Quarterly Report • May 27, 2015
Quarterly Report
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URBAN BENCHMARKS.
FINANCIAL REPORT AS AT 31 MARCH 2015
| INCOME STATEMENT | |||
|---|---|---|---|
| 1.1.-31.03.2015 | 1.1.-31.03.2014 | ||
| Rental income | € m | 34.7 | 37.5 |
| EBITDA | € m | 27.8 | 34.0 |
| Operating result (EBIT) | € m | 25.2 | 38.3 |
| Net result before taxes (EBT) | € m | 18.3 | 17.9 |
| Consolidated net income | € m | 19.3 | 13.9 |
| Operating cash flow | € m | 30.1 | 33.7 |
| Capital expenditure | € m | 26.7 | 21.5 |
| FFO I (excl. Trading and pre taxes) | € m | 21.8 | 16.0 |
| FFO II (incl. Trading and after taxes) | € m | 19.5 | 29.7 |
| 31.03.2015 | 31.12.2014 | ||
|---|---|---|---|
| Total assets | € m | 3,844.3 | 3,670.9 |
| Shareholders' equity | € m | 1,984.0 | 1,951.7 |
| Long and short term interest-bearing liabilities | € m | 1,405.5 | 1,229.2 |
| Net debt | € m | 930.1 | 1,061.3 |
| Net asset value (EPRA NAV) | € m | 2,179.7 | 2,148.2 |
| Triple Net asset value (EPRA NNNAV) | € m | 2,031.6 | 2,011.6 |
| Gearing | % | 46.9 | 54.4 |
| Equity ratio | % | 51.6 | 53.2 |
| Gross LTV | % | 53.2 | 45.6 |
| Net LTV | % | 35.2 | 39.4 |
| 31.03.2015 | 31.12.2014 | ||
|---|---|---|---|
| Total usable space (excl. parking, excl. projects) 3) | sqm | 1,826,950 | 2,233,988 |
| Gross yield investment properties 4) | % | 6.6 | 6.6 |
| Fair value of properties | € m | 3,413.9 | 3,583.4 |
| 1.1.-31.03.2015 | 1.1.-31.03.2014 | ||
|---|---|---|---|
| Rental income / share | € | 0.35 | 0.43 |
| Operating cash flow / share | € | 0.30 | 0.38 |
| Earnings per share | € | 0.20 | 0.16 |
| 31.03.2015 | 31.12.2014 | ||
| NAV/share | € | 20.08 | 19.75 |
| EPRA NAV/share | € | 22.06 | 21.74 |
| EPRA NNNAV/share | € | 20.56 | 20.36 |
| Price (key date)/NNNAV per share – 1 (before deferred taxes) | % | – 15 | – 24 |
| Dividend distribution | € | 0.45 | 0.40 |
| Dividend yield | % | 2.58 | 2.58 |
| SHARES | |||
|---|---|---|---|
| 31.03.2015 | 31.12.2014 | ||
| Number of shares (31.03.) | pcs. | 98,808,336 | 98,808,336 |
| Ø Number of shares | pcs. | 98,808,336 | 92,907,093 |
| Ø price/share | € | 17.5 | 14.4 |
| Closing price (31.03.) | € | 17.46 | 15.50 |
| Highest price | € | 18.59 | 16.40 |
| Lowest price | € | 15.36 | 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 and rentable open landscapes
4) Excl. the development project Kontorhaus in Munich, which is in the completion stage and was included in the investment portfolio in the beginning of 2015
The Management Board (left to right): Dr. Bruno Ettenauer, Florian Nowotny
CA Immo has successfully sustained last year's positive earnings trend into the first quarter of 2015; once again, the company increased its long-term revenue in year-onyear terms while reducing the debt level.
Net rental income fell by – 6.0% to € 31,179 K. The main reason for the reduction was the absence of a contribution from the Lipowy office building in Warsaw, which was sold at the end of the first quarter of 2014. Combined with lower revenue from property sales and other operating income, earnings before interest, taxes, depreciation and amortisation (EBITDA) were – 18.2% below last year's level at € 27,832 K.
After the first three months of 2015, the result from joint ventures (accounted for under the at equity method) totalled € 3,014 K (against € 8,025 K in 2014). The revaluation result for the Group stood at € – 4,968 K as at 31 March 2015. Earnings before interest and taxes (EBIT) of € 25,238 K (€ 38,275 K in 2014) reflected the aforementioned effects on earnings.
In yearly comparison, the financial result for quarter one improved substantially to € – 6,918 K (against € – 20,354 K in 2014). As a result of continual optimisation of the financing structure, the Group's financing
costs – a key element in long-term earnings – fell by a substantial – 33.1% on the Q1 2014 value to stand at € – 14,850 K. Earnings before taxes stood at € 18,320 K, an increase of 2.2% on the 2014 value of € 17,921 K). Where taxes on income are deducted (€ 1,015 K), net operating income was up 39.20% at € 19,335 K, equivalent to € 0.20 per share (2014: € 0.16 per share).
FFO I, the key indicator of the Group's long-term profitability and capacity to pay dividends, maintained the year-on-year increases of previous quarters to stand at € 21,796 K after the first three months (€ 15,984 K in 2014). FFO II, an indicator of the company's overall profitability, stood at € 19,526 K on the key date (€ 29,705 K in 2014).
The Group's balance sheet profile remained robust as quarter one of 2015 came to a close. The equity ratio on the key date was 51.6% (53.2% on 31.12.2014). The loanto-value (LTV) ratio was 35% at the end of March 2015 where the Group's cash and cash equivalents of € 471,155 K are taken into account; gearing stood at 47%. As at 31 March 2015, the EPRA NNNAV stood at € 20.56 per share (compared to € 20.36 per share on 31.12.2014).
Implementation of the strategic agenda for 2012-2015, which produced successful outcomes earlier than expected, will now be followed by a new, three-year strategic programme for 2015-2017. This will comprise three main elements. The depletion of non-strategic properties, which has already been largely concluded, will be finalised. This will sharpen the focus of CA Immo's portfolio on high quality office buildings in Central and Eastern Europe while further enhancing operational efficiency. The second major pillar in the strategy for 2015-2017 will be the substitution of these sales and expansion of the core office portfolio in the company's eight target markets – Vienna, Munich, Frankfurt, Berlin, Warsaw, Prague, Budapest and Bucharest.
In this regard, the CA Immo Group's strong position as a property developer in Germany will be critical since this provides consistent access to high value office properties and thus the organic growth of cash flow from rental payments. In the investment market for core properties in Germany, which is highly competitive at present, this attribute amounts to a key competitive advantage. Away from Germany, the portfolio for core markets will be bolstered by selective acquisitions, which should also provide additional rental revenue. The third element in the new strategic agenda will involve even more wideranging optimisation of the financing structure with a view to cutting long-term financing costs. It is expected that steady implementation of these components will raise the long-term earning power of the Group and thus enhance its dividend-paying capacity as a core strategic priority.
The CA Immo Group entered business year 2015 in extremely robust health and an ambitious frame of mind. Steady realisation of the strategic aims for 2015-2017 is expected to have a positive impact on earnings. The FFO I objective of € 80 m for business year 2015 reflects continually rising recurring profitability over the long term and represents an increase of more than 14% on last year's FFO I value of € 70 m. Where planned sales revenue is taken into consideration, an FFO II in excess of € 100 m is anticipated for business year 2015.
The medium term dividend payment objective will be raised from 2% to 2.5% of net asset value (NAV). On the basis of enhanced FFO I expectations, the company will aim to pay a dividend of € 0.50 per share in business year 2015 (compared to € 0.45 per share in business year 2014). The share buyback programme with a volume of up to two million shares (currently equivalent to some 2% of the company's capital stock), which was launched in May 2015, will also be continued.
General conditions on the company's core markets are expected to be stable. Strong demand levels on the German real estate market should be exploited to a greater extent; non-strategic land reserves will be sold, with the capital resources thereby released re-invested in incomegenerating real estate. A total sales volume from nonstrategic properties of € 150-200 m is expected. In the real estate development area, three completed properties in Germany will be transferred to the portfolio in 2015 and two new projects should be launched.
The Management Board
Bruno Ettenauer (Chief Executive Officer)
Florian Nowotny
Vienna, May 2015
The CA Immo share opened the new business year at a rate of € 15.46 before rising steadily during the first weeks of the first quarter to reach a high for the year so far of € 18.59 on 12 February 2015. From mid-February onwards, rate development was more volatile. The share closed the first quarter at a rate of € 17.46, equivalent to a rise in value of 12.97% since the start of the year.
As at the balance sheet date, market capitalisation for the CA Immo share was € 1,725.2 m, equivalent to a rise of 12.65% (€ 1,531.5 m on 31.12.2014). Since the end of 2014, the average liquidity of the share has doubled to € 11.4 m per trading day; the average trading volume stood at 648,100 shares (compared to 237,800 shares as at 31 December 2014). CA Immo is currently weighted at 3.09% on the ATX.
ONE-YEAR PERFORMANCE COMPARISON
(31.3.2014 to 31.3.2015)
| CA Immo-share | 33.13% |
|---|---|
| ATX | –0.55% |
| IATX | 25.06% |
| EPRA Developed Europe | 36.61% |
Source: Bloomberg
The company's capital stock amounted to € 718,336,602.72 on the balance sheet date. This was divided into four registered shares and 98,808,336 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). As at key date 31 March 2015, the company did not hold any own shares. The registered shares are held by O1 Group Limited ('O1 Group'), a private holding company based in Cyprus. With a shareholding of 26%, 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. 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. The volume will be up to two million shares (currently equivalent to around 2% of the company's capital stock), with an upper limit of € 17.00 per share. The equivalent value to be attained must be within the range stipulated in the enabling resolution passed by the Ordinary General Meeting and may be no more than 30% below and 10% above the average non-weighted stock exchange closing price on the ten trading days preceding the repurchase. This buyback programme, which supersedes the programme announced in November 2014, will end on 7 October 2016 at the latest. The repurchase will be undertaken for any
permitted purpose covered by resolution of the Ordinary General Meeting. Details of transactions completed as part of the buyback programme, along with any changes to the programme, will be published at www.caimmo.com.
