CA Immo bond 15-22 (ISIN: AT0000A1CB33) with a nominal value of € 175 m was issued in February 2015. Unless fully or partially repaid beforehand, the bond will be redeemed at the nominal amount on 17 February 2022 (residual term: 6.34 years). The closing rate for the bond was 101.96.
The company's capital stock amounted to € 718,336,602.72 on the balance sheet date. This was divided into four registered shares and 98,808,332 bearer shares each with a proportionate amount of the capital stock of € 7.27. The bearer shares trade on the prime market segment of the Vienna Stock Exchange (ISIN: AT0000641352). The registered shares are held by O1 Group Limited ('O1 Group'), a private holding company based in Cyprus. With a shareholding of 26% held indirectly via EG Real Estate Fund I Limited, O1 Group is the largest shareholder in CA Immo, constituting approximately 49.7% of the capital represented at the 28th Ordinary General Meeting. The remaining shares of CA Immo (approximately 74% of the capital stock) are in free float with both institutional and private investors. Value investors make up the greater proportion of institutional investors (32.7%), followed by index investors (22.4%) and growth investors (17.9%)1 . The second largest shareholder is AXA S.A. with a holding of 4.04%, held in turn via various mutual funds. The company is not aware of any other shareholders with a stake of more than 4% or 5%.
On 12 May 2015, CA Immo commenced a programme of repurchasing its own shares on the basis of the enabling resolution passed at the 27th Ordinary General Meeting on 8 May 2014 in accordance with article 65 subsection 1 line 8 of the Stock Corporation Act. CA Immo had acquired 1,674,855 treasurey shares (approximately 1.7% of the capital stock) via the share market by 30 September 2015. The equivalent value was approximately € 16.04 per share. Up to two million shares (equivalent to approximately 2% of the company's capital stock) will be repurchased in total. The upper limit is € 17.00 per share. Details of transactions completed as part of the buyback programme, along with any changes to the programme, will be published at http://www.caimmo.com/en/investor-relations/share-buyback-ca-immo/.
With Goldman Sachs resuming coverage ('neutral'), CA Immo is now assessed by seven investment companies. Analysts from Erste Group have confirmed their recommendation to purchase the share, raising the price target from € 19.70 to € 19.80. Baader Bank and Kepler Cheuvreux repeated their recommendation to 'hold' and confirmed the target price of € 16.00 and € 18.00. By contrast, SRC Research analysts raised their target price from € 20.30 to € 21.00. In overall terms, the 12-month target rates most recently published fluctuated between € 16.00 and € 22.00. The valuation median of € 19.50 implies price potential of 18.4% (based on the closing rate for 30.9.2015).
| Helvea Baader Bank | 24.9.2015 | 16.00 | Hold |
|---|---|---|---|
| Deutsche Bank | 17.9.2015 | 22.00 | Buy |
| Erste Group | 1.10.2015 | 19.80 | Buy |
| Goldman Sachs | 13.10.2015 | 19.00 | Neutral |
| HSBC | 13.4.2015 | 19.50 | Hold |
| Kepler Cheuvreux | 26.8.2015 | 18.00 | Hold |
| SRC Research | 26.8.2015 | 21.00 | Buy |
| Average | 19.33 | ||
| Median | 19.50 |
1 Source: CA Immo Global Shareholder Identification Analysis, March 2015
| 30.9.2015 | 31.12.2014 | ||
|---|---|---|---|
| EPRA NNNAV/share | € | 20.87 | 20.36 |
| NAV/share | € | 20.36 | 19.75 |
| Price (key date)/NAV per share –11) | % | –19.10 | –21.53 |
| Price (key date)/NNNAV per share –11) | % | –21.07 | –23.86 |
| Number of shares | pcs. | 98,808,336 | 98,808,336 |
| Treasury shares | pcs. | 1,674,855 | 0 |
| number of shares outstanding | pcs. | 97,133,481 | 98,808,336 |
| Ø number of shares | pcs. | 98,808,336 | 92,907,093 |
| Ø Treasury shares | pcs. | 514,936 | 0 |
| Ø number of shares outstanding | pcs. | 98,293,400 | 92,907,093 |
| Ø price/share | € | 16.71 | 14.41 |
| Market capitalisation (key date) | € m | 1,599.79 | 1,531.53 |
| Highest price | € | 18.59 | 16.40 |
| Lowest price | € | 14.82 | 11.80 |
| Closing price | € | 16.47 | 15.50 |
| Dividend distribution | € | 0.45 | 0.40 |
| Dividend yield | % | 2.73 | 2.58 |
1) before deferred taxes
| Type of shares: | No-par value shares |
|---|---|
| Listing: | Vienna Stock Exchange, Prime Market |
| Indices: | ATX, ATX-Prime, IATX, FTSE EPRA/NAREIT Europe, GPR 250, WBI |
| Specialist: | Spire Europe Limited |
| Market Maker: | Baader Bank AG, Erste Group Bank AG, Flow Traders B.V., Hudson River Trading Europe Ltd., ODDO SEYDLER BANK AG, Raiffeisen Centrobank AG, Socíété Générale S.A., Virtu Financial Ireland Limited, WOOD & Company Financial Services, a.s. |
| Stock exchange symbol / ISIN: | CAI / AT0000641352 |
| Reuters: | CAIV.VI |
| Bloomberg: | CAI:AV |
| E-Mail: | [email protected] |
| Website: | www.caimmo.com |
Christoph Thurnberger Tel.: +43 1 532 59 07-504 Fax: +43 1 532 59 07-550 [email protected] Claudia Höbart Tel.: +43 1 532 59 07-502 Fax: +43 1 532 59 07-550 [email protected]
PUBLICATION OF ANNUAL RESULTS FOR 2015 PRESS CONFERENCE ON FINANCIAL STATEMENTS
23 APRIL RECORD DATE FOR THE 29TH ORDINARY GENERAL MEETING
29TH ORDINARY GENERAL MEETING
EX-DIVIDEND DATE / RECORD DATE (DIVIDEND) / DIVIDEND PAYMENT DAY
INTERIM REPORT FOR THE FIRST QUARTER 2016
25 AUGUST HALF-YEAR FINANCIAL REPORT 2016
24 NOVEMBER INTERIM REPORT FOR THE THIRD QUARTER 2016
22 MARCH PUBLICATION OF ANNUAL RESULTS FOR 2016 PRESS CONFERENCE ON FINANCIAL STATEMENTS
Economic development on CA Immo's core markets was largely positive in the first three quarters of 2015.
Global economic growth slowed in quarter three of 2015, mainly reflecting the poorer performance of the economy in the USA and the continued slowdown in economic activity on emerging markets. Seasonally adjusted GDP in the eurozone rose by 0.3% in the third quarter of 2015 compared to the second quarter; against Q3 2014, growth was 1.6%. This increase fell short of the expectations of stronger growth, underlining the impact of a China-led slowdown in emerging markets. The positive growth trend has continued in Germany, but decreased from 0.4% in quarter two to 0.3% in the third quarter, mainly due to weaker foreign trade. Compared to the figure for last year, economic growth expanded by 1.7%. GDP for the third quarter of 2015 rose by 0.3% on the second quarter of the year. The European Central Bank (ECB) left interest rates unchanged after its meeting in September, but is expected to expand its quantitative easing programme in early December and cut its deposit rate if the economic recovery of the eurozone comes under further threat.
Prices have remained unchanged during the first three quarters of the year. Core inflation levels improved slightly at 1%, up from 0.9% the previous month. The ECB is targeting headline inflation below (but close to) 2%. Due to weakening demand in China and other emerging markets, exports have also reportedly declined in the third quarter. Despite stability in the second quarter, oil prices fell in quarter three. The European labour market is reported to be easing with the unemployment rate falling to 10.8%, down from 10.9% in August and the lowest rate recorded since January 2012. The lowest unemployment rates are in Germany (4.5%) and the Czech Republic (4.8%), while Austria (6%) and Poland (7.1%) remained stable. The sharpest decrease was reported in Hungary (-2.5%), while Romania registered an increase from 6.7% to 6.8%.
The European Central Bank (ECB) held its deposit rate at minus 0.2%, with the refinancing rate, charged on bank's borrowings, at 0.05%; both rates were at record low levels. These measures are designed to encourage lending and thereby counter unwelcome low inflation
rates. The 3 month Euribor rate fluctuated between -0.04% and -0.014% in the reporting period, and is currently in negative territory. Long-term interest rates have displayed greater volatility over recent months. The 10 year euro swap rate fluctuated in the range of 0.82% to 1.28% in the period under review. Government bond yields recorded significant decreases, with the short-term two-year borrowing rate in Germany reaching a record low of minus 0.32%.
CA Immo's core CEE markets maintained their growth trends of the previous quarter.
In the third quarter, GDP in Poland increased by 3.6% on the same period of last year, and by 0.9% against the second quarter of 2015. General elections were held in Poland on 25 October, bringing a change of government. The winner of the elections, Poland's right wing Law and Justice party (PiS), campaigned for nationalist eurosceptic policies, which might have an impact on investor sentiment in the future.
The economy of Hungary remained stable with quarterly growth of 0.5%. Compared to the same period last year, seasonally adjusted GDP in the third quarter fell below the consensus of 2.3%, signalling the poor performance of all sectors of the economy except the manufacturing and service sector branches.
The economy of the Czech Republic also expanded in the third quarter. GDP increased by 4.3% in quarter three of 2015 compared to the same period last year, and increased slightly against the previous quarter (+0.5%).
Real GDP in Romania increased in quarter three of 2015 by 1.4% compared to previous quarter and by 3.6% on the comparable period of last year.
1) Eurostat; IMF; Deistatis; Bloomberg; The Economist; Financial Times 2) Eurostat; European Central Bank
3) Central Statistical Offices of Poland (GUS), Hungary (KSH), Czech Republic (CZSO); National Institute of Statistics in Romania (NIS); Eurostat
The transaction volume on the European investment market for commercial real estate rose to € 66.1 bn, up 25% compared to Q3 2014. Germany reported a particularly significant increase in investment activity. High liquidity and a rising proportion of foreign capital are conspicuous on the German market, a development driven by capital inflows from the dollar zone and the commitment of Asian investors. Investment volume in Germany rose to € 14.1 bn in the third quarter, up € 2.1 bn on Q2 2015 and € 5.6 bn on Q3 2014 (+65%). The investment focus remains on the BIG 7 cities of Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. In the first three quarters of 2015, office properties were not the strongest asset class for the first time (accounting for just 27% of transactions, with the retail sector reaching 61%). Peak yields for offices have fallen further and now stand at 4% in Berlin, 3.8% in Munich and 4.4% in Frankfurt.
In the third quarter of 2015, the transaction volume in Austria stood at € 557 m, 18% down on the second quarter figure. The transaction volume has reached € 1.6 bn since the beginning of 2015. This value is expected to carry on rising in 2015, with the total investment volume exceeding the previous year's level. In the third quarter, the focus was clearly on offices (35%). The peak yield for the office sector stood at 4.3%. Relatively subdued transaction activity in the CEE region in the first half of the year picked up in Q3, driven by increased activity in the Czech Republic and Poland. During quarter three, investment activity in Poland increased 65% to € 801 m (against € 485 m in Q3 2014); the Czech Republic reported an increase of 203% to € 1.1 bn (against € 326 m in Q3 2014). Investment activity in the other countries of Eastern Europe fell 55% to approximately € 542 m (€ 1.1 bn in Q2 2014).
