Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (June 2015)

44 slides from Ca Immobilien Anlagen's investor presentation, June 2015

  1. Slide 1: Company Presentation June 2015

    COMPANY PRESENTATION June 2015

  2. Slide 2: Strategy and Guidance

    wae CA IMMO URBAN BENCHMARKS. STRATEGY AND GUIDANCE

  3. Slide 3: Company Profile

    Company Profile Leading Investor and Developer of High-Quality Offices in Central Europe COMPANY PROFILE  Largest listed office real estate player in Central Europe  Exposure to high-quality core offices in stable and growing markets of Germany Poland Germany and Austria combined with high growth

  4. Slide 4: Strategy: Company Transformation Well Under Way

    Strategy Company Transformation Well Under Way STRATEGY 2012-2015 STRATEGY 2015-2017 2012 2015* 2017 GAV Portfolio € 4.8 bn € 3.4 bn  € 4 bn thereof income-producing 83% 85%  95% Office Share/Investment Portfolio 79% 79% 90% Economic Vacancy 13.3% 9.1% < 9% Equity ratio 30% 52% 45-50% Net Loan-to

  5. Slide 5: Strategy 2015-2017: Company Targets 2015

    Strategy 2015-2017 Company Targets 2015 STRATEGIC/OPERATIONAL TARGETS 2015 FINANCIAL TARGETS 2015  Property disposals  Funds from Operations (FFO)  Target sales volume € 150-200 m (excl. CEE logistics closed in 1Q)  (Recurring) FFO I target € 80 m (14% uplift vs. FFO I FY 2014)  Continued progr

  6. Slide 6: Portfolio Growth Towards € 4 bn in 2017

    Strategy 2015-2017 Portfolio Growth Towards € 4 bn in 2017 GROWTH STRATEGY 2015-2017  BOOSTING THE RECURRING PROFITABILITY OF CA IMMO  Core office portfolio expansion in existing core cities in Central Europe  Replacement of remaining non-core assets  Further increase of platform strength and co

  7. Slide 7: German Development Major Organic Growth Driver

    Strategy 2015-2017 German Development Major Organic Growth Driver and Key Differentiator WELL POSITIONED TO DRIVE GROWTH RENTAL INCOME SPLIT BY SOURCE GERMAN LAND RESERVES (€ 349 M)  Top 3 office developer in supportive German market with strong track record of blue chip tenant projects 4% 24%  Av

  8. Slide 8: Immofinanz Stake Holding

    Strategy Immofinanz Stake Holding STAKE IN IMMOFINANZ RECOGNITION  CA Immo holds jointly with O1 Group 61,133,364 shares in Immofinanz  Immofinanz stake recognized at market price as available for sale in other comprehensive income (equity)  Stake accounts for approx. 5.70% of the Immofinanz shar

  9. Slide 9: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

  10. Slide 10: Property Portfolio

    Property Portfolio Attractive Portfolio Mix, Germany Accounts for Largest Single Market Share PORTFOLIO STRUCTURE INVESTMENT PORTFOLIO BY COUNTRY AND OWNERSHIP (€ M)  Total property asset base of € 3.4 bn (thereof assets fully 1.000 900 owned € 2.6 bn, the remainder held in joint ventures) 179 800

  11. Slide 11: Investment Portfolio

    Investment Portfolio 80% of Yielding Assets located in Key Economic Centres of Central Europe CORE CITIES GAV (€ m) % Rent (€ m)* % Vienna 505 18% 29.4 16% Munich 286 10% 14.7 8% Frankfurt 192 7% 13.0 6% Berlin 276 10% 17.1 9% Warsaw 352 12% 26.5 14% Prague 192 7% 15.1 8% Budapest 270 9% 19.5 10% Bu

  12. Slide 12: Investment Portfolio: Austria

    Investment Portfolio Austria PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME Oesterreichische Post 10% 22% 5.8% Portfolio share Gross initial yield Verkehrsbuero 9% Robert Bosch 9% 44 96.9% IKEA 4% Yielding assets Economic occupancy UPC 3% Peek & Cloppenburg 3% € 637 m 4.7 years Portfol

  13. Slide 13: Investment Portfolio: Germany

    Investment Portfolio Germany PORTFOLIO METRICS* TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME PwC 22% 34% 5.7% Portfolio share Gross initial yield H&M 13% Total 7% 22 84.2% Land Berlin 7% Yielding assets Economic occupancy InterCity 5% Bombardier 4% € 952 m 8.7 years Portfolio value WALT Google 3% DLL

  14. Slide 14: Investment Portfolio: Poland

    Investment Portfolio Poland PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME ARiMR 5,4% 13% 7.3% Ministry of Agriculture3 Portfolio share Gross initial yield Procter & Gamble 4,9% Société Générale 4,3% 11 93.1% Linklaters 3,5% Yielding assets Economic occupancy AMG.net 2,5% Dimension Dat

