Cpi Europe Ag · VIE:CPI
Cpi Europe — Immofinanz — Q3 2015/16 Earnings Presentation
36 slides from Cpi Europe's earnings presentation, March 2016
Slide 1: Company Presentation Third Quarter 2015/16
Company Presentation Third Quarter 2015/16
Slide 2: Content
CONTENT 01 IMMOFINANZ at a Glance & Strategy 02 Portfolio 03 Financing 04 Q3 2015/16 Results 05 Appendix Q1-3 2015/16 – 2
Slide 3: Portfolio Split – Commercial Real Estate Player with Focus on Europe
PORTFOLIO SPLIT – COMMERCIAL REAL ESTATE PLAYER WITH FOCUS ON EUROPE ASSET CLASSES COUNTRY ALLOCATION 7.8% 19.5% 13.8% Czech 4.1% Austria Poland Republic Slovakia 48.6% 45.3% 6.1% 21.3% 15.6% 7.9% 7.4% 2.7% Office Retail Other Russia Romania Hungary Germany Non-core countries KEY DATA ON THE PROPERT
Slide 4: Key Figures
KEY FIGURES ASSET DATA STOCK EXCHANGE DATA 31 JAN 2016 31 JAN 2016 Balance sheet total in MEUR 8,144.2 Book value per share in EUR 3.39 Equity as a % of the balance sheet total in % 40.5% Share price at end of period in EUR 1.74 Net financial liabilities in MEUR 3,759.0 Discount of share price to di
Slide 5: Financial Year 2015/16: Highlights
FINANCIAL YEAR 2015/16: HIGHLIGHTS DISPOSAL OF LOGISTICS PORTFOLIO FOCUS ON TWO ASSET CLASSES FY 2015/16 DISPOSAL OF BUWOG SHARES ~ 20 mill. shares sold ~ 20 mill. shares available TARGETS GROWTH THROUGH ACQUISITIONS AND DEVELOPMENTS SUSTAINABLE DIVIDEND POLICY Q1-3 2015/16 – 5
Slide 6: Disposal of Logistics Portfolio – The Buyer Is Blackstone
DISPOSAL OF LOGISTICS PORTFOLIO THE BUYER IS BLACKSTONE GERMANY Properties 24 Carrying amount in MEUR 302.7 Carrying amount in % 67.4% HUNGARY Properties 5 Carrying amount in MEUR 60.8 Carrying amount in % 13.5% RUSSIA Properties 1 Carrying amount in MEUR 31.0 Carrying amount in % 6.9% IMMOFINANZ 10
Slide 7: Focus on Two Asset Classes: Office and Retail
FOCUS ON TWO ASSET CLASSES OFFICE AND RETAIL HISTORIC PORTFOLIO 30 APRIL 2010 25.2% 31.4% 31.3% 9.8% 2.4% Retail Office Residential Logistics Other PORTFOLIO AFTER LOGISTICS DISPOSAL 45.3% 48.6% 6.1% Retail Office Other > Focus on Office and Retail > Segment “Other” mainly contains residential prope
Slide 8: Disposal of BUWOG Shares
DISPOSAL OF BUWOG SHARES WITHDRAWAL FROM NON-CORE ASSETS > First step has been taken with the successful placement of roughly 10.3 mill. BUWOG shares to investors in September 2015 > Second step has been taken with the additional placement of 10 mill. BUWOG shares in March 2016 > Increase in BUWOG’s
Slide 9: Expansion of the IMMOFINANZ Retail Brands STOP.SHOP. and VIVO!
