CA Immobilien Anlagen AG

Consolidated balance sheet as of 30 September 2016 - Seite 2

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 111.8 m, 38.9% above the previous year's level of EUR 80.5 m. In addition to a strong operational result, a significantly positive revaluation result of EUR 100.3 m on key date 30 September 2016 was recorded. This result reflects the extremely positive market environment specifically in Germany, the most important core market of CA Immo. Earnings before interest and taxes (EBIT) stood at EUR 217.8 m on key date 30 September 2016, up by a solid 16.1% on the 2015 figure of EUR 187.5 m.

The Group's financing costs, a key element in long-term earnings, declined despite an expan-sion of the balance sheet to EUR 32.2 m (against EUR 46.6 m in 2015). Earnings before taxes (EBT) increased significantly from EUR 134.5 m in 2015 to EUR 172.6 m. The result for the period stood at EUR 126.4 m or EUR 1.32 per share (2015: EUR 88.7 m or EUR 0.90 per share in 2015).

FFO I, a key indicator of the Group's long-term earnings power, reported before taxes and ad-justed for the sales result and other non-permanent effects, totalled EUR 69.9 m after the first nine months of 2016 (EUR 55.8 m in 2015). FFO I per share amounted to EUR 0.73, an in-crease of 29.0% on the previous half-year value of EUR 0.57 per share). This underlines opera-tional development that was both extremely robust and independent of the valuation result, thereby forming the basis for our long-term dividend policy. FFO II, which includes the sales result and applicable taxes, was EUR 86.6 m on the key date (2015: EUR 50.3 m). FFO II per share was EUR 0.91, up 77.3% from the figure for 2015 amounting to EUR 0.51 per share in 2015).

CA Immo has upheld a robust balance sheet with an equity ratio of 51.2% and a conservative loan-to-value ratio (net debt to property assets) of 36.4%. On the key date, NAV (shareholders' equity) per share was EUR 23.09 (against EUR 21.90 per share on 31.12.2015). EPRA NAV stood at EUR 26.25 per share (against EUR 24.32 per share on 31.12.2015), an increase of 10.0% (adjusted for the dividend payment of EUR 0.50 per share in May 2016) since the begin-ning of the business year.

Outlook: Strong organic growth momentum
The market environment - especially on the core market of Germany - is expected to remain robust in the last quarter of the year. Given the extremely positive operational development, strong consolidated net income is anticipated for the current business year. We hereby confirm the annual target for recurring earnings of a 10% increase in FFO I per share compared to the previous year (> Eur 0.90 per share).