Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — FY2015 Earnings Presentation

27 slides from Ca Immobilien Anlagen's earnings presentation, Mar 22, 2016

  1. Slide 1: 4Q 2015 Results Analyst and Investor Update

    4Q 2015 RESULTS ANALYST AND INVESTOR UPDATE March 22, 2016

  2. Slide 2: Executive Board: Frank Nickel Took Office as New CEO

    Executive Board Frank Nickel Took Office as New CEO FRANK NICKEL, CEO ROLE  Born 1959  Appointed CEO as of 1 January 2016  Over 20 years of experience in the property sector  Area of responsibility  Asset Management  Investment Management  Portfolio Management  Development/Engineering  Huma

  3. Slide 3: Key Events and Achievements FY 2015

    Key Events and Achievements FY 2015 Implementation of Strategic Agenda 2015-2017 Bearing Fruits Financial Targets FY 2015 Overachieved Profitability FFO I € 81 m (+15.4% yoy; target € 80 m) FFO II € 121 m (target > € 100 m) Net profit € 220.8 m (+212% yoy) ROE 11% (target > 7%) Operational platform

  4. Slide 4: Strategy: Strong Operations Platform Fundamental Basis for Future Growth

    Strategy Strong Operations Platform Fundamental Basis for Future Growth RECURRING PROFITABILITY (FFO I/SHARE) SHAREHOLDERS‘ EQUITY (NAV/SHARE) 0.90 CAGR 163% 22.5 60% 22.0 53% 53% 0.80 55% 21.5 0.70 21.0 50% 0.60 44% 20.5 45% 0.50 20.0 0.40 31% 40% 19.5 0.30 19.0 35% 0.20 18.5 30% 0.10 18.0 0.35 0.7

  5. Slide 5: Market Environment: Germany

    Market Environment Germany MARKET TRENDS OFFICE REAL ESTATE INVESTMENT VOLUME (€ BN)  Stability of German economy  German property market is a safe haven for foreign investors, which add to strong domestic investor base  High demand for core office properties  ongoing yield compression caused by

  6. Slide 6: Market Environment: CEE Property Markets

    Market Environment CEE Property Markets MARKET TRENDS OFFICE SPACE DEMAND  GDP growth in CEE countries substantially Take-up annual volumes above EU performance  Office space demand in CEE capital cities is picking up  take-upat historic high in all core- CEE markets  Strong rebound of investor

  7. Slide 7: Outlook: Company Targets FY 2016

    Outlook Company Targets FY 2016 STRATEGIC/OPERATIONAL TARGETS 2016 FINANCIAL TARGETS 2016  Growth by property development  Funds from operations (FFO)  Advancing development projects under construction  (Recurring) FFO I uplift > 10% on FY 2015 number of € 81 m  KPMG (Berlin), Mannheimer Strass

  8. Slide 8: Property Portfolio (€ 3.7 bn)

    Property Portfolio (€ 3.7 bn)* Exposure Germany vs. CEE Remains Balanced PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.7 bn  Germany remains largest single core market 610 6% Austria 17% 17% 7%  Disposals of non-core assets in Germany offset Ger

  9. Slide 9: Property Portfolio: Higher Occupancy Rates

    Property Portfolio Strong Letting Activity Translates Into Higher Occupany Rates PORTFOLIO TRENDS PORTFOLIO OCCUPANCY LTM  Portfolio occupancy upfrom 90.7% (31.12.2014) to 92.7% 99% 96.9% 96.9% 96.5% 96.3% 96.3% 97%  In like-for-like comparisons of properties forming part of the portfolio as at 31

  10. Slide 10: Property Portfolio: Strategic Land Reserves

    Property Portfolio Strategic Land Reserves Support Strong Development Pipeline in Germany LANDBANK LANDBANK BRIDGE  Exposure to high-quality inner-city locations primarily in 450 Munich, Frankfurt, Berlin 400  Landbank monetization progressing well 43.4 46.1 350 73.8  Book value of € 324 m (4Q 15

  11. Slide 11: Development: High-quality Development Pipeline (1)

    Development High-quality Development Pipeline Major Growth Driver (1) Planned Investment Oustanding Gross yield Main Pre-letting Construction INVESTMENT PORTFOLIO rentable Share volume* investment on cost usage ratio phase area KPMG, Berlin 56 44 12,700 5.8% Office 100% 100% 3Q 15 – 4Q 17 Mannheimer

  12. Slide 12: Development: High-quality Development Pipeline (2)

    Development High-quality Development Pipeline Major Growth Driver (2) Planned Investment Outstanding Main Construction TRADING PORTFOLIO* rentable Share Status volume** investment usage phase area Sales contract for  70% of building Rieck I, Berlin 35 9,500 Office 100% 1H 17 – 2H 19 signed 95% of s

  13. Slide 13: Development: Office Project Completions in 2015

    Development Office Project Completions in 2015 Major Revaluation Driver ( € 35 m) KONTORHAUS, MUNICH JOHN F. KENNEDY – HAUS, BERLIN MONNET 4, BERLIN  Fair value € 123 m  Fair value € 83 m  Fair value € 30 m  Yield on cost 7.1%  Yield on cost 6.2%  Yield on cost 5.7%  Lettable area 28,400 sqm

