The figures for the first nine months of 2011 show key earnings indicators that are well up on last year. On the one hand, recurring rental revenue was boosted by the incorporation of Europolis into the consolidated accounts of the CA Immo Group early in the year; on the other hand, sales of property assets produced a considerable contribution to earnings.
Compared to the first nine months of last year, rental income for the CA Immo Group rose by 56 % to € 192.6 m. Net operating income was up 40 % to € 165.4 m. Property sales totalling some € 180. 0 m were closed in the first nine months of 2011; sales of long-term properties accounted for around 90 % of this figure and sales of properties intended for trading were responsible for around 10 %. Property sales contributed around € 21.5 m to earnings in total during the first three quarters; sales of properties intended for trading generated € 4.8 m of this figure and sales of long-term properties accounted for € 16.6 m. As was the case last year, it is likely that the fourth quarter of 2011 will produce by far the largest contribution of sales for the year as a whole. Taking into account disposals already finalised and the status of current negotiations, the management of CA Immo is confident of achieving its full year sales target of € 300-350 m and that profit from sales will deliver another major contribution to earnings in the final quarter of 2011.
There was a 58 % increase in EBITDA to € 160.6 m in the first nine months of 2011. The incorporation of Europolis, which is active exclusively in Eastern and South Eastern Europe, into the group accounts also significantly shifted the balance in the contributions to total earnings of the various regional segments. The relative contribution of the Eastern and South Eastern Europe segment to Group EBITDA was double that of the first three quarters of last year at around 54 %; Germany accounted for 33 % and Austria was responsible for 13 %.
Around 35 % of the revaluation result of € 46.4 m (€ 34.7 m in 2010 relates to sales agreed but not closed by the balance sheet date. The remaining upward valuations are linked in particular to project sites in Germany. As a result of the positive developments described above, earnings before interest and taxes (EBIT also rose by a significant 52 % (from € 134.6 m to € 204.1 m.
The change in the financial result from € -107.9 m in the comparable reporting period of last year to € -134.1 m was essentially caused by the rise in financing costs from € -88.4 m to € -120.8 m linked to the inclusion of Europolis. The financial result also includes a clearly negative result from the valuation of interest-rate hedges in the amount of € -17.4 m (€ -15.9 m in 2010. This non-cash valuation effect was linked to a fall in the yield curve during the third quarter of 2011; at the end of the first half of the year, the result had still been marginally in positive territory.
Following on from a result of € 13.5 m last year, consolidated earnings after minorities rose to
€ 30.7 m. The increase in funds from operations (FFO from € 1.1 m in 2010 to € 33.3 m is highly satisfactory, especially with regards to the planned dividend payment.
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