The majority of European office markets recorded a decline in vacancy rates in the third quarter of 2015. Most
of the largest German markets reported an increase in take-up against the figures for the same period last year. In quarter three of 2015, transactions covered 775,000 sqm of floor space across Germany, the highest figure since 2006. Lettings performance in Berlin improved to 583,500 sqm in the third quarter, while the vacancy rate declined to 6.6% and is expected to fall further. The peak monthly rent in Berlin was € 23.00/sqm, while the weighted average rent was € 14.71/sqm per month. Office space take-up in Frankfurt stood at 105,000 sqm in the third quarter (up 12% on Q2 2014). A small number of projects are in the completion pipeline (110,200 sqm, down 43% on the average for the last ten years). The peak monthly rent stood at € 39.50/sqm in Q3, up 4% on Q3 2014. The vacancy rate was 11.5%, similar to last year, while the peak yield stood at 4.4%. Office space take-up improved on the first half of the year in Munich, amounting to more than 200,000 sqm in quarter three (an increase of 22% on Q2 2014), while the peak monthly rent remained stable at € 33.50/sqm. The vacancy rate is unchanged at 6.4%, the lowest level since 2003. Lettings performance in Vienna totalled 138,000 sqm for the first three quarters, slightly below last year's value. The vacancy rate fell from 6.5% in the previous quarter to 6.4%, while the peak monthly rent remained stable at € 25.75/sqm.
In Warsaw, office space take-up reached a high of 222,600 sqm in Q3. The office project pipeline in the city is unusually large, with 612,600 sqm under construction at present. There was a slight drop in the vacancy rate to 12.9%, although given new office completions in 2016 the rate is predicted to grow. In Budapest, the current vacancy rate continued to decline to 13.5%, 3.4% below the comparable value for last year. Demand and thus take-up fell back slightly. The peak monthly rent remained stable at € 20/sqm. In Prague, 55,225 sqm of rentable effective area was completed in Q3. The average vacancy rate during the third quarter was 16.4%, with the peak monthly rent stable at € 18.5-19.5/sqm. Lettings performance in Bucharest reached 72,000 sqm in Q3, with around 47% of lettings involving take-up and 30% new demand. The current vacancy rate is reported at 13%. The peak monthly rent is unchanged on the prior quarter at € 18.5/sqm, with the peak yield at 7.5%.
1) CBRE: European Investment Quarterly MarketView, Austria Investment Q3 2015; Jones Lang LaSalle: Investmentmarküberblick Deutschland, Q3 2015
2) Jones Lang LaSalle: Pulse Prague, Office Market Profile: Berlin, Frankfurt, Munich; CBRE: Vienna, Budapest, Bucharest, Warsaw Office Marketview Q3 2015
As at key date 30 September 2015, CA Immo's total property assets stood at € 3.6 bn. The company's core business is commercial real estate, with a clear focus on office properties in Germany, Austria and Eastern Europe; it deals with both investment properties (83% of the total portfolio) and investment properties under development (11% of the total portfolio). Properties intended for trading (reported under short-term property assets) account for the remaining 6% or so of property assets.
As at 30 September 2015, the investment property portfolio had an approximate market value of € 3.0 bn (of which fully consolidated: € 2.6 bn) and incorporated a total rentable effective area1) of 1.4 m sqm. Around 47% of the portfolio (on the basis of book value) is located in CEE and SEE nations, with 33% of the remaining investment properties in Germany and 20% in Austria.
In the first nine months of the year, the Group generated rental income of € 139.1 m; the portfolio produced a yield of 6.7%2) . The occupancy rate was 92.1%2) as at 30 Sep-
1) Including properties used for own purposes and superaedificates 2) Excl. the shortly completed office projects Kontorhaus (Munich), John F. Kennedy Haus and Monnet 4 (Berlin). These project completions included, the portfolio produced a yield of 6.4%; the occupancy rate is 89.5%
tember 2015 (against 90.7% on 31.12.2014). For details, please see the 'Changes to the Portfolio' section.
Of investment properties under development with a total market value of around € 409.0 m (of which fully consolidated: € 375.6 m), development projects and land reserves in Germany account for 82%, while the Eastern Europe segment represents 14% and Austria 4%. Investment properties under development in Germany with a total market value of € 334.5 m include projects under construction with a value of € 25.9 m and land reserves with a book value of € 308.6 m.
| in € m | Income producing | Investment properties | Short-term property | Total assets | Total assets | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| investment properties1) | under development | assets 2) | in % | ||||||||||||
| full | at | ∑ | full | at | ∑ | full | at | ∑ | full | at | ∑ | full | at | ∑ | |
| equity | equity | equity | equity | equity | |||||||||||
| Austria | 588 | 0 | 588 | 16 | 0 | 16 | 22 | 0 | 22 | 626 | 0 | 626 | 20% | 0% | 17% |
| Germany | 818 | 182 | 1,000 | 326 | 8 | 335 | 143 | 63 | 205 | 1,287 | 253 | 1,540 | 41% | 56% | 42% |
| Czech Republic | 214 | 28 | 241 | 7 | 0 | 7 | 0 | 0 | 0 | 221 | 28 | 249 | 7% | 6% | 7% |
| Hungary | 280 | 35 | 315 | 1 | 0 | 1 | 0 | 0 | 0 | 281 | 35 | 316 | 9% | 7% | 9% |
| Poland | 287 | 82 | 368 | 0 | 16 | 16 | 0 | 0 | 0 | 287 | 98 | 385 | 9% | 22% | 11% |
| Romania | 251 | 0 | 251 | 11 | 9 | 20 | 0 | 0 | 0 | 262 | 9 | 271 | 8% | 2% | 7% |
| Others | 193 | 32 | 225 | 14 | 0 | 14 | 0 | 0 | 0 | 207 | 32 | 239 | 6% | 7% | 7% |
| Total | 2,631 | 358 | 2,988 | 376 | 33 | 409 | 165 | 63 | 227 | 3,171 | 454 | 3,625 | 100% | 100% | 100% |
| Share on total portfolio |
83% | 11% | 6% | 100% |
Full: Fully consolidated properties wholly owned by CA Immo
At equity: Includes all real estate partially owned by CA Immo accounted for using the equity method (appears under 'Income from joint ventures' in the
income statement); pro-rata-share 1) Includes properties used for own purposes; incl. the shortly completed office projects Kontorhaus (Munich), John F. Kennedy Haus and Monnet 4 (Berlin)
2) Short-term property assets including properties intended for trading or sale
DISTRIBUTION OF BOOK VALUE PORTFOLIO PROPERTIES BY COUNTRY (Basis: 3.0 bn €)
DISTRIBUTION OF BOOK VALUE INVESTMENT PROPERTIES BY COUNTRY (Basis: 3.6 bn €)
In Germany, CA Immo held investment properties with an approximate value of € 997.3 m1) on 30 September 2015. The occupancy rate for all investment property assets on the key date was 93.2%2) (against 90.1% on 31.12.2014). 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 € 42.8 m was generated in the first nine months. Approximately 14,000 sqm of rental space was newly let or extended in Germany between January and the end of September; in addition, some 27,600 sqm of effective area was pre-let as part of ongoing development projects.
In September, CA Immo has finalised a lease of more than 6,000 sqm with an international software company
2) Excludes the recently completed office projects Kontorhaus (Munich), John F. Kennedy Haus and Monnet 4 (Berlin) which are still in a stabilisation phase. These project completions included, the occupancy rate in Germany is 83.6%.
for the Kontorhaus in Munich's Arnulfpark. This addition increases the occupancy of the recently completed office project to around 92%.
As at key date 30 September, CA Immo had invested € 68.5 m € in development projects in Germany for 2015. On the basis of total investment costs, the volume of investment properties under construction in Germany (excluding land reserves) is approximately € 392.1 m. In total, CA Immo holds investment properties under development (including land reserves) with a book value of € 334.5 m (of which fully consolidated: € 326.2 m).
Shortly after work started on a multi-storey new car park and mainline station to augment Frankfurt's main station, construction of a hotel was confirmed for the site. Directly adjacent to the southern exit of the mainline station and very close to the inner city, CA Immo is developing a new eight-level hotel with some 400 rooms along with 82 underground parking spaces for the Steigenberger Hotel Group in Frankfurt. Construction is scheduled to start in the second half of 2016, with the hotel's opening planned for the end of 2018.
During the first nine months, trading income from German real estate totalled € 49.1 m.
| Fair value property | Rentable area 2) | Occupancy rate | Annualised rental | Yield | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| assets | income | ||||||||||||||
| in € m | in sqm | in % | in € m | in % | |||||||||||
| full | at | ∑ | full | at equity | ∑ | full | at | ∑ | full | at | ∑ | full | at | ∑ | |
| equity | equity | equity | equity | ||||||||||||
| Austria | 583.4 | 0.0 | 583.4 | 422,487 | 0 | 422,487 | 96.3% | 0.0% | 96.3% | 32.9 | 0.0 | 32.9 | 5.6% | 0.0% | 5.6% |
| Germany | 613.2 | 181.7 | 795.0 | 223,288 | 34,132 | 257,420 | 95.5% | 85.2% | 93.2% | 34.8 | 9.3 | 44.1 | 5.7% | 5.1% | 5.5% |
| Czech Republic | 213.6 | 27.8 | 241.4 | 111,799 | 10,905 | 122,704 | 92.5% | 95.0% | 92.7% | 17.6 | 1.9 | 19.5 | 8.2% | 6.8% | 8.1% |
| Hungary | 279.8 | 34.8 | 314.5 | 157,900 | 39,912 | 197,812 | 84.4% | 70.1% | 82.5% | 20.3 | 2.6 | 22.9 | 7.3% | 7.4% | 7.3% |
| Poland | 286.5 | 81.7 | 368.2 | 93,428 | 38,902 | 132,331 | 93.8% | 91.5% | 93.3% | 20.7 | 6.4 | 27.1 | 7.2% | 7.8% | 7.4% |
| Romania | 251.3 | 0.0 | 251.3 | 106,308 | 0 | 106,308 | 94.8% | 0.0% | 94.8% | 21.1 | 0.0 | 21.1 | 8.4% | 0.0% | 8.4% |
| Others | 193.3 | 31.6 | 224.9 | 114,495 | 20,841 | 135,336 | 89.9% | 91.1% | 90.1% | 14.8 | 2.7 | 17.5 | 7.7% | 8.6% | 7.8% |
| Total | 2,421.2 | 357.7 | 2,778.9 | 1,229,705 | 144,693 | 1,374,398 | 93.0% | 86.2% | 92.1% | 162 | 23 | 185.0 | 6.7% | 6.4% | 6.7% |
Full: Includes all fully consolidated real estate, i.e. all properties wholly owned by CA Immo
At equity: Includes all real estate (pro-rata-share) partially owned by CA Immo accounted for using the equity method (appears under 'Income from joint ventures' in the income statement)
1) Excludes properties used for own purposes; excludes the recently completed office projects Kontorhaus (Munich), John F. Kennedy Haus and Monnet 4 (Berlin) which are still in a stabilisation phase. These project completions included, the occupancy rate is 89.5%.