On 25 March 2015, PHI Finanzbeteiligungs und Investment GmbH ('PHI'), a subsidiary wholly and indirectly owned by CA Immo, and O1 Group announced a voluntary and public partial takeover bid in line with article 4ff of the Austrian Takeover Act to the shareholders of IMMOFINANZ AG. Their intention was to acquire a long-term holding in IMMOFINANZ AG. The bid, which was aimed at acquiring up to 150,893,280 bearer shares in IMMOFINANZ AG (ISIN AT0000809058) (approximately 13.5% of the total outstanding capital stock or around 15.0% of voting rights) was taken up for a total of 15,777,617 bearer shares during the acceptance period, which extended from 25 March 2015 to 15 April 2015 inclusive. After adding in own shares, this equates to a 1.57% proportion of the total capital stock of IMMOFINANZ AG. Together with shares acquired on the stock market before the bid was announced and during the acceptance period, CA Immo, O1 Group and parties acting in concert with them control a total of 61,133,364 bearer shares in IMMOFINANZ AG (i.e. 6.08% of total capital stock or voting rights).
The 28th Ordinary General Meeting, held on 28 April 2015 and attended by 526 shareholders and their delegates (representing around 51.73% of the capital stock), voted payment of a dividend amounting to 45 cents per share for business year 2014. The dividend was paid on 7 May 2015 and the ex-dividend date was 5 May 2015. The payment took the form of a capital repayment under Austrian taxation law and was thus tax-free for natural persons living in Austria holding CA Immo shares as personal assets. Alongside the usual agenda items (approval of the actions of Management and Supervisory Board members, the definition of Supervisory Board remuneration and confirmation of KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft as the (Group) auditor for business year 2015), revision and amendment of the authorisation granted to the Management Board under article 169 of the Stock Corporation
Act to increase the company's capital stock by around 30% within three years and amendments to the statutes were also on the agenda. The Supervisory Board was also expanded to eight members through the re-election of Richard Gregson and John Nacos while the periods of office of Barbara A. Knoflach, Franz Zwickl, Dmitry Mints and Michael Stanton were extended to 2020.
most recently published fluctuated between € 15.20 and € 20.40. The valuation median of € 19.50 implies price potential of 11.7% (based on the closing rate for 31.3.2015).
At present, CA Immo is assessed by seven investment companies. The analysts of Erste Group, Kepler Cheuvreux and HSBC recently repeated their recommendations to 'hold'; while the latter raised the target price from € 19.00 to € 19.50, Erste Group and Kepler kept their target prices unchanged at € 20.40 and € 18.00 respectively. In overall terms, the 12-month target rates
| Helvea Baader Bank | 22.5.2015 | 15.20 | Sell |
|---|---|---|---|
| Deutsche Bank | 5.3.2015 | 20.00 | Buy |
| Erste Group | 25.3.2015 | 20.40 | Accumulate |
| HSBC | 13.4.2015 | 19.50 | Hold |
| Kepler Cheuvreux | 20.4.2015 | 18.00 | Hold |
| Raiffeisen Centrobank | 11.2.2015 | 19.45 | Hold |
| SRC Research | 23.3.2015 | 20.30 | Accumulate |
| Average | 18.98 | ||
| Median | 19.50 |
| 31.3.2015 | 31.12.2014 | ||
|---|---|---|---|
| EPRA NNNAV/share | € | 20.56 | 20.36 |
| NAV/share | € | 20.08 | 19.75 |
| Price (key date)/NAV per share – 11) | % | – 13.04 | – 21.53 |
| Price (key date)/NNNAV per share – 11) | – 15.08 | – 23.86 | |
| Number of shares (key date) | pcs. | 98,808,336 | 98,808,336 |
| Ø number of shares (key date) | pcs. | 98,808,336 | 92,907,093 |
| Ø price/share | € | 17.50 | 14.41 |
| Market capitalisation (key date) | € m | 1,725.19 | 1,531.53 |
| Highest price | € | 18.59 | 16.40 |
| Lowest price | € | 15.36 | 11.80 |
| Closing price | € | 17.46 | 15.50 |
| Dividend distribution | € | 0.45 | 0.40 |
| Dividend yield | % | 2.58 | 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, Hudson River Trading Europe Ltd., ODDO |
| SEYDLER BANK AG, Raiffeisen Centrobank AG, Socíété Générale S.A., Virtu Financial | |
| Ireland Limited | |
| Stock exchange symbol / ISIN: | CAI / AT0000641352 |
| Reuters: | CAIV.VI |
| Bloomberg: | CAI:AV |
| E-Mail: | [email protected] |
| Website: | www.caimmo.com |
| Christoph Thurnberger | Claudia Höbart |
|---|---|
| Tel.: +43 1 532 59 07-504 | Tel.: +43 1 532 59 07-502 |
| Fax: +43 1 532 59 07-550 | Fax: +43 1 532 59 07-550 |
| [email protected] | [email protected] |
PUBLICATION OF ANNUAL RESULTS FOR 2014 PRESS CONFERENCE ON FINANCIAL STATEMENTS
28 APRIL 28TH ORDINARY GENERAL MEETING
EX-DIVIDEND DATE / DIVIDEND PAYMENT DAY
INTERIM REPORT FOR THE FIRST QUARTER 2015
INTERIM REPORT FOR THE FIRST HALF 2015
INTERIM REPORT FOR THE THIRD QUARTER 2015
Looking at the latest economic developments, it would seem the eurozone is gradually picking up pace again. ECB experts expect economic growth for the eurozone to stand at 1.5 % in 2015, rising to 1.9 % in 2016. For the EU, growth of 1.8 % is expected this year, with expansion of 2.1 % likely in 2016. The more optimistic prognosis is based on the low EUR/USD exchange rate, low interest rates and the falling oil price. The ECB also started buying securities at the start of March 2015 in a programme expected to contribute € 1.1 bn to the economy over the following 19 months. Throughout the first quarter of 2015, quantitative easing served to push price increases and growth rates in the direction desired by the ECB.
Economic growth is expected to differ widely this year across the major economies of the USA, Japan, China and the EU. The economic outlook for the USA is very favourable (a
3.1 % rise), while 7 % growth in China will be counteracted by the country's substantial debt ratio. In an attempt to raise the level of lending to companies, the National Bank of China has reduced the money supply that banks are required to allocate as reserves by one percentage point. The move was prompted by the weakest economic rise since early 2009 in the first quarter. A fresh financial market crisis is looming in Russia, despite the modest level of foreign debt. GDP growth is 1.5 % in the Eurozone and 1.7 % for the European Union. At the start of 2015 the German economy was once again one of the fastest-growing in Europe; expansion of around 1.5 % is forecast for this year. The Austrian economy expanded by 0.8 % in the opening quarter of 2015 compared to the previous three-month period, signalling a continuation of the sluggish phase of 2014.
The consumer price index for the eurozone fell by 0.1 % in March in year-on-year comparison. Deflation persisted until April, with -0.6 % reported in January and -0.3 % reported in February. There was a return to positive territory in May with 0.1 %. Inflation in the Eurozone remains well short of the ECB's 2 % target. The rate of price increases in Austria currently stands at 0.8 %; inflation in Germany stands at
0.4 % (the same level as the Czech Republic and Hungary), followed by Romania and Poland on 0.2 %. The unemployment rate in the Eurozone has fallen to 11 %, its lowest level since April 2012; the rate of unemployment
1) European Commission, Spring Forecast 2015; Eurostat; Bloomberg;
The Economist; Financial Times
for the EU as a whole has also declined to 9.6 %. Germany still has the lowest rate (4.6 %), closely followed by the Czech Republic (5.6 %) and Austria (5.8 %).
The ECB dominates the international financial markets. Given its massively expanded programme of buying securities, the European Central Bank's base rate of 0.05 % has edged closer to zero. To make lending more attractive for banks, deposit rates remain negative at -0.20 %. The 3 month Euribor, the interest reference rate for floating rate bonds, has been falling steadily since January 2015 and is now in negative territory.
Satisfactory growth was reported on CA Immo's core markets in Central and Eastern Europe (CEE) during the first quarter of 2015, with the average rate of expansion topping
3 % in the CE-Region. Growth in the Czech Republic exceeded expectations at 3.9 %, while Poland also developed strongly at 3.5 %. The Hungarian economy also remains on an upward course, returning GDP growth of 3.4 % in the first quarter. Romania reported the strongest growth at 4.3 %. The investment programme planned by the European Commission has the potential further to improve the economic prospects of the CEE nations.
In annual comparison, GDP growth in Poland is expected to reach 3.3 % in 2015. The unemployment rate has continued to fall slowly to 8.4 % in May 2015. Economic expansion of 2.8 % is forecast for Hungary in 2015; the country's unemployment rate presently stands at 6.8 %. The economy in the Czech Republic is comfortably outperforming the European average, with GDP likely to expand by 2.5 % in 2015. Lower public and private gearing is also contributing to the positive outlook. The unemployment rate was 5.6 % in April 2015. In Romania, the unemployment rate of 6.8 % corresponds to the average for Eastern Europe.
2) Bloomberg; European Central Bank
3) European Commission, Spring Forecast 2015
In Q1 2015, the transaction volume on the European investment market for commercial real estate rose to approximately € 55 bn, an increase of over 30 % on the figure for Q4 2014 (€ 42 bn). Investors in Germany continued to focus on the office asset class, which accounted for some 45 % of the transaction volume of € 9.5 bn in Q1 2015. The current pattern of transactions reveals a high awareness of quality on the part of investors and other market players. The BIG 7 (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart) accounted for 54 % of the German transaction volume in the first quarter of 2015. According to JLL, foreign investors were responsible for seven of the 10 biggest transactions in the first three months of the year.
CA Immo's core markets in Germany display a strong pace of investment. During the first quarter of 2015, some € 4.3 bn was invested in office properties in the BIG 7. The frontrunner is Berlin (+113 %), followed by Frankfurt (+51 %) and Munich (+24 %). Prime yields remain under pressure in CA Immo's main German cities owing to price rises on core properties. Yields fell further in the office segment (to 4.00 % in Munich, 4.50 % in Berlin and 4.35 % in Frankfurt) in response to stronger demand. In Austria, the transaction volume stood at € 320 m in quarter one of 2015, well below the value for the fourth quarter of 2014 (€ 700 m). Despite a rather poor opening quarter, however, the investment volume for 2015 as a whole is expected to outperform 2014. Office properties only made up 11 % of transactions in the first quarter of 2015, a very low proportion. The prime yield on offices stands at 4.55 %.
