Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (April 2015)

42 slides from Ca Immobilien Anlagen's investor presentation, April 2015

  1. Slide 1: Company Presentation April 2015

    COMPANY PRESENTATION April 2015

  2. Slide 2: CA Immo Group at a glance

    CA Immo Group at a glance Office investor/developer in Central Europe Total portfolio (€ 3.6 bn) Investment portfolio (€ 2.8 bn)* BUSINESS PROFILE 8% Austria  Core expertise: development, ownership and 685 19% 7% Germany management of large and modern office properties in 24% Central Europe 1,471 7

  3. Slide 3: Business Model and Strategy

    wae CA IMMO URBAN BENCHMARKS. BUSINESS MODEL AND STRATEGY

  4. Slide 4: Strategy 2012-2015 and 2015-2017

    Strategy Value-creating growth regains priority for CA Immo Strategy 2012 - 2015 Improved financial profile Enhanced portfolio focus Improved platform efficiency  Equity ratio increased from 30% to 53%  Enhanced portfolio focus on core offices  Administrative costs cut by 20%  Net LTV decreased

  5. Slide 5: Strategy: Profitability targets FY 2015+

    Strategy Profitability targets FY 2015+ Investment portfolio 5% ROE > 7% Trading + Development > 2% 1 2 3 4 Organisation Financing Portfolio Development Measures  Reduced complexity  Reduced leverage  Streamlining property portfolio  Monetising land bank (reducing (sale of non-strategic assets)

  6. Slide 6: Strategy: Performance model

    Strategy Performance model INVESTMENT PORTFOLIO Property  Focus on high-quality office (“core”) development Investment  Dominant player in principle cities in Central Europe CA portfolio  Active asset management opportunities Immo PROPERTY DEVELOPMENT  Creating core instead of buying it  expand

  7. Slide 7: Strategy: Core business

    Strategy Core business CORE REGIONS AND LOCATIONS  3 core regions  6 core countries  8 core cities  Property assets of at least € 300 m per core city in order to have market relevance and run local platform efficiently  Austria/Germany: Vienna, Munich, Frankfurt, Berlin  CEE: Warsaw, Prague, B

  8. Slide 8: Joint Partial Tender Offer Immofinanz

    JOINT PARTIAL TENDER OFFER IMMOFINANZ

  9. Slide 9: Partial voluntary tender offer

    Partial voluntary tender offer Key facts OFFER TERMS KEY OBJECTIVES  Joint offer of CA Immo and O1 Group to acquire a long-term  Acquisition of a substantial minority stake shareholding in Immofinanz.  Support the Immofinanz management in the consistent strategic  The bidders will finance the of

  10. Slide 10: Partial voluntary tender offer: Share price

    Partial voluntary tender offer Offer price reflects attractive premium over price prior to press rumours Immofinanz share price over last 5 years Offer speculations in 3.0 the press Offer price of € 2,80 2.5 Share price 2.0 VWAP Premium 6M: € 2,23 +25% 3M: € 2,17 +29% 1.5 1.0 Jän.10 Mai.10 Sep.10 Fe

  11. Slide 11: Attractive premium to Immofinanz shareholders

    Partial voluntary tender offer Attractive premium to Immofinanz shareholders Bloomberg 02/23/2015* ATTRACTIVE OFFER Analyst Date TP Rec.  Attractive offer price premium to closing price prior to press HSBC 02/19/15 2.30 Underweight speculations regarding an offer on February 24 (€ 2.417) and on Alp

  12. Slide 12: FY 2014 Results

    wae CA IMMO URBAN BENCHMARKS. FY 2014 RESULTS

  13. Slide 13: Balance sheet

    Balance sheet Solid equity ratio at 53% €m 31.12.2014 31.12.2013 +/- FY comments Investment properties 2.092,9 2,139.6 -2.2% Excl. properties held at equity (EBRD JV, Union JV, Tower 185 stake) Properties under development 496.3 400.1 24.0% Increase driven by development progress of active projects

  14. Slide 14: Balance sheet metrics

    Balance sheet metrics Further enhancement of solid balance sheet and financing structure Equity ratio SOLID FINANCIAL PROFILE 2,000 53% 55%  Strong equity ratio of 53% above target corridor (45-50%) supports 1,950 50% growth strategy 44% 1,900 45%  Net LTV below 40% reflects conservative financing

  15. Slide 15: Profit and loss

    Profit and loss FY 2014 concluded with strong quarterly result €m FY 14 FY 13 yoy 4Q 14 4Q 13 yoy 4Q 14 comments Rental income 145.2 194.9 -25.5% 35.8 46.9 -23.6% Decline results from high property disposal volume in 2013 Net rental income (NRI) 128.8 172.4 -25.3% 32.4 39.1 -17.1% Result from hotel

