CA IMMOBILIEN ANLAGEN AG CA IMMO
URBAN
BENCHMARKS.
INTERIM FINANCIAL REPORT
AS AT 31 MARCH 2022
KEY FIGURES
KEY FIGURES1)
INCOME STATEMENT
1.1.-31.03.2022 | 1.1.-31.03.2021 | Change | ||||
Rental income | € m | 62.2 | 63.6 | -2% | ||
Net rental income | € m | 48.6 | 50.5 | -4% | ||
EBITDA | € m | 46.5 | 43.8 | 6% | ||
Operating result (EBIT) | € m | 161.0 | 110.8 | 45% | ||
Net result before taxes (EBT) | € m | 180.8 | 68.7 | 163% | ||
Consolidated net income | € m | 136.9 | 41.4 | 231% | ||
Operating cashflow | € m | 47.9 | 51.1 | -6% | ||
Capital expenditure | € m | 152.3 | 54.2 | 181% | ||
FFO I (excl. trading and pre taxes) | € m | 29.2 | 31.4 | -7% | ||
FFO II (incl. trading and after taxes) | € m | 22.9 | 30.0 | -24% |
BALANCE SHEET
31.03.2022 | 31.12.2021 | Change | ||||
Total assets | € m | 7,263.3 | 7,114.4 | 2% | ||
Shareholders' equity | € m | 3,436.3 | 3,291.0 | 4% | ||
Long and short term interest-bearing liabilities | € m | 2,802.8 | 2,583.9 | 8% | ||
Net debt | € m | 2,232.5 | 1,946.2 | 15% | ||
Gearing (gross) | % | 81.6 | 78.5 | 305 bp | ||
Gearing (net) | % | 65.0 | 59.1 | 583 bp | ||
Equity ratio | % | 47.3 | 46.3 | 105 bp | ||
Gross LTV | % | 43.6 | 41.3 | 231 bp | ||
Net LTV | % | 34.7 | 31.1 | 363 bp | ||
PROPERTY PORTFOLIO
31.03.2022 | 31.12.2021 | Change | ||||
Total usable space | sqm | 1,465,895 | 1,490,282 | -2% | ||
Book value of properties | € m | 6,425.0 | 6,254.2 | 3% | ||
Gross yield investment properties | % | 4.62) | 4.63) | 6 bp | ||
Occupancy rate | % | 89.82) | 88.93) | 86 bp | ||
- Key figures include all fully consolidated properties. i.e. all properties wholly owned by CA Immo
- Excl. the recently completed office buildings ZigZag (Mainz) and Mississippi House und Missouri Park (Prague), which have been added to the portfolio and are still in the stabilisation phase
- Excl. the office buildings completed in 2021, ZigZag (Mainz) and Mississippi House und Missouri Park (Prague) which have been added to the portfolio and have been still in the stabilisation phase as at 31.12.2021.
KEY FIGURES
KEY FIGURES PER SHARE
1.1.-31.03.2022 | 1.1.-31.03.2021 | Change | ||||
Rental income per share | € | 0.62 | 0.68 | -10% | ||
Net rental income per share | € | 0.48 | 0.54 | -11% | ||
Earnings per share | € | 1.36 | 0.45 | 205% | ||
FFO I per share | € | 0.29 | 0.34 | -14% | ||
FFO II per share | € | 0.23 | 0.32 | -29% | ||
Operative cashflow per share | € | 0.48 | 0.55 | -13% | ||
31.03.2022 | 31.12.2021 | Change | ||||
IFRS NAV per share | € | 34.12 | 32.68 | 4% | ||
Premium/discount to IFRS NAV per share | % | -17.78 | 0.99 | -1,878 bp | ||
EPRA FIGURES | ||||||
31.03.2022 | 31.12.2021 | Change | ||||
EPRA NRV | € m | 4,589.9 | 4,450.5 | 3% | ||
EPRA NRV per share | € | 45.57 | 44.19 | 3% | ||
EPRA NTA | € m | 4,180.3 | 4,033.9 | 4% | ||
EPRA NTA per share | € | 41.51 | 40.05 | 4% | ||
EPRA NDV | € m | 3,598.3 | 3,393.8 | 6% | ||
EPRA NDV per share | € | 35.73 | 33.70 | 6% | ||
MARKET FIGURES | ||||||
31.03.2022 | 31.12.2021 | Change | ||||
Market capitalisation (key date) | € m | 2,987.2 | 3,514.4 | -15% | ||
Market capitalisation (annual average) | € m | 3,297.6 | 3,773.1 | -13% | ||
Closing price | € | 28.05 | 33.00 | -15% | ||
Highest price | € | 34.40 | 39.55 | -13% | ||
Lowest price | € | 26.50 | 30.80 | -14% | ||
Average price per share | € | 30.96 | 36.30 | -15% | ||
SHARES | ||||||
31.03.2022 | 31.12.2021 | Change | ||||
Number of shares | pcs. | 106,496,426 | 106,496,426 | 0% | ||
Treasury shares | pcs. | 5,780,037 | 5,780,037 | 0% | ||
Number of shares outstanding | pcs. | 100,716,389 | 100,716,389 | 0% | ||
Average number of shares | pcs. | 106,496,426 | 103,942,290 | 2% | ||
Average treasury shares | pcs. | 5,780,037 | 5,780,037 | 0% | ||
Average number of shares outstanding | pcs. | 100,716,389 | 98,162,253 | 3% |
ISIN: AT0000641352 / REUTERS: CAIV.VI / BLOOMBERG: CAI:AV
FOREWORD BY THE MANAGEMENT BOARD
FOREWORD BY THE MANAGEMENT BOARD
Andreas Schillhofer (CFO), Silvia Schmitten-Walgenbach (CEO), Keegan Viscius (CIO), (left to right)
DEAR SHAREHOLDERS,