Owing to the continuing crisis in Ukraine, transaction activity declined in the CEE region in quarter one of 2015. Investment activity in Poland fell by 51 % to € 444 m while transactions in the Czech Republic expanded by an exceptional 184 % to total € 898 m in Q1 2015. Investment levels declined by a marginal -8 % in the other countries of Eastern Europe during the first three months of 2015.
Office space take-up in Berlin was approximately 148,800 sqm in the first quarter of 2015, up 7 % on the previous year's quarter. The prime monthly office rent as table at € 22.0/sqm, while the weighted average rent rose to € 14.00/sqm per month. The vacancy rate was approximately 7.4 %. Around 29,700 sqm of office space was completed in quarter one of 2015 in total. Floor space turnover in Frankfurt fell to 86,100 sqm in the first three months of 2015, against 91,400 sqm in Q1 2014. The completion volume was roughly 28,100 sqm, significantly below the previous year's value of 99,700 sqm. Just 189,000 sqm of office space is under construction in Frankfurt at present, the lowest value in more than eight years. The prime monthly rent is unchanged at € 35/sqm while vacancy reached 10.2 %, the lowest level for 12 years. Floor space turnover of around 185,000 sqm was reported in Munich in the first quarter of 2015, up 9 % on the same period of last year. The prime monthly rent is currently € 33.0/sqm while the weighted average rent is € 15.4/sqm per month (up 3.5 % on the value for Q4 2014). The vacancy rate was 6.5 % while the completion volume was marginally down at 41,600 sqm (66,100 sqm in Q1 2014). In the first quarter of 2015, lettings performance in Vienna rose by 42 % on the previous quarter to stand at 61,000 sqm. The vacancy rate of 6.5 % was similar to the prior quarter's level of 6.6 %, with the prime monthly rent also stable at € 25.75/sqm.
With over 680,000 sqm of office space under construction, Warsaw remains one of the biggest office property pipelines of any European city. The completion volume stood at 59,200 sqm in the first quarter of 2015. The office market in Warsaw continues to be characterised by strong tenant demand (+30 %); the vacancy rate consequently fell further, from 13.3 % to 13.0 %, with prime monthly rents in the central business district at € 24.5/sqm.
In the first quarter of 2015, office lettings performance in Budapest rose by 32 % on the same quarter of last year. The vacancy rate was 15.7 %, its lowest level for six years. At present, 131,000 sqm of office space is under construction.
A total completion volume of approximately 182,000 sqm is anticipated for Prague in 2015, of which around 34,000 sqm was completed in the first quarter. At present, some 204,400 sqm of office space is under construction. The vacancy rate stands at around 17 %, with the prime monthly rent stable at € 18.5-19.5/sqm.
Lettings performance in Bucharest stood at 56,000 sqm in the first quarter of 2015 while the vacancy rate dropped further, from 14.1 % in Q4 2014 to 13.3 % in Q1 2015. The prime monthly rate rose marginally from € 18/sqm to € 18.5/sqm, while the prime yield has stabilised at 7.75 %.
1) CBRE: European Investment Quarterly MarketView, Austria Investment Q1 2015; Jones Lang LaSalle: Investmentmarküberblick Deutschland, Q1 2015
2) Jones Lang LaSalle: Pulse Prague, Office Market Profile: Berlin, Frankfurt, Munich, Q1 2015, Office Market Overview BIG 7, Q1 2015; CBRE Vienna, Budapest, Bucharest, Warsaw Office Market Q1 2015
As at key date 31 March 2015, CA Immo's total property assets stood at € 3.4 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 (14% of the total portfolio). Properties intended for trading (reported under short-term property assets) account for the remaining 3% or so of property assets.
As at 31 March 2015, the investment property portfolio had an approximate market value of € 2.8 bn (of which fully consolidated: € 2.2 bn) and incorporated a total rentable effective area1) of 1.6 m sqm. Around 44% of the portfolio (on the basis of book value) is located in CEE and SEE nations, with 34% of the remaining investment properties in Germany and 22% in Austria.
In the first three months of the year, the Group generated rental income of € 47.0 m; the portfolio produced a yield of 6.6%2) . The occupancy rate was 90.9%2) as at 31 March 2015 (against 90.7% on 31.12.2014). For details, please see the 'Changes to the Portfolio' section.
1) Including properties used for own purposes, superaedificates and rented open space
2) Excl. the development project Kontorhaus in Munich, which is in the completion stage and was included in the investment portfolio in the beginning of 2015
| in € m | Investment properties 1) |
Investment properties under development |
short-term property assets 2) |
Property assets | Property assets | in % | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| full | at equity |
∑ | full | at equity |
∑ | full | at equity |
∑ | full | at equity |
∑ | full | at equity |
∑ | |||
| Austria | 641 | 0 | 641 | 11 | 0 | 11 | 9 | 0 | 9 | 661 | 0 | 661 | 25% | 0% | 19% | ||
| Germany | 775 | 179 | 954 | 415 | 18 | 433 | 19 | 37 | 56 | 1,209 | 234 | 1,443 | 46% | 30% | 42% | ||
| Czech Republic | 34 | 157 | 192 | 3 | 3 | 6 | 13 | 0 | 13 | 50 | 160 | 211 | 2% | 21% | 6% | ||
| Hungary | 182 | 98 | 280 | 1 | 0 | 1 | 0 | 0 | 0 | 183 | 98 | 282 | 7% | 13% | 8% | ||
| Poland | 286 | 77 | 364 | 0 | 12 | 12 | 0 | 0 | 0 | 286 | 89 | 376 | 11% | 12% | 11% | ||
| Romania | 100 | 105 | 204 | 1 | 15 | 16 | 0 | 0 | 0 | 101 | 119 | 220 | 4% | 15% | 7% | ||
| Others | 144 | 64 | 208 | 6 | 8 | 13 | 0 | 0 | 0 | 150 | 72 | 221 | 5% | 9% | 7% | ||
| Total | 2,163 | 681 | 2,844 | 436 | 56 | 492 | 42 | 37 | 78 | 2,641 | 773 | 3,414 | 100.0% | 100.0% | 100.0% | ||
| Share on total | |||||||||||||||||
| portfolio | 82% | 88% | 83% | 16% | 7% | 14% | 2% | 5% | 3% | 100% | 100% | 100% |
Full: Fully consolidated 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) Includes properties used for own purposes and self-administrated properties
2) Short-term property assets including properties intended for trading or sale
Of investment properties under development with a total market value of around € 491.7 m (of which fully consolidated: € 436.0 m), development projects and land reserves in Germany account for 88%, while the Eastern Europe segment represents 10% and Austria 2%. Investment properties under development in Germany with a total market value of € 432.7 m include projects under construction with a value of € 83.7 m and land reserves with a book value of € 349.1 m.
DISTRIBUTION OF BOOK VALUE INVESTMENT PROPERTIES BY COUNTRY (BASIS: € 2.8 BN)
DISTRIBUTION OF BOOK VALUE PORTFOLIO PROPERTIES BY COUNTRY (BASIS: € 3.4 BN)
In Germany, CA Immo held investment properties and properties intended for trading with an approximate value of € 951.6 m1) on 31 March 2015. The occupancy rate for all investment property assets on the key date was 91.2%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 € 13.5 m was generated in the first six months. Approximately 3,000 sqm of rental space was newly let or extended in Germany between January and the end of March.
As at key date 31 March, CA Immo had invested € 27.0 m € in development projects in Germany for 2015.
1) Includes fully consolidated real estate (wholly owned by CA Immo) and real estate in which CA Immo holds a proportionate share (at equity) 2) Excl. the development project Kontorhaus in Munich, which is in the completion stage and was included in the investment portfolio in the beginning of 2015
On the basis of total investment costs, the volume of investment properties under construction in Germany (excluding land reserves) is approximately € 275.1 m. In total, CA Immo holds investment properties under development (including land reserves) with a book value of € 432.7 m (of which fully consolidated: € 414.6 m).
Marketing of the first two residential building sections (WA 1 and WA 2) as part of the Baumkirchen Mitte urban district development project in Munich is proceeding according to plan. As at key date 31 March the sales quota was approximately 79% for the first section WA 1 and around 38% for WA 2. An important milestone has also been reached in terms of realising the Kontorhaus office building in Arnulfpark with the handover of rental premises to Google early in January (phase 1) and mid-March (phase 2).
During the first three months, trading income from German real estate totalled € 21.6 m, with the profit from these transactions amounting to € 0.5 m. Amongst other things, a residential construction site spanning around 9,500 sqm was sold in the Munich district of Haar.
| Portfolio value | Rentable area | Occupancy rate | Annualised rental | Yield | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| investment properties | income | |||||||||||||||
| in € m | in sqm | in % | in € m | in % | ||||||||||||
| full | at | Total | full | at | Total | full | at | Total | full | at | Tot | full | at | Total | ||
| equity | equity | equity | equity | al | equity | |||||||||||
| Austria | 637 | 0 | 637 | 512,017 | 0 | 512,017 | 96.9% | 0.0% | 96.9% | 36.9 | 0.0 | 36.9 | 5.8% | 0.0% | 5.8% | |
| Germany | 688 | 179 | 867 | 381,441 | 34,132 | 415,573 | 94.1% | 79.9% | 91.2% | 41.0 | 8.8 | 49.8 | 6.0% | 4.9% | 5.7% | |
| Czech | ||||||||||||||||
| Republic | 34 | 157 | 192 | 27,308 | 70,051 | 97,359 | 90.6% | 90.6% | 90.6% | 3.6 | 11.5 | 15.1 | 10.6% | 7.3% | 7.9% | |
| Hungary | 182 | 98 | 280 | 102,128 | 76,254 | 178,382 | 79.4% | 83.8% | 81.0% | 12.4 | 7.7 | 20.2 | 6.8% | 7.9% | 7.2% | |
| Poland | 286 | 77 | 364 | 93,313 | 33,092 | 126,406 | 93.2% | 92.7% | 93.1% | 21.0 | 5.6 | 26.6 | 7.3% | 7.2% | 7.3% | |
| Romania | 100 | 105 | 204 | 42,319 | 50,660 | 92,980 | 94.3% | 87.0% | 90.6% | 8.7 | 8.1 | 16.9 | 8.8% | 7.8% | 8.3% | |
| Others | 144 | 64 | 208 | 88,532 | 37,687 | 126,219 | 86.0% | 92.2% | 87.8% | 11.0 | 4.9 | 15.9 | 7.6% | 7.7% | 7.6% | |
| Total | 2,072 | 681 | 2,752 | 1,247,059 | 301,877 | 1,548,936 | 92.3% | 87.0% | 90.9% | 135 | 47 | 181 | 6.5% | 6.9% | 6.6% |
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 and self-administrated properties; excl. the development project Kontorhaus in Munich, which is in the completion stage and was included in the investment portfolio in the beginning of 2015
2) incl. superaedificates (Austria, approximately 246,000 sqm) and open spaces (Germany, around 32,000 sqm)
As at 31 March 2015, CA Immo held investment properties in Austria with a value of € 636.7 m and an occupancy rate of 96.9% (96.6% on 31.12.2014). The company's asset portfolio generated rental income of € 9.2 m in the first three months. Approximately 2,600 sqm of rental space was newly let in Austria between January and the end of March.