  15. Slide 15: Investment Portfolio: Czech Republic

    Investment Portfolio Czech Republic PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME Ahold CZ 9,5% 7% 7.9% Portfolio share Gross initial yield Deloitte 8,6% ICZ 6,9% 5 90.6% Wüstenrot 5,5% Yielding assets Economic occupancy Net4Gas 4,9% ROC Services Equa Bank 3,2% € 192 m 3.6 years Portf

  16. Slide 16: Investment Portfolio: Hungary

    Investment Portfolio Hungary PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME HP 7,5% 10% 7.2% Portfolio share Gross initial yield Nokia Solutions and Networks 7,1% Canadian IBM 7,7% Embassy 10 81.0% BT Roc 4,6% Yielding assets Economic occupancy Canadian Embassy 3,0% Cemex 3,0% € 280 m

  17. Slide 17: Investment Portfolio: Romania

    Investment Portfolio Romania PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME Orange 8,7% 7% 8.3% Portfolio share Gross initial yield NN Lease 5,8% NNDKP 5,7% 6 90.6% British American Shared Services 5,1% Yielding assets Economic occupancy British American Shared Misys Financial Systems

  18. Slide 18: Investment Portfolio: Other Countries

    Investment Portfolio Other Countries PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME Henkel (SK) 6,5% 7% 7.6% Portfolio share Gross initial yield Verkehrsbuero (SL) 5,7% Cosmo Bulgaria Mobile (BG) 6,1% 7 86.8% VIP Mobile (RS) 4,9% Yielding assets Economic occupancy Piraeus bank (RS) 4,4

  19. Slide 19: Investment Portfolio: Performance Metrics

    Investment Portfolio Performance Metrics GROSS INITIAL YIELDS** WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9% 8,3% 10 7,9% 7,6% 8% 7,3% 9 7,2% 7% 6,6% 8 5,8% 5,7% 7 6% 6 5% 5 4% 8,7 4 3% 3 2% 4,7 4,8 2 3,6 2,5 2,4 2,6 2,7 1% 1 0% 0 Romania Czech Other* Poland Hungary Austria Germany Tota

  20. Slide 20: Top Tenants and Properties

    Investment Portfolio Top Tenants and Properties TOP 15 TENATS BY ANNUALIZED RENT (€ 188 M) TOP 15 YIELDINGS ASSETS BY VALUE (€ M) Ministry of ARiMR (PL) 0,8% Agriculture Silbermoewe (AT) 58 Orange (RO) 0,8% InterCity Hotel (DE) 60 Ahold (CZ) 0,8% Tour Total (DE) 61 IKEA (AT) 0,8% Kavci Hory (CZ)* 62

  21. Slide 21: Investment Portfolio At Equity

    Investment Portfolio At Equity (€ 681 m)* 24% of Investment Portfolio CAI % CEE JV EBRD JV Other 10% Germany 65% River Place (RO) 44% Megapark (BG) 26% 15% Poland 65% Europe House (RO) 50% Poleczki Business Park (PL) Hungary 65% Amazon Court (CZ) Czech Republic 11% 65% Nile House (CZ) JV Union Inves

  22. Slide 22: Non-Core Property Assets

    Property Portfolio Non-Core Property Assets SHRINKING NON-CORE PORTFOLIO Hamburg Warsaw  CEE logistics portfolio disposal closed in first quarter 2015, in Germany Berlin Poland addition sale of Europolis Park Budapest M1 Dusseldorf Cologne Kassel Neuss  Continuous sale of non-strategic land reserv

  23. Slide 23: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  24. Slide 24: Project Completions in 2015

    Development Project completions in 2015 Outstanding Planned Expected value Pre- Book Main Scheduled €m construction rentable upon Yield** Share letting value usage completion costs area (sqm) completion rate Avia* (Krakow) 10.7 1.0 5,680 12.0 9.7% Office 50% 51% 1Q 2015 John F. Kennedy-Haus (Berlin)

  25. Slide 25: Project Pipeline 2015

    Development Project Pipeline 2015 BAUFELD 03/KPMG, BERLIN MANNHEIMER STRASSE, FRANKFURT  Investment volume € 58 m  Site rented for parking next to the central station  Rentable area approx. 12,000 sqm  Multi-phase development project in planning stage  Main tenant KPMG (100%)  Mixed use office

  26. Slide 26: Austria/Vienna - Lände

    Development Austria/Vienna - Lände 3 LÄNDE 3 – B SÜD  Next development step of the city quarter Lände 3 in Vienna‘s 3rd district  Residential project (Forward sale to Austrian investor)  220 appartments, around 19,000 sqm GFA  Planned construction start 4Q 2015  Planned completion 3Q 2017 26

  27. Slide 27: Landbank and Pipeline

    wae CA IMMO URBAN BENCHMARKS. LANDBANK AND PIPELINE

  28. Slide 28: Landbank (€ 408 m)

    Landbank (€ 408 m) 85% of land reserves located in Germany LANDBANK TOTAL LANDBANK BY VALUE GERMANY BY VALUE  Almost pure German focus of the landbank in major economic centres 3%  Exposure to high-quality inner-city locations in Munich, Frankfurt and 5% 4% 4% Berlin 3% 23% Germany 35%  Strategic