2) incl. superaedificates in Austria (approximately 181,000 sqm)
1) Includes fully consolidated real estate (wholly owned by CA Immo) and real estate in which CA Immo holds a proportionate share (at equity); excl. properties used for own purposes; incl. the recently completed office projects Kontorhaus (Munich), John F. Kennedy Haus and Monnet 4 (Berlin)
In the end of September, CA Immo sold a planned residential and commercial building in Mainz's Zollhafen in a Forward Sale. The turnkey property measuring around 18.500 sqm will be constructed for a special property funds managed by Aberdeen. Completion of the building is scheduled for mid-2018. The purchase price for the building is around € 66 m.
The sale of H&M logistics centre spanning a total usable area of around 114,500 sqm in Hamburg-Allermöhe, which was signed in mid-September, was closed in the end of November. With this sale, CA Immo continued the strategic withdrawal from the logistics segment. The purchase price of more than € 100 m is well above book value.
As at 30 September 2015, CA Immo held investment properties in Austria with a value of € 583.4 m and an occupancy rate of 96.3% (96.6% on 31.12.2014). The company's asset portfolio generated rental income of € 26.3 m in the first nine months. Approximately 5,200 sqm of rental space was newly let in Austria between January and the end of September; contracts for further 4,600 sqm were extended.
At the Lände 3 project site on Erdberger Lände, the construction of 220 rental apartments and around 140 parking spaces for an investor under the terms of a forward sale is in preparation; the building permit is expected to be obtained by the end of the year.
Also in the Lände 3 city district, CA Immo and JP Immobilien develop, under a joint venture, around 250 apartments and 170 parking spaces. The investment required for the new project comprising both rental apartments and condominiums totals around € 60 m. Construction is scheduled to start in summer 2016; completion is expected by the end of 2017.
Preparation works are ongoing for the construction of a new office building in the Lände 3 urban district development. The building covering around 13,000 sqm is located right next to the Donaukanal and opposite the Prater recreation area. The overall investment amounts to approx. € 38 m. Construction is scheduled to start in the spring of 2016 and should be completed in 2018.
Trading income for Austria amounted to € 67.5 m in the first nine months. Assets sold were mostly apartment houses and smaller mixed use properties.
Start of construction for the ViE office building in the Lände 3 urban city district is scheduled for spring 2016
The acquisition of the minority stake in the Eastern European "E-Portfolio" from former Joint Venture Partner EBRD (see below) was closed in mid-July. This transaction had an increasing effect on nearly all key figures of the CEE portfolio.
The value of the CA Immo investment properties increased from € 1,235.0 m as at 30 June 2015 (thereof fully consolidated: € 738.3 m) to € 1,400.5 m in as at 30 September 2015 (of which fully consolidated: € 1,224.5 m). In the first nine months, property assets let with a total effective area of around 0.7 m sqm (thereof some 583,931 sqm fully consolidated) generated rental income of € 69 m. The occupancy rate on the key date improved from 88.9% as at 30 June 2015 to 90.4% (30 September 2015).
New lease agreements relating to around 55,600 sqm rentable area were concluded in the first nine months, as well as contract extensions for some 48,700 sqm.
In early July, CA Immo has successfully concluded negotiations with the European Bank for Reconstruction and Development (EBRD) concerning the acquisition of its minority stake in the Eastern European "E Portfolio". With this acquisition, CA Immo's share in eight office assets (book value approx. 486 € m) as well as four land plots (book value approx. 25 € m) increases from previously between 65% (respectively 75%) to 100%. The portfolio comprises high-quality office buildings in Prague (Amazon Court, Nile House, Kavci Hory), Bucharest (Europe House, River Place), Budapest (City Gate, Infopark West) and Zagreb (Zagrebtower). All properties are well let above 90%, the average occupancy stood at 94.5% as at March 31, 2015. The gross yield of the portfolio amounted to 7.9% as at the last reporting date (March 31, 2015). The gross purchase price for the EBRD stake amounts to around EUR 60 m and reflects a discount to the NAV of the portfolio. The loan-to-value ratio of the portfolio stands at around 50%.
In mid-September, CA Immo sold its 50%-share in Poleczki Business Park located at Warsaw airport to its long-term joint venture partner UBM Development AG. The purchase contract was signed; the closing of the transaction is subject to diverse closing conditions. The transaction volume of the sale is more than € 80 m. With this transaction, CA Immo further reduces the share of minority interests in the portfolio.
The following activities after key date 30 September 2015 are reported:
In the beginning of October, CA Immo has concluded two additional lease agreements for a total of approx. 1,500 sq m of office space in John F. Kennedy Haus, next to Berlin's Main Central Station. With the conclusion of these lease agreements, the letting ratio of the office space in the recently completed building increases to around 82%.
In October, Joint-Venture-partner CA Immo and Hamburg Team have sold four residential plots in the urban district development Europacity near the Berlin main railway station. Around 550 apartments will be developed on these construction sites; the building rights have already been granted.
In October, CA Immo started the new office development Orhideea Towers in Bucharest with a total gross leasable area of 37,000 sqm and total investment volume of € 75 m. The construction has started in October 2015 with special foundation works, the entire project will be delivered in 2017.
Future addition to the almost fully let Bucharest investment portfolio : Orhideea Towers
Despite the property sales of last year, CA Immo's rental income rose 2.1% to € 111,687 K in the first nine months of 2015. 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.
In year-on-year comparison, property expenses directly attributable to the asset portfolio, including own operating expenses, rose by €-13,568 K (up 4.8%). The net result from renting stood at € 98,120 K after the first nine months (€ 96,417 K in 2014). The efficiency of letting activity, measured as the operating margin in rental business (net rental income in relation to rental income), was 87.9%, on a par with the previous year's value of 88.2%.
Other expenditure directly attributable to project development stood at €-1,501 K after the first three quarters, against €-2,872 K in 2014. Following the sale of two independently operated hotels in the Czech Republic, earnings from hotel operations declined to € 252 K in the first nine months of 2015 (€ 1,295 K in 2014). Gross revenue from services rose by 14.2% in yearly comparison to stand at € 12,884 K. Alongside development revenue for third parties via the subsidiary omniCon, this item contains revenue from asset management and other services to joint venture partners.
After the first nine months, the sales result from property assets held as current assets was €-41 K (€-1,434 K in 2014). The result from the sale of investment properties stood at € 727 K on 30 September 2015 (€ 9,748 K in 2014). This result does not yet include the main sales of 2015, and in particular the sale of a logistical property in Hamburg. This will contribute to the sales result with closing in the final quarter of 2015.
After the first nine months, indirect expenditures stood at €-30,763 K, slightly above the 2014 level of €-29,388 K. This item also contains expenditure counterbalancing the aforementioned increased gross revenue from services. Other operating income stood at € 795 K compared to the substantially higher 2014 reference value of € 11,266 K.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by -16.4% to stand at € 80,473 K. The main reason for the decrease on last year was the aforementioned decline in other operating income and real estate sales, which are relatively volatile income components.
After the first nine months, the total revaluation gain of € 103,342 K was counterbalanced by a revaluation loss of €-24,878 K. The cumulative revaluation result of € 78,464 K as at key date 30 September 2015 was significantly higher than last year's reference value of € 2,495 K. The result reflects the positive market environment (especially in Germany, the most important market for CA Immo). The positive development of values in the German portfolio was mainly driven by actual sales of individual properties, some of which will be reclassified to the sales result on closing of the transactions in the fourth quarter and thus impact on EBITDA.
The result also includes a one-time effect posted in quarter three linked to the takeover of EBRD's minority share and subsequent full consolidation of the E-portfolio in the amount of € 30,976 K. This revaluation effect results from the difference between the acquisition costs based on the purchase price as entered in the balance sheet and the attributable fair value of properties acquired.
Current results of joint ventures consolidated at equity are reported under 'Earnings of joint ventures' in the consolidated income statement. The result of € 30,659 K (€ 1,061 K in 2014) contains another one-time effect connected to full consolidation of the E-portfolio in the amount of € 14,865 K.
Earnings before interest and taxes (EBIT) reflected the positive operational development with a 93.9% increase to € 187,524 K (2014: € 96,732 K).
Over the first nine months of the year, the financial result of €-52,992 K was essentially unchanged on last year's figure of €-52,075 K. Despite portfolio expansion, the Group's financing costs, a key element in long-term earnings, fell by a substantial -26.1% on the 2014 value to €-46,643 K. This item contains one-time expenses of € 1,574 K connected with the optimisation of the financing structure. Aside from loan repayments linked to sales and repayment of the corporate bond for 2009-2014, continual optimisation of the financing structure is having a positive impact.
The result from interest rate derivative transactions of €-15,288 K mainly contains reclassifications of negative book values of interest rate swaps previously recognised in equity which were realised in the period under review owing to the settlement of contracts.
The result from financial investments stood at € 10,507 K, also lower than the figure for the reference period of 2014 (€ 34,453 K). The value for last year primarily included accrued interest on loans to joint venture companies repurchased below par by the financing bank.
Other items in the financial result (other financial income/expense, result from other financial assets and result from associated companies and exchange rate differences) totalled €-3,458 1,568 K (€-3,45810,965 K in 2014).
Earnings before taxes stood at € 134,531 K, up 201.3% on the previous year's value of € 44,657 K. After the first nine months, the taxes on earnings stood at €-45,837 K (€-9,660 K in 2014). This amount contains a non-periodic expense of € 15 m linked to a disputed demand for back taxes in Germany, for which financial provision was made in the third quarter of 2015.
The result for the period was € 88,694 K, a significant 153.4% improvement on last year's figure. Earnings per share amounted to € 0.90 on 30 September 2015 (€ 0.38 per share in 2014).
An FFO I of € 55,816 K was generated in the first nine months of 2015, 3.3% above the previous year's value of € 54,026 K. FFO I, a key indicator of the Group's longterm earning power, is reported before taxes and adjusted for the sales result and other non-permanent effects. FFO II, which includes the sales result and applicable taxes, stood at € 50,299 K on the key date (€ 88,921 K in 2014).
| € m | 1st –3rd Quarter 2015 |
1st–3rd Quarter 2014 |
|---|---|---|
| Net rental income (NRI) | 98.1 | 96.4 |
| Result from hotel operations | 0.3 | 1.3 |
| Income from services | 12.9 | 11.3 |
| Other expenses directly related to | ||
| properties under development | –1.5 | –2.9 |
| Other operating income | 0.8 | 11.3 |
| Other operating income/expenses | 12.4 | 21.0 |
| Indirect expenses | –30.8 | –29.4 |
| Result from investments in joint | ||
| ventures 1) | 10.6 | 16.0 |
| Finance costs | –46.6 | –63.1 |
| Result from financial investments | 10.5 | 34.5 |
| Other adjustment 2) | 1.6 | –21.4 |
| FFO I (excl. Trading and pre taxes) | 55.8 | 54.0 |
| Trading result | 0.0 | –1.4 |
| Result from the sale of investment | ||
| properties | 0.7 | 9.7 |
| Result from sale of joint ventures | 0.8 | 0.0 |
| At-Equity result property sales | –0.8 | 4.3 |
| Result from property sales | 0.7 | 12.6 |
| Other financial result | 0.2 | 2.4 |
| Current income tax | –38.3 | –0.8 |
| current income tax of joint ventures | –0.3 | –0.7 |
| Other adjustments | 32.2 | 21.4 |
| FFO II | 50.3 | 88.9 |
1) Adjustment for real estate sales and non-sustainable results
2) Adjustment for other non-sustainable results
As at the balance sheet date, long-term assets amounted to € 3,348,681 K (85% of total assets). The growth of investment property assets on balance sheet to € 2,623,485 K (€ 2,092,917 K in 2014) was mainly the result of full consolidation of the E-portfolio, which was stated at equity before the EBRD buy-out.
