CA Immobilien sees 7% valuation drop

Listed Vienna-based CA Immobilien Anlagen has said favourable operational developments in 2008 were offset by significant revaluation losses and impairments.

Earnings before interest, depreciation and amortisation (EBITDA) rose 52% to EUR 137.8 mln in 2008, propelled by a 42% increase in rental income to EUR 175.3 mln and a jump in the contribution of property sales to EUR 30.5 mln.

But these factors were offset by impairments and a negative revaluation result leading to a total loss of EUR 285.6 mln. CA Immo said the 7% devaluation of its property assets reflected 'the unfavourable climate on the European property market'.

Gross yields (annualised actual rental income in relation to current book values) for the income producing properties now stand at around 5.9% in Germany, 6.1% in Austria and 7.3% in Southeastern Europe. As a result of the valuation losses, the company booked a preliminary operating loss (EBIT) of EUR 152.6 mln.