EXPANSION OF THE IMMOFINANZ RETAIL BRANDS STOP.SHOP. AND VIVO! > Standardised retail format of 3,000 to 15,000 sqm lettable area for cities with 30,000 to 150,000 inhabitants > Best suited for secondary and tertiary cities in lower-income areas in Europe – opportunity to become the dominant European
Slide 10: Office: Germany High Prelettng Rates
OFFICE: GERMANY FAIR VALUE HIGH PRELETTING RATES in MEUR ~750.0 80% 417.2 PORTFOLIO EXPANSION IN GERMANY > Future IMMOFINANZ portfolio in Germany consists of premium properties in Düsseldorf, Cologne and Aachen 31 October 2015 Outlook > German office portfolio will grow up to a rentable space of rou
Slide 11: Sustainable Distribution Policy: Dividends and Share Buybacks
SUSTAINABLE DISTRIBUTION POLICY DIVIDENDS AND SHARE BUYBACKS Dividend Yield Dividend Yield 2.9%1 4.3%1,2 Share buyback programme 10 mill. shares Share buyback programme (completed) possible 6 Cent/Share 6 Cent/Share Ordinary dividend Ordinary dividend FY 2015/16 e FY 2016 e 1) Share price as of 15 M
Slide 12: Preparing the Ground for Future Options
PREPARING THE GROUND FOR FUTURE OPTIONS OPTIMIZATION OF THE RUSSIAN SHOPPING CENTER PORTFOLIO Ensure the positive development of cash flow from the five Moscow shopping centers on a standalone basis RANGE OF MEASURES: NEW ORGANIZATION: OPERATIONS: FINANCING: > Implementation of an experienced > Incr
Slide 13: Content
CONTENT 01 IMMOFINANZ at a Glance & Strategy 02 Portfolio 03 Financing 04 Q3 2015/16 Results 05 Appendix Q1-3 2015/16 – 13
Slide 14: Property Portfolio
PROPERTY PORTFOLIO STANDING DEVELOPMENT PIPELINE PROPERTY PROPERTY NUMBER OF INVESTMENTS PROJECTS PROJECTS PORTFOLIO PORTFOLIO PROPERTY PORTFOLIO PROPERTIES IN MEUR IN MEUR IN MEUR IN MEUR IN % Austria 158 1,086.2 23.8 27.9 1,137.9 19.5% Germany 10 116.1 314.5 0.0 430.6 7.4% Czech Republic 24 407.0
Slide 15: Standing Investments
STANDING INVESTMENTS NUMBER OF CARRYING AMOUNT CARRYING AMOUNT RENTABLE SPACE RENTED SPACE OCCUPANCY RATE STANDING INVESTMENTS PROPERTIES IN MEUR IN % IN SQM IN SQM IN % Austria 142 1,086.2 22.9% 577,101 493,774 85.6% Germany 4 116.1 2.5% 52,616 28,824 54.8% Czech Republic 21 407.0 8.6% 252,245 202,
Slide 16: Asset Class Retail
ASSET CLASS RETAIL Golden Babylon Rostokino, Moscow, 168,000 sqm ASSET CLASS RETAIL Properties 161 Carrying amount in MEUR 2,337.6 Rentable space in sqm 1,046,354 Occupancy rate 92.4% Rent. incl. Q3 2015/16 in MEUR1 41.7 Return 7.1% Data as of 31 January 2016 1 Regarding different classifications, m
Slide 17: Standing Investments – The Retail Sector in the IMMOFINANZ Core Markets
STANDING INVESTMENTS – THE RETAIL 52.8% SECTOR IN THE IMMOFINANZ CORE MARKETS RUSSIA RUSSIA 52.8% Number of properties 5 Carrying amount in MEUR 1,234.7 Rentable space in sqm 278,748 Occupancy rate 84.5% Rental income Q3 15/16 (MEUR)1 19.8 Gross return 6.4% ROMANIA 13.0% 3.1% POLAND Number of proper