The balance sheet item 'Property assets under development' fell -24.3% to € 375,621 K compared to 31 December 2014. Total property assets (investment properties, hotels and other properties used for own purposes, property assets under development and property assets held as current assets) amounted to € 3,178,882 K on the key date.
Assets and debts of joint ventures are no longer reported individually in the consolidated balance sheet; instead, the net assets of these companies are shown in the balance sheet item 'Investments in joint ventures', which stood at € 187,736 K on the key date (€ 206,136 K in 2014).
Cash and cash equivalents increased to € 163,491 K on the balance sheet date, almost unchanged on the value for 31 December 2014 (€ 163,638 K). The decline in this value compared to key date 30 June 2015 (€ 244,601 K) was mainly the result of the acquisition of the EBRD minority share in the E-portfolio and the utilisation of cash and cash equivalents for the early repayment of liabilities and closing out interest rate derivatives.
After the first nine months, the Group's equity stood at € 1,977,586 K, compared to € 1,951,7071,815,742 K on 31.12.2014. As a consequence of full consolation of the E-portfolio, total assets have risen by around 7% since the start of the year to € 3,932,897 K (€ 3,670,941 K on 31.12.2014). Despite the increase in assets, the equity ratio of 50.3% as at the key date remained stable and within the strategic target range (the comparative value for the end of 2014 was 53.2%).
The Group's financial liabilities stood at € 1,427,334 K on the key date against € 1,229,150 K on 31.12.2014). Net debt was up 18.6% on the value for the start of the year (€ 1,065,512 K), amounting to € 1,263,843 K at end of September 2015. The loan-to-value ratio (LTV) on the basis of market values as at 30 September 2015 was around 39.5% (net, taking account of Group cash and cash equivalents). Gearing was approximately 63.4% on the key date (54.4% on 31.12.2014).
The NAV (shareholders' equity) stood at € 1,977.6 K on 30 September 2015 (€ 20.36 per share), up 1.3% on the value at the end of 2014. Aside from the result for the period, the increase also reflects the payment of dividends (€ – 44,464 K) and the acquisition of own shares (€ – 26,899 K). Adjusted to take account of the dividend, growth in NAV per share for the first three quarters of 2015 stood at 5.4%.
The table below shows the conversion of NAV to NNNAV in compliance with the best practice policy recommendations of the European Public Real Estate Association (EPRA). The EPRA NNNAV as at 30 September 2015 was € 20.87 per share, equivalent to a slight increase of 2.5% on the value at the end of last year (€ 20.36 per share). The share buyback programme initiated in the second quarter of 2015 has steadily reduced the number of shares outstanding to 97,133,481 on the key date (98,808,336 on 31.12.2014).
| € m | 30.9.2015 | 31.12.2014 |
|---|---|---|
| Equity (NAV) | 1,977.6 | 1,951.7 |
| Exercise of options | 0.0 | 0.0 |
| NAV after exercise of options | 1,977.6 | 1,951.7 |
| NAV/share in € | 20.36 | 19.75 |
| Value adjustment for 1) | ||
| - own use properties | 4.7 | 4.2 |
| - short-term property assets | 10.3 | 12.3 |
| - Financial instruments | 5.8 | 27.5 |
| Deferred taxes | 149.5 | 152.5 |
| EPRA NAV after adjustments | 2,147.8 | 2,148.2 |
| EPRA NAV per share in € | 22.11 | 21.74 |
| Value adj. for financial instruments | –5.8 | –27.5 |
| Value adjustment for liabilities | –9.1 | –10.7 |
| Deferred taxes | –106.2 | –98.5 |
| EPRA NNNAV | 2,026.8 | 2,011.6 |
| EPRA NNNAV per share in € | 20.87 | 20.36 |
| Change of NNNAV against previous year | 2.5% | |
| Price (30.09.) / NNNAV per share –1 | –21.1 | –23.9 |
| Number of shares excl. treasury shares | 97,133,481 | 98,808,336 |
1) Includes proportionate values from joint ventures
| € 1,000 | 1st – 3rd Quarter | 1st– 3rd Quarter | 3rd Quarter | 3rd Quarter |
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Rental income | 111,687 | 109,364 | 42,907 | 35,616 |
| Operating costs charged to tenants | 28,674 | 25,131 | 9,597 | 8,160 |
| Operating expenses | – 33,924 | – 30,111 | – 11,014 | – 9,572 |
| Other expenses directly related to properties rented | – 8,317 | – 7,967 | – 3,860 | – 3,082 |
| Net rental income | 98,120 | 96,417 | 37,630 | 31,122 |
| Gross revenues hotel operations | 1,681 | 5,540 | 0 | 2,139 |
| Expenses related to hotel operations | – 1,429 | – 4,245 | 0 | – 1,599 |
| Result from hotel operations | 252 | 1,295 | 0 | 540 |
| Other expenses directly related to properties under | ||||
| development | – 1,501 | – 2,872 | – 788 | – 865 |
| Income from the sale of properties held for trading | 1,510 | 2,005 | 411 | 1,943 |
| Book value of sold properties held for trading | – 1,551 | – 3,439 | – 406 | – 1,522 |
| Trading result | – 41 | – 1,434 | 4 | 421 |
| Result from the sale of investment properties | 727 | 9,748 | – 126 | – 613 |
| Income from services | 12,884 | 11,279 | 4,011 | 3,538 |
| Indirect expenses | – 30,763 | – 29,388 | – 10,231 | – 9,339 |
| Other operating income | 795 | 11,266 | – 275 | 174 |
| EBITDA | 80,473 | 96,311 | 30,225 | 24,978 |
| Depreciation and impairment of long-term assets | – 2,072 | – 3,339 | – 722 | – 1,128 |
| Changes in value of properties held for trading | 0 | 204 | 0 | 0 |
| Depreciation and impairment/reversal | – 2,072 | – 3,135 | – 722 | – 1,128 |
| Revaluation gain | 103,342 | 19,279 | 36,599 | 7,334 |
| Revaluation loss | – 24,878 | – 16,784 | – 4,546 | – 5,402 |
| Result from revaluation | 78,464 | 2,495 | 32,052 | 1,932 |
| Result from joint ventures | 30,659 | 1,061 | 24,704 | – 9,574 |
| Operating result (EBIT) | 187,524 | 96,732 | 86,260 | 16,208 |
| Finance costs | – 46,643 | – 63,082 | – 15,330 | – 19,947 |
| Other financial result | 178 | 2,408 | 178 | 0 |
| Foreign currency gains/losses | – 1,746 | – 440 | – 2,364 | – 800 |
| Result from interest rate derivative transactions | – 15,288 | – 12,481 | – 7,676 | – 697 |
| Result from financial investments | 10,507 | 34,453 | 792 | 20,217 |
| Result from other financial assets | 0 | – 9,475 | 0 | – 9,424 |
| Result from associated companies | 0 | – 3,458 | – 436 | – 1,200 |
| Financial result | – 52,992 | – 52,075 | – 24,836 | – 11,851 |
| Net result before taxes (EBT) | 134,531 | 44,657 | 61,424 | 4,357 |
| Current income tax | – 38,257 | – 789 | – 36,614 | – 1,458 |
| Deferred taxes | – 7,580 | – 8,871 | 8,888 | – 757 |
| Income tax | – 45,837 | – 9,660 | – 27,726 | – 2,215 |
| Consolidated net income | 88,694 | 34,997 | 33,698 | 2,142 |
| thereof attributable to the owners of the parent | 88,694 | 34,997 | 33,698 | 2,142 |
| Earning per share in € (basic) | € 0.90 | € 0.38 | € 0.34 | € 0.02 |
| Earnings per share in € (diluted) | € 0.90 | € 0.38 | € 0.34 | € 0.03 |
| € 1,000 | 1st – 3rd Quarter 2015 |
1st– 3rd Quarter 2014 |
3rd Quarter 2015 |
3rd Quarter 2014 |
|---|---|---|---|---|
| Consolidated net income | 88,694 | 34,997 | 33,698 | 2,142 |
| Other comprehensive income | ||||
| Valuation cash flow hedges | 1,129 | – 637 | 823 | 592 |
| Reclassification cash flow hedges | 25,725 | 4,108 | 6,746 | 0 |
| Exchange rate differences | – 1,493 | 252 | 2,165 | 50 |
| Revaluation of assets available for sale | – 10,185 | 0 | – 2,049 | 0 |
| Income tax related to other comprehensive income | – 6,642 | 1,467 | – 2,522 | 1,990 |
| Other comprehensive income for the period (realised through | ||||
| profit or loss) | 8,535 | 5,190 | 5,162 | 2,632 |
| Actuarial gains/losses IAS 19 | 21 | – 20 | 0 | 0 |
| Income tax related to other comprehensive income | – 7 | 4 | 0 | 0 |
| Other comprehensive income for the period (not realised through | ||||
| profit or loss) | 14 | – 16 | 0 | 0 |
| Other comprehensive income for the period | 8,549 | 5,174 | 5,162 | 2,632 |
| Comprehensive income for the period | 97,243 | 40,171 | 38,859 | 4,774 |
| thereof attributable to the owners of the parent | 97,243 | 40,171 | 38,859 | 4,774 |
| € 1,000 | 30.9.2015 | 31.12.2014 |
|---|---|---|
| ASSETS | ||
| Investment properties | 2,623,485 | 2,092,917 |
| Investment properties under development | 375,621 | 496,252 |
| Hotels and other own used properties | 7,145 | 7,533 |
| Office furniture and other equipment | 5,880 | 1,399 |
| Intangible assets | 12,368 | 15,845 |
| Investments in joint ventures | 187,736 | 206,136 |
| Investments in associated companies | 18 | 18 |
| Financial assets | 133,151 | 385,410 |
| Deferred tax assets | 3,277 | 4,301 |
| Long-term assets | 3,348,681 | 3,209,811 |
| Long-term assets as a % of total assets | 85.1% | 87.4% |
| Assets held for sale | 150,852 | 91,481 |
| Properties held for trading | 21,779 | 18,445 |
| Receivables and other assets | 248,094 | 187,566 |
| Cash and cash equivalents | 163,491 | 163,638 |
| Short-term assets | 584,216 | 461,130 |
| Total assets | 3,932,897 | 3,670,941 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Share capital | 718,337 | 718,337 |
