EANS-Adhoc: CA Immobilien Anlagen AG results for 2009,Operational development stable; annual loss cut significantly; voluntary takeover bid for CA Immo International AG

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24.03.2010

Balance sheet for 31 December 2009
CA Immobilien Anlagen AG publishes results for 2009
Operational development stable; annual loss cut significantly; voluntary
takeover bid for free float shares of CA Immo International AG
• Stable operational result: EBITDA +3.0 %
• Positive EBIT of EUR 3.0 m thanks to significantly lower revaluation
losses

• Loss for the period after minorities reduced to EUR -76.9 m
    • Targets for 2009 regarding property sales and financings exceeded
    • Voluntary takeover bid for CA Immo International shares held in free float
      at a price of EUR 6.5 per share

Vienna, 24.03.2010. Thanks to stable operational development and a sharp
reduction in non-realised negative changes in the value of property assets
compared to the previous year, the CA Immo Group achieved a positive EBIT of EUR
3.0 m in 2009 (EUR -152.6 m in 2008). The loss for the period after minorities
was cut from EUR -237.1 m in 2008 to EUR -76.9 m.
Compared to 2008, rental income for the CA Immo Group rose by 1.0 % to stand at
EUR 177.0 m. Revenue from the sale of long-term real estate and inventory
intended for trading in Germany and Austria totalled EUR 435 m, comfortably
exceeding the target of EUR 300 m defined at the start of the year despite the
tough market climate. Sales made a total contribution of EUR 19.1 m to the
result.
Valuation-related charges in the income statement (i.e. the revaluation result
and impairments) fell from EUR -285.6 m in 2008 to EUR -137.1 m. The main reason
behind the value change was the development of market values in the Eastern and
South Eastern Europe segment, which remained negative in 2009 at EUR -152.0 m.
This trend was counterbalanced by the valuation result in Germany, which
reached +EUR 30.2 m thanks to fair value accounting of property assets under
development for the first time as well as the gradual stabilisation of the
German property market observed since the start of the third quarter. The
revaluation result for Austria stood at EUR -15.3 m.
Despite these devaluations, the EBIT returned to positive territory in 2009 (EUR
3.0 m compared to EUR -152.6 m in 2008).
Financial results were adversely affected by the negative non-cash effects of
valuation changes linked to interest rate hedging and the value adjustments of
affiliated companies as well as slightly higher current financing costs of EUR
-108.4 m (EUR -105.1 m in 2008), and thus amounted to EUR -137.5 m in 2009
compared
to EUR -142.8 m in 2008.
Earnings before taxes (EBT) were EUR -134.5 m in 2009 (EUR -295.4 m in 2008),
and
consolidated net income after minorities was EUR -76.9 m (EUR -237.1 m in 2008).
Consolidated net income after minorities returned to a positive value (of +EUR
1.4 m) in the fourth quarter of 2009.
The upturn in business activity was also reflected in higher operating cash
flow of EUR 120.5 m, 5.2 % above the previous year´s value.

CA Immo´s equity ratio stood at 40.1 % on the reporting date. As of 31 December
2009, net debt for the Group was EUR 1,472.3 m (-7.5 %) with property assets of
approximately EUR 3.5 bn. Owing to the bonds issued in quarter four of 2009,
liquid assets (including short term securities) amounted to
EUR 504.1 m on 31 December 2009 (compared to EUR 332.6 m on 31.12.2008); another
appr. EUR 500 m is available to the CA Immo Group through committed credit lines
linked to projects under development. One of the key objectives of 2009 -
improving liquidity and capitalisation - was thus achieved.
Net asset value (NAV) per share was EUR 17.87 on 31 December 2009 (EUR 18.92 on
31.12.2008).

Voluntary takeover bid for free float shares of CA Immo International AG
CA Immobilien Anlagen AG has announced its intention to offer a voluntary
takeover bid to the free float shareholders of CA Immo International AG. The
offer price will be EUR 6.50 in cash, equivalent to a premium of 22.6 % on
today´s closing price. The maximum transaction volume will be around EUR 104 m.
At present, CA Immobilien Anlagen AG has a 63.05 % stake in CA Immo
International AG (directly and indirectly); after the offer, it intends to
acquire full control over the takeover target by means of a squeeze out or
merger. The bid will not be dependent on securing a minimum acceptance
threshold. The bidding document, containing further details and provisions, is
expected to be published in calendar week 16 of 2010, subject to approval by
the Austrian Takeover Commission.
Dr. Bruno Ettenauer, Chief Executive Officer of CA Immobilien Anlagen AG, says
that, "The plan to increase our share in CA Immo International AG with the aim
of an eventual de-listing will streamline the Group structure and improve the
flexibility of capital allocation in the CA Immo Group. Because of developments
on property markets in Eastern and South Eastern Europe over the past two
years, CA Immo International AG has not been able to live up to the
expectations raised at the time of the IPO in fall 2006. The share in
particular has been affected by reduced liquidity on the stock market. For this
reason, we are now offering a fair exit opportunity (measured against the
current share price) to free float shareholders of CA Immo International AG
with a cash offer of EUR 6.50 per share."

