Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (July 2015)

49 slides from Ca Immobilien Anlagen's investor presentation, July 2015

  1. Slide 1: Company Presentation July 2015

    COMPANY PRESENTATION July 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 € 3.9 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%  50% Net Loan-to

  5. Slide 5: 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: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

  9. Slide 9: 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

  10. Slide 10: Investment Portfolio: Key Economic Centres

    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

  11. Slide 11: 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

  12. Slide 12: 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

  13. Slide 13: Investment Portfolio: Poland

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

  14. Slide 14: Investment Portfolio: Czech Republic

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

  15. Slide 15: Investment Portfolio: Hungary

    Investment Portfolio Hungary PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME HP 8% 10% 7.2% Portfolio share Gross initial yield IBM 8% Canadian Nokia Solutions and Networks 7% Embassy 10 81.0% BT Roc 5% Yielding assets Economic occupancy Canadian Embassy 3% Cemex 3% € 280 m 2.6 years Po

  16. Slide 16: Investment Portfolio: Romania

    Investment Portfolio Romania PORTFOLIO METRICS TOP 10 TENANTS BY ANNUALIZED RENTAL INCOME Orange 9% 7% 8.3% Portfolio share Gross initial yield NN Lease 6% NNDKP 6% 6 90.6% British American Shared Services 5% Yielding assets Economic occupancy British American Shared Misys Financial Systems 5% Servi

  17. Slide 17: Investment Portfolio: Other Countries

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

  18. Slide 18: 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

  19. Slide 19: Top Tenants and Properties

    Investment Portfolio Top Tenants and Properties TOP 15 TENANTS BY ANNUALIZED RENT (€ 188 M) TOP 15 YIELDINGS ASSETS BY VALUE (€ M) Silbermoewe (AT) 58 6.5% 4.0 InterCity Hotel (DE) 60 3.7% 7.2 Tour Total (DE) 61 2.3% 8.2 Kavci Hory (CZ)* 62 2.0% 2.8 Bucharest Business Park (RO) 63 2.0% 6.0 Saski Cre

  20. Slide 20: Investment Portfolio At Equity

    Investment Portfolio At Equity (€ 681 m)* EBRD Buy-Out Reduces At Equity Portfolio Substantially CAI CAI % CEE % Germany JV EBRD JV Other JV Pension Institutions 65% River Place (RO) 44% Megapark (BG) 33% Tower 185 65% Europe House (RO) 50% Poleczki Business Park (PL) 10% Germany 65% Amazon Court (C

  21. Slide 21: Property Disposals

    Property Disposals Strong Demand for Non-Core Properties Additional Earnings Driver SHRINKING NON-CORE PORTFOLIO 1  Huge demand for H&M logistics (1) should turn into Hamburg Warsaw significant sales profit Germany Berlin Poland Dusseldorf  Major progress on non-core disposals in 1H 2015 in Cologn

  22. Slide 22: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  23. Slide 23: Blue Chip Tenant-Driven Development

    Development Blue Chip Tenant-Driven Development Driving Organic Rental Growth SMALL DEVELOPMENT PORTION… ... EXCLUSIVELY FOCUSED ON GERMANY… Landbank Active development projects Baufeld 03 (Berlin) 12% 3% 23% Kontorhaus Short term properties (Munich) Berlin 2% 38% 62% John F. Kennedy (Berlin) Munich

  24. Slide 24: Office Project Completions 2015

    Development Office Project Completions 2015 to Add € 13 m Rental Income Annually* KONTORHAUS, MUNICH JOHN F. KENNEDY – HAUS, BERLIN MONNET 4, BERLIN  Book value € 84.1 m (March 31)  Book value € 63.3 m  Book value € 20.6 m  Yield on cost 7.2%  Yield on cost 6.2%  Yield on cost 5.7%  Lettable

  25. Slide 25: Project Pipeline 2015

    Development Project Pipeline 2015 BAUFELD 03, BERLIN (PHASE 1) MANNHEIMER STRASSE, FRANKFURT ORCHIDEEA TOWERS, BUCHAREST  Investment volume € 58 m  Site rented for parking next to the central  Planned extension of the almost fully-let station office portfolio in Bucharest  Rentable area approx.