| Capital reserves | 927,477 | 998,839 |
| Other reserves | – 20,156 | – 28,704 |
| Retained earnings | 351,928 | 263,235 |
| Shareholders' equity | 1,977,586 | 1,951,707 |
| Shareholders' equity as a % of total assets | 50.3% | 53.2% |
| Provisions | 14,104 | 7,726 |
| Interest-bearing liabilities | 933,007 | 1,026,620 |
| Other liabilities | 106,232 | 162,352 |
| Deferred tax liabilities | 149,800 | 145,991 |
| Long-term liabilities | 1,203,142 | 1,342,689 |
| Current income tax liabilities | 45,439 | 11,372 |
| Provisions | 58,168 | 51,259 |
| Interest-bearing liabilities | 494,327 | 202,530 |
| Other liabilities | 69,807 | 84,841 |
| Liabilities relating to disposal groups | 84,427 | 26,543 |
| Short-term liabilities | 752,169 | 376,545 |
| Total liabilities and shareholders' equity | 3,932,897 | 3,670,941 |
| € 1,000 | 1st – 3rd Quarter 2015 | 1st– 3rd Quarter 2014 |
|---|---|---|
| Operating activities | ||
| Net result before taxes | 134,531 | 44,656 |
| Revaluation result incl. change in accrual and deferral of rental income | – 81,407 | – 2,250 |
| Depreciation and impairment/reversal | 2,072 | 3,147 |
| Result from the sale of long-term properties and office furniture and other equipment | – 730 | – 9,755 |
| Taxes paid excl. taxes for the sale of properties | – 2,925 | 1,694 |
| Finance costs, result from financial investments and other financial result | 35,958 | 26,221 |
| Foreign currency gains/losses | 1,746 | 440 |
| Result from interest rate derivative transactions | 15,288 | 12,481 |
| Result from other financial assets and from investments in associated companies | – 30,659 | 11,872 |
| Other non-cash income | 0 | – 6,767 |
| Cash flow from operations | 73,874 | 81,739 |
| Properties held for trading | – 3,334 | 1,366 |
| Receivables and other assets | 8,418 | 3,466 |
| Provisions | – 1,449 | – 4,721 |
| Other liabilities | 633 | – 1,987 |
| Cash flow from change in net current assets | 4,268 | – 1,876 |
| Cash flow from operating activities | 78,142 | 79,863 |
| Investing activities | ||
| Acquisition of and investment in properties incl. prepayments | – 68,270 | – 55,059 |
| Acquisition of property companies, less cash and cash equivalents of € 26,080 K (2014: € 3,864 K) | 18,549 | – 150,556 |
| Acquisition of office equipment and intangible assets | – 1,118 | – 843 |
| Acquisition of financial assets | – 36,798 | 0 |
| Acquisition of assets available for sale | – 94,093 | 0 |
| Investments in joint ventures | – 3,023 | – 6,909 |
| Disposal of long-term properties and other assets | 132,205 | 147,217 |
| Disposal of investment property companies, less cash and cash equivalents of € 799 K (2014: € 0 K) | 11,312 | 2,741 |
| Disposal of joint ventures and associated companies | 24,092 | 0 |
| Financing of joint ventures | – 2,790 | – 144,019 |
| Repayment of joint ventures | 119,564 | 12,000 |
| Taxes repaid/paid relating to the sale of long-term properties | 5,053 | – 1,973 |
| Dividend distribution/capital repayment from associated companies and securities | 2,701 | 11,171 |
| Interest paid for investment in properties | 0 | – 618 |
| Interest received from financial investments | 13,486 | 8,125 |
| Cash flow from investing activities | 120,870 | – 178,723 |
| Financing activities | ||
| Cash inflow from loans | 42,398 | 149,923 |
| Cash inflow from the issuance of bonds | 174,387 | 0 |
| cash flow from joint ventures | 0 | 14,286 |
| Acquisition of own shares | – 26,899 | 0 |
| Dividend payments to shareholders | – 44,464 | – 35,142 |
| Repayment of loans incl. Interest derivative | – 299,719 | – 234,891 |
| Other interest paid | – 40,250 | – 57,169 |
| Cash flow from financing activities | – 194,547 | – 162,993 |
| Net change in cash and cash equivalents | 4,465 | – 261,853 |
| Cash and cash equivalents as at 1.1. | 163,638 | 613,426 |
| Changes in the value of foreign currency | 265 | – 459 |
| Changes due to classification of disposal group acc. | – 4,877 | 0 |
| Cash and cash equivalents as at 30.9. | 163,491 | 351,114 |
| € 1,000 | Share capital | Capital reserves - Others | Capital reserves - Reserves for own shares |
|
|---|---|---|---|---|
| As at 1.1.2014 | 638,714 | 1,000,536 | 0 | |
| Valuation / reclassification cash flow hedge | 0 | 0 | 0 | |
| Currency translation reserve | 0 | 0 | 0 | |
| Actuarial gains/losses IAS 19 | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 0 | |
| Comprehensive income for 2014 | 0 | 0 | 0 | |
| Dividend payments to shareholders | 0 | – 35,142 | 0 | |
| conversion of bonds | 70,704 | 29,625 | 0 | |
| As at 30.9.2014 | 709,418 | 995,019 | 0 | |
| As at 1.1.2015 | 718,337 | 998,839 | 0 | |
| Valuation / reclassification cash flow hedge | 0 | 0 | 0 | |
| Currency translation reserve | 0 | 0 | 0 | |
| Actuarial gains/losses IAS 19 | 0 | 0 | 0 | |
| Revaluation of assets available for sale | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 0 | |
| Comprehensive income for 2015 | 0 | 0 | 0 | |
| Dividend payments to shareholders | 0 | – 44,464 | 0 | |
| Acquisition of own shares | 0 | 0 | – 26,899 | |
| As at 30.9.2015 | 718,337 | 954,376 | – 26,899 |
| Attributable to shareholders of the parent company |
Other reserves | Valuation result (hedging - reserve) |
Retained earnings |
|---|---|---|---|
| 1,794,266 | – 2,516 | – 34,907 | 192,439 |
| 4,938 | 0 | 4,938 | 0 |
| 252 | 252 | 0 | 0 |
| – 16 | – 16 | 0 | 0 |
| 34,997 | 0 | 0 | 34,997 |
| 40,171 | 236 | 4,938 | 34,997 |
| – 35,142 | 0 | 0 | 0 |
| 100,329 | 0 | 0 | 0 |
| 1,899,624 | – 2,280 | – 29,969 | 227,436 |
| 1,951,707 | – 1,202 | – 27,503 | 263,235 |
| 21,728 | 0 | 21,728 | 0 |
| – 1,493 | – 1,493 | 0 | 0 |
| 14 | 14 | 0 | 0 |
| – 11,701 | – 11,701 | 0 | 0 |
| 88,694 | 0 | 0 | 88,694 |
| 97,243 | – 13,179 | 21,728 | 88,694 |
| – 44,464 | 0 | 0 | 0 |
| – 26,899 | 0 | 0 | 0 |
| 1,977,586 | – 14,382 | – 5,774 | 351,928 |
| € 1,000 | Austria | Germany | ||||||
|---|---|---|---|---|---|---|---|---|
| 1st – 3rd Quarter 2015 | Income | Development | Total | Income | Development | Total | Income | |
| producing | producing | producing | ||||||
| Rental income | 27,030 | 0 | 27,030 | 42,579 | 12,462 | 55,041 | 71,242 | |
| Rental income with other operating | ||||||||
| segments | 392 | 0 | 392 | 462 | 0 | 462 | 0 | |
| Operating costs charged to tenants | 7,311 | 0 | 7,311 | 9,619 | 1,632 | 11,252 | 24,306 | |
| Operating expenses | – 7,990 | 0 | – 7,990 | – 11,345 | – 2,192 | – 13,537 | – 27,427 | |
| Other expenses directly related to | ||||||||
| properties rented | – 2,185 | 0 | – 2,185 | – 2,603 | – 2,406 | – 5,009 | – 4,905 | |
| Net rental income | 24,557 | 0 | 24,557 | 38,713 | 9,496 | 48,209 | 63,216 | |
| Result from hotel operations | 0 | 0 | 0 | 0 | 0 | 0 | 252 | |
| Other expenses directly related to | ||||||||
| properties under development | 0 | – 10 | – 10 | 0 | – 1,658 | – 1,658 | 0 | |
| Trading result | 0 | 0 | 0 | 0 | – 4,216 | – 4,216 | 0 | |
| Result from the sale of investment | ||||||||
| properties | 2,007 | 0 | 2,007 | 2,641 | – 3,292 | – 652 | 941 | |
| Income from services | 63 | 0 | 63 | 449 | 9,821 | 10,271 | 411 | |
| Indirect expenses | – 681 | – 419 | – 1,100 | – 4,519 | – 12,002 | – 16,521 | – 7,562 | |
| Other operating income | 8 | 0 | 8 | 417 | 157 | 573 | 392 | |
| EBITDA | 25,954 | – 429 | 25,524 | 37,701 | – 1,694 | 36,007 | 57,650 | |
| Depreciation and impairment/reversal | – 835 | 0 | – 835 | – 102 | – 399 | – 501 | – 295 | |
| Result from revaluation | – 3,934 | 4,263 | 330 | 47,270 | 35,794 | 83,064 | – 11,038 | |
| Result from joint ventures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating result (EBIT) | 21,185 | 3,834 | 25,019 | 84,869 | 33,702 | 118,571 | 46,317 |
| Property assets1) | 600,604 | 25,550 | 626,154 | 1,103,709 | 870,666 | 1,974,376 | 1,335,094 | |
|---|---|---|---|---|---|---|---|---|
| Other assets | 43,057 | 1,354 | 44,411 | 129,758 | 365,116 | 494,874 | 223,582 | |
| Deferred tax assets | 0 | 0 | 0 | 1,884 | 118 | 2,002 | 1,528 | |
| Segment assets | 643,662 | 26,904 | 670,565 | 1,235,351 | 1,235,900 | 2,471,252 | 1,560,204 | |
| Interest-bearing liabilities | 271,481 | 851 | 272,331 | 603,292 | 382,535 | 985,828 | 933,436 | |
| Other liabilities | 15,300 | 515 | 15,816 | 40,977 | 226,492 | 267,469 | 34,658 | |
| Deferred tax liabilities incl. current | ||||||||
| income tax liabilities | 50,035 | 11,944 | 61,979 | 114,391 | 56,485 | 170,876 | 44,761 | |
| Liabilities | 336,816 | 13,311 | 350,126 | 758,660 | 665,513 | 1,424,173 | 1,012,855 | |
| Shareholders' equity | 306,846 | 13,593 | 320,439 | 476,691 | 570,387 | 1,047,078 | 547,350 | |
| Capital expenditures2) | 2,864 | 1,287 | 4,150 | 9,245 | 79,066 | 88,311 | 10,961 |
1) Property assets include rental investment properties, investment properties under development, hotels and other own used properties, properties held for
trading and properties available for sale.
