Investor and Analyst Update
Q1 2022 Results
All figures (€) as at 31 March 2022, unless otherwise stated
Highlights | Results | Financing | Portfolio | Development | ESG | Appendix |
Q1 2022
Highlights
Solid Start into Business Year 2022
- EBITDA up 6.2% at €46.5 m reflecting strong operational result despite rental income reduction.
- Positive revaluation result of €98.3 m primarily attributable to development progress of projects under construction and land reserves in Berlin and Frankfurt.
- Consolidated net income of €136.9 m up >200% yoy reflecting strong operational performance.
- Solid balance sheet ratios maintained (equity ratio: 47.3%, net LTV: 34.7%).
Portfolio
- Acquisition of the high-quality office building "Kasernenstrasse 67" with around 10,400 sqm in a prime city center location at the beginning of the year to strengthen the fourth German core market of Düsseldorf.
- The total property value increased further from €6.3 bn to €6.4 bn, in part due to the positive revaluation result. Around 60% of the portfolio is attributable to Germany.
Financing
- Repayment of €142 m corporate bond with a coupon of 2.75% in February 2022.
- Successful Green Schuldschein transaction in the second quarter of 2022 with a volume of €75 m, an average yield of 2.5% and an average maturity of 4.5 years at the time of the issuance.
Share Buyback
- On 3 May 2022 the Management Board resolved another share buyback programme in accordance with Article 65 para 1 no. 8 of the Austrian Corporation Act (AktG) on the basis of the authorizing resolution of the 34th Annual General Meeting on 6 May 2021.
- The volume totals up to one million shares (representing approx. 1% of the current share capital of the company).
- The share buyback programme started on 9 May 2022 and will end no later than 9 November 2022.
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Q1 2022 RESULTS
Highlights | Results | Financing | Portfolio | Development | ESG | Appendix |
Q1 2022 Results
Strong Start into Business Year 2022
Profit and Loss (€m) | Q1 '22 | Q1 '21 | +/(-) | |
1 | Rental income | 62.2 | 63.6 | (2.1%) |
Net rental income | 48.6 | 50.5 | (3.8%) | |
Other property development expenses | (0.4) | (0.6) | 24.0% | |
Property sales result 1 | 8.1 | 4.4 | 82.3% | |
Income from services rendered | 1.6 | 2.2 | (28.5%) | |
Indirect expenses | (11.3) | (14.8) | 23.7% | |
Other operating income | 0.0 | 2.1 | (99.0%) | |
2 | ||||
EBITDA | 46.5 | 43.8 | 6.2% | |
Depreciation and impairment/reversal | (2.9) | (1.2) | (143.1%) | |
3 | Result from revaluation | 98.3 | 63.3 | 55.2% |
4 | Result from joint ventures | 19.0 | 4.8 | 293.8% |
EBIT | 161.0 | 110.8 | 45.3% | |
Financing costs | (10.4) | (12.3) | 14.9% | |
5 | Result from derivatives | 30.0 | (29.4) | n.m. |
Result from financial investments | 0.2 | (0.7) | n.m. | |
Other financial result | (0.1) | 0.2 | n.m. | |
Financial result | 19.8 | (42.1) | n.m. | |
Earnings before tax (EBT) | 180.8 | 68.7 | 163.2% | |
Income tax 2 | (14.3) | (2.2) | (558.2%) | |
Consolidated net income | 136.9 | 41.4 | 230.5% |
Major Earnings Drivers Q1 2022
1
-
Slight decline in rental income due
to losses primarily linked to non-strategic property disposals and lower occupancy in CEE.
2
- Growing EBITDA reflecting solid operational result despite rental income reduction.
3
- The positive revaluation result is primarily attributable to revaluations of development projects under construction and land reserves in Berlin and Frankfurt amounting to around €76 m.
4
- Increase is attributable to the profitable sale of land plots in the Zollhafen Mainz joint venture.
5
- Q1 2021 value included a derivative valuation of the convertible bond, which was fully converted in the meantime and a higher positive valuation effect of interest rate derivatives.
1 Result from trading and construction works + Result from the sale of investment properties 2 Current income taxes + Deferred taxes | 4 |
Highlights | Results | Financing | Portfolio | Development | ESG | Appendix |
Q1 2022 Results
Rental Income Slightly Down Primarily due to Disposals
Key Drivers
- Rental income decline driven by property disposals and a higher vacancy rate in Central- and Eastern European core markets, which could not be fully compensated for by the following positive effects:
-
Rental income contribution by completed
developments NEO (Munich), M&M (Prague) and ZigZag (Mainz) of ∼ €1.1 m in
total. - Rental income contribution of
Kasernenstraße Duesseldorf acquisition in Q1 2022 of ∼ €0.6 m.
-
Rental income contribution by completed
- The Covid-19 pandemic impacted net rental
Q1 2022 Rental Income Bridge (€m)
Q1 2022 Net Rental Income Bridge (€m)
income by €-0.8 m in the first three months of 2022.
- The operating margin (net rental income to rental income) stood at 78.1% (Q1 2021: 79.4%). The lower margin in the first quarter relative to other quarters results from property taxes booked in the first quarter.
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CA Immobilien Anlagen AG published this content on 24 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2022 16:18:08 UTC.