CA Immobilien Anlagen AG

CA Immo delivers extremely strong half-year results 2016 - Seite 2

CA Immo has upheld a robust balance sheet with an equity ratio of 52% and a conservative loan-to-value ratio (net debt to property assets) of 37%. On the key date, NAV (shareholders' equity) per share was EUR 22.58 (against EUR 21.90 per share on 31.12.2015). EPRA NAV stood at 25.68 EUR per share (against EUR 24.32 per share on 31.12.2015), an increase of 7.6% (adjusted for the dividend payment of 0.50 EUR per share in May 2016) since the beginning of the business year.

Frank Nickel, CEO of CA Immo: "Following on from an extremely solid first quarter of 2016, the CA Immo Group has managed to accelerate the pace of earnings. Progress is strong at the halfway point of the year, and we remain on course to meet our annual target for recurring earnings. In the second six months we will introduce key growth-promoting measures aimed at steadily raising the sustainable earnings of CA Immo over the long term. The positive environment on our core markets - especially in Germany - will provide ideal conditions for implementing CA Immo's strategy of organic growth. As regards the possible merger with Immofinanz, we are well prepared for negotiations. We will carefully examine the pros and cons of such a transaction in the interests of our shareholders."

Outlook: Strong organic growth momentum
The market environment - especially on the core market of Germany - is likely to remain robust in the second half of the year. Given the extremely positive operational development, strong consolidated net income to match that of last year is anticipated. We hereby confirm an annual target for long-term revenue of a 10% increase in FFO I per share compared to the previous year (> EUR 0.90 per share). The current share buyback programme will be continued, with the current target for the number of own shares acquired amounting to five million in the second half of the year.

The development of high quality core office properties on the core markets of CA Immo gains momentum as a driver of organic growth, especially in Germany. Alongside development projects currently under construction (KPMG in Berlin, Mannheimer Strasse in Frankfurt, Orhideea Towers in Bucharest and Lände 3 in Vienna), dates for the commencement of construction work will soon be confirmed for development projects at the preparation stage (in particular the prime office projects MY.O in Munich and Cube in Berlin).