2) 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 €3,335 K (31.12.2014: € 2,078 K) in properties held for trading.
| Total | Transition | Total | Eastern | Eastern | ||||
|---|---|---|---|---|---|---|---|---|
| segments | Europe other | Europe core | ||||||
| regions | regions | |||||||
| Consolidation | Holding | Total | Development | Income | Total | Development | ||
| producing | ||||||||
| 111,687 | – 55,594 | 0 | 167,281 | 12,775 | 0 | 12,775 | 72,434 | 1,192 |
| 0 | – 854 | 0 | 854 | 0 | 0 | 0 | 0 | 0 |
| 28,674 | – 19,604 | 0 | 48,277 | 4,290 | 0 | 4,290 | 25,425 | 1,119 |
| – 33,924 | 20,747 | 0 | – 54,671 | – 4,617 | 0 | – 4,617 | – 28,526 | – 1,099 |
| – 8,317 | 4,693 | 0 | – 13,011 | – 522 | 0 | – 522 | – 5,295 | – 390 |
| 98,120 | – 50,611 | 0 | 148,730 | 11,926 | 0 | 11,926 | 64,038 | 822 |
| 252 | 0 | 0 | 252 | 0 | 0 | 0 | 252 | 0 |
| – 1,501 | 280 | 0 | – 1,781 | – 22 | – 22 | 0 | – 91 | – 90 |
| – 41 | 4,174 | 0 | – 4,216 | 0 | 0 | 0 | 0 | 0 |
| 727 | – 2,667 | 0 | 3,394 | 139 | 148 | – 9 | 1,900 | 959 |
| 12,884 | – 671 | 2,810 | 10,745 | 0 | 0 | 0 | 411 | 0 |
| – 30,763 | 5,372 | – 9,182 | – 26,953 | – 1,094 | – 70 | – 1,024 | – 8,238 | – 676 |
| 795 | – 746 | 220 | 1,321 | 254 | 3 | 251 | 486 | 95 |
| 80,473 | – 44,869 | – 6,152 | 131,494 | 11,203 | 58 | 11,145 | 58,759 | 1,109 |
| – 2,072 | – 53 | – 485 | – 1,535 | – 1 | 0 | – 1 | – 198 | 97 |
| 78,464 | 10,702 | 0 | 67,763 | – 1,854 | 0 | – 1,854 | – 13,777 | – 2,739 |
| 30,659 | 30,659 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 187,524 | – 3,562 | – 6,637 | 197,722 | 9,348 | 58 | 9,290 | 44,784 | – 1,533 |
| – 1,089,020 | 0 | 4,260,039 | 227,410 | 4,600 | 222,810 | 1,432,099 | 97,005 |
|---|---|---|---|---|---|---|---|
| – 687,634 | 649,651 | 796,584 | 21,823 | 11,783 | 10,040 | 235,475 | 11,893 |
| – 52,505 | 52,252 | 3,530 | 0 | 0 | 0 | 1,528 | 0 |
| – 1,829,158 | 701,902 | 5,060,153 | 249,233 | 16,383 | 232,850 | 1,669,103 | 108,898 |
| – 1,464,953 | 407,004 | 2,485,283 | 192,969 | 12,155 | 180,814 | 1,034,155 | 100,720 |
| – 6,878 | 8,013 | 331,604 | 6,801 | 2 | 6,799 | 41,518 | 6,860 |
| – 98,287 | 5,254 | 288,271 | 6,743 | 1 | 6,742 | 48,672 | 3,912 |
| – 1,570,118 | 420,271 | 3,105,158 | 206,513 | 12,158 | 194,354 | 1,124,346 | 111,491 |
| – 259,040 | 281,631 | 1,954,995 | 42,721 | 4,225 | 38,496 | 544,757 | – 2,593 |
| – 50,386 | 502 | 118,914 | 1,244 | 0 | 1,244 | 25,209 | 14,248 |
| € 1,000 | Austria | Germany | ||||||
|---|---|---|---|---|---|---|---|---|
| 1st– 3rd Quarter 2014 | Income producing |
Development | Total | Income producing |
Development | Total | Income producing |
|
| Rental income | 32,006 | 72 | 32,078 | 40,779 | 8,317 | 49,096 | 87,177 | |
| Rental income with other operating | ||||||||
| segments | 386 | 0 | 386 | 230 | 0 | 230 | 0 | |
| Operating costs charged to tenants | 7,293 | 0 | 7,293 | 7,840 | 777 | 8,617 | 29,878 | |
| Operating expenses | – 7,699 | 0 | – 7,699 | – 10,965 | – 1,215 | – 12,180 | – 33,954 | |
| Other expenses directly related to | ||||||||
| properties rented | – 2,927 | 0 | – 2,927 | – 4,797 | 13 | – 4,784 | – 5,719 | |
| Net rental income | 29,059 | 72 | 29,131 | 33,087 | 7,892 | 40,979 | 77,382 | |
| Result from hotel operations | 0 | 0 | 0 | 0 | 0 | 0 | 1,327 | |
| Other expenses directly related to | ||||||||
| properties under development | 0 | – 52 | – 52 | 0 | – 5,209 | – 5,209 | 0 | |
| Trading result | 0 | 0 | 0 | 0 | – 3,103 | – 3,103 | 0 | |
| Result from the sale of investment | ||||||||
| properties | 237 | – 8 | 229 | 1,177 | 12,342 | 13,519 | – 782 | |
| Income from services | 79 | 0 | 79 | 0 | 7,216 | 7,216 | 609 | |
| Indirect expenses | – 698 | – 120 | – 818 | – 3,469 | – 15,039 | – 18,508 | – 12,191 | |
| Other operating income | 44 | 0 | 44 | 918 | 2,987 | 3,905 | 4,198 | |
| EBITDA | 28,721 | – 108 | 28,613 | 31,713 | 7,086 | 38,799 | 70,543 | |
| Depreciation and impairment/reversal | – 637 | 0 | – 637 | – 96 | – 317 | – 413 | – 2,005 | |
| Result from revaluation | 2,295 | 0 | 2,295 | 11,470 | 10,332 | 21,802 | – 46,221 | |
| Result from joint ventures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating result (EBIT) | 30,379 | – 108 | 30,271 | 43,087 | 17,101 | 60,188 | 22,317 | |
| 31.12.2014 | ||||||||
| Property assets1) | 684,678 | 0 | 684,678 | 1,054,585 | 778,026 | 1,832,611 | 1,574,364 |
| Property assets1) | 684,678 | 0 | 684,678 | 1,054,585 | 778,026 | 1,832,611 | 1,574,364 |
|---|---|---|---|---|---|---|---|
| Other assets | 80,234 | 6 | 80,240 | 198,028 | 292,798 | 490,826 | 236,698 |
| Deferred tax assets | 0 | 0 | 0 | 965 | 2,534 | 3,499 | 3,156 |
| 0 | 0 | 0 | 965 | 2,534 | 3,499 | 3,156 | |
|---|---|---|---|---|---|---|---|
| 764,912 | 6 | 764,918 | 1,253,578 | 1,073,358 | 2,326,936 | 1,814,218 | |
| 328,951 | 0 | 328,951 | 628,549 | 411,816 | 1,040,365 | 1,092,001 | |
| 34,179 | 5 | 34,184 | 90,021 | 67,434 | 157,455 | 183,896 | |
| 59,580 | 0 | 59,580 | 77,387 | 48,529 | 125,916 | 65,228 | |
| 422,710 | 5 | 422,715 | 795,957 | 527,779 | 1,323,736 | 1,341,125 | |
| 342,202 | 1 | 342,203 | 457,621 | 545,579 | 1,003,200 | 473,093 | |
| 6,323 | 0 | 6,323 | 9,504 | 147,746 | 157,250 | 14,360 | |
| Eastern Europe | Eastern Europe | Total | Transition | Total | ||||
|---|---|---|---|---|---|---|---|---|
| core regions | other regions | segments | ||||||
| Development | Total | Income | Development | Total | Holding | Consolidation | ||
| producing | ||||||||
| 4,550 | 91,727 | 12,668 | 0 | 12,668 | 185,569 | 0 | – 76,205 | 109,364 |
| 0 | 0 | 0 | 0 | 0 | 616 | 0 | – 616 | 0 |
| 492 | 30,370 | 3,844 | 0 | 3,844 | 50,124 | 0 | – 24,993 | 25,131 |
| – 671 | – 34,625 | – 4,534 | 0 | – 4,534 | – 59,038 | 0 | 28,927 | – 30,111 |
| – 799 | – 6,518 | – 830 | 0 | – 830 | – 15,059 | 0 | 7,092 | – 7,967 |
| 3,572 | 80,954 | 11,148 | 0 | 11,148 | 162,212 | 0 | – 65,795 | 96,417 |
| 0 | 1,327 | 0 | 0 | 0 | 1,327 | 0 | – 32 | 1,295 |
| – 157 | – 157 | 0 | – 23 | – 23 | – 5,441 | 0 | 2,569 | – 2,872 |
| 0 | 0 | 0 | 0 | 0 | – 3,103 | 0 | 1,669 | – 1,434 |
| 669 | – 113 | 0 | 0 | 0 | 13,635 | 0 | – 3,887 | 9,748 |
| 0 | 609 | 0 | 0 | 0 | 7,904 | 2,667 | 708 | 11,279 |
| – 1,142 | – 13,333 | – 944 | – 266 | – 1,210 | – 33,869 | – 9,395 | 13,876 | – 29,388 |
| 601 | 4,799 | 7 | 5,185 | 5,192 | 13,940 | 191 | – 2,865 | 11,266 |
| 3,543 | 74,086 | 10,211 | 4,896 | 15,107 | 156,605 | – 6,537 | – 53,757 | 96,311 |
| – 11 | – 2,016 | – 2 | 0 | – 2 | – 3,068 | – 431 | 364 | – 3,135 |
| 884 | – 45,337 | – 2,493 | – 3,041 | – 5,534 | – 26,774 | 0 | 29,269 | 2,495 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,061 | 1,061 |
| 4,416 | 26,733 | 7,716 | 1,855 | 9,571 | 126,763 | – 6,968 | – 23,063 | 96,732 |
| 101,154 | 1,675,518 | 223,739 | 5,802 | 229,541 | 4,422,348 | 0 | – 1,715,720 | 2,706,628 |
| 11,108 | 247,806 | 5,556 | 3,319 | 8,875 | 827,747 | 691,122 | – 558,857 | 960,012 |
| 0 | 3,156 | 0 | 0 | 0 | 6,655 | 51,498 | – 53,852 | 4,301 |
| 112,262 | 1,926,480 | 229,295 | 9,121 | 238,416 | 5,256,750 | 742,620 | – 2,328,429 | 3,670,941 |
| 96,570 | 1,188,571 | 164,789 | 28,461 | 193,250 | 2,751,137 | 311,812 | – 1,833,799 | 1,229,150 |
| 6,867 | 190,763 | 8,098 | 36 | 8,134 | 390,536 | 48,486 | – 106,301 | 332,721 |
2,683 67,911 9,690 2 9,692 263,099 1,375 – 107,111 157,363 106,120 1,447,245 182,577 28,499 211,076 3,404,772 361,673 – 2,047,211 1,719,234 6,142 479,235 46,718 – 19,378 27,340 1,851,978 380,947 – 281,218 1,951,707 14,490 28,850 2,924 32 2,956 195,379 528 – 11,904 184,003
The condensed consolidated interim financial statements of CA Immobilien Anlagen Aktiengesellschaft ("CA Immo AG"), Vienna, as at 30.9.2015 were prepared in accordance with 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 2014, except of new or amended standards.
The condensed consolidated interim financial statements, for the reporting period from 1.1. to 30.9.2015 have been neither fully audited nor reviewed by an auditor.
The use of automatic data processing equipment may lead to rounding differences in the addition of rounded amounts and percentage rates.
The condensed consolidated interim financial statements by 30.9.2015 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 1.1.2015. The following amended and new standards are applicable for the first time in the business year 2015:
| standard / interpretation | Content | entry into force1) |
|---|---|---|
| IFRIC 21 | Levies | 1.7.2014 |
| Annual improvement (cycle 2011– 2013) | Miscellaneous | 1.1.2015 |
1) The standards and interpretations are to be applied to business years commencing on or after the effective date.
The first time application of IFRIC 21 "levies" led to additionally recognized land taxes and related property levies in operating service expenses amounting to € 1,895 K as at 30.9.2015 as well as as accrued work in progress in amount of € 1,295 K from these taxes and levies.
