CA Immo International: Interim report as at 31 March 2009

The rental income of the CA Immo International Group showed a stable development compared to the first quarter of 2008 (+2.6%). The implementation of cost cutting measures lead to a significant reduction of indirect expenditures, which decreased by 44 % to € 2.3 m.

There were no sales of properties in Q1 2009, while in the previous years property sales had contributed € 7.0 m to the result. Consequently EBITDA decreased by the same amount (Q1 2009: € 6.7 m vs. € 13.6 m in Q1 2008).

The revaluation result amounted to € -59.3 m. Of this amount 88% relate to property assets let and 12% to changes in values of real estate assets under development. The changes in value reflect the increase in real estate yields that was noticeable in all markets of CA Immo International. As of March 31 2009 the average gross-rental yield (actual rents / real estate values) of the properties assets let amounted to 7.9% (7.8% in CEE und 8.1% in SEE).

In addition to the financing costs of € -5.0 m, the financial result was also negatively impacted by foreign currency effects and amounted to € -6.7 m for the first three months of 2009 (Q1 2008: € 0.9 m).

Earnings before Tax (EBT) for the three months amounted to € -59.5 m (Q1 2008: € 16.4 m), net income after minorities was € -46.5 m (Q1 2008: € 13.8 m).

Net asset value (NAV) per share as of March 31 2009 was € 11.07 (Dec 31 2008: € 12.20). Operating cash flow was € 6.1 m.

The equity ratio of CA Immo International at the balance sheet date reached 52.5 %. Net debt as of March 31 2009 was € 178.1 m compared to a real estate portfolio of € 714.4 m.

As a sustainable recovery of the economic situation of our markets cannot be expected in 2009, decreases in rent levels and in further consequence the possibility of an additional reduction in real estate values can currently not be ruled out. Therefore the emphasis of CA Immo International for 2009 lies clearly on the further implementation of the initiatives to strengthen operative cash flow and the careful implementation of those developments that are currently under construction. As a result of these measures CA Immo International is confident to keep rental income stable in 2009 compared to 2008. Furthermore, due to its cash reserves of € 154.9 m (which increased in Q1) and its equity ratio of above 50%, CA Immo International is well prepared to succeed in these challenging market circumstances.

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