*Property Revaluation Losses Estimated at EUR 530 Million for 2023
*Operating Success Overshadowed by Market Challenges
(Frankfurt) CA Immobilien Anlagen AG (CA Immo) said Wednesday it anticipates a substantial net property revaluation loss for the 2023 financial year. The loss, primarily driven by the ongoing market downturn, is estimated to be around EUR 530 million, equating to approximately EUR -5.4 per share, the ATX20 company said.
Fourth Quarter 2023: A Continued Decline
The fourth quarter of 2023 alone accounts for a significant portion of the annual loss, with expected revaluation losses of approximately EUR 375 million. This decline is a direct reflection of the persisting challenges in the real estate market, impacting property values and investor sentiment.
Operational Achievements Amidst Financial Struggles
Despite the hefty revaluation losses, CA Immo has experienced a successful operational year. The company projects its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) to exceed EUR 300 million. However, the overshadowing revaluation loss culminates in an anticipated consolidated net result of around EUR -230 million for the financial year 2023.
Upcoming Financial Disclosure
CA Immo has announced plans to release its full-year results on 20 March 2024. This upcoming disclosure is expected to provide a comprehensive overview of the company’s financial performance, including detailed insights into the factors contributing to the significant net property revaluation loss.
In conclusion, while CA Immo has demonstrated operational resilience and success, the broader market conditions have significantly impacted its financial standing, particularly in terms of property values. The full extent of these challenges and the company’s strategic response will be further illuminated in the forthcoming full-year results announcement.