In the first three Quarters 2015, two hotels in Czech Republic (2P s.r.o and Europort Airport Center a.s.) and their related management and operating companies (Hotel Operation Plzen Holding s.r.o. and Hotel Operations Europort s.r.o.) were sold. Also, the Hungarian joint venture, Eurpolis M1 Kft., which owned a logistics property, was sold.
In July 2015, CA Immo Group bought the remaining stake of the "E-Portfolio" from its joint venture partner EBRD. Following the purchase of the stake from EBRD, mainly consisting of eight high yielding investment properties (book value of approximately € 486 m) as well as four land banks (book value of approximately € 23 m), these entities are fully consolidated. Given the acquisions, the stake of CA Immo Group increased from 65% (respectively 75%) to 100%, the signing and closing of the transaction took place in July 2015.
The financial assets (long term assets) consist of the following items:
| € 1,000 | 30.9.2015 | 31.12.2014 |
|---|---|---|
| Loans to joint ventures | 5,899 | 305,452 |
| Loans to associated companies | 20,263 | 20,524 |
| Other investments | 62,617 | 56,654 |
| Other financial assets | 44,372 | 2,780 |
| Financial assets | 133,151 | 385,410 |
As at 30.9.2015, three properties in Austria and two in Germany, in the amount of € 142,989 K as well as investments into joint ventures amounting to € 2,982 K and other assets in disposal groups are presented as held for sale. Liabilities in disposal groups include interest bearing liabilities amount to € 68,744 K, derivative financial instruments amounting to € 6,680 K, deferred tax liabiliites in the amount of € 8,420 K as well as other liabilities. A sale within one year from the date of reclassification was regarded as highly probable.
As at 30.9.2015, CA Immo Group held cash and cash equivalents amounting to € 163,491 K, cash and cash equivalents contain bank balances of € 12,280 K (31.12.2014: € 14,857 K) to which CA Immo Group only has restricted access. These balances serve the purpose of securing current loan repayments (principal and interest) as well as current investments in projects under development. In addition, cash and cash equivalents subject to drawing restrictions up to 12 months are presented in caption 'receivables and other assets'. Restriced cash with a longer lock-up period (over 12 months) is presented under 'financial assets'.
| € 1,000 | 30.9.2015 | 31.12.2014 |
|---|---|---|
| Maturity > 1 year | 7,739 | 2,709 |
| Maturity from 3 to 12 months | 1,987 | 1,512 |
| Cash at banks with drawing restrictions | 9,726 | 4,221 |
The result from revaluation amounting to € 78,464 K was mainly driven by positive changes in the market environment and revaluation due to ongoing sales processes in Germany as well as by the actual acquisition of the remaining stake of the "E-Portfolio" in Eastern Europe.
In 2014 the other operating income was mainly based on € 3,500 K from guarantees and purchase price reductions as well as on € 5,200 K from the derminated arbitration claim in connection with the Russian project Maslov.
In 2015, CA Immo Group repurchased three own loans. The difference between the purchase price and the outstanding loan amount for consolidated subsidiaries amounting to € 178 K (1st-3rd Quarter 2014: EUR 2,408 K) is presented as a separate line item in the consolidated income statement, in the financial result.
The result from financial investments mainly consists of the accumulation of interest on loans to joint ventures.
The result from derivative interest rate transactions comprises the following:
| € 1,000 | 1st – 3rd Quarter | 1st– 3rd Quarter |
|---|---|---|
| 2015 | 2014 | |
| Valuation interest rate derivative transactions | 10,432 | – 8,365 |
| Ineffectiveness of interest rate swaps | 4 | – 8 |
| Reclassification of valuation results recognised in equity | – 25,725 | – 4,108 |
| Result from interest rate derivative transactions | – 15,288 | – 12,481 |
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 arise from the refinancing of variable interest bearing loans (into fixed interest bearing loans) or their early repayment.
Tax expenses comprise the following:
| € 1,000 | 1st – 3rd Quarter | 1st– 3rd Quarter |
|---|---|---|
| 2015 | 2014 | |
| Current income tax (current year) | – 4,989 | – 8,150 |
| Current income tax (previous years) | – 33,268 | 7,361 |
| Current income tax | – 38,257 | – 789 |
| Change in deferred taxes | – 7,735 | – 11,171 |
| Tax benefit on valuation of derivative transactions and assets available for sale in | ||
| equity | 155 | 2,300 |
| Income tax | – 45,837 | – 9,660 |
| Effective tax rate (total) | 34.1% | 21.6% |
Current income tax arises mainly in the segments Eastern Europe core regions (€ 2,260 K). The change in current income tax (previous years) results from a provision in course of a tax audit for the period 2008 – 2010 and a provision for follow-up effects until 2013 in relation to the tax deductibility of interest expenses in Germany. CA Immo group actually evaluates further legal steps in this respect. This current income tax in turn resulted in a partial decrease in deferred taxes.
| 1st – 3rd Quarter | 1st– 3rd Quarter | ||
|---|---|---|---|
| 2015 | 2014 | ||
| Weighted average number of shares outstanding | pcs. | 98,293,400 | 91,008,782 |
| Consolidated net income | € 1,000 | 88,694 | 34,997 |
| basic earnings per share | € | 0.90 | 0.38 |
In 2014 the convertible bond 2009 had an effect on the diluted earnings per share.
| 1st– 3rd Quarter | ||
|---|---|---|
| 2014 | ||
| Weighted average number of shares outstanding | pcs. | 91,008,782 |
| Dilution effect: | ||
| Convertible bond | pcs. | 1,333,063 |
| Weighted average number of shares | pcs. | 92,341,845 |
| Consolidated net income attributable to the owners of the parent | € 1,000 | 34,997 |
| Dilution effect: | ||
| Effective interest on convertible bond | € 1,000 | 427 |
| less taxes | € 1,000 | – 107 |
| Consolidated net income attributable to the owners of the parent adjusted by | ||
| dilution effect | € 1,000 | 35,317 |
| Diluted earnings per share | € | 0.38 |
In 2015, a dividend of € 0.45 (€ 0.40 in 2014) per eligible share, hence in total € 44,463.75 K (2014: € 35,142.00K) has been distributed to the shareholders.
On 12.5.2015, CA Immo commenced a programme of repurchasing its own shares on the basis of the enabling resolution passed at the 27th Ordinary General Meeting on 8.5.2014 in accordance with article 65 subsection 1 line 8 of the Stock Corporation Act. CA Immo had acquired 1,674,855 treasury shares (approx. 1.7% of the capital stock) via the stock market by 30.9.2015. The equivalent value was approximately € 16.04 per share. Up to two million shares (equivalent to approximately 2% of the company's current capital stock) will be repurchased in total. The upper limit is € 17.00 per share.
| Category | Book value | Fair value | Book value | Fair value |
|---|---|---|---|---|
| € 1,000 | 30.9.2015 | 30.9.2015 | 31.12.2014 | 31.12.2014 |
| Cash at banks with drawing restrictions | 7,739 | 2,709 | ||
| Derivative financial instruments | 68 | 68 | 64 | 64 |
| Primary financial instruments | 125,344 | 382,637 | ||
| Financial assets | 133,151 | 385,410 | ||
| Cash at banks with drawing restrictions | 1,987 | 1,512 | ||
| Derivative financial instruments | 4 | 4 | 0 | 0 |
| Other receivables and other financial assets | 96,997 | 106,597 | ||
| Non financial assets | 45,909 | 54,910 | ||
| Securities | 103,196 | 103,196 | 24,547 | 24,547 |
| Receivables and other assets | 248,094 | 187,566 | ||
| Cash and cash equivalents | 163,491 | 163,638 | ||
| 544,736 | 736,614 |
The fair value of the other receivables and financial assets, cash at banks with drawing restrictions as well as the primary financial instruments in the category of loans and amounts receivable essentially equals the book value due to short-term maturities. Financial assets are partially mortgaged as security for financial liabilities.
| Category | Book value | Fair value | Book value | Fair value |
|---|---|---|---|---|
| € 1,000 | 30.9.2015 | 30.9.2015 | 31.12.2014 | 31.12.2014 |
| Bonds | 362,717 | 377,502 | 187,376 | 195,291 |
| Other interest-bearing liabilities | 1,064,617 | 1,064,058 | 1,041,774 | 1,042,353 |
| Interest-bearing liabilities | 1,427,334 | 1,229,151 | ||
| Derivative financial instruments | 13,447 | 13,447 | 77,611 | 77,611 |
| Other financial liabilities | 63,711 | 75,766 | ||
| Other non financial liabilities | 98,881 | 93,816 | ||
| Total other liabilities | 176,039 | 247,193 | ||
| 1,603,373 | 1,476,344 |
The fair value of other primary liabilities essentially equals the book value due to daily and/or short-term maturities.
| 30.9.2015 | 31.12.2014 | |||||
|---|---|---|---|---|---|---|
| € 1,000 | Nominal | Fair value | Book value | Nominal | Fair value | Book value |
| value | value | |||||
| Interest rate swaps | 270,180 | – 13,447 | – 13,447 | 637,687 | – 77,611 | – 77,611 |
| Swaption | 100,000 | 4 | 4 | 100,000 | 54 | 54 |
| Interest rate caps | 45,542 | 68 | 68 | 21,585 | 10 | 10 |
| Total | 415,722 | – 13,375 | – 13,375 | 759,272 | – 77,547 | – 77,547 |
| - thereof hedging (cash flow hedges) | 121,539 | – 7,605 | – 7,605 | 251,723 | – 33,689 | – 33,689 |
| - thereof stand alone (fair value derivatives) | 294,183 | – 5,770 | – 5,770 | 507,549 | – 43,858 | – 43,858 |
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.
