CA Immo Annual Report 2008 (.pdf)

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BetWeen tHe lIneS 16 „I wouldn’t like to predict at what point things will start to improve again. But one thing I do know is that we will manage this difficult period because we are in a very solid position.“ Bruno ettenauer, Speaker of the Management Board of CA Immo since 2006
JouRnAlISt’S InteRVIeW WItH tHe MAnAGeMent BoARD Question: Your company has not remained unscathed by the property crisis; did you expect the downturn to occur with such speed? ettenauer: In all honesty, no! the momentum and severity of this development was as much of a surprise to us as to everyone else in the industry. I can therefore understand the consternation of the shareholders all too well. the price of our shares is totally unsatisfactory and we are putting all our efforts into moving ourselves back to where we were previously. Fromwald: We were all shocked by the suddenness of the collapse, particularly among public property companies. the property market appeared to be holding up well and many people expected that the Austrian property market, in particular, would be able grow independently of the financial markets. Question: How deep will the crisis in the property sector still bite; has it already hit rock bottom? Fromwald: It is very difficult to make predictions of this kind at the moment. european property prices Developments on the stock markets and, in particular, among public property companies have been and continue to be extreme. this is reason enough not to whitewash the situation but to confront the CA Immo Management Board with critical questions. the interviewer was Dr. Georg Wailand, editor of the business magazine GeWInn. have lost between 15 and 25 % over the past twelve months but not many transactions have taken place either. Further developments will depend strongly on the economic situation in the individual countries. the question of rents is also still open. In this area, we have not yet been negatively affected but the subject could still become a challenge as a result of the delayed effects of the crisis on the real economy. Question: Are you being forced, like others, to undertake emergency sales of properties simply to ensure liquidity? ettenauer: no, we normally dispose of between 10 and 15 % of our portfolio per year. We have managed this even under the difficult conditions of 2008. High quality still continues to find buyers at reasonable prices. We have sold large properties in Frankfurt, Munich and Warsaw and at the valuations that we had originally posted for them in the books! But in overall terms, there is no doubt that the market has become much more difficult. Question: A period like this must surely be a good time to buy cheaply? BetWeen tHe lIneS ettenauer: yes in principle, but at the moment we have to budget our resources carefully. What is important today is that we generate revenues from our income producing properties that are as high as possible and concentrate the funds we have available on development projects which have already started. Question: But your share price has also gone through the floor ... Fromwald: until the crisis started, our net asset value was € 23; today it is just under € 19. But the share price today – in mid- March – is under € 3, so that the largest part of our assets, whether they be cash or real estate, is not reflected in this price ... ettenauer: And in addition there is the fact that our equity capitalisation is over 40 % and that our funding is secured on a very long-term basis. this provides us with stability. If you compare the share price of about € 2.5 with the net asset value of € 19, the oppor tunity/risk profile reveals a far greater potential for profit than for loss. 17
Page 1 and 2: AnnuAl RepoRt 2008
Page 3 and 4: CoMpAny pRoFIle CA ImmobIlIen AnlAg
Page 5 and 6: Key FIGuReS oF SHARe Key FIGuReS pe
Page 7 and 8: CoNTeNT 04 LeTTer To The shArehoLDe
Page 9 and 10: emphasis will be on measures aimed
Page 11 and 12: the conversion of acquisition finan
Page 13 and 14: StRAteGIC GoAl opeRAtIonAl MeASuReS
Page 15 and 16: plunged from around € 157 bn (on
Page 17 and 18: SHAReHolDeR StRuCtuRe CA Immo is a
Page 19: CA IMMo onlIne SeRVICeS: WHeRe tRAn
Page 23 and 24: SuStAInABIlIty In ACtIon As for the
Page 25 and 26: Sustainable construction is thus in
Page 27 and 28: MAnAGeMent BoARD’S AlloCAtIon oF
Page 29 and 30: ReGInA pReHoFeR (BoRn 2 AuGuSt 1956
Page 31 and 32: Supervisory Board of CA Immo. the S
Page 33 and 34: peRSonnel effective and dynamic sta
Page 35 and 36: approximately € 56.5 K (around
Page 37 and 38: were still carried out in isolated
Page 39 and 40: Metzger: Anyone who invests in real
Page 41 and 42: eQuIty InVeStMentS AnD FunDS Measur
Page 43 and 44: eConoMIC enVIRonMent eConoMIC enVIR
Page 45 and 46: Money market and interest rate envi
Page 47 and 48: The hotel property market the Austr
Page 49 and 50: DeVelopMent oF oFFICe MARKetS FoR C
Page 51 and 52: Cee pRIMe RentS By yeAR 2000 2001 2
Page 53 and 54: oVeRAll poRtFolIo DIStRIButIon oF B
Page 55 and 56: tHe poRtFolIo StRAteGy oF tHe CA IM
Page 57 and 58: InCoMe pRoDuCInG pRopeRtIeS eASt-/S
Page 59 and 60: pRoJeCt DeVelopMentS GeRMAny (SeleC
Page 61 and 62: year. Most of these sales involved
Page 63 and 64: BooK VAlue GeRMAny By CItIeS Hesse
Page 65 and 66: pRoJeCt pIpelIne GeRMAny Berlin the
Page 67 and 68: Central and Eastern Europe (CEE) CA
Page 69 and 70: Poland - Poleczki Business Park: po
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Russia - Maslov: the construction o
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income producing portfolio, some
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ReSultS Gross revenues and net oper
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Besides interest income of € 19.7
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BAlAnCe SHeet Balance sheet: Assets
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Financial liabilities the increase
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FInAnCIAl AnD non-FInAnCIAl peRFoRM
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e taken by the pro-active avoidance
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ReSeARCH AnD DeVelopMent Research a
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RISK MAnAGeMent over recent years,
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expanding or contracting economies,
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may be subject to changes in value.
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ConSolIDAteD FInAnCIAl StAteMentS C
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ConSolIDAteD FInAnCIAl StAteMentS A
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ConSolIDAteD FInAnCIAl StAteMentS C
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ConSolIDAteD FInAnCIAl StAteMentS D
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ConSolIDAteD FInAnCIAl StAteMentS e
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ConSolIDAteD FInAnCIAl StAteMentS F
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ConSolIDAteD FInAnCIAl StAteMentS 1
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FInAnCIAl StAteMentS oF CA IMMo Anl
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tABleS AnD AnAlySeS 160 2. DeVelopM
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tABleS AnD AnAlySeS 162 3. SeGMent
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tABleS AnD AnAlySeS 164 III. BAlAnC
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tABleS AnD AnAlySeS 166 4. CASH Flo
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tABleS AnD AnAlySeS IV. GeneRAl lIS
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tABleS AnD AnAlySeS plot size in 1,
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GloSSARy IMpoRtAnt FInAnCIAl VoCABu
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GloSSARy 182 InteReSt-RAte CAp Cont
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CA Immo Annual Report 2008 (.pdf)

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