  14. Slide 14: Development: Projects Under Construction

    Development Projects Under Construction KPMG, BERLIN MANNHEIMER STRASSE, FRANKFURT** ORHIDEEA TOWERS, BUCHAREST  Main usage office  Main usage hotel  Main usage office  Total investment volume (incl. plot) € 56 m  Total investment volume (incl. plot) € 54 m  Total investment volume (incl. plot

  15. Slide 15: Development: Projects in Preparation Stage

    Development Projects in Preparation Stage RIECK 1, BERLIN MY.O, MUNICH VIE, VIENNA  Main usage office  Main usage office  Main usage office  Total investment volume (incl. plot) € 35 m  Total investment volume (incl. plot) € 96 m  Total investment volume (incl. plot) € 38 m  Planned lettable

  16. Slide 16: Development: Projects in Preparation Stage

    Development Projects in Preparation Stage ZIG ZAG, MAINZ KUBUS, BERLIN TOWER 1 , FRANKFURT  Main usage office  Prime office building opposite German  Mixed use hotel/office high-rise Chancellery  Total investment volume (incl. plot) € 16 m  Plot neighboring Tower 185 (Europaviertel)  Planned l

  17. Slide 17: Profit and Loss

    Profit and Loss Record Net Profit Driven by Strong Operations and Portfolio Value Uplift €m FY 2015 FY 2014 yoy 4Q 15 4Q 14 yoy Rental income 154.8 145.2 6.6% 43.1 35.6 21.1%  Top line turnaround driven by EBRD buy-out and resulting full consolidation of E-portfolio, fully effective Net rental inco

  18. Slide 18: Funds from Operations (FFO)

    Funds from Operations (FFO) FFO I Up 15.4% yoy and Above Guidance €m FY 2015 FY 2014 yoy 4Q 15 4Q 14 yoy Net rental income (NRI) 135.6 128.8 5.2% 37.5 32.4 15.6%  Top line boost driven by EBRD buy-out , fully effective throughout third and fourth quarter Result from hotel operations 0.3 1.8 -85.7%

  19. Slide 19: Rental Business

    Rental Business Acquisition of EBRD Minority Stake in E – Portfolio Drives Top Line RENTAL BUSINESS RENTAL INCOME BRIDGE 170  Property sales-related drop more than 17.9 165 offset by additions from EBRD buy-out 160 and development completions 155 4.7 10.9 150  Operating margin (net rental 0.3 1.4

  20. Slide 20: Revaluation Result

    Revaluation Result Significant Revaluation Gains Driven by German Portfolio and Operations REVALUATION RESULT DRIVER REVALUATIONS BY REGION* REVALUATIONS BY SEGMENT*  P&L figure includes a one-time effect posted in 3Q 2015 4% 3% linked to the takeover of EBRD’s minority share and subsequent full co

  21. Slide 21: Balance Sheet

    Balance Sheet Debt Ratios Stable Within Strategic Target Range After EBRD Buy-out €m 31.12.2015 31.12.2014 +/-  Full consolidation of E-portfolio (recognized at equity before the Investment properties 2,714.3 2,092.9 29.7% EBRD buy-out) drives growth in investment properties Properties under develo

  22. Slide 22: Balance Sheet: Solid Financial Ratios Maintained

    Balance Sheet Solid Financial Ratios Maintained BALANCE SHEET EQUITY BRIDGE 2,300  Equity ratio stable yoy at 53% despite 220.8 2,200 balance sheet extension due to EBRD buy-out and resulting full consolidation 2,100 44.5 32.3 22.4 2.3 (previously recognized at equity) 2,000 1,900  Balance sheet m

  23. Slide 23: Net Asset Value (NAV)

    Net Asset Value (NAV) NAV Boost yoy Driven by Record Net Profit € m (diluted = undiluted) 31.12.2015 31.12.2014 NAV PER SHARE NAV PER SHARE (DIVIDEND ADJ.) 22.5 23.0 NAV (IFRS equity) 2,120.5 1,951.7 10.9% 13.2% 22.35 22.0 22.5 Exercise of options 0.0 0.0 22.0 0.45 21.5 NAV after exercise of options

  24. Slide 24: Financing: Debt Profile

    Financing Debt Profile FINANCING STRUCTURE DEBT MATURITY PROFILE 800  Current focus of financing on property project level (secured non-recourse loans from banks and insurance 700 635 Corporate bond 2006-2016 due in companies) 600 96 September 2016 (€ 186 m, 5.125%)  new 530 500 bond issue 2016-20

  25. Slide 25: Financing: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities* Outstanding debt Nominal  Cost of debt  Cost of debt  Debt  Swap €m nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 172.0 35.7 2.1% 2.6% 5.8 8.0 Germany 447.1 95.6 1.6% 2.2% 5.5 2.5 Czech Republic 122

  26. Slide 26: Financing: Declining Cost of Funding

    Financing Declining Cost of Funding Major Recurring Earnings Driver in 2015 FINANCING STRUCTURE OPTIMIZATION AVERAGE COST OF DEBT 6.0%  Cost of debt Annual target of 3.0%  Average financing costs fell significantly during the 5.0% last 18 months 4.0%  FY 2015 target of 3.0% overachieved at year-e

  27. Slide 27: 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/

CA Immobilien Anlagen — FY2015 Earnings Presentation on 6ix