The second phase of development has commenced at the Lände 3 project site on Erdberger Lände: following the modernisation and letting of office space, CA Immo has started constructing 220 rental apartments and around 140 parking spaces for an investor under the terms of a forward sale. Other high grade usage concepts are currently being devised for the last two Lände 3 sites (north 1 and 2) on Erdberger Lände.
CA Immo has started constructing 220 rental apartments on the Lände 3 site
Trading income for Austria amounted to € 21.0 m in the first three months.
CA Immo held investment properties with an approximate value of € 1,248.3 m in Eastern Europe as at 31 March 2015 (of which fully consolidated: € 746.5 m). In the first three months, property assets let with a total effective area of around 0.6 m sqm (thereof around 367,900 sqm fully consolidated) generated rental income of € 24.2 m. The occupancy rate on the key date nearly unchanged stood at 88.6%. Lease agreements relating to around 23,360 sqm rentable area were concluded in the first three months, of that total, office space represented roughly 21,800 sqm.
In 2015, CA Immo is continuing its strategic withdrawal from the logistical, residential and hotel segments, which do not form part of its core business.
In February the company sold two hotels in the Czech Republic: Europort Airport Center, a hotel at Prague Airport spanning some 13,800 sqm, and the Diplomat Center in Pilsen, which has approximate floor space of 10,000 sqm. The Europort transaction has already been closed, with the buyer confirmed as a local investor.
Closing for the sale of a logistical portfolio with total floor space of around 467,000 sqm, held under a joint venture with the EBRD, was confirmed early in February. The logistical portfolio comprises a logistics park in Romania (215,000 sqm), two investment properties in Poland (252,000 sqm) and approximately 165 hectares of undeveloped sites, mainly in Poland and Romania. The sale of the Europolis Park Budapest M1, held in a joint venture with Union Investment and comprising some 69,100 sqm of logistical premises (CA Immo share: 51%) was closed in mid-March.
A number of small office buildings were also sold, including the Buda Business Center in Budapest (floor space of 6,400 sqm) and the Europark Office Building in Sofia (rentable effective area of 8,000 sqm). The sales volume for the two office properties totalled around € 17 m, with closing already completed.
The sale of two office towers at Airport City St. Petersburg, agreed in November 2014, was successfully closed at the start of March 2015. The investment volume was approximately € 70 m. The Jupiter 1 and Jupiter 2 buildings have combined floor space of around 16,800 sqm and are fully let.
The following activities after key date 31 March 2015 are reported:
In early May, the auditing firm KPMG AG concluded an agreement with CA Immo to lease 12,000 sqm of rentable space in a planned office building in the Berlin Europacity district. The company will be the only office tenant in the building close to Berlin's main station. CA Immo is investing some € 58 m, with construction of the building scheduled to start in autumn 2015.
Two IT companies in Krakow are renting approximately 4,000 sqm of office space in the AVIA office building, which was completed at the end of 2014. The building was thus around 85% let shortly after completion and is expected to be fully let by the middle of this year.
Completed at the end of 2014 and now 85% let: Office building AVIA in Krakow
After the first quarter of 2015, rental income for CA Immo fell by – 7.4% to € 34,726. K. This change compared to the previous year was mainly caused by the sale of the Lipowy office property in Warsaw, which was closed end of 1Q 2014.
In year-on-year comparison, property expenses directly attributable to the asset portfolio, including own operating expenses, declined to €–3,547 K (– 17.8%). The net result from renting stood at € 31,179 K after the first three quarters. The efficiency of the letting activity, measured as the operating margin in rental business (net rental income in relation to rental income), stood at 89.8% at the end of March 2015, above the value of 88.5% after the first three months of last year.
Other expenses directly attributable to development projects amounted to €– 345 K in the first three quarters (€ – 2,351 K in 2014). Hotel operations did not contribute to the first quarter results in 2015. Gross revenue from services rose by a significant 31.1% in yearly comparison to stand at € 4,531 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.
The sales result from property assets held as current assets delivered a contribution of € 44 K (against 198 K in 2014). The result from the sale of investment properties declined by – 74.4% on the comparable value for the first quarter of last year to stand at € 1,100 K.
After the first quarter, indirect expenditures stood at € – 9,157 K, below the 2014 level of € – 10,137 K. This item also contains expenses counterbalancing the aforementioned gross revenue from services.
Other operating income stood at € 485 K, a clear drop on the high 2014 reference value of € 4,117 K.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell – 18.2% to € 27,832 K. The lower result compared to last year was mainly due to the above outlined decline in more volatile earnings components such as property sales income and other operating income.
The total revaluation gain of € 2,306 K in the first three months of 2015 was counterbalanced by a revaluation loss of € – 7,274 K. As a result, the cumulative revaluation result stood at € – 4,968 K as at key date 31 March 2015.
Current results of joint ventures consolidated at equity are reported under 'Results from investments in joint ventures' in the consolidated income statement. After the first three months this contribution amounted to € 3,014 K, reflecting a significant – 62.4% downturn in earnings on the comparable value of last year (€ 8,025 K). The sharp decline on the previous year's figure mainly related to the sale of logistics assets in CEE (closed end of January 2015) as well as a positive tax effect in CEE booked in 2014. The share of earnings meeting the EBITDA definition of the Group stood at € 9.619 K after three months, down 17.4% on the first quarter of 2014.
Earnings before interest and taxes (EBIT) decreased by – 34.1% in yearly comparison (€ 25,238 K against € 38,275 K in 2014).
The financial result for the first quarter of 2015 was € – 6,918 K, a significant improvement on last year's value of € – 20,354 K. The Group's financing costs, a key element in sustainable earnings, fell by – 33.1% on the 2014 value to € – 14,850 K. Aside from loan repayments linked to sales and the repayment of corporate bond 2009-2014, the continual optimisation of the financing structure had a positive impact.
The result from the valuation of interest-rate hedges improved from € – 8,318 K to € 1,705 K. The result from financial investments of € 6,171 K was higher than the value for the reference period (€ 5,931 K) in 2014). The result from other financial assets together with the result from associated companies totalled to – 686 Tsd. € (2014: € 1,406 K).
Earnings before taxes (EBT) stood at € 18,320 K, up 2.2% on last year's value of € 17,921 K. The significant financial result improvement offset lower contributions from other earnings components. After the first three months, the result from taxes on earnings was € 1,015 K (€ – 4,031 K in 2014).
The result for the period rose compared to the reference value of last year by 39.20% to € 19,335 K.
An FFO I of € 21,796 K was generated in the first three months of 2015, 36.4% above the previous year's value of € 15,984 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 € 19.526 K (€ 29,705 K in 2014).
| € m | 1st | 1st |
|---|---|---|
| Quarter | Quarter | |
| 2015 | 2014 | |
| Net rental income (NRI) | 31.2 | 33.2 |
| Result from hotel operations | 0.0 | 0.2 |
| Income from services | 4.5 | 3.5 |
| Other expenses directly related to | ||
| properties under development | –0.3 | –1.3 |
| Other operating income | 0.5 | 4.1 |
| Other operating income/expenses | 4.7 | 6.5 |
| Indirect expenses | –9.2 | –10.1 |
| Result from investments in joint | ||
| venture 1) | 3.8 | 6.3 |
| Finance costs | –14.9 | –22.2 |
| Result from financial investments | 6.2 | 5.9 |
| Other adjustment 2) | 0.0 | –3.6 |
| FFO I (excl. Trading and pre taxes) | 21.8 | 16.0 |
| Trading result | 0.0 | 0.2 |
| Result from the sale of investment | ||
| properties | 1.1 | 4.3 |
| Result from sale of joint ventures | 0.1 | 0.5 |
| Result from property sales | 1.2 | 5.0 |
| Other financial result | 0.0 | 2.4 |
| Current income tax | –3.2 | 2.9 |
| current income tax of joint ventures | –0.3 | –0.2 |
| Other adjustments | 0.0 | 3.6 |
| FFO II | 19.5 | 29.7 |
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 € 3,126,799 K (81% of total assets).
The balance sheet item 'Property assets under development' declined by – 12.1% on the value as at 31 December 2014 to € 435,983 K. 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 € 2.643,456 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 € 208,043 K on the key date (€ 206,136 K in 2014).
Cash and cash equivalents had risen substantially to € 471,155 K on the balance sheet date compared to the value for 31 December 2014 (€ 163,638 K). The key factor in this was the closing of the CEE logistics sale transaction and the corporate bond issue with a nominal value of € 175 m.
During the first three quarters, shareholders' equity increased by 1.7%, from € 1,951,707 K to € 1,983,975 K. The equity ratio for the Group was 51.6% on the key date, compared to 53.2% at year end.
The Group's financial liabilities summed up to € 1,405,477 K on the key date against € 1,229,150 K on 31.12.2014. Net debt again declined to € 934,322 K compared to 1,065,512 K at the start of the year. The loan-tovalue ratio on the basis of balance sheet values as at 31 March 2015 was 35% (net, taking account of Group cash and cash equivalents). On the key date, gearing was 47% (31.12.2014: 55%).