Slide 18: Asset Class Office
ASSET CLASS OFFICE Business Park Vienna, Vienna, 168,500 sqm ASSET CLASS OFFICE Properties 86 Carrying amount in MEUR 2,365.7 Rentable space in sqm 1,196,992 Occupancy rate 75.2% Rent. incl. Q3 2015/16 in MEUR1 32.0 Return 5.4% Data as of 31 January 2016 1 Regarding different classifications, margin
Slide 19: Standing Investments – The Office Sector in the IMMOFINANZ Core Markets
STANDING INVESTMENTS – THE OFFICE SECTOR IN THE IMMOFINANZ CORE MARKETS AUSTRIA 36.7% 4.5% 20.2% POLAND Number of properties 33 GERMANY Carrying amount in MEUR 868.9 Rentable space in sqm 361,697 Occupancy rate 80.0% Rental income Q3 15/16 (MEUR)1 11.3 Gross return 5.2% 11.6% CZECH REPUBLIC POLAND 2
Slide 20: Active Developments
ACTIVE DEVELOPMENTS GERMANY 45.0% Number of properties 6 Thereof properties for sale 1 Carrying amount in MEUR 314.5 Outstanding construction costs in MEUR 452.9 Planned rentable/sellable space in sqm 171.926 Expected fair value upon completion in MEUR 814.3 POLAND 35.1% 45.0% 35.1% POLAND Number of
Slide 21: Content
CONTENT 01 IMMOFINANZ at a Glance & Strategy 02 Portfolio 03 Financing 04 Q3 2015/16 Results 05 Appendix Q1-3 2015/16 – 21
Slide 22: Financing – Maturity Schedules
FINANCING – MATURITY SCHEDULES TERM STRUCTURE OF FINANCIAL LIABILITIES BY FINANCIAL YEAR AS OF 31 JANUARY 2016 IN MEUR Interest rate excl. hedging 3.51%, Remaining term: approx. 3.5 years, Net LTV: 49.7%1 1) Net loan to value: Total debt less liquid funds (including cash inflows from logistic dispos
Slide 23: Financing – Structure
FINANCING – STRUCTURE OUTSTANDING LIABILITY WEIGHTED SHARE OF SHARE OF FIXED FLOATING IN TEUR AVERAGE FIXED FLOATING INTEREST INTEREST AS OF 31 JANUARY 2016 INTEREST RATE1 INTEREST IN % INTEREST IN % RATE1 RATE1 Convertible bond in EUR 541,531.1 4.23% 100.00% 0.00% 4.23% n.a. Corporate bond in EUR 1
Slide 24: Bonds
Put volume as of 8 March 2016: BONDS MEUR 1.3 DATA AS OF CONVERTIBLE BOND 2017 CONVERTIBLE BOND 2018 CORPORATE BOND 2017 21 MARCH 2016 ISIN XS0332046043 ISIN XS0592528870 ISIN AT0000A0VDP8 Nominal value MEUR 21.4 MEUR 507.1 MEUR 100.0 Denomination EUR 100,000 EUR 4.12 EUR 1,000 Repayment amount EUR
Slide 25: Content
CONTENT 01 IMMOFINANZ at a Glance & Strategy 02 Portfolio 03 Financing 04 Q3 2015/16 Results 05 Appendix Q1-3 2015/16 – 25
Slide 26: P&L Q1-Q3 2015/16 vs. Q1-Q3 2014/15
P&L Q1-Q3 2015/16 VS. Q1-Q3 2014/15 AMOUNTS IN MEUR AS OF 31 JANUARY 2016 Q1-Q3 2015/16 Q1-Q3 2014/15 CHANGE COMMENT Rental income 1 238.3 313.5 -24.0% 1. Decrease of rental income MEUR -61.1 in Russia; Operating costs charged to tenants 72.3 74.9 -3.4% Further decrease due to planned Other revenues
Slide 27: P&L Q3 2015/16 vs. Q2 2015/16
