Without provision for damages lawsuit fees, the result would have been even better.
The listed CA Immo earned better operational earnings in the first nine months, but the bottom line was that a negative revaluation result left less net profit. EBITDA grew by 3.0 percent to EUR 136.1 million, compared to EUR 90.3 million in the first half of the year.
Default for lawsuit
The revaluation result was negative (EUR -21.5 million after EUR 193.5 million) due to value adjustments in hotels and retail. The consolidated result was significantly lower at EUR 88.0 (177.9) million.
Without a provision of 25.5 million euros for the Buwog lawsuit, EBITDA would have increased by 22.3 percent to 161.6 million euros, CA Immo announced on Wednesday evening.
This concerns possible court fees for the claims for damages brought against the Republic of Austria and the Province of Carinthia by CA Immo in the second quarter of 2020 in connection with the privatization of the federal housing companies (Buwog), which was completed in 2004.
Short-term losses
The net asset value (EPRA NAV) was as at 30.9. at 38.36 euros per share, roughly the same as at the end of 2019. The cash generation figure FFO I grew in the first nine months by 3.3 percent to 104.7 million euros. The FFO for the year as a whole should be “over EUR 126 million”, is still the goal.
As a result of the Covid-19 pandemic, only minor or short-term losses are expected, but the full effects on the operating business could still not be conclusively assessed, the outlook emphasizes. Rental income increased by 7.7 percent to EUR 177.6 million in the nine months. As of 9/30 Real estate assets continued to total around 5.2 billion euros, 85 percent of which were existing properties.
