26. August 2010 
Print
Print
CA Immo - Strong second quarter leads to positive half year result
The first six months of 2010 brought a noticeable stabilization of the situation on the real estate markets where the CA Immo Group is active in. Against this background the CA Immo Group achieved a positive net-result for the first half of 2010.
Owing to sales of properties transacted last year, rental income for the Group, compared to the first half of 2009, fell by 8.1 % to € 82.7 m. The sale of properties held in current assets contributed profits of € 14.7 m in the first half of 2010 (2009: € -0.3 m), with the sale of long-term properties contributing € 1.1 m (2009: € 11.0 m).
Given a slightly improved market environment in Eastern Europe as well as due to the progress of development projects in Germany, a positive revaluation result for the first half of 2010 of € 4.3 m was achieved (2009: € -98.0 m). The improvement in the revaluation loss also enabled the operating result (EBIT) to be raised significantly, from € -21.1 m to € 73.5 m.
The financial result was € -63.6 m in the first six months of 2010, against € -66.3 m for the first half of 2009. As in the comparable period last year, this contains a non-cash effective negative result from the valuation of interest rate hedges linked to the continuing decline of the Euribor (€ -9.8 m in H1 2009, € -13.9 m in H1 2010). Consolidated net income after minorities was € 4.2 m, compared to € -56.2 m in the first half of 2009.
As of the reporting date, the equity ratio of CA Immo was 37.1 %, compared to 40.1 % as of 31 December 2009. This change in equity ratio can to a large extent be contributed to the decrease of non-controlling interest following the increase in the stake held in CA Immo International AG during the second quarter as a result of the voluntary public takeover bid. Net financial debt for the Group was € 1.7 bn on 30 June 2010, with property assets of approximately € 3.6 bn.
Net asset value per share on 30 June 2010 stood at € 17.92, slightly above the value reported at the end of last year. The change in Net Asset Value reflects on the one hand positive effects from the result as well as from the increase in the stake in CA Immo International AG, which were, however, to a large extend compensated by negative effects from the hedge accounting of interest rate hedging instruments.
Owing to sales of properties transacted last year, rental income for the Group, compared to the first half of 2009, fell by 8.1 % to € 82.7 m. The sale of properties held in current assets contributed profits of € 14.7 m in the first half of 2010 (2009: € -0.3 m), with the sale of long-term properties contributing € 1.1 m (2009: € 11.0 m).
Given a slightly improved market environment in Eastern Europe as well as due to the progress of development projects in Germany, a positive revaluation result for the first half of 2010 of € 4.3 m was achieved (2009: € -98.0 m). The improvement in the revaluation loss also enabled the operating result (EBIT) to be raised significantly, from € -21.1 m to € 73.5 m.
The financial result was € -63.6 m in the first six months of 2010, against € -66.3 m for the first half of 2009. As in the comparable period last year, this contains a non-cash effective negative result from the valuation of interest rate hedges linked to the continuing decline of the Euribor (€ -9.8 m in H1 2009, € -13.9 m in H1 2010). Consolidated net income after minorities was € 4.2 m, compared to € -56.2 m in the first half of 2009.
As of the reporting date, the equity ratio of CA Immo was 37.1 %, compared to 40.1 % as of 31 December 2009. This change in equity ratio can to a large extent be contributed to the decrease of non-controlling interest following the increase in the stake held in CA Immo International AG during the second quarter as a result of the voluntary public takeover bid. Net financial debt for the Group was € 1.7 bn on 30 June 2010, with property assets of approximately € 3.6 bn.
Net asset value per share on 30 June 2010 stood at € 17.92, slightly above the value reported at the end of last year. The change in Net Asset Value reflects on the one hand positive effects from the result as well as from the increase in the stake in CA Immo International AG, which were, however, to a large extend compensated by negative effects from the hedge accounting of interest rate hedging instruments.