The NAV (shareholders' equity) stood at € 1,984.0 K on 31 March 2015 (€ 20.08 per share). 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
diluted EPRA NNNAV as at 31 March 2015 was € 20.56 per share, equivalent to a slight increase of 1.0% on the value at the end of last year (€ 20.36 per share). The number of shares outstanding on the key date was 98.808.336.
| € m 31.3.2015 |
31.12.2014 |
|---|---|
| Equity (NAV) 1,984.0 |
1,951.7 |
| Exercise of options 0.0 |
0.0 |
| NAV after exercise of options 1,984.0 |
1,951.7 |
| NAV/share in € 20.08 |
19.75 |
| Value adjustment for 1) | |
| - own use properties 4.4 |
4.2 |
| - short-term property assets 11.1 |
12.3 |
| - Financial instruments 25.9 |
27.5 |
| Deferred taxes 154.2 |
152.5 |
| EPRA NAV after adjustments 2,179.7 |
2,148.2 |
| EPRA NAV per share in € 22.06 |
21.74 |
| Value adj. for financial instruments – 25.9 |
– 27.5 |
| Value adjustment for liabilities – 13.2 |
– 10.7 |
| Deferred taxes – 109.0 |
– 98.5 |
| EPRA NNNAV 2,031.6 |
2,011.6 |
| EPRA NNNAV per share in € 20.56 |
20.36 |
| Change of NNNAV against previous year 1.0% |
|
| Price (31.03.) / NNNAV per share – 1 – 15.1 |
– 23.9 |
| Number of shares 98,808,336 |
98,808,336 |
1) Includes proportionate values from joint ventures
The auditing firm KPMG AG concluded an agreement to lease 12,000 sqm of rentable space in a planned office building in the Berlin Europacity district
| € 1.000 | 1st Quarter | 1st Quarter |
|---|---|---|
| 2015 | 2014 | |
| Rental income | 34,726 | 37,488 |
| Operating costs charged to tenants | 9,105 | 8,572 |
| Operating expenses | – 10,936 | – 10,259 |
| Other expenses directly related to properties rented | – 1,716 | – 2,631 |
| Net rental income | 31,179 | 33,170 |
| Gross revenues hotel operations | 1,036 | 1,385 |
| Expenses related to hotel operations | – 1,041 | – 1,200 |
| Result from hotel operations | – 5 | 185 |
| Other expenses directly related to properties under development | – 345 | – 1,272 |
| Income from the sale of properties held for trading | 817 | 339 |
| Book value of sold properties held for trading | – 773 | – 141 |
| Trading result | 44 | 198 |
| Result from the sale of investment properties | 1,100 | 4,301 |
| Income from services | 4,531 | 3,455 |
| Indirect expenses | – 9,157 | – 10,137 |
| Other operating income | 485 | 4,117 |
| EBITDA | 27,832 | 34,017 |
| Depreciation and impairment of long-term assets | – 640 | – 1,121 |
| Changes in value of properties held for trading | 0 | – 1 |
| Depreciation and impairment/reversal | – 640 | – 1,122 |
| Revaluation gain | 2,306 | 1,893 |
| Revaluation loss | – 7,274 | – 4,538 |
| Result from revaluation | – 4,968 | – 2,645 |
| Result from joint ventures | 3,014 | 8,025 |
| Operating result (EBIT) | 25,238 | 38,275 |
| Finance costs | – 14,850 | – 22,199 |
| Other financial result | 0 | 2,408 |
| Foreign currency gains/losses | 742 | 418 |
| Result from interest rate derivative transactions | 1,705 | – 8,318 |
| Result from financial investments | 6,171 | 5,931 |
| Result from other financial assets | – 12 | 0 |
| Result from associated companies | – 674 | 1,406 |
| Financial result | – 6,918 | – 20,354 |
| Net result before taxes (EBT) | 18,320 | 17,921 |
| Current income tax | – 3,175 | 2,933 |
| Deferred taxes | 4,190 | – 6,964 |
| Income tax | 1,015 | – 4,031 |
| Consolidated net income | 19,335 | 13,890 |
| thereof attributable to the owners of the parent | 19,335 | 13,890 |
| Earning per share in € (basic) | € 0.20 | € 0.16 |
| Earnings per share in € (diluted) | € 0.20 | € 0.15 |
| € 1.000 | 1st Quarter 2015 |
1st Quarter 2014 |
|---|---|---|
| Consolidated net income | 19,335 | 13,890 |
| Other comprehensive income | ||
| Valuation cash flow hedges | 1,773 | – 989 |
| Reclassification cash flow hedges | 0 | 4,108 |
| Exchange rate differences | – 2,841 | 241 |
| Revaluation of assets available for sale | 18,948 | 0 |
| Income tax related to other comprehensive income | – 4,947 | – 715 |
| Other comprehensive income for the period (realised through profit or loss) | 12,933 | 2,645 |
| Revaluation gains/losses IAS 19 | 0 | – 8 |
| Other comprehensive income for the period (not realised through profit or loss) | 0 | – 8 |
| Other comprehensive income for the period | 12,933 | 2,637 |
| Comprehensive income for the period | 32,268 | 16,527 |
| thereof attributable to the owners of the parent | 32,268 | 16,527 |
| € 1.000 | 31.3.2015 | 31.12.2014 |
|---|---|---|
| ASSETS | ||
| Investment properties | 2,155,698 | 2,092,917 |
| Investment properties under development | 435,983 | 496,252 |
| Hotels and other own used properties | 7,403 | 7,533 |
| Office furniture and other equipment | 1,300 | 1,399 |
| Intangible assets | 14,859 | 15,845 |
| Investments in joint ventures | 208,043 | 206,136 |
| Investments in associated companies | 18 | 18 |
| Financial assets | 298,540 | 385,410 |
| Deferred tax assets | 4,955 | 4,301 |
| Long-term assets | 3,126,799 | 3,209,811 |
| Long-term assets as a % of total assets | 81.3% | 87.4% |
| Assets held for sale | 25,256 | 91,481 |
| Properties held for trading | 19,116 | 18,445 |
| Receivables and other assets | 201,947 | 187,566 |
| Cash and cash equivalents | 471,155 | 163,638 |
| Short-term assets | 717,474 | 461,130 |
| Total assets | 3,844,273 | 3,670,941 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Share capital | 718,337 | 718,337 |
| Capital reserves | 998,839 | 998,839 |
| Other reserves | – 15,771 | – 28,704 |
| Retained earnings | 282,570 | 263,235 |
| Shareholders' equity | 1,983,975 | 1,951,707 |
| Shareholders' equity as a % of total assets | 51.6% | 53.2% |
| Provisions | 6,891 | 7,726 |
| Interest-bearing liabilities | 1,191,464 | 1,026,620 |
| Other liabilities | 159,786 | 162,352 |
| Deferred tax liabilities | 147,594 | 145,991 |
| Long-term liabilities | 1,505,735 | 1,342,689 |
| Current income tax liabilities | 8,994 | 11,372 |
| Provisions | 51,472 | 51,259 |
| Interest-bearing liabilities | 214,013 | 202,530 |
| Other liabilities | 71,231 | 84,841 |
| Liabilities relating to disposal groups | 8,853 | 26,543 |
| Short-term liabilities | 354,563 | 376,545 |
| Total liabilities and shareholders' equity | 3,844,273 | 3,670,941 |
| € 1.000 | 1st Quarter 2015 | 1st Quarter 2014 |
|---|---|---|
| Cash flow from operations | 27,590 | 26,280 |
| Cash flow from changes in net working capital | 2,488 | 7,456 |
| Cash flow from operating activities | 30,078 | 33,736 |
| Cash flow from investing activities | 117,975 | – 179,098 |
| Cash flow from financing activities | 158,382 | – 133,145 |
| Net change in cash and cash equivalents | 306,435 | – 278,507 |
| Cash and cash equivalents as at 1.1. | 163,638 | 613,426 |
| Exchange rate differences | 1,082 | – 331 |
| Net change in cash and cash equivalents | 306,435 | – 278,507 |
| Cash and cash equivalents as at 31.3 | 471,155 | 334,588 |
| € 1.000 | Share capital | Capital reserves | Retained earnings |
|
|---|---|---|---|---|
| As at 1.1.2014 | 638,714 | 1,000,536 | 192,439 | |
| Valuation cash flow hedge | 0 | 0 | 0 | |
| Currency translation reserve | 0 | 0 | 0 | |
| Revaluation gains/losses IAS 19 | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 13,890 | |
| Comprehensive income for 2014 | 0 | 0 | 13,890 | |
| conversion of bonds | 477 | 226 | 0 | |
| As at 31.3.2014 | 639,191 | 1,000,762 | 206,329 | |
| As at 1.1.2015 | 718,337 | 998,839 | 263,235 | |
| Valuation cash flow hedge | 0 | 0 | 0 | |
| Currency translation reserve | 0 | 0 | 0 | |
| Consolidated net income | 0 | 0 | 19,335 | |
| Comprehensive income for 2015 | 0 | 0 | 19,335 | |
| As at 31.3.2015 | 718,337 | 998,839 | 282,570 |
| Valuation result | other reserves | Shareholders' |
|---|---|---|
| (hedging - reserve) | equity (total) | |
| – 34,907 | – 2,516 | 1,794,266 |
| 2,404 | 0 | 2,404 |
| 0 | 241 | 241 |
| 0 | – 8 | – 8 |
| 0 | 0 | 13,890 |
| 2,404 | 233 | 16,527 |
| 0 | 0 | 703 |
| – 32,503 | – 2,283 | 1,811,496 |
| – 27,503 | – 1,201 | 1,951,707 |
| 1,563 | 0 | 1,563 |
| 0 | – 2,841 | – 2,841 |
| 0 | 0 | 19,335 |
| 1,563 | 11,370 | 32,268 |
| – 25,940 | 10,169 | 1,983,975 |
| € 1.000 1st Quarter 2015 |
Income producing |
Development | Austria Total |
Income producing |
Development | Germany Total |
Income producing |
|
|---|---|---|---|---|---|---|---|---|
| Rental income | 9,226 | 0 | 9,226 | 14,080 | 3,549 | 17,629 | 25,742 | |
| Rental income with other operating | ||||||||
| segments | 131 | 0 | 131 | 77 | 0 | 77 | 0 | |
| Operating costs charged to tenants | 2,914 | 0 | 2,914 | 3,478 | 340 | 3,818 | 8,902 | |
| Operating expenses | – 3,138 | 0 | – 3,138 | – 4,520 | – 685 | – 5,205 | – 10,007 | |
| Other expenses directly related to | ||||||||
