Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q2 2015 Earnings Presentation

23 slides from Ca Immobilien Anlagen's earnings presentation, Aug 26, 2015

  1. Slide 1: 2Q 2015 Results: Analyst and Investor Update

    2Q 2015 RESULTS ANALYST AND INVESTOR UPDATE August 26, 2015

  2. Slide 2: Strategy

    wae CA IMMO URBAN BENCHMARKS. STRATEGY

  3. Slide 3: Strategic Agenda 2015-2017 Gains Momentum

    Strategy Strategic Agenda 2015-2017 Gains Momentum 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% 80%  90% Economic Vacancy 13.3% 9.1% < 9% Equity ratio 30% 52%  50% Net Loa

  4. Slide 4: Strategy 2015-2017: Portfolio Growth

    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

  5. Slide 5: Buy-out of EBRD Minority Stake

    Buy-out of EBRD Minority Stake Transaction Immediately Accretive to Recurring Earnings Amazon Court Europe House BUY-OUT OF JV – PARTNER EBRD (EFFECTIVE AS OF JULY 1, 2015)  Gross purchase price of € 60 m reflects a discount to the portfolio NAV  Acquisition of 100% leads to full consolidation of

  6. Slide 6: 2Q 2015 Earnings

    wae CA IMMO URBAN BENCHMARKS. 2Q 2015 EARNINGS

  7. Slide 7: Profit and Loss

    Profit and Loss Half-year Net Profit Up 67% yoy €m 1H 15 1H 14 yoy 2Q 15 2Q 14 yoy Comments Rental income 68.8 73.7 -6.7% 34.1 36.3 -6.1% Net rental income (NRI) 60.5 65.3 -7.4% 29.3 32.1 -8.8% Rental income decline related to non-core sales Result from hotel operations 0.3 0.8 -66.6% 0.3 0.6 -54.9%

  8. Slide 8: Funds from Operations (FFO)

    Funds from Operations (FFO) Half-year FFO I Up 5.4% yoy €m 1H 15 1H 14 yoy Comments Net rental income (NRI) 60.5 65.3 -7.4% Rental income decline related to non-core sales (in particluar Lipowy) Result from hotel operations 0.3 0.8 -66.6% Income from services 8.9 7.7 14.6% Other development expenses

  9. Slide 9: Balance Sheet

    Balance Sheet Strong Metrics Maintained, Use of Cash to Optimize Financing Structure €m 30.06.2015 31.12.2014 +/- Comments Investment properties 2,249.6 2,092.9 7.5% Excl. assets held at equity (JVs with EBRD/Union Investment, Tower 185 stake)* Properties under development 370.5 496.3 -25.3% Develop

  10. Slide 10: Balance Sheet: Strong Capital Base Increases Scope for Growth

    Balance Sheet Strong Capital Base Increases Scope for Growth BALANCE SHEET METRICS EQUITY RATIO  Long-term debt ratio targets 2,000 60% 53% 53%  Equity ratio of 45-50% 1,950 55% 50%  Net-LTV 40-45% 1,900 44% 45% 1,850 31%  Cash position 40% 1,800  Liquid funds end of 2Q 15 stood at € 244.6 m 35

  11. Slide 11: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NNNAV € 20.50 per Share (June 30, 2015) 30.06.2015 31.12.2014 €m NAV IFRS (€ PER SHARE) diluted = undiluted diluted = undiluted 25.0 22.05 21.74 NAV (IFRS equity) 1,951.9.0 1,951.7 20.0 Exercise of options 0.0 0.0 15.65 15.0 NAV after exercise of options 1,951.9 1,951,7 10

  12. Slide 12: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

  13. Slide 13: Financing: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE (€ M)* 594  Current focus of financing on property project level 600 488  Secured debt: non-recourse loans from banks and 500 186 insurance companies 400 175  Unsecured debt: corporate bond 2006-2016 (€ 186 m, 287 300 211 43 77 5.12

  14. Slide 14: 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%  FY 2015 target < 3.5% already reached at end of second quarter 5.0%  Downward drivers LTM: repayment of corporate bond 2009-2014 in 4.

  15. Slide 15: 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 35.7 2.4% 2.7% 6.6 8.5 Germany 424.9 198.9 2.5% 3.5% 4.3 2.6 Czech Republic 91.8 41

  16. Slide 16: Portfolio and Development

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO AND DEVELOPMENT

  17. Slide 17: Property Portfolio (€ 3.5 bn)

    Property Portfolio (€ 3.5 bn)* Germany and Austria Account for 63% of Regional Exposure PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.5 bn 6% Austria  € 2.7 bn fully owned 6% 19% 668 19% Germany  € 750 m held in joint ventures (CA Immo 8% 1,283

  18. Slide 18: Investment Portfolio (€ 2.9 bn): Performance Metrics

    Investment Portfolio (€ 2.9 bn) Performance Metrics GROSS INITIAL YIELDS** WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9% 8.5% 8.1% 7.8% 9.0 8% 7.3% 7.0% 8.0 7% 6.5% 7.0 5.7% 5.6% 6.0 6% 5% 5.0 4.0 8.5 4% 3.0 3% 4.7 4.8 2.0 3.4 1.0 2.5 2.2 2.6 2.7 2% 0.0 1% Austria Germany Poland Romania

  19. Slide 19: Development: 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 € 91.2 m  Book value € 74.7 m  Book value € 23.9 m  Yield on cost 7.2%  Yield on cost 6.2%  Yield on cost 5.7%  Lettable area 28,400

  20. Slide 20: Development: New Development Starts in 2015/2016

    Development New Development Starts in 2015/2016 BAUFELD 03, BERLIN MANNHEIMER STRASSE, FRANKFURT NEW OFFICE PROJECT LAENDE 3, VIENNA  Phase 1  Multi-phase development project (mixed use  Planned office portfolio extension in core  Investment volume € 58 m office/hotel/parking) market Vienna  Re

  21. Slide 21: Guidance and Outlook

    wae CA IMMO URBAN BENCHMARKS. GUIDANCE AND OUTLOOK

  22. Slide 22: Outlook

    Outlook Company Targets 2015 Confirmed, Strong Second Half-year Expected STRATEGIC/OPERATIONAL TARGETS 2015 FINANCIAL TARGETS AND OUTLOOK 2H 2015  Property disposals  Financial targets 2015 confirmed  Target sales volume € 150-200 m (excl. CEE logistics closed in 1Q)  (Recurring) FFO I target €

  23. Slide 23: 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.hoebart@caimmo.com www.caimmo.com/investor_relations/

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