Financially, they see themselves as equipped, the liquid funds have increased from 439 to 800 million euros since late 2019.
The revaluation result was EUR -11.1 million, significantly below the previous year’s figure of EUR 16.1 million. The sharp decline reflected negative real estate value adjustments with the main uses being hotel and retail. As a result, earnings from operating activities (EBIT) halved to EUR 26.1 (53.5) million, which analysts had also expected. The financial result was EUR 20.5 (-39.7) million. The result from interest rate derivative transactions was noticeable here, including non-cash valuation effects in connection with a convertible bond and interest rate hedges, and amounted to EUR 35.7 (-28.2) million. As a result, however, financial liabilities rose to EUR 2.51 (2.10) billion and net debt to EUR 1.70 (1.66) billion. Gearing rose to 56.8 (55.8) percent, financing costs decreased to 1.6 (1.8) percent.
CA Immo put the net asset value (NAV according to IFRS) at EUR 32.26 per share, 1.1 percent more than at the end of 2019 (EUR 31.90). The EPRA NAV was 38.83 (38.37) per share. On the Vienna Stock Exchange, the stocks listed in the ATX went a little firmer on Tuesday at EUR 29.85. The operating result from the rental business (FFO 1), an important key figure for profitability, was EUR 30.0 (29.6) million. Rental income grew by 7.2 percent to EUR 62.4 million, for the first time in a quarter above the 60 million mark.
No assessment of the Covid impact yet
The company confirmed the dividend resolution of one euro per share that was passed in March, but the proposal is to be continuously evaluated by the board of directors and the supervisory board until the general meeting on August 25, and the right to amend it is also reserved. The positioning in the high-quality core office segment has proven itself, because in the current asset situation, the office asset class is affected relatively little. However, the full impact of the Covid 19 pandemic on operations cannot yet be fully assessed. From January to April, 93 percent of the rent charged was received, and 97 percent from January to March. You are looking for individual partnership solutions with the tenants.
The value of real estate remained unchanged at the end of March at EUR 5.2 billion, 87 percent of which were existing properties and 13 percent were properties under development. In terms of value, the existing portfolio increased from EUR 4.3 billion at the end of 2019 to EUR 4.5 billion, 45 percent of which in Eastern Europe, 43 percent in Germany, 12 percent in Austria. The yield was 5.4 (5.5) percent, the rental 95.2 (96.1) percent.
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