Public disclosure of inside information according to article 17 MAR
CA Immobilien Anlagen AG: CA Immo significantly improves sustainable profitability
FFO I and II at record level with strengthened consolidated balance sheet
Vienna
(pta028/23.03.2015/20:30 UTC+1)
23.03.2015.
* Preliminary results for 2014 confirmed
* FFO I of EUR 70 m 11% well above the 2014 target of EUR 63 m
* FFO II of EUR 135.1 m almost doubled on the previous year's value, rising by 97%
* Dividend increase to EUR 0.45 per share to be proposed
CA Immobilien Anlagen AG confirms the preliminary figures for fiscal year 2014. Despite declining rental revenues 2014, owing to the extensive property sales volume in 2013, CA Immo can look back on an extremely successful year due to the significantly improved sustainable profitability and an enhanced competitive position.
Results for 2014
The figures of CA Immo Group for fiscal year 2014 reflect the successful ahead of time realization of the strategy programme 2012 2015, with funds from operations (FFO) on record level and at the same time a substantially stronger balance sheet. FFO I, a key indicator of the group's recurring earnings power, reported before taxes and adjusted for the sales result and other non-recurring effects, increased by 10.4% from Eur 63.4 m to Eur 70.0 m and therefore was well above the 2014 target of Eur 63 m. FFO II, which includes the sales result and applicable taxes and indicates the group's overall profitability, almost doubled on the previous year's value, rising by 96.9% from Eur 68.6 m in 2013 to Eur 135.1 m. The FFO II result translates into a return on average equity of 7.2% in 2014.
Rental income fell by -25.5% to Eur 145.2 m in 2014. This significant change compared to the previous year was caused by extensive real estate sales in 2013. The overall result from real estate sales was, due to the extremely high sales volume (Eur 38.6 m) in 2013, well below the previous year´s figure of Eur 68.6 m. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Eur 149.1 m, down -31.0% on the previous year's level of Eur 216.0 m. The cumulative revaluation result of Eur 4.2 m was slightly negative (Eur 6.8 m in 2013). Earnings before interest and taxes (EBIT) stood at Eur 142.9 m on key date 31 December 2014 (Eur 243.6 m in 2013).
In year-on-year comparison, the financial result improved significantly to stand at Eur -58.3 m in 2014 (against Eur -140.0 m in the previous year). The group's financing costs, a key element in recurring profit, fell to Eur 81.8 m (2013: Eur -118.9 m). The decrease in earnings before taxes (EBT) to Eur 84.6 m (Eur 103.7m in 2013) was much lower compared to EBITDA and EBIT due to the significant improvement in the financial result. The result for the period was Eur 70.8 m, -6.6% below the previous year's value of Eur 75.8 m. The significant decrease in rental revenue and the lower revaluation result were almost completely counterbalanced by other income components such as significantly reduced financing costs in particular.
Since 2012 the Group´s equity ratio of around 30% was significantly increased to 53% at the reporting date 31.12.2014. Over the same period, the loan-to-value ratio improved substantially from 58% to 39% and reflects the solid financial structure of the Group. Through the sale of non-strategic assets, particu¬larly logistics properties in Eastern Europe, the real estate portfolio of CA Immo has become more efficient and focused. The portfolio share of the core product of the company, large-scale, energy-efficient core office pro¬perties in the major cities of Central and Eastern Europe was expanded further. The occupancy rate of the portfolio increased in the same period from 88% to 91%.
The 2014 Annual Financial Report of CA Immobilien Anlagen AG will be published tomorrow (March 24, 2015) on the company's website http://www.caimmo.com/en/investor_relations/financial_reports/.
| Profit and loss account in EUR m | FY 2014 | FY 2013 | yoy |
| Rental income | 145.2 | 194.9 | -25.5% |
| Net rental income (NRI) | 128.8 | 172.4 | -25.3% |
| Results from hotel operations | 1.8 | 1.5 | 15.8% |
| Other development expenses | -3.2 | -2.8 | 14.1% |
| Result from the sale of trading properties | 8.7 | 9.9 | -12.2% |
| Result from the sale of investment properties | 29.8 | 58.6 | -49.1% |
| Income from Services | 16.0 | 14.0 | 14.2% |
| Indirect expenses | -44.4 | -40.7 | 9.0% |
| Other operating income | 11.5 | 3.0 | 278.4% |
| EBITDA | 149.1 | 216.0 | -31.0% |
| Depreciation and impairment/reversal | -10.1 | -5.5 | 83.6% |
| Result from revaluation | -4.2 | 6.8 | n.m. |
| Result from joint ventures | 8.2 | 26.3 | -69.0% |
| EBIT | 142.9 | 243.6 | -41.3% |
| Financing costs | -81.8 | -118.9 | -31.2% |
| Result from derivatives | -13.3 | -32.8 | -59.6% |
| Result from financial investments | 47.4 | 12.0 | 295.3% |
| Other financial result | -10.7 | -0.3 | n.m. |
| Earnings before tax (EBT) | 84.6 | 103.7 | -18.5% |
| Income tax | -13.8 | -27.9 | -50.6% |
| Net Profit | 70.8 | 75.7 | -6.5% |
| Earnings per share in EUR (basic) | 0.76 | 0.86 | -11.6% |
| Earnings per share in EUR (diluted) | 0.76 | 0.80 | -7.3% |
| Selected balance sheet items in EUR m | 31.12.2014 | 31.12.2013 | yoy |
| Property assets | 2,706.6 | 2,707.5 | 0.0% |
| Total assets | 3,670.9 | 4,040.6 | -9.1% |
| Cash and cash equivalents | 163.6 | 613.4 | -73.3% |
| Long-term interest-bearing liabilities | 1,026.6 | 1,102.1 | -6.9% |
| Short-term interest-bearing liabilities | 202.5 | 608.8 | -66.7% |
| Net debt | 1,061.3 | 1,079.8 | -1.7% |
| Shareholders' equity | 1,951.7 | 1,794.3 | 8.8% |
| Equity Ratio | 53.2% | 44.4% | 19.8% |
| Gearing | 54.4% | 60.2% | -9.6% |
| Loan-to-value (net) | 39.4% | 39.9% | -1.3% |
| NAV per share (in EUR, diluted) | 19.75 | 19.36 | 2.0% |
| EPRA NAV per share (in EUR, diluted) | 21.74 | 21.75 | 0.0% |
| EPRA NNNAV per share (in EUR, diluted) | 20.36 | 20.09 | 1.3% |
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| Emitter: |
CA Immobilien Anlagen AG Mechelgasse 1 1030 Wien Austria |
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|---|---|---|
| Contact Person: | Mag. Christoph Thurnberger | |
| Phone: | (+431) 532 59 07 504 | |
| E-Mail: | christoph.thurnberger@caimmo.com | |
| Website: | www.caimmo.com | |
| ISIN(s): | AT0000641352 (Share) | |
| Stock Exchange(s): | Vienna Stock Exchange (Official Trade) |