  26. Slide 26: Europacity Berlin

    Development Europacity Berlin: CA Immo Shapes New Prime Location 2 3 10 8 4 9 5 7 1 6 SOUTHERN PART NORTHERN PART  1 John F. Kennedy – Haus (under construction)  6 Cube office project (in planning stage)  8 Monnet 4 (under construction)  2 Office project (plot sold)  7 Baufeld 03/KPMG (planned

  27. Slide 27: Baumkirchen Project, Munich

    Development Baumkirchen Project to Benefit from Strong Residential Market in Munich KEY FACTS PHASE 1 (15,500 SQM GFA)  Residential development (development and sale of freehold apartments); 50/50 joint venture with Patrizia  Phase 1  170 apartments  91% (156 units) have been accredited or reser

  28. Slide 28: 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 28

  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: Project Pipeline 2016-2018

    Development Project Pipeline 2016-2018 FRANKFURT: TOWER ONE (80,000 SQM GFA) MUNICH: BAUMKIRCHEN MK/NEO (18,500 SQM GFA) MUNICH: NYMPHENBURG MK 2 ( 25,000 SQM GFA) BERLIN: CUBE (19,500 SQM GFA) 30

  31. Slide 31: Landbank

    Landbank (€ 408 m) 85% of land reserves located in Germany ALMOST PURE GERMAN FOCUS OF THE LANDBANK… ...IN THE LEADING ECONOMIC CENTRES Landbank (fair value, € 408 m) Landbank Germany Other Zoning in place Zoning process Assets fully owned Assets held at equity (CAI proportionate share) 4% 133 Munic

  32. Slide 32: Landbank: Frankfurt

    Landbank Frankfurt KEY FACTS  Three high-rise plots with a total book value of around € 133 m  Millenium plot (1): located in Europaviertel; book value € 80 m; building permit up to 229,000 sqm GFA; optimization process to increase marketability  Tower 1 plot (2): located in Europaviertel; book v

  33. Slide 33: Landbank: Munich and Berlin

    Landbank Munich and Berlin KEY FACTS BERLIN  Inner-city located land reserves with a total book value of around € 200 m  Development of strategic land reserves (most attractive office-zoned plots)  Sale of non-strategic plots  strong demand for plots with residential zoning  Europacity Berlin:

  34. Slide 34: Development Case Study: Skygarden Office, Munich

    Development Case Study Skygarden Office, Munich DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING  Short construction period of less than three  53% pre-lets at construction start  Landmark building of Arnulfpark city quarter years (December 2008 – June 2011)  Full occupancy reached within

  35. Slide 35: Development Case Study: Tour Total, Berlin

    Development Case Study Tour Total, Berlin DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING  Two year construction period (June 2010 –  100% pre-let at construction start  Landmark building of Europacity in Berlin September 2012)  Energy Group Total chose the building as  Close proximity

  36. Slide 36: Development Case Study: John F. Kennedy-Haus, Berlin

    Development Case Study John F. Kennedy - Haus, Berlin DEVELOPMENT METRICS KEY ACHIEVEMENTS MARKET POSITIONING  Construction start in May 2013  42% pre-lets at construction start  Prime location opposite the Cancellery and Government Quarter, next to central train  Completion in June 2015 accordi

  37. Slide 37: 1Q 2015 Earnings

    wae CA IMMO URBAN BENCHMARKS. 1Q 2015 EARNINGS

  38. Slide 38: 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

  39. Slide 39: 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

  40. Slide 40: 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

  41. Slide 41: 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

  42. Slide 42: 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

  43. Slide 43: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

  44. Slide 44: 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

  45. Slide 45: 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

  46. Slide 46: 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

  47. Slide 47: Appendix

    wae CA IMMO URBAN BENCHMARKS. APPENDIX

  48. Slide 48: 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

  49. Slide 49: 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.hoebart@caimmo.com www.caimmo.com/investor_relations/

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