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2015/02/09 / Erste Group Research
- The core competence of CA Immo (no rating) is the development and managing of modern, large-scale office properties. The three core regions are Germany, Austria, and Eastern Europe.

- After a period of strong growth in Germany and Eastern Europe from 2006 to 2011, CA Immo currently pursues a strategy of a balanced and focused property portfolio. This also entails plans for the expansion of the core business area of office properties.

- CA Immo has been in the black since 2010, with net profit on a steady increase. Management expects further improvement of results for fiscal 2014.

- The debt ratios have been improving continuously since 2011 due to the optimisation of the property portfolio. This trend was partially confirmed in the first nine months of 2014. At 42.7% the LTV ratio is clearly better than the median of the company’s peer group (2013: 50.9%) from an annual perspective. At 2.0x in 2013 (September 2014: 2.2x), interest coverage (EBITDA to interest expense) was extremely low, much like for comparable companies (median: 1.8x). The equity ratio has been raised continuously since 2012 on the back of property divestment. Management targets a sustainable equity ratio of 45-50% (9M 2014: 49.1%).

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, CEE, Eurozone
Currency in focusEuro
Sector in focusReal Estate


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