  16. Slide 16: Funds from operations (FFO)

    Funds from operations (FFO) Operational earnings power on record level, dividend increase FFO I (€ m) STRONG OPERATIONAL RESULT 80  Improved recurring earnings power despite 70 +10% extensive property sales in 2013 and corresponding 60 rental revenue decline in 2014 50  FFO I increase by 10% yoy a

  17. Slide 17: Funds from operations (FFO)

    Funds from operations (FFO) FFO I beats FY 14 guidance of € 63 m by 11% €m FY 14 FY 13 yoy 4Q 14 4Q 13 yoy 4Q 14 comments Net rental income (NRI) 128.8 172.4 -25.3% 32.4 39.1 -17.1% Result from hotel operations 1.8 1.5 15.7% 0.5 0.3 60.3% Income from services 16.0 14.0 14.2% 4.7 5.5 -13.8% Other dev

  18. Slide 18: Rental business

    Rental business Top line decline driven by 2013 disposals, LFL occupancy up €m FY 14 FY 13 yoy 4Q 14 4Q 13 yoy 4Q COMMENTS Rental income 145,2 194,9 -25.5% 35,8 46,9 -23.6%  Rental income decrease in line with Own operating costs -5.8 -6.0 -3.1% -0.8 -1.4 -40.5% previous quarters results from the M

  19. Slide 19: Financing

    Financing Weighted average cost of debt and maturities (December 31, 2014) Outstanding Outstanding Nominal  Cost of debt  Cost of debt  Debt  Swap €m financial debt nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 217,2 219,6 140 2.0% 4.4% 5.2 8.3 Germany 4

  20. Slide 20: Financing: Debt maturity profile

    Financing Debt maturity profile Maturity profile (4Q 14, € m) 700 640 600 201 500 400 294 186 300 269 198 78 224 87 184 169 110 200 68 64 34 36 7 36 37 7 100 164 166 86 148 141 153 122 0 47 Cash* 2015 2016 2017 2018 2019 2020+ Austria/Germany CEE Corporate bond 2006-2016 At equity (CAI proportionate

  21. Slide 21: Net asset value (NAV)

    Net asset value (NAV) Book value per share (IFRS) € 19.75 31.12.2014 31.12.2014 31.12.2013 31.12.2013 €m diluted undiluted diluted undiluted NAV (IFRS equity) 1,951.7 1,1.951.7 1,794.3 1,794.3 Exercise of options 0.0 0.0 114.5 0.0 NAV after exercise of options 1,951.7 1,951.7 1,908.8 1,794.3 NAV per

  22. Slide 22: Transactions 2014

    Transactions 2014 CEE logistics disposal released over € 100 m Europolis Logistics Park, Bucharest DIVESTMENTS  Profitable sale of the office complex Lipowy in Warsaw above book value with a transaction volume of more than € 100 m  Partial sale of CEE logistics portfolio generated cash proceeds of

  23. Slide 23: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

  24. Slide 24: Property portfolio (€ 3.6 bn)

    Property portfolio (€ 3.6 bn)* Regional exposure Property portfolio (fair value, € 3.6 bn) KEY FACTS 1,600 1428  Total property asset base of approx. € 3.6 bn 1,400 228 (thereof assets fully owned € 2.7 bn) 1,200 1,000  Germany accounts for largest single market share 800 0 600 1200  The CEE and

  25. Slide 25: Property portfolio: Germany remains largest single market

    Property portfolio (€ 3.6 bn)* Germany remains largest single market Investment Investment properties Short-term property €m Property assets Property assets in % properties* under development assets** FO AE  FO AE  FO AE  FO AE  FO AE  Austria 664 0 664 0 0 0 20 0 20 685 0 685 25% 0% 19% German

  26. Slide 26: Investment portfolio (€ 2.8 bn)

    Investment portfolio (€ 2.8 bn)* Regional exposure Investment portfolio (€ 2.8 bn) KEY FACTS 1,000 900 863  Total income-producing property asset base of c. 800 € 2.8 bn (thereof assets fully owned € 2.1 bn) 0 177 700 600  Investment properties held at equity primarily 500 located in CEE (€ 491 m)

  27. Slide 27: Investment portfolio: 6.6% gross yield, 91% occupancy

    Investment portfolio (€ 2.8 bn) 6.6% gross yield, 91% occupancy Occupancy rate Gross inital yield €m Investment properties* Rental income (annualised) in % (economic) in % FO AE  FO AE  FO AE  FO AE  Austria 659 0 659 96.9% 0.0% 96.9% 37.3 0.0 37.3 5.7% 0.0% 5.7% Germany 687 177 863 92.5% 80.4%

  28. Slide 28: Portfolio metrics by region

    Investment portfolio Portfolio metrics by region (December 31, 2014) Gross initial yields* Gross initial yields CEE* 9% 8.2% 9% 8.8% 7.8% 7.7% 7.7% 8% 7.4% 7% 6.6% 9% 8.2% 6% 5.7% 5.7% 8% 7.8% 5% 7.7% 7.7% 7.7% 4% 7.4% 8% 3% 2% 7% 1% 0% 7% Romania Czech Poland Other*** Hungary Austria Germany Total

