CA Immobilien Anlagen AG

CA Immo on course for strong growth

Public disclosure of inside information according to article 17 MAR

Vienna (pta029/22.11.2017/18:40) - 22.11.2017

* Net rental income up 12% to EUR 121.8 m
* EBITDA 11% above previous year's level at EUR 124.1 m
* Unscheduled valuation result through planned sale of Tower 185 in Frankfurt
* Consolidated net income rises 17% to EUR 147.6 m
* NAV per share at EUR 24.79 (+8% since start of year, adjusted for dividend of EUR 0.65 per share)
* EPRA NAV rises to EUR 28.18 per share (2016: EUR 26.74 per share)
* FFO I per share up 24% to EUR 0.91 (2016: EUR 0.73 per share); annual target is confirmed
* Value chain broadened to include indirect property fund business

CA Immo remains on course for profitable growth thanks to an operationally strong third quarter that exceeded expectations. The successful placing of convertible bonds with a volume of EUR 200 m and the acquisition of a fully let prime office building in Warsaw realised the key strategic aims of 2017 and prompted further earnings growth.

Results for the first three quarters of 2017
In the first nine months of 2017, rental income for CA Immo rose by a significant 8.9% to EUR 133.5 m. The positive trend was essentially sustained through the acquisition of Millennium Towers in Budapest and the procurement of a minority holding from joint venture partner Union Investment, which in turn generated an increase in rent. The result from renting after the first three quarters was EUR 121.8 m, up 11.9% on the 2016 value of EUR 108.8 m. At 91.3%, the operating margin of the lettings business exceeded expectations and is well above the 2016 reference value of 88.7%. The overall result from property sales amounted to EUR 26.2 m on the key date (EUR 24.3 m in 2016). As a result of the positive operational development, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 11.0% to EUR 124.1 m (EUR 111.8 m in 2016).

The revaluation result of EUR 32.9 m as at key date 30 September 2017 was highly positive (EUR 100.3 m in 2016). The largest contributions to the revaluation gain in terms of amount came from investment properties in Berlin and Munich. Amongst other things, the result from joint ventures of EUR 50.7 m (2016: EUR 7.3 m) reflects the unscheduled positive revaluation effect of Tower 185 in Frankfurt, which is currently undergoing a sales process. Earnings before interest and taxes (EBIT) of EUR 205.5 m were -5.7% down on the 2016 figure of EUR 217.8 m, largely due to a lower revaluation result in yearly comparison.