| properties rented | – 554 | 0 | – 554 | – 918 | – 175 | – 1,093 | – 1,657 | |
| Net rental income | 8,579 | 0 | 8,579 | 12,197 | 3,029 | 15,226 | 22,980 | |
| Result from hotel operations | 0 | 0 | 0 | 0 | 0 | 0 | – 5 | |
| Other expenses directly related to | ||||||||
| properties under development | 0 | – 5 | – 5 | 0 | – 185 | – 185 | 0 | |
| Trading result | 0 | 0 | 0 | 0 | – 719 | – 719 | 0 | |
| Result from the sale of investment | ||||||||
| properties | – 356 | 0 | – 356 | 1,384 | – 695 | 689 | – 1,613 | |
| Income from services | 21 | 0 | 21 | 0 | 3,081 | 3,081 | 26 | |
| Indirect expenses | – 257 | – 91 | – 348 | – 1,258 | – 5,432 | – 6,690 | – 3,158 | |
| Other operating income | 2 | 0 | 2 | 154 | 155 | 309 | 346 | |
| EBITDA | 7,989 | – 96 | 7,893 | 12,477 | – 766 | 11,711 | 18,576 | |
| Depreciation and impairment/reversal | – 293 | 0 | – 293 | – 36 | – 143 | – 179 | – 53 | |
| Result from revaluation | – 2,650 | – 783 | – 3,433 | 1,566 | – 110 | 1,456 | – 3,079 | |
| Result from joint ventures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating result (EBIT) | 5,046 | – 879 | 4,167 | 14,007 | – 1,019 | 12,988 | 15,444 |
| Property assets1) | 641,485 | 20,000 | 661,485 | 1,062,219 | 793,632 | 1,855,851 | 1,349,499 | |
|---|---|---|---|---|---|---|---|---|
| Other assets | 82,486 | 33 | 82,519 | 136,762 | 340,823 | 477,585 | 275,129 | |
| Deferred tax assets | 0 | 0 | 0 | 965 | 2,326 | 3,291 | 3,657 | |
| Segment assets | 723,971 | 20,033 | 744,004 | 1,199,946 | 1,136,781 | 2,336,727 | 1,628,285 | |
| Interest-bearing liabilities | 314,820 | 0 | 314,820 | 611,660 | 437,972 | 1,049,632 | 1,036,167 | |
| Other liabilities | 36,098 | 540 | 36,638 | 70,992 | 77,436 | 148,428 | 43,486 | |
| Deferred tax liabilities incl. current | ||||||||
| income tax liabilities | 52,762 | 4,576 | 57,338 | 80,025 | 44,235 | 124,260 | 64,315 | |
| Liabilities | 403,680 | 5,116 | 408,796 | 762,677 | 559,643 | 1,322,320 | 1,143,968 | |
| Shareholders' equity | 320,291 | 14,917 | 335,208 | 437,269 | 577,138 | 1,014,407 | 484,317 | |
| Capital expenditures2) | 147 | 783 | 930 | 5,042 | 30,292 | 35,334 | 3,043 |
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 €672 K (31.12.2014: € 2,078 K) in properties held for trading.
| Eastern Europe | Eastern Europe | Total | Transition | Total | ||||
|---|---|---|---|---|---|---|---|---|
| core regions | other regions | segments | ||||||
| Development | Total | Income | Development | Total | Holding Consolidation | |||
| producing | ||||||||
| 396 | 26,138 | 4,322 | 0 | 4,322 | 57,315 | 0 | – 22,589 | 34,726 |
| 0 | 0 | 0 | 0 | 0 | 208 | 0 | – 208 | 0 |
| 247 | 9,149 | 1,407 | 0 | 1,407 | 17,288 | 0 | – 8,183 | 9,105 |
| – 282 | – 10,289 | – 1,529 | 0 | – 1,529 | – 20,161 | 0 | 9,225 | – 10,936 |
| – 100 | – 1,757 | – 124 | 0 | – 124 | – 3,528 | 0 | 1,812 | – 1,716 |
| 261 | 23,241 | 4,076 | 0 | 4,076 | 51,122 | 0 | – 19,943 | 31,179 |
| 0 | – 5 | 0 | 0 | 0 | – 5 | 0 | 0 | – 5 |
| – 38 | – 38 | 0 | – 6 | – 6 | – 234 | 0 | – 111 | – 345 |
| 0 | 0 | 0 | 0 | 0 | – 719 | 0 | 763 | 44 |
| 48 | – 1,565 | 0 | 116 | 116 | – 1,116 | 0 | 2,216 | 1,100 |
| 0 | 26 | 0 | 0 | 0 | 3,128 | 853 | 550 | 4,531 |
| – 220 | – 3,378 | – 378 | – 21 | – 399 | – 10,815 | – 2,673 | 4,331 | – 9,157 |
| 31 | 377 | 1 | 1 | 2 | 690 | 97 | – 302 | 485 |
| 82 | 18,658 | 3,699 | 90 | 3,789 | 42,051 | – 1,723 | – 12,496 | 27,832 |
| 0 | – 53 | 0 | 0 | 0 | – 525 | – 146 | 31 | – 640 |
| 744 | – 2,335 | – 627 | 0 | – 627 | – 4,939 | 0 | – 29 | – 4,968 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,014 | 3,014 |
| 826 | 16,270 | 3,072 | 90 | 3,162 | 36,587 | – 1,869 | – 9,480 | 25,238 |
| 95,407 1,444,906 223,489 4,600 228,089 4,190,331 0 – 1,546,875 2,643,456 11,267 286,396 7,022 3,243 10,265 856,765 895,633 – 556,536 1,195,862 0 3,657 0 0 0 6,948 52,965 – 54,958 4,955 106,674 1,734,959 230,511 7,843 238,354 5,054,044 948,598 – 2,158,369 3,844,273 91,702 1,127,869 164,768 31,395 196,163 2,688,484 496,597 – 1,779,604 1,405,477 6,254 49,740 8,474 15 8,489 243,295 46,026 8,912 298,233 2,807 67,122 9,924 8 9,932 258,652 7,383 – 109,447 156,588 100,763 1,244,731 183,166 31,418 214,584 3,190,431 550,006 – 1,880,139 1,860,298 5,911 490,228 47,345 – 23,575 23,770 1,863,613 398,592 – 278,230 1,983,975 2,534 5,577 505 0 505 42,346 117 – 15,714 26,749 |
|||||
|---|---|---|---|---|---|
| € 1.000 | Austria | Germany | ||||||
|---|---|---|---|---|---|---|---|---|
| 1st Quarter 2014 | Income | Developmen | Total | Income | Developmen | Total | Income | |
| producing | t | producing | t | producing | ||||
| Rental income | 10,721 | 72 | 10,793 | 13,724 | 2,705 | 16,429 | 29,749 | |
| Rental income with other operating | ||||||||
| segments | 129 | 0 | 129 | 77 | 0 | 77 | 0 | |
| Operating costs charged to tenants | 2,299 | 0 | 2,299 | 2,439 | 156 | 2,595 | 10,574 | |
| Operating expenses | – 2,464 | 0 | – 2,464 | – 3,079 | – 356 | – 3,435 | – 11,965 | |
| Other expenses directly related to | ||||||||
| properties rented | – 1,221 | 0 | – 1,221 | – 1,413 | 261 | – 1,152 | – 1,273 | |
| Net rental income | 9,464 | 72 | 9,536 | 11,748 | 2,766 | 14,514 | 27,085 | |
| Result from hotel operations | 0 | 0 | 0 | 0 | 0 | 0 | 185 | |
| Other expenses directly related to | ||||||||
| properties under development | 0 | 0 | 0 | 0 | – 1,651 | – 1,651 | 0 | |
| Trading result | 0 | 0 | 0 | 0 | 562 | 562 | 0 | |
| Result from the sale of investment | ||||||||
| properties | – 18 | – 8 | – 26 | 531 | 3,591 | 4,122 | 306 | |
| Income from services | 0 | 0 | 0 | 0 | 2,367 | 2,367 | 208 | |
| Indirect expenses | – 237 | – 51 | – 288 | – 1,199 | – 5,107 | – 6,306 | – 4,247 | |
| Other operating income | 120 | 0 | 120 | 347 | 559 | 906 | 3,736 | |
| EBITDA | 9,329 | 13 | 9,342 | 11,427 | 3,087 | 14,514 | 27,273 | |
| Depreciation and impairment/reversal | – 278 | 0 | – 278 | – 75 | – 91 | – 166 | – 676 | |
| Result from revaluation | 209 | 0 | 209 | 2,136 | – 823 | 1,313 | 2,252 | |
| Result from joint ventures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating result (EBIT) | 9,260 | 13 | 9,273 | 13,488 | 2,173 | 15,661 | 28,849 | |
| 31.12.2014 | ||||||||
| 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 | |
| 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 | |
| Segment assets | 764,912 | 6 | 764,918 | 1,253,578 | 1,073,358 | 2,326,936 | 1,814,218 | |
| Interest-bearing liabilities | 328,951 | 0 | 328,951 | 628,549 | 411,816 | 1,040,365 | 1,092,001 | |
| Other liabilities | 34,179 | 5 | 34,184 | 90,021 | 67,434 | 157,455 | 183,896 | |
| Deferred tax liabilities incl. current | ||||||||
| income tax liabilities | 59,580 | 0 | 59,580 | 77,387 | 48,529 | 125,916 | 65,228 | |
| Liabilities | 422,710 | 5 | 422,715 | 795,957 | 527,779 | 1,323,736 | 1,341,125 | |
| Shareholders' equity | 342,202 | 1 | 342,203 | 457,621 | 545,579 | 1,003,200 | 473,093 | |
| Capital expenditures2) | 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 | ||||||||
| 939 | 30,688 | 4,150 | 0 | 4,150 | 62,060 | 0 | – 24,572 | 37,488 |
| 0 | 0 | 0 | 0 | 0 | 206 | 0 | – 206 | 0 |
| 227 | 10,801 | 1,296 | 0 | 1,296 | 16,991 | 0 | – 8,419 | 8,572 |
| – 342 | – 12,307 | – 1,612 | 0 | – 1,612 | – 19,818 | 0 | 9,559 | – 10,259 |
| – 715 | – 1,988 | – 81 | 0 | – 81 | – 4,442 | 0 | 1,811 | – 2,631 |
| 109 | 27,194 | 3,753 | 0 | 3,753 | 54,997 | 0 | – 21,827 | 33,170 |
| 0 | 185 | 0 | 0 | 0 | 185 | 0 | 0 | 185 |
| – 29 | – 29 | 0 | – 5 | – 5 | – 1,685 | 0 | 413 | – 1,272 |
| 0 | 0 | 0 | 0 | 0 | 562 | 0 | – 364 | 198 |
| 0 | 306 | 0 | 0 | 0 | 4,402 | 0 | – 101 | 4,301 |
| 0 | 208 | 55 | 0 | 55 | 2,630 | 1,044 | – 219 | 3,455 |
| – 376 | – 4,623 | – 279 | – 141 | – 420 | – 11,637 | – 2,541 | 4,041 | – 10,137 |
| 85 | 3,821 | 12 | 1 | 13 | 4,860 | 21 | – 764 | 4,117 |
| – 211 | 27,062 | 3,541 | – 145 | 3,396 | 54,314 | – 1,476 | – 18,821 | 34,017 |
| – 4 | – 680 | – 1 | – 1 | – 2 | – 1,126 | – 126 | 130 | – 1,122 |
| 138 | 2,390 | – 516 | 0 | – 516 | 3,396 | 0 | – 6,041 | – 2,645 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,025 | 8,025 |
| – 77 | 28,772 | 3,024 | – 146 | 2,878 | 56,584 | – 1,602 | – 16,707 | 38,275 |
| 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 |
| 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 as at 31.3.2015 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 of CA Immobilien Anlagen Aktiengesellschaft ("CA Immo AG"), Vienna, for the reporting period from 1.1. to 31.3.2015 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 31.3.2015 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 these new or amendet standards and interpretations have no essential impact on the consolidated financial statement.
