CA Immo share: revaluation and Buwog provision depressed CA Immo nine-month profit | 11/26/20

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A high level of provisions for Buwog claims for damages against the Republic of Austria and the Province of Carinthia, as well as a clearly negative valuation result for hotels and retail, weighed on the listed CA Immo, as in the first six months, even after nine months.

The operationally noticeably stronger result barely increased, and the net profit was halved. In contrast, rental income continued to grow. The cash figure FFO I was maintained.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 3.0 percent year-on-year to EUR 136.1 million, CA Immo announced on Wednesday evening. Without a provision of 25.5 million euros for the Buwog lawsuit, EBITDA would have increased by 22.3 percent to 161.6 million euros, they say.

This concerns possible court fees for the damage claims brought against the Republic of Austria and the State of Carinthia by CA Immo in the second quarter of 2020 in connection with the privatization of the federal housing companies (Buwog), which was completed in 2004. The federal apartments (Buwog and others) went to a consortium of RLB Upper Austria and Immofinanz in 2004, while CA Immo as a competitor was left empty-handed. At the end of February, CA Immo spoke of a loss of 1.9 billion euros.

CA Immo was not only burdened by the Buwog provision, but also by value adjustments in the property asset classes hotels and retail, which were particularly hard hit by the corona crisis, as well as in existing buildings in CEE. This time the revaluation result in the first nine months was negative at EUR -21.5 million, after positive adjustments amounting to EUR 193.5 million a year earlier.

The result from business activities (EBIT) was EUR 110.7 million, 66 percent below the figure for the first three quarters of 2019 (EUR 325.2 million). Earnings before taxes (EBT) were also lower than a year ago, at EUR 120 (248) million (-51 percent). The bottom line was that consolidated earnings were EUR 88.0 (177.9) million or EUR 0.95 (1.91) per share. The papers were recently quoted at 29.35 euros.

The net asset value (EPRA NAV) was as at 30.9. At 38.36 euros per share, roughly the same as at the end of 2019. The cash generation figure FFO I grew by 3.3 percent in the first nine months to 104.7 million euros. The FFO for the year as a whole should be “over EUR 126 million”, continues to be the target.

Rental income increased by 7.7 percent to EUR 177.6 million in the nine months. As of 9/30 The real estate assets (1.62 million m2 total usable area) amounted to another 5.2 billion euros, 85 percent of which were existing properties.

The existing portfolio (4.5 billion euros) is 45 percent in Germany and 12 percent in Austria; the rest is mainly in CEE. The portfolio recently yielded 5.4 percent and was 95.0 percent let.

As a result of the Covid 19 pandemic, only minor or short-term losses are expected. The full effects on the operational business could still not be conclusively assessed, the company emphasized on Wednesday evening in the Outlook.

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