EANS-Adhoc: CA Immo International AG publishes results for 2009

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24.03.2010

Balance sheet for 31 December 2009
CA Immo International AG publishes results for 2009

• Rental income up 4.2 %
    • Notably higher negative revaluation result
    • CA Immobilien Anlagen AG offers voluntary bid to take over CA Immo
      International shares in free float at EUR 6.50 per share

Vienna, 24.03.2010. Rental income for 2009 rose by 4.2 % to EUR 40.3 m,
reflecting the completion of development projects and the first time rental for
the full year of projects completed during the previous year. The significant
reduction in indirect expenditure (down 17.6 % from EUR 13.7 m in 2008 to EUR
11.3
m in 2009) stemming from the implementation of cost cutting measures and the
discontinuation of costs associated with running a hotel in Ljubljana (included
in other administrative expenses in 2008) also had a positive impact on the
operating result. The decline in the EBITDA from EUR 32.2 m in 2008 to EUR 24.9
m
in 2009 was mainly the result of profits from sales of EUR 7.0 m included in the
previous year´s result. Valuation-related charges in the income statement (i.e.
the revaluation result and impairments) increased from EUR -92.2 m in 2008 to
EUR
-152.0 m. Of this figure, around EUR -120.9 m related to income-producing
properties and EUR -31.1 m related to property assets under development entered
at fair value for the first time. The main factor behind the value change was
property yields, which increased compared to the end of 2008 and thus forced
down property values. The devaluations principally affected Hungary (EUR -41.4
m)
and Romania (EUR -36.7 m). The considerable revaluation losses led to a
reduction
in the EBIT, from EUR -62.0 m in 2008 to EUR -127.1 m in 2009. Financial results
improved from EUR -32.7 m in 2008 to EUR -22.9 m in 2009 owing to recoveries in
local currencies and the US dollar, and the reduced negative contributions to
the result from the valuation of financial assets and the result from
affiliated companies. However, these positive trends were counteracted by
higher financing costs (up EUR 2.2 m to EUR -18.2 m when the periods are
compared)
as well as a negative result from derivative transactions of EUR -2.2 m caused
by
the closure of interest rate swaps following an early loan repayment. Earnings
before taxes (EBT) amounted to EUR -150.0 m in 2009, compared to EUR -94.7 m in
2008. The consolidated loss after minorities rose substantially (from EUR -96.6
m
in 2008 to EUR -123.3 m) owing to unrealised revaluation losses shown in the
books. By contrast, operational business performance was reflected in the rise
in operating cash flow of around 3.5 % to EUR 23.5 m.

CA Immo International´s equity ratio stood at 48 % on the reporting date. As of
31 December 2009, net debt was EUR 258.0 m (+54.7 %) with property assets of
approximately EUR 674 m. Liquid assets amounted to EUR 115.9 m on 31 December
2009
(compared to EUR 148.8 m on 31.12.2008). Net asset value (NAV) per share was EUR
9.33 on the same date (EUR 12.20 on 31.12.2008).

Voluntary takeover bid for free float shares of CA Immo International AG
CA Immo International AG hereby informs that 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. 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 CA Immo International AG 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 Immo International AG and CA
Immobilien Anlagen AG, says that, "The plan to increase the share of CA
Immobilien Anlagen AG 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 autumn 2006. The share in particular has been affected by
reduced liquidity on the stock market. For this reason, CA Immobilien Anlagen
AG intends to offer 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 Immo International AG has been published on
the web site www.caimmointernational.com.

Selected financial indicators

|                          |     |     |       |
|EUR m                       |2009 |2008 |Change |Q4    |Q4    |
|                          |     |     |       |2009  |2008  |
|Rental income             |40.3 |38.7 |4.2 %  |10.3  |9.0   |
|Net operating income      |34.7 |37.2 |-6.7 % |12.9  |11.9  |
|Result f. sale of inv.    |-0.1 |7.0  |n.a.   |-0.1  |0.0   |
|Properties                |     |     |       |      |      |
|Indirect expenditure      |-11.3|-13.7|-17.6 %|-3.8  |-3.1  |
|EBITDA                    |24.9 |32.2 |-22.6 %|4.8   |5.5   |
|Depreciation              |-0.1 |-47.6|n.a.   |0.0   |-46.1 |
|Result from revaluation   |-152.|-46.7|n.a.   |-24.9 |-39.9 |
|                          |0    |     |       |      |      |
|EBIT                      |-127.|-62.0|105.0 %|-20.1 |-80.6 |
|                          |1    |     |       |      |      |
|Financing cost            |-18.2|-16.0|-13.6 %|-4.8  |-4.7  |
|Other financial result    |-4.7 |-16.7|n.a.   |-2.1  |-25.2 |
|EBT                       |-150.|-94.7|-58.3 %|-27.1 |-110.5|
|                          |0    |     |       |      |      |
|Result for the period     |-134.|-117.|-14.5 %|-23.3 |-123.8|
|                          |5    |5    |       |      |      |
|Net Income (after         |-123.|-96.6|-27.7 %|-20.4 |-105.0|
|minorities)               |3    |     |       |      |      |
|Earning per share (in EUR)  |-2.84|-2.22|-27.7 %|      |      |
|Operative Cash-flow       |23.5 |22.7 |3.5 %  |      |      |
|                          |     |     |       |
|                          |31.12|31.12|       |
|                          |.    |.    |       |
|                          |2009 |2008 |       |
|Property assets           |674.0|751.7|-10.3 %|
|Total assets              |882.8|996.2|-11.4 %|
|L.t. financial liabilities|310.7|287.2|8.2 %  |
|S.t. financial liabilities|63.3 |28.4 |122.6 %|
|Cash and cash equivalents |115.9|148.8|-22.1 %|
|Equity                    |424.6|558.5|-24.0 %|
|Equity ratio              |48 % |56 % |8.0 pp |
|NAV per share (in EUR)      |9.33 |12.20|-23.5 %|
|NNNAV per share (in EUR)    |9.59 |12.65|-24.2 %|

Further inquiry note:
CA Immo International AG
Mag. Florian Nowotny (Investor Relations)
Mag. Claudia Hainz (Investor Relations)
Tel.: +43 (0)1 532 59 07-593
Fax: +43 (0)1 532 59 07-595
e-mail: ir@caimmointernational.com
www.caimmointernational.com
end of announcement euro adhoc
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issuer:   CA Immo International AG
          Mechelgasse  1
          A-1030 Wien
phone:    +43 1 532 59 07
FAX:      +43 1 532 59 07-550
mail:     office@caimmointernational.com
WWW:      www.caimmointernational.com
sector:   Real Estate
ISIN:     ATCAIMMOINT5
indexes:  WBI, ATX Prime

stockmarkets: official market: Wien
language: English

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