The 2009 financial report for CA Immobilien Anlagen AG has been published on
the web site www.caimmoag.com.

Key financial figures

|in EUR mn                   |2009    |2008  |chang|Q4    |Q4    |         |
|                          |        |      |e    |2009  |2008  |         |
|Rental Income             |177.0   |175.3 |1.0% |42.7  |45.8  |         |
|Net operating Income      |164.0   |159.2 |3.1% |45.8  |54.8  |         |
|Result f. sale of inv.    |9.2     |11.7  |-21.5|-3.9  |0.6   |         |
|properties                |        |      |%    |      |      |         |
|Indirect expenditures     |-51.7   |-52.2 |-0.9%|-18.5 |-14.4 |         |
|Capitalised services      |12.1    |6.4   |91.3%|3.3   |-1.8  |         |
|Other operating income    |8.3     |12.7  |-35.1|-0.5  |6.6   |         |
|                          |        |      |%    |      |      |         |
|EBITDA                    |141.9   |137.8 |3.0% |26.1  |45.8  |         |
|Depreciation and          |-10.4   |-112.3|n.a. |-3.9  |-108.6|         |
|amortisation              |        |      |     |      |      |         |
|Result from revaluation   |-129.1  |-178.1|-27.5|-13.8 |-171.8|         |
|                          |        |      |%    |      |      |         |
|EBIT                      |3.0     |-152.6|n.a. |9.1   |-234.6|         |
|Financing cost            |-108.4  |-105.1|3.2% |-28.1 |-27.6 |         |
|Other Financial Result    |-29.1   |-37.7 |-22.8|5.6   |-43.1 |         |
|                          |        |      |%    |      |      |         |
|EBT                       |-134.5  |-295.4|n.a. |-13.4 |-305.3|         |
|Taxes on income           |-0.2    |0.5   |n.a. |5.7   |11.1  |         |
|Minorities                |-57.8   |-57.8 |n.a. |-9.2  |-59.4 |         |
|Net Income (after         |-76.9   |-237.1|n.a. |1.4   |-234.9|         |
|minorities)               |        |      |     |      |      |         |
|Earning per share (in EUR)  |-0.89   |-2.73 |     |      |      |         |
|                          |        |      |     |      |      |         |
|Operative Cash-flow       |120.5   |114.6 |5.1% |      |      |         |
|                          |        |      |     |      |      |         |
|                          |        |      |     |      |      |         |
|                          |        |      |     |
|                          |31.12.20|31.12.|chang|
|                          |09      |2008  |e    |
|Property assets           |3,515.8 |3,788.|-7.2%|
|                          |        |3     |     |
|Total assets              |4,310.7 |4,394.|-1.9%|
|                          |        |8     |     |
|L.t. financial liabilities|1,852.2 |1,834.|0.9% |
|(incl. bonds)             |        |9     |     |
|S.t. financial liabilities|124.3   |88.9  |39.9%|
|Cash and cash equivalents |504.1   |332.6 |51.6%|
|Equity                    |1,729.2 |1,854.|-6.8%|
|                          |        |7     |     |
|Equity ratio              |40.1%   |42.2% | -2.1|
|                          |        |      |pp   |
|NAV per share (in EUR)      |17.87   |18.92 |-5.5%|
|NNNAV per share (in EUR)    |18.47   |20.5  |-9.9%|

Further inquiry note:
CA Immobilien Anlagen AG
Investor Relations
Florian Nowotny
Claudia Hainz
Tel.: +43/1/532 59 07-593
eMail: [email protected]
www.caimmoag.com
end of announcement euro adhoc
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issuer:   CA Immobilien Anlagen Aktiengesellschaft
          Mechelgasse  1
          A-1030 Wien
phone:    01/532 59 07
FAX:      01/532 59 07-550
mail:     [email protected]
WWW:      www.caimmoag.com
sector:   Real Estate
ISIN:     AT0000641352
indexes:  IATX

stockmarkets: official market: Wien
language: English

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