P&L Q3 2015/16 VS. Q2 2015/16 AMOUNTS IN MEUR AS OF 31 JANUARY 2016 Q3 2015/16 Q2 2015/16 CHANGE COMMENT Rental income 1 78.0 78.1 -0.2% 1. Stable rental income in Russia 2. Increased maintenance Operating costs charged to tenants 25.9 23.5 9.8% (refurbishments) and fit-out costs Other revenues 2.6
Slide 28: Like-for-Like – Rental Income
LIKE-FOR-LIKE – RENTAL INCOME Adjusted rental income rose slightly by 1.5%, or MEUR 1.1, from the second quarter of 2015/16 to MEUR 73.9 in the third quarter. This increase resulted, above all, from higher occupancy in the Romanian shopping centers. In Moscow, IMMOFINANZ has granted temporary rental
Slide 29: Like-for-Like – Property Valuation
LIKE-FOR-LIKE – PROPERTY VALUATION The like-for-like analysis for the third quarter of 2015/16 shows a foreign exchange-adjusted decrease of MEUR 404.0, in the value of the property portfolio. The further significant deterioration of the general environment in Russia at the turn of the year, the con
Slide 30: Content
CONTENT 01 IMMOFINANZ at a Glance & Strategy 02 Portfolio 03 Financing 04 Q3 2015/16 Results 05 Appendix Q1-3 2015/16 – 30
Slide 31: Business Update: Russia as of 31 January 2016
BUSINESS UPDATE: RUSSIA AS OF 31 JANUARY 2016 PROPERTY APPRAISAL TERM STRUCTURE OF FINANCIAL LIABILITIES Standing Investments in MEUR 30 APRIL 30 APRIL 30 APRIL 31 JANUARY 20131 2014 2015 2016 300 Valuer JLL JLL JLL CBRE Property financing end of maturity Prime Yield 9.0-9.5% 9.3-9.5% 10.75% 10.00%
Slide 32: Business Update: Russia as of 31 January 2016
BUSINESS UPDATE: RUSSIA AS OF 31 JANUARY 2016 FOOTFALL CONTRACT EXPIRATION PROFILE 11% up to 31 January 2017 5% up to 31 January 2018 7.6% 2% up to 31 January 2019 22% up to 31 January 2020 60% as of 1 February 2020 0% unlimited Q2 2015/16 Q3 2015/16 RENT RECEIVABLES RUSSIA RENTAL INCOME (LIKE-FOR-L
Slide 33: Overall Economy and Markets
OVERALL ECONOMY AND MARKETS OFFICE (Q3 2015) SHOPPING CENTERS (Q3 2015) PRIME RENTS PRIME RENTS ANCHOR PRIME RENTS ANCHOR PRIME RENTS MARKET DATA VACANCY RATE TENANTS IN OTHER TENANTS VACANCY RATE TENANTS IN OTHER TENANTS CORE MARKET/CITY IN % EUR/SQM EUR/SQM YIELD IN % IN % EUR/SQM EUR/SQM YIELD IN
Slide 34: Structure: Private and Institutional Investors by Country
STRUCTURE PRIVATE AND INSTITUTIONAL INVESTORS BY COUNTRY PRIVATE AND INSTITUTIONAL INVESTORS 33.4% 3.3% 61.7% Private Austria Not identified Institutional investors 1.0% 0.5% Treasury shares Private other INSTITUTIONAL INVESTORS BY COUNTRY 30.0% 3.8% 2.9% 2.4% 0.8% Austria UK PL DE CH 10.0% 3.6% 2.6
Slide 35: Notes
IMMOFINANZ NOTES SPACE TO SUCCEED Q1-3 2015/16 — 35
Slide 36: Contact Details and Financial Calendar
CONTACT DETAILS AND FINANCIAL CALENDAR INVESTOR RELATIONS +43 (0)1 88 090 E-Mail: investor@immofinanz.com www.immofinanz.com FINANCIAL CALENDAR STOCK SYMBOLS Q3 2015/16 results 16 March 20161 Wiener Börse IIA Q3 2015/16 report 17 March 2016 Warschauer Börse IIA FY 2015/16 results 27 July 20161 ISIN