While the pandemic receded more and more into the background, the past months have been increasingly overshadowed by the war in Ukraine and the manifold effects on the global economy. Issues such as rising inflation and interest rate reversals, general price increases and bottlenecks in global supply chains have contributed to dampening the sentiment in the economy and on the financial markets and pushing all economic forecasts downward.
We are intensively observing all these changing conditions with the aim of safeguarding the resilience and future viability of our business model and - where necessary -refining our strategic approach. At the same time, we continued to focus our portfolio on Class A office buildings and further developed the German project pipe- line.
The results for the 1st quarter follow on seamlessly from the previous quarters: We are able to present a continued stable operating track record, characterized above all by profitable sales of non-strategic properties and good progress in the implementation of the development pipeline.
Overview of results for the first three months of 20221)
- Rental income decreased slightly by 2.1%, mainly due to portfolio disposals
- Operating result (EBITDA) rose by 6.2% thanks to strong sales result and lower indirect expenses
- All key figures as at 31. March 2022, all changes in % relate to prior-year quarter (1st quarter 2021)
- High revaluation result of €98.3 m generated mainly by ongoing development of German development projects under construction and land reserves
- Net profit more than tripled to € 136.9 m
-
FFO I (recurrent net income) 6.9% below prior-year
figure
EPRA NTA per share increased by 3.6% to €41.5.
Increase in portfolio quality through capital rotation
In the 1st quarter of 2022, we profitably sold two hotels in Germany, an older office building in Budapest and plots in the Mainzer Zollhafen district development (joint venture). On the investment side, we were able to acquire the high-quality office building "Kasernenstrasse 67" with around 10,400 sqm in a prime inner city location at the beginning of the year to strengthen our fourth German core market Düsseldorf. The value of total property assets increased further from €6.3 bn to €6.4 bn, thanks in part to the positive revaluation result. Around 60% of the portfolio is attributable to Germany, the largest single market.
Share buyback program
At the beginning of May, on the basis of the authorization granted by the 34th Annual General Meeting on May 6, 2021, we decided to implement a further share buyback program. The volume amounts to up to one million shares (corresponding to around 1% of the current share capital of the Company). The buyback program
2
FOREWORD BY THE MANAGEMENT BOARD
started on May 9, 2022 and will end on November 9,
2022 at the latest. CA Immo currently holds around 5.8 m treasury shares.
Outlook
Value creation through the development of land and Class A buildings will continue to be a key success factor for our business model. Of our four projects currently under construction with a total investment volume of around €1 bn and an average pre-letting rate of around 80%, two office buildings will be completed in 2022: The ONE high-rise project in Frankfurt and the Grasblau office building near Potsdamer Platz in Berlin. After completion, both buildings will be transferred to our portfolio and will
contribute positively to portfolio quality and rental in- come.
In addition, the successful sale of non-strategic real estate as part of the strategic capital rotation program should again lead to a strong EBITDA-generating sales result and a corresponding inflow of liquidity.
Due to the Ukraine crisis and other changing conditions mentioned at the beginning, a forecast at the present time is subject to a high degree of uncertainty. We plan to specify the annual financial targets for fiscal 2022 in the course of the year.
Vienna, 24. May 2022
The Management Board
Silvia Schmitten-Walgenbach | Dr. Andreas Schillhofer | Keegan Viscius |
(Chief Executive Officer) | (Chief Financial Officer) | (Chief Investment Officer) |
3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
CA Immobilien Anlagen AG published this content on 24 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2022 16:18:08 UTC.