  29. Slide 29: Germany/Mainz - Zollhafen

    Development Germany/Mainz - Zollhafen ZOLLHAFEN MAINZ  Joint venture with Stadtwerke Mainz  Mixed/use development site of around 30 ha  Realisation of approx. 355,000 sqm (GFA) in several construction phases 29

  30. Slide 30: Germany/Frankfurt - Tower One

    Development Germany/Frankfurt - Tower One TOWER ONE  Mixed use office/hotel tower (height 180 m), approx. 80,000 sqm GFA  Architectural competition completed  Marketing process has started 30

  31. Slide 31: Romania/Bucharest - Orchideea Towers

    Development Romania/Bucharest - Orchideea Towers ORCHIDEEA TOWERS  Planned extension of the almost fully-let office portfolio in Bucharest  Height 64 m, up to 16 floors  Rentable area up to 37,000 sqm  Excellent location and accessibility 31

  32. Slide 32: 1Q 2015 Earnings

    wae CA IMMO URBAN BENCHMARKS. 1Q 2015 EARNINGS

  33. Slide 33: Profit and Loss

    Profit and Loss Significant Drop in Financing Costs, Net Profit up 39% €m 1Q 15 1Q 14 yoy Comments Rental income 34.7 37.5 -7.4% Previous year contained Lipowy office in Warsaw (sale closed end of 1Q 14) Net rental income (NRI) 31.2 33.2 -6.0% Result from hotel operations 0.0 0.2 n.m. Other developm

  34. Slide 34: Funds From Operations (FFO)

    Funds From Operations (FFO) Recurring Profitability Upward Trend Remains in Place  FFO I up 36% yoy €m 1Q 15 1Q 14 yoy Comments Net rental income (NRI) 31.2 33.2 -6.0% Sale of Lipowy office in Warsaw (sale closed end of 1Q 14) Result from hotel operations 0.0 0.2 n.m. Income from services 4.5 3.5 3

  35. Slide 35: Balance Sheet

    Balance Sheet Solid equity ratio at 52%, Cash pile of € 470 m €m 31.03.2015 31.12.2014 +/- Comments Investment properties 2155.7 2092.9 3.0% Excl. assets held at equity (JVs with EBRD/Union Investment, Tower 185 stake) Properties under development 436.0 496.3 -12.1% Hotel and own-used properties 7.4

  36. Slide 36: Balance Sheet: Strong Capital Base

    Balance Sheet Strong Capital Base Increases Scope for Growth BALANCE SHEET METRICS EQUITY RATIO  Long-term debt ratio targets 2.000 53% 52% 55%  Equity ratio of 45-50% 1.950 50% 1.900 44%  Net-LTV 40-45% 45% 1.850 31% 40%  Cash position end of 1Q 2015 stood at € 471 m 1.800 35%  Closing of CEE

  37. Slide 37: Net Asset Value (NAV)

    Net Asset Value (NAV) Slight Increase qoq, NAV (IFRS) € 20.08 per Share 31.03.2015 31.12.2014 €m diluted = undiluted diluted = undiluted NAV IFRS (€ PER SHARE) NAV (IFRS equity) 1,984.0 1,951.7 25 22,06 21,74 Exercise of options 0.0 0.0 20 15,93 NAV after exercise of options 1,984.0 1,951,7 15 NAV p

  38. Slide 38: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

  39. Slide 39: Financing: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE (€ M)  Current focus of financing on property project level 700 600  Secured non-recourse loans from banks and insurance 201 companies 500 41 400 110  Corporate bonds 2015-2022 issued in 1Q 2015 (7-year 186 term, 2.75% coupon) follo

  40. Slide 40: Financing: Declining Cost of Funding

    Financing Declining Cost of Funding Major Recurring Earnings Driver in 2015 FINANCING STRUCTURE OPTIMIZATION AVERAGE COST OF DEBT  Average cost of debt 5,5% 5,1%  Downward drivers LTM: repayment of corporate bond 2009-2014 in 5,0% 4Q 2014, substantial reduction of swap volume, project refinancing

  41. Slide 41: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities Outstanding Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 261.2 247.9 2.2% 6.1% 5.5 4.7 Germany 457.8 200.1 1.7% 3.4% 4.4 2.8 Czech Republic 101.6 4

  42. Slide 42: Appendix

    wae CA IMMO URBAN BENCHMARKS. APPENDIX

  43. Slide 43: Capital Markets Profile

    Capital Markets Profile CA Immo Share and Shareholder Structure CA IMMO SHARE SHAREHOLDER STRUCTURE INSTITUTIONAL INVESTORS (48%)  Market capitalisation: € 1.6 bn 10% 26% 26% 13%  Number of shares (March 31, 2015): 98,808,336  Listing: Vienna Stock Exchange, Prime Market 11% 6%  Indices: ATX, AT

  44. Slide 44: Investor Relations Contact Details

    Investor relations Contact details Christoph Thurnberger Claudia Höbart Head of Capital Markets Investor Relations / Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 502 E-Mail: christoph.thurnberger@caimmo.com E-Mail: claudia.hainz@caimmo.com www.caimmo.com/investor_relations/ DI

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