  29. Slide 29: Investment portfolio: Lease profile

    Investment portfolio (€ 2.8 bn) Lease profile Lease expiry profile* KEY FACTS 70 29%  Weighted average lease term (WALT) of total 60 investment portfolio stands at 4.7 years 50 40 18% 15%  Lower average lease term of CEE portfolio 30 10% 12% reflects diverse market structure  none 11% 20 6% pre-c

  30. Slide 30: Major tenants

    Investment portfolio (€ 2.8 bn) Major tenants* Top 10 tenants 8% 7% 6% 5% 4% 3% 6.8% 25%* 2% 3.7% 2.9% 1% 2.0% 1.9% 1.8% 1.7% 1.5% 1.3% 1.1% 0% PWC H&M Verkehrsbuero Total Oesterreichische Robert Bosch Land Berlin InterCity IBM Bombardier Post Top 5 tenants Austria Top 5 tenants Germany Top 5 tenant

  31. Slide 31: Investment portfolio at equity (€ 667 m)

    Investment portfolio at equity (€ 667 m)* 24% of income-producing investment portfolio CAI % CEE At equity portfolio (€ 667 m) JV EBRD JV Other 10% 65% River Place (RO) 44% Megapark (BG) Germany 26% 65% Europe House (RO) 50% Poleczki Business Park (PL) Poland 23% 65% Amazon Court (CZ) Hungary 10% Ro

  32. Slide 32: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  33. Slide 33: Development: Major player in Germany

    Development Major player in Germany, organic growth driver STRONG TRACK RECORD OF VALUE CREATION  Successful delivery of large-scale projects with high complexity over many years has positioned CA Immo as a top-tier developer in Germany  Capturing value across the entire development process  Stro

  34. Slide 34: Projects under construction

    Development Projects under construction (€ 166 m) 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 3.1 5,680 11.7 9.7% Office 50% 51% 1Q 2015 John F. Kennedy-Hau

  35. Slide 35: Germany/Munich - Kontorhaus

    Development Germany/Munich - Kontorhaus KEY FACTS  Successful buy-out of JV partner completed  Book value: € 80.4 m  Usage type: office  Planned rentable area: 28,414 sqm  Investment volume: approx. € 97 m  Outstanding construction costs: approx. € 31 m  Expected value upon completion: approx

  36. Slide 36: Germany/Berlin - John F. Kennedy Haus

    Development Germany/Berlin – John F. Kennedy Haus KEY FACTS  Book value: € 57.9 m  Usage type: office  Planned rentable area: 17,774 sqm  Investment volume: approx. € 70 m  Outstanding construction costs: approx. € 16 m  Expected value upon completion: approx. € 83 m  Expected yield on cost:

  37. Slide 37: Germany/Berlin - Europacity

    Development Germany/Berlin - Europacity 3 1 2 PROJECTS - SOUTHERN PART  1 John F. Kennedy – Haus  prime office next to  2 InterCity Hotel (completed in 2013  3 Cube (in planning stage) Federal Chancellery (under construction)  transferred to portfolio) 37

  38. Slide 38: Germany/Berlin - Monnet

    Development Germany/Berlin - Monnet 4 KEY FACTS  Book value: € 16.8 m  Planned completion: 3Q 2015  Expected value upon completion: c. € 31 m  Usage type: office  Investment volume: c. € 29 m  Expected yield on cost: 5.7%  Lettable area: c. 8,167 sqm  Oustanding construction costs: c. € 11.8

  39. Slide 39: Poland/Krakow - Avia

    Development Poland/Krakow - Avia KEY FACTS* • Book value: € 10.7 m • Investment volume: c. € 11 m • Pre-letting ratio c. 51% • Usage type: Office • Outstanding construction costs c. € 3.1 m • Planned completion: 1Q 2015 • Planned rentable area: c. 5.680 sqm • Expected yield on cost: 9.7% 39 All figu

  40. Slide 40: Munich - Baumkirchen Mitte WA, first stage

    Development Germany/Munich - Baumkirchen Mitte WA 1 First construction stage (170 apartments) KEY FACTS  Residential development (freehold apartments)  50/50 joint venture with Patrizia  Book value € 10.7 m (50% CAI share)  GFA 15,500 sqm  Groundbreaking ceremony in September 2014  Apartment s

  41. Slide 41: Munich - Baumkirchen Mitte WA, second stage

    Development Germany/Munich - Baumkirchen Mitte WA 2 Second construction stage (145 apartments) KEY FACTS  Residential development (freehold apartments)  50/50 joint venture with Patrizia  Market value € 7.4 m (50% CAI share)  GFA 11,500 sqm  Construction start in Winter 2015  Marketing activit

  42. Slide 42: Investor relations

    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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