CA Immo: Mixed Results

Published: November 20, 2012; 21:13 · (Vindobona)

Consolidated net income after minorities increased by 27% to € 39.0 m in the first nine months of 2012. EBIT was down by 11.8%.

CA Immo: Mixed Results / Picture: © Vindobona.org

Compared to the same period last year, rental income increased by 9.5% to € 212.2 m. The increase in rent was mainly the result of development projects completed in Germany. The result from renting attributable to letting activities after the deduction of direct management costs rose from €164.2 m to € 187.1 m. In addition to the absolute increase, the margin (result from renting in relation to rental income) also rose significantly, from 84.8% to 88.2%. The net operating income (NOI) increased by 14.5 % to € 189.8 m.

During the first nine month of 2012, the sale of properties generated revenues of € 67.0 m. Around 91% were attributable to the disposal of long-term properties, with undeveloped sites in Berlin making up the majority of this. The contribution to earnings was € 9.9 m in total (thereof trading portfolio contributed € 4.0 m and € 5.9 m came from the disposal of long-term properties). The sale of the Warsaw Financial Center (agreed in August 2012 for an approx. volume of € 210m, of which CA Immo attracted a proportion of 50%) was concluded in November; the transaction will have a positive impact on the result of the fourth quarter 2012.

The decline in indirect expenditures (by -5.9% to € -29.2 m) was mainly the result of lower personnel spending as well as lower legal and consultancy costs. Higher rental income also brought about a sharp rise in earnings before interest, taxes, depreciation and amortisation (EBITDA), which rose by 9.1% from € 160.1 m in the previous year to € 174.7 m. The Eastern Europe segment has the largest share of Group EBITDA (approximately 52%) with an EBITDA of € 90.3 m.

The revaluation result on the balance sheet date 30 September 2012 was € 5.8 m. From a regional viewpoint, the revaluation result comprises upward valuations of € 32.0 m in Germany as well as devaluations in the Eastern Europe segment (€ -24.9 m) and Austria (€ -1.4 m). Positive effects in Germany primarily stemmed from the completion of Tower185. The negative result in Eastern Europe was largely the result of devaluations on logistical sites in Poland and the Ukraine which are linked to the restructuring of project financing having a favorable non-recurring effect in the amount of € 20.8 m, which has been recognised in the financial result in the first quarter. The financial result was € -117.6 m, compared to € -134.1 m last year. Taking account of interest on recently completed properties (Tower185, Skygarden and Ambigon), financing costs increased by 6.3% to € -128.4 m. The financial result as at 30 September 2012 also contains a negative contribution from the valuation of interest-rate hedges of € -10.1 m (€ -17.4 m on 30.9.2011). Overall, the developments described above gave rise to net income before taxes (EBT) for the first three quarters of 2012 in the amount of € 59.2 m, compared to € 66.5 m for 2011. Consolidated net profit after non-controlling interests increased by 27.2 % to € 39.0 m (€ 30.7 m on 30.9.2011).

Funds from operations after taxes (FFO) stood at € 77.1 m in the first nine month of 2012 compared to € 41.2 m in the same period last year.

As at 30 September 2012, the equity ratio of CA Immo was 30 %. The Groups net debt stood at € 3.2 bn, alongside property assets of around € 5.4 bn. As at 30 September 2012, net asset value stood at € 1.7 bn (€ 19.03 per share), equivalent to a decrease of -0.7% on the value at the start of the year. The NNNAV per share stood at € 19.68.

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