| € 1,000 | Nominal value | Fair value | 30.9.2015 Book value |
Nominal value | Fair value | 31.12.2014 Book value |
|---|---|---|---|---|---|---|
| - Cash flow hedges (effective) | 120,516 | – 7,506 | – 7,506 | 247,568 | – 33,180 | – 33,180 |
| - Cash flow hedges | ||||||
| (ineffective) | 1,023 | – 99 | – 99 | 4,155 | – 510 | – 510 |
| - Fair value derivatives (HFT) | 148,641 | – 5,842 | – 5,842 | 385,964 | – 43,922 | – 43,922 |
| Interest rate swaps | 270,180 | – 13,447 | – 13,447 | 637,687 | – 77,611 | – 77,611 |
| Currency | Nominal value | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| in € 1,000 | interest rate as | interest rate | ||||
| at | ||||||
| 30.9.2015 | 30.9.2015 | |||||
| in € 1,000 | ||||||
| EUR (nominal value each below | 2,253%– | 3M-Euribor / | ||||
| 100 m EUR) - CFH | 121,539 | 11/2007 | 9/2018 | 4,789% | 6M-Euribor | – 7,605 |
| EUR (nominal value each below | 0,505%– | |||||
| 100 m EUR) - stand alone | 148,641 | 7/2007 | 12/2023 | 4,613% | 6M-Euribor | – 5,842 |
| Total = variable in fixed | 270,180 | – 13,447 |
| Currency | Nominal value | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| in € 1,000 | interest rate as | interest rate | ||||
| at | ||||||
| 31.12.2014 | 31.12.2014 | |||||
| in € 1,000 | ||||||
| EUR (nominal value each above | ||||||
| 100 m EUR) - CFH | 109,375 | 1/2008 | 12/2017 | 4,405% | 3M-Euribor | – 13,809 |
| EUR (nominal value each below | 1,295%– | 3M-Euribor / | ||||
| 100 m EUR) - CFH | 309,844 | 6/2008 | 12/2022 | 4,789% | 6M-Euribor | – 43,122 |
| EUR (nominal value each below | 2,279%– | |||||
| 100 m EUR) - stand alone | 218,468 | 7/2007 | 12/2023 | 4,820% | 6M-Euribor | – 20,679 |
| Total = variable in fixed | 637,687 | – 77,611 |
| Swaption | ||||||
|---|---|---|---|---|---|---|
| Currency | Nominal value in € 1,000 | Start | End | Fixed | Reference | Fair value |
| interest rate as | interest rate | |||||
| at | ||||||
| 30.9.2015 | 30.9.2015 | |||||
| in € 1,000 | ||||||
| Swaption EUR | 100,000 | 6/2013 | 6/2016 | 2,500% | 6M-Euribor | 4 |
| Total | 100,000 | 4 |
| Currency | Nominal value in € 1,000 | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| interest rate as | interest rate | |||||
| at | ||||||
| 31.12.2014 | 31.12.2014 | |||||
| in € 1,000 | ||||||
| Swaption EUR | 100,000 | 6/2013 | 6/2016 | 2,500% | 6M-Euribor | 54 |
| Total | 100,000 | 54 |
| Interest rate caps | ||||||
|---|---|---|---|---|---|---|
| Currency | Nominal value | Start | End | Fixed | Reference | Fair value |
| in € 1,000 | interest rate as | interest rate | ||||
| at | ||||||
| 30.9.2015 | 30.9.2015 | |||||
| in € 1,000 | ||||||
| Interest rate caps EUR | 45,542 | 3/2014 | 3/2019 | 2,000% | 3M-Euribor | 68 |
| Total | 45,542 | 68 |
| Currency | Nominal value | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| in € 1,000 | interest rate as | interest rate | ||||
| at | ||||||
| 31.12.2014 | 31.12.2014 | |||||
| in € 1,000 | ||||||
| Interest rate caps EUR | 21,585 | 3/2014 | 3/2019 | 2,000% | 3M-Euribor | 10 |
| Total | 21,585 | 10 |
| € 1,000 | 2015 | 2014 |
|---|---|---|
| As at 1.1. | – 27,503 | – 34,907 |
| Change in valuation of cash flow hedges | 1,134 | – 645 |
| Change of ineffectiveness cash flow hedges | – 4 | 8 |
| Reclassification cash flow hedges | 25,725 | 4,108 |
| Income tax cash flow hedges | – 5,126 | 1,467 |
| As at 30.9. | – 5,774 | – 29,969 |
| thereof: attributable to the owners of the parent | – 5,774 | – 29,969 |
Financial instruments measured at fair value relate to derivative financial instruments as well as available for sale securities and other investments (AFS). As in prior year, the valuation of derivative financial instruments is based on inputs which can be observed either directly or indirectly (e.g. interest rate curves or foreign exchange forward rates). This represents level 2 of the fair value hierarchy in accordance with IFRS 13.81. The valuation of available for sale securities is based on stock market prices and therefore represents level 1 of the fair value hierarchy. The fair value of other not listed investments is internally assessed and so represents level 3 of the fair value hierarchy. There were no reclassifications between the levels.
Net debt and gearing ratio:
| € 1,000 | 30.9.2015 | 31.12.2014 |
|---|---|---|
| Interest-bearing liabilities | ||
| Long-term interest-bearing liabilities | 933,007 | 1,026,620 |
| Short-term interest-bearing liabilities | 494,327 | 202,530 |
| Interest-bearing assets | ||
| Cash and cash equivalents | – 163,491 | – 163,638 |
| Cash at banks with drawing restrictions | – 9,726 | – 4,221 |
| Net debt | 1,254,117 | 1,061,291 |
| Shareholders' equity | 1,977,586 | 1,951,707 |
| Gearing ratio (Net debt/equity) | 63.4% | 54.4% |
Cash at banks with drawing restrictions were considered in the calculation of net debt, as they are mainly used to secure the repayments of financial liabilities.
| € 1,000 | 30.9.2015 | 31.12.2014 |
|---|---|---|
| Investments in joint ventures | 187,736 | 206,136 |
| Investments in subsidiaries IFRS 5 | 2,982 | 7,414 |
| Loans | 5,899 | 305,452 |
| Receivables | 42,878 | 17,004 |
| Liabilities | 57,701 | 39,973 |
| Provisions | 12,446 | 6,703 |
| 1st – 3rd Quarter | 1st– 3rd Quarter | |
| 2015 | 2014 | |
| Joint ventures result | 29,908 | 1,680 |
| Result from sale of joint ventures | 751 | – 619 |
| Result from joint ventures | 30,659 | 1,061 |
| Other income | 4,386 | 5,077 |
| Other expenses | – 963 | – 1,386 |
| Interest income | 4,962 | 8,601 |
| Interest expense | – 539 | – 136 |
| Interest income present value financial investments | 2,772 | 23,744 |
The loans to and a large portion of the receivables from joint ventures existing at the reporting date serve to finance properties. The interest rates are at arm's length. Partial guarantees or other forms of security exist in connection with these loans.
| € 1,000 | 30.9.2015 | 31.12.2014 |
|---|---|---|
| Investments in associated companies | 18 | 18 |
| Loans | 20,263 | 20,524 |
| 1st – 3rd Quarter | 1st– 3rd Quarter | |
| 2015 | 2014 | |
| Expenses due to associated companies | 0 | – 3,458 |
| Result from associated companies | 0 | – 3,458 |
| Interest income from associated companies | 789 | 0 |
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 partially exist in connection with these loans. In the book value of loans to associated companies, a cumulated impairment amounting to € 9,447 K (31.12.2014: € 9,447 K) is included.
UniCredit Bank Austria AG is the principal bank of the CA Immo Group and was the largest single shareholder in the company with a stake of about 16% including four registered shares, which entitle to nominate one Supervisory Board member for each share, until 28.10.2014. CA Immo Group processes most of its payment transactions and arranges much of its credit financing and financial investment through the bank.
| € 1,000 | 1st– 3rd Quarter |
|---|---|
| 2014 | |
| Finance costs | – 24,286 |
| Result from interest rate derivative transactions incl. Reclassification | – 9,700 |
| Result from financial investments | 191 |
| Transaction fees | – 256 |
| - Statement of other comprehensive income (equity): | |
|---|---|
| € 1,000 | 1st– 3rd Quarter |
| 2014 | |
| Valuation result of period (Hedging) | 5,015 |
| € 1,000 | 1st– 3rd Quarter |
|---|---|
| 2014 | |
| Raising of new bank loans | 0 |
| Repayment of bank loans | – 40,800 |
| Realisation and acquisition of interest rate derivative transactions | – 36 |
| Interest paid | – 23,592 |
| Interest received | 190 |
The terms and conditions of the business relationship with the UniCredit Group are at arm's length.
Starting 20.2.2015, following the conclusion of a voluntary public take-over offer, O1 Group is,the largest single shareholder of CA Immobilien Anlagen AG. O1 Group holds 25,690,163 bearer shares (indirectly via EG Real Estate Fund I Limited) and four registered shares (O1 Group Limited). This corresponds to about 26.45% of the voting rights, as at 30.9.2015.
During the second quarter of 2015, following a competitive process, a sales contract regarding a plot in Berlin suitable for residential construction was signed with a company under the indirect influence of Mr. Boris Mints (owner and chairman of O1 Group). The agreed purchase price was € 7,000 K, the sale is subject to customary closing conditions. The transaction, which will result in a significantly positive profit contribution for CA Immo, was done at arms' length which was also confirmed by an external fairness opinion.
As at 30.9.2015, contingent liabilities of CA Immo Germany Group resulting from urban development contracts amounted to € 120 K (31.12.2014: € 120 K) and from concluded purchase agreements for cost assumptions in connection with contaminated sites or war damage to € 1,491 K (31.12.2014: € 1,461 K). In addition, letters of support exist for two joint ventures in Germany, amounting to € 2,000 K (31.12.2014: € 5,500 K for three joint ventures). A securities for liabilities from loans guarantees, letters of comfort and declarations for joint liabilities were issued for three joint ventures in an extent of € 14.900 K. Furthermore, a guarantee was issued in an amount of € 6,066 K (31.12.2014: € 6,066 K) as a security for warranty risks of a german joint venture.
CA Immo Group has agreed to adopt a guarantee in connection with the refunding of the project "Airport City St. Petersburg" in the extent of € 15,461 K (31.12.2014 restated: € 6,237 K).
Related to the disposals, marketable guarantees exist between CA Immo Group and the buyer for coverage of possible warranty and liability claim for which in the expected extent financial dispositions were made. The actual claims may exceed the expected extent.
Due to the disposal of Tower 185 GmbH & Co. KG, Frankfurt, CA Immo Group granted a guarantee for compensation of rent-free periods as well as rent guarantees in the amount of € 36,785 K, for which adequate provisions have been recognised in the balance sheet. The shares in two joint ventures, analogous to the previous year as part of the financing, were pledged as security for loans.
Other financial obligations arising from service commitments in connection with the development of properties also exist for properties in Austria amounting to € 3,562 K (31.12.2014: € 1,223 K) and in Germany amounting to € 33,225 K (31.12.2014: € 26,520 K) and none in Eastern Europe (31.12.2014: € 1,237 K). Moreover as at 30.9.2015, 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 € 55,941 K (31.12.2014: € 34,974 K).
As at 30.9.2015, the total obligation of CA Immo Group to contribute equity to joint ventures was € 7,834 K (31.12.2014: € 6,271 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. Due to these uncertainties and the grade of complexity estimates may vary from the real tax expense also in a material amount. CA Immo Group recognises appropriate provisions for known and probable charges arising from ongoing tax audits. Concerning a tax audit in Eastern Europe uncertainties about the possible prescription of default interest exist. CA Immo Group estimates the possibility of actual expenses due to these default interests as low.
Borrowings, for which the financial covenants have not been met as at 30.9.2015, thus enabling the lender in principle to prematurely terminate the loan agreement, have to be 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.
After 30.9.2015, CA Immo bought further 210,551 treasury shares with an equivalent value of € 3,480 K via the stock market.
Vienna, 25.11.2015
Bruno Ettenauer (Chief Executive Officer)
The Management Board
Florian Nowotny (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 Höbart Phone +43 1 532 59 07-0 Fax +43 1 532 59 07-595 [email protected]
Corporate Communications Susanne Steinböck Marion Naderer 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 Höbart Graphic design: Marion Naderer, 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.
Listed on Vienna Stock Exchange ISIN: AT0000641352 Reuters: CAIV.VI Bloomberg: CAI: AV
This Interim Report contains statements and forecasts which refer to the future development of CA Immobilien Anlagen AG and their companies. The forecasts represent assessments and targets which the Company has formulated on the basis of any and all information available to the Company at present. Should the assumptions on which the forecasts have been based fail to occur, the targets not be met, then the actual results may deviate from the results currently anticipated. This Interim Report does not constitute an invitation to buy or sell the shares of CA Immobilien Anlagen AG.
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