Austrian real estate company, CA Immo, drew attention to the difficulties facing property companies when it comes to financial forecasting as it provided details of its Q1 operating performance on Wednesday.
In an update that otherwise showed the company’s performance was stable, the Vienna-based firm whose focus is upon Central European capitals, said: ‘Due to the Ukraine crisis and other changing conditions such as rising inflation and interest rate reversals, general price increases and bottlenecks in global supply chains, a forecast at the present time is subject to a high degree of uncertainty.’
It said it would specify its annual financial targets for 2022 as part of H1 results to be provided in August.
CA Immo, which has a portfolio valued around €6.3 bn, also said rental income had dipped slightly in Q1 by 2% to €62.2 mln but mainly due to portfolio sales on non-strategic properties. Operating profits rose 6% year-on-year, and net consolidated profits had more than tripled to €136.9 mln. The figure stood at €41.1 mln at the end of 2021.
It said it would continue to focus on Class A buildings.
Its equity ratio stands at a solid 47.3%.
The company highlighted: ‘Value creation through the development of land and Class A buildings will continue to be a key success factor for our business model. Of our four projects currently under construction with a total investment volume of around €1 bn and an average pre-letting rate of around 80%, two office buildings will be completed in 2022.’
