CA Immo International AG publishes preliminary results for 2008

Result for 2008 impacted by property valuation

• Stable rental income, EBITDA up by 19%
• Revaluation losses and impairments of properties amount to –11% of property assets
• EBIT down to € –62.0 m
• NAV/share as of 31.12.2008: € 12.2

Vienna, 2 March 2009. The preliminary results for 2008 show positive operational developments counterbalanced by significant revaluation losses and impairments of property assets. Stable rental income, an increase in the contribution of property sales to the result to € 7.0 m as well as a decrease in administrative expenses all contributed to an increase in EBITDA to € 32.2 m (+ 19%).

This was counterbalanced by impairments and a negative revaluation result amounting to a total of € –92.2 m. The correction to the value of property assets of approximately –11 % reflects the present unfavourable climate on the property markets in (South-) Eastern Europe. Gross yields (annualised actual rental income in relation to current book values) for the income producing properties now stand at around 7.0% in CEE and at 7.8% in SEE. As a result of the valuation losses, the preliminary operating result (EBIT) stands at € –62.0 m. The financial result for 2008 of € –32.7 m reflects, amongst other things, impairments of participations and financial investments posted in the fourth quarter of 2008. Preliminary net income before taxes was € –94.7 m, with preliminary consolidated net income after minorities at €– 96.6 m.

As of 31 December 2008, financial liabilities stood at € 315.6 m, most of which with a long term duration - only € 28.4 m had a remaining term of less than one year. These liabilities are counterbalanced by property assets of around € 751.7 m and cash of € 148.8m. The revaluations have no effect on existing financing agreements. The equity ratio amounts to 56%.

As a consequence of the valuation result, the net asset value (NAV) per share declined by 22 % to € 12.2. No dividend will be distributed in the light of the negative annual result.

In 2009, the operational focus of CA Immo International will be on measures aimed at upholding and improving operational cash flow; in particular, this will mean consistent cost reduction and proactive steps to prevent vacancy. Another priority will be on the careful realisation of those development projects that have already started.

Dr. Bruno Ettenauer, speaker of the board of CA Immo International: “The revaluation losses for 2008 are the result of a valuation of our property portfolio that reflects market realities. Although the annual result is disappointing, the CA Immo International still has a stable asset and financing structure that provides a solid foundation on which we can succeed even in the challenging environment that currently faces us.”

Final detailed results for the business year 2008 will be published on 24 March 2009.

Preliminary results for 2008
	2008 € m	2007 € m
Rental income	38.7	38.1
EBITDA	32.2	27.0
Impairments/Revaluations	(92.2)	57.6
EBIT	(62.0)	82.9
Financial result	(32.7)	(1.6)
Net income before taxes	(94.7)	81.3
Consolidated net income after minorities	(96.6)	68.5
NAV per share	12.20	14.93

Please address any queries to:
CA Immo International AG
Investor Relations
Florian Nowotny
Claudia Hainz
Tel.: +43/1/532 59 07-593
eMail: ir@caimmointernational.com
www.caimmointernational.com

---