CA Immo share: revaluations depressed net profit 2020 by a third | 03/24/21

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The listed CA Immo also earned better operationally in 2020 as a whole, but the bottom line was that a significantly lower revaluation result left a third less net profit.

EBITDA grew by 14 percent to EUR 195.6 million. The revaluation result fell from EUR 462.8 million to EUR 183.5 million. At EUR 254.0 million, consolidated earnings were 35 percent below 2019, announced CA Immo on Wednesday evening.

Adjusted for a one-off effect (provision for possible court fees), EBITDA rose by 29 percent to EUR 221.1 million, according to a broadcast. This concerns possible court fees for the claims for damages 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 OÖ and IMMOFINANZ in 2004, while CA Immo as a competitor was left empty-handed. In February 2020, CA Immo spoke of a loss of 1.9 billion euros.

With regard to the 2020 financial year, the CA Immo board of directors stated on Wednesday evening: “The record result of 2019 could not be exceeded – mainly due to the significantly lower revaluation result compared to the previous year – but the path of constant value creation and increase was continued.” In the exceptional year 2020, the strategic path chosen was consistently pursued, said CEO Andreas Quint.

CA Immo’s rental income increased by 7 percent to EUR 235.6 million in 2020, while the net rental income improved by 8 percent to EUR 209.7 million. The cash generation figure FFO I (without sales and before taxes) remained practically unchanged at EUR 133.8 million, but the annual target of “over EUR 126 million” was exceeded. The FFO II (with sales and after taxes) as an indicator of overall profitability grew by 15 percent to EUR 141.1 million. The FFO II per share was EUR 1.52 (1.31) at the end of 2020. The shareholders are to receive a dividend of unchanged EUR 1.0 per security, the stocks contained in ATX were last listed on the stock exchange at EUR 36.10.

Total assets rose by 16 percent to EUR 6.82 billion. Net debt increased by 14 percent to 1.89 billion euros. The Group’s average financing costs (including interest rate hedges) were 1.50 percent compared to 1.57 percent at the end of 2019. Real estate assets based on market value increased by 8 percent to EUR 5.60 billion. Of these, 85 percent were existing properties (4.7 after 4.3 billion euros), 47 percent of which are in Germany, 42 percent in CEE and 11 percent in Austria. The intrinsic value (EPRA NAV) per share grew by 7 percent to EUR 41.05 (after EUR 38.36). The total usable space fell slightly by 3 percent to 1.555 million m2, the occupancy rate remained almost the same at 94.8 (96.1) percent, and the gross yield on the portfolio fell from 5.5 to 5.2 percent.

The earnings contribution from the trading portfolio totaled EUR 7.9 million (after EUR -1.3 million). The result from the sale of long-term real estate assets was 43.9 million euros, well above the previous year’s figure of 15.6 million euros. The sale of the cube berlin office building contributed the greatest profit in terms of value.

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Immo share revaluations depressed net profit

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