There were no significant changes in the scope of consolidation of CA IMMO Group in the 1st quarter 2015.
The financial assets (long term assets) consist of the following items:
| 31.3.2015 | 31.12.2014 | |
|---|---|---|
| Loans to joint ventures | 182,922 | 305,452 |
| Loans to associated companies | 19,850 | 20,524 |
| Other investments | 56,654 | 56,654 |
| Other financial assets | 39,115 | 2,780 |
| Financial assets | 298,540 | 385,410 |
As at 31.3.2015, one land plot in Austria as well as one company owing a hotel in Czech Republic ,in the amount of EUR 25,256 K are presented as disposal group assets, and correspondingly disposal group liabilities, amounting to EUR 8,853 K: As at 31.3.2015, a sale within one year from the date of reclassification was regarded as highly probable.
As at 31.3.2015, CA Immo Group held cash and cash equivalents amounting to € 471,155 K., cash and cash equivalents contain bank balances of € 17,395 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 (repayment and interest). 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 | 31.3.2015 | 31.12.2014 |
|---|---|---|
| Maturity > 1 year | 2,713 | 2,709 |
| Maturity from 3 to 12 months | 1,514 | 1,512 |
| Cash and cash equivalents with drawing restrictions | 4,227 | 4,221 |
Interest-bearing liabilitiesas at 31.3.2015 comprise of 100.0% EUR loans and bonds. Thereof, 38.7% were fixed-interest, 21.5% were fixedinterest by swaps, 2.0% were hedged by caps and 37.8% (with a principal of € 723,902 K) were subject to floating interest rates. The floating interest rate liabilities are matched by swaps with a nominal amount of € 359,558 K, for which no cash-flow hedge relationship exists.
In 2014, CA Immo Group repurchased own loans from the financing bank. The difference between the purchase price and the outstanding loan amount for consolidated subsidiaries in the amount of € 0 K (1st Quarter 2014: EUR 2,408 K.) is presented as 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 the joint ventures.
The result from derivative interest rate transactions comprises the following:
| € 1.000 | 1st Quarter 2015 | 1st Quarter 2014 |
|---|---|---|
| Valuation interest rate derivative transactions (not realised) | 1,601 | – 4,194 |
| Reclassification of valuation results recognised in equity in prior years | 0 | – 4,108 |
| Ineffectiveness of interest rate swaps | – 50 | – 16 |
| Realised results from interest rate derivative transactions | 154 | 0 |
| Result from interest rate derivative transactions | 1,705 | – 8,318 |
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 premature repayment.
| € 1.000 | 1st Quarter 2015 | 1st Quarter 2014 |
|---|---|---|
| Current income tax (current year) | – 3,049 | – 5,474 |
| Current income tax (previous years) | – 126 | 8,407 |
| Current income tax | – 3,175 | 2,933 |
| Change in deferred taxes | 4,190 | – 8,048 |
| Tax benefit on valuation of derivative transactions and IAS 19 in equity | 0 | 1,084 |
| Income tax | 1,015 | – 4,031 |
| Effective tax rate (total) | 5.5% | 22.5% |
Current income tax 2015 arises in the amount of € 1,402 K. from the segment Austria. The current income tax (previous years) in 2014 is essentially due to a tax benefit claimed in tax returns for previous years, which in turn resulted in an increase in deferred taxes in the same amount.
| 1st Quarter 2015 | 1st Quarter 2014 | ||
|---|---|---|---|
| Weighted average number of shares outstanding | pcs. | 98,808,336 | 87,892,944 |
| Consolidated net income | € 1.000 | 19,335 | 13,890 |
| basic earnings per share | € | 0.20 | 0.16 |
| 1st Quarter 2014 | ||
|---|---|---|
| Weighted average number of shares outstanding | pcs. | 87,892,944 |
| Dilution effect: | ||
| Convertible bond | pcs. | 10,673,419 |
| Weighted average number of shares | pcs. | 98,566,363 |
| Consolidated net income attributable to the owners of the parent | € 1.000 | 13,890 |
| Dilution effect: | ||
| Effective interest rate on convertible bond | € 1.000 | 1,181 |
| less taxes | € 1.000 | – 295 |
| Consolidated net income attributable to the owners of the parent adjusted | ||
| by dilution effect | € 1.000 | 14,776 |
| Diluted earnings per share | € | 0.15 |
| Financial assets | ||||
|---|---|---|---|---|
| Category | Book value | Fair value | Book value | Fair value |
| € 1.000 | 31.03.2015 | 31.03.2015 | 31.12.2014 | 31.12.2014 |
| Cash and cash equivalents with drawing | ||||
| restrictions | 2,713 | 2,709 | ||
| Derivative financial instruments | 34 | 34 | 64 | 64 |
| Primary financial instruments | 295,793 | 382,637 | ||
| Financial assets | 298,540 | 385,410 | ||
| Cash and cash equivalents with drawing | ||||
| restrictions | 1,514 | 1,512 | ||
| Other receivables and assets | 110,146 | 161,507 | ||
| Securities | 90,287 | 90,287 | 24,547 | 24,547 |
| Receivables and other assets | 201,947 | 187,566 | ||
| Cash and cash equivalents | 471,155 | 163,638 | ||
| 971,642 | 736,614 |
The fair value of the other receivables and assets, restricted cash 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.
| Financial liabilities | ||||
|---|---|---|---|---|
| Category | Book value | Fair value | Book value | Fair value |
| € 1.000 | 31.03.2015 | 31.03.2015 | 31.12.2014 | 31.12.2014 |
| Other bonds | 364,640 | 373,507 | 187,376 | 195,291 |
| Other interest-bearing liabilities | 1,040,837 | 1,043,677 | 1,041,774 | 1,042,353 |
| Interest-bearing liabilities | 1,405,477 | 1,229,151 | ||
| Derivative financial instruments | 72,869 | 72,869 | 77,611 | 77,611 |
| Other primary liabilities | 65,509 | 75,766 | ||
| Other primary liabilities (Non-Fi) | 92,640 | 93,816 | ||
| Total other liabilities | 231,018 | 247,193 | ||
| 1,636,495 | 1,476,344 |
The fair value of other primary liabilities essentially equals the book value due to daily and/or short-term maturities.
| 31.3.2015 | 31.12.2014 | |||||
|---|---|---|---|---|---|---|
| € 1.000 | Nominal | Fair value | Book value | Nominal | Fair value | Book value |
| value | value | |||||
| Interest rate swaps | 609,290 | – 72,869 | – 72,869 | 637,687 | – 77,611 | – 77,611 |
| Swaption | 100,000 | 6 | 6 | 100,000 | 54 | 54 |
| Interest rate caps | 21,585 | 28 | 28 | 21,585 | 10 | 10 |
| Total | 730,875 | – 72,835 | – 72,835 | 759,272 | – 77,547 | – 77,547 |
| - thereof hedging (cash flow hedges) | 234,079 | – 31,554 | – 31,554 | 251,723 | – 33,689 | – 33,689 |
| - thereof stand alone (fair value | ||||||
| derivatives) | 496,796 | – 41,281 | – 41,281 | 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.
| 31.3.2015 | 31.12.2014 | |||||
|---|---|---|---|---|---|---|
| € 1.000 | Nominal | Fair value | Book value | Nominal value | Fair value | Book value |
| value | ||||||
| - Cash flow hedges | ||||||
| (effective) | 231,097 | – 31,129 | – 31,129 | 247,568 | – 33,180 | – 33,180 |
| - Cash flow hedges | ||||||
| (ineffective) | 2,982 | – 425 | – 425 | 4,155 | – 510 | – 510 |
| - Fair value derivatives | ||||||
| (HFT) | 375,211 | – 41,315 | – 41,315 | 385,964 | – 43,922 | – 43,922 |
| Interest rate swaps | 609,290 | – 72,869 | – 72,869 | 637,687 | – 77,611 | – 77,611 |
| Currency | Nominal value in € 1,000 |
Start | End | Fixed interest rate as at 31.03.2015 |
Reference interest rate |
Fair value 31.03.2015 in € 1,000 |
|---|---|---|---|---|---|---|
| EUR (nominal value each above 100 m EUR) - CFH |
108,750 | 01/2008 | 12/2017 | 4.41% | 3M-Euribor | – 12,893 |
| EUR (nominal value each below 100 m EUR) - CFH |
283,036 | 07/2008 | 12/2022 | 2,253%– 4,789% |
3M-Euribor / 6M-Euribor |
– 40,254 |
| EUR (nominal value each below 100 m EUR) - stand alone |
217,504 | 07/2007 | 12/2023 | 0,505%– 4,613% |
6M-Euribor | – 19,722 |
| Total = variable in fixed | 609,290 | – 72,869 |
| Currency | Nominal | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| value in | interest rate | interest rate | ||||
| € 1,000 | as at | |||||
| 31.12.2014 | 31.12.2014 | |||||
| in € 1,000 | ||||||
| EUR (nominal value each above | ||||||
| 100 m EUR) - CFH | 109,375 | 01/1900 | 12/2017 | 4.41% | 3M-Euribor | – 13,809 |
| EUR (nominal value each below | 1,295%– | 3M-Euribor / | ||||
| 100 m EUR) - CFH | 309,844 | 06/2008 | 12/2022 | 4,789% | 6M-Euribor | – 43,122 |
| EUR (nominal value each below | 2,279%– | |||||
| 100 m EUR) - stand alone | 218,468 | 07/2007 | 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 | interest rate | |||||
| as at | ||||||
| 31.03.2015 | 31.03.2015 | |||||
| in € 1,000 | ||||||
| Swaption EUR | 100,000 | 06/2013 | 06/2016 | 2.50% | 6M-Euribor | 6 |
| Total | 100,000 | 6 |
| Currency | Nominal value in | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| € 1,000 | interest rate | interest rate | ||||
| as at | ||||||
| 31.12.2014 | 31.12.2014 | |||||
| in € 1,000 | ||||||
| Swaption EUR | 100,000 | 06/2013 | 06/2016 | 2.50% | 6M-Euribor | 54 |
| Total | 100,000 | 54 |
| Interest rate caps | ||||||
|---|---|---|---|---|---|---|
| Currency | Nominal | Start | End | Fixed | Reference | Fair value |
| value in | interest rate | interest rate | ||||
| € 1,000 | as at | |||||
| 31.03.2015 | 31.03.2015 | |||||
| in € 1,000 | ||||||
| Interest rate caps EUR | 21,585 | 03/2014 | 03/2019 | 2.000% | 3M-Euribor | 28 |
| Total | 21,585 | 28 |
| Currency | Nominal | Start | End | Fixed | Reference | Fair value |
|---|---|---|---|---|---|---|
| value in | interest rate | interest rate | ||||
| € 1,000 | as at | |||||
| 31.12.2014 | 31.12.2014 | |||||
| in € 1,000 | ||||||
| Interest rate caps EUR | 21,585 | 03/2014 | 03/2019 | 2.000% | 3M-Euribor | 10 |
| Total | 21,585 | 10 |
| € 1.000 | 2015 | 2014 |
|---|---|---|
| As at 1.1. | – 27,502 | – 34,907 |
| Change in valuation of cash flow hedges | 1,785 | – 1,005 |
| Change of ineffectiveness cash flow hedges | – 12 | 16 |
| Reclassification cash flow hedges | 0 | 4,108 |
| Income tax cash flow hedges | – 210 | – 715 |
| As at 31.3. | – 25,939 | – 32,503 |
| thereof: attributable to the owners of the parent | – 25,939 | – 32,503 |
Financial instruments measured at fair value relate to derivative financial instruments as well as available for sale securities.. 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. There were no reclassifications between the levels.
Net debt and gearing ratio:
| € 1.000 | 31.3.2015 | 31.12.2014 |
|---|---|---|
| Interest-bearing liabilities | ||
| Long-term interest-bearing liabilities | 1,191,464 | 1,026,620 |
| Short-term interest-bearing liabilities | 214,013 | 202,530 |
| Interest-bearing assets | ||
| Cash and cash equivalents | – 471,155 | – 163,638 |
| Cash and cash equivalents with drawing restrictions | – 4,227 | – 4,221 |
| Net debt | 930,095 | 1,061,291 |
| Shareholders' equity | 1,983,975 | 1,951,707 |
| Gearing ratio (Net debt/equity) | 46.9% | 54.4% |
Cash and cash equivalents with drawing restrictions were considered in the calculation of net debt, as they are used to secure the repayments of financial liabilities.
| Joint ventures | ||
|---|---|---|
| € 1.000 | 31.3.2015 | 31.12.2014 |
| Investments in joint ventures | 208,043 | 206,136 |
| Loans | 182,922 | 305,452 |
| Receivables | 16,063 | 17,004 |
| Liabilities | 35,969 | 39,973 |
| 1st Quarter 2015 | 1st Quarter 2014 | |
|---|---|---|
| Income from joint ventures | 3,610 | 9,537 |
| Expense from joint venutres | – 596 | – 1,512 |
| Result from joint ventures | 3,014 | 8,025 |
| Other income | 1,865 | 1,352 |
| Other expenses | – 193 | – 1,062 |
| Interest income | 2,409 | 2,646 |
| Interest expense | – 179 | – 4 |
| Interest income present value financial investments | ||
| 2,492 | 2,872 | |
| Impairment of loans | – 12 | 0 |
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 | 31.3.2015 | 31.12.2014 |
|---|---|---|
| Investments in associated companies | 18 | 18 |
| Loans | 19,850 | 20,524 |
| 1st Quarter 2015 | 1st Quarter 2014 | |
| Income from associated companies | 0 | 1,881 |
| Expenses due to associated companies | – 674 | – 475 |
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 € 10,121 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.
| - Consolidated statement of financial position: | |
|---|---|
| € 1.000 | 31.3.2014 |
| Share of financial liabilities recognised in the | |
| consolidated statement of financial position | 32.3% |
| Outstanding receivables | 158,704 |
| Outstanding liabilities | – 470,563 |
| Fair value of interest rate swaps | – 66,264 |
| Fair value of swaptions | 979 |
| € 1.000 | 1st Quarter 2014 |
|---|---|
| Finance costs | – 8,461 |
| Result from interest rate derivative transactions incl. Reclassification | – 6,742 |
| Result from financial investments | 42 |
| Transaction fees | – 93 |
| - Statement of other comprehensive income (equity): | |
|---|---|
| € 1.000 | 1st Quarter 2014 |
| Valuation result of period (Hedging) | 2,905 |
| - Consolidated statement of cash flows: |
| € 1.000 | 1st Quarter 2014 |
|---|---|
| Raising of new bank loans | – 34,678 |
| Realisation and acquisition of interest rate derivative transactions | 0 |
| Interest paid | – 8,109 |
| Interest received | 41 |
The terms and conditions of the business relationship with the UniCredit Group are are at arm's length.
Starting 20 February 2015, O1 Group Limited holds 25,690,163 bearer shares and 4 registered shares, following the conclusion of a voluntary public take-over offer. This corresponds to about 26% of the voting rights.
Terms and conditions of the business relationship with O1 group are at arm's length. As at 31.03.2015 there were no transactions with O1 Group.
As at 31.3.2015, 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 three proportionately consolidated companies in Germany, amounting to € 5,500 K (31.12.2014: € 5,500 K for three joint ventures). As security 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 as security for warranty risks of a german joint venture a guarantee was issued in an amount of € 6,066 K (31.12.2013: € 6,066 K).
Related to the sales, marketable guarantees have been concluded between CA Immo Group and the buyer for coverage of possible warranty- and liability claim for which in sufficient extent financial dispositions were made.
Due to the disposal of Tower 185, 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. Shares in five at equity consolitatd joint wenutes were pledged as security for loans. The shares in CA Immo Frankfurt Tower 185 GmbH & Co KG as well as the shares in CA Immo Frankfurt 185 Betriebs GmbH were pledged as security for loans of two joint ventures.
CA Immo Group has agreed to adopt a back to back guarantee in connection with the refunding of the project "Airport City St. Petersburg" in the extent up to € 6,237 K (31.12.2014: 6,237) mostly in favour of the Joint Venture Partner.
Other financial obligations arising from service commitments in connection with the development of properties also exist for properties in Austria amounting to € 1,066 K (31.12.2014: € 1,588 K), in Germany amounting to € 34,454 K (31.12.2014: € 26,520 K) and none in Eastern Europe (31.12.2014: € 12,085 K). Moreover as at 31.3.2015, 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 € 35,475 K (31.12.2014: € 47,807 K).
As at 31.3.2015, the total obligation of CA Immo Group to contribute equity to joint ventures was € 4,771 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. CA Immo Group recognises appropriate provisions for known and probable charges arising from ongoing tax audits.
Borrowings, for which the financial covenants have not been met as at 31.3.2015, 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. As at 31.3.2015, this situation applied to no loan.
On 15.4.2015, the acceptance period of the voluntary and public partial takeover bid in line with article 4ff of the Austrian Takeover Act of CA Immo Group and O1 Group Limited to the shareholders of IMMOFINANZ AG expired. The offer price amounted € 2.80 per share. The bid was taken up for a total of 15,777,617 bearer shares. This equates to a 1.57% proportion of the total capital stock of IMMOFINANZ AG. Together with shares acquired on the stock market before the bid was announced and during the acceptance period, CA Immo, O1 Group and parties acting in concert with them control a total of 61,133,364 bearer shares in IMMOFINANZ AG (i.e. 6.08% of total capital stock or voting rights).
On 12.5.2015, CA Immo started a program 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.
The 28th Ordinary General Meeting of CA Immobilien Anlagen AG has decided on the 28th of April 2015 the distribution of a dividend of € 0.45 per share.
Vienna, 25.05.2015
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, WIEN NORD Werbeagentur, Photographs: CA Immo, Production: 08/16; this report is set inhouse with FIRE.sys
We ask for your understanding that gender-conscious notation in the texts of this Interim Report largely had to be abandoned for the sake of undisturbed readability of complex economic matters.
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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