Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q3 2016 Earnings Presentation

30 slides from Ca Immobilien Anlagen's earnings presentation, Nov 23, 2016

  1. Slide 1: 3Q 2016 Results – Analyst and Investor Update

    3Q 2016 RESULTS ANALYST AND INVESTOR UPDATE November 23, 2016

  2. Slide 2: Profit and Loss

    Profit and Loss 1-3Q EBITDA up 39%, EPS Boost by 46% yoy €m 1-3Q 16 1-3Q 15 yoy 3Q 16 3Q 15 yoy Rental income 3Q 2016 EARNINGS DRIVER 122.6 111.7 9.8% 41.3 42.9 -3.7% Net rental income (NRI) 108.8 98.1 10.9% 36.7 37.6 -2.4%  Net rental income slightly down due to property sales Result from hotel op

  3. Slide 3: Funds from Operations (FFO)

    Funds from Operations (FFO) 3Q 16 FFO I at € 26.1 m 44% Above Value of Last Year €m 1-3Q 2016 1-3Q 2015 yoy 3Q 16 3Q 15 yoy 3Q 2016 EARNINGS DRIVER Net rental income (NRI) 108.8 98.1 10.9% 36.7 37.6 -2.4% Result from hotel operations 0.0 0.3 n.m. 0.0 0.0 n.m.  Net rental income slightly down due to

  4. Slide 4: Funds from Operations (FFO)

    Funds from Operations (FFO) Extremely Robust Operational Development Drives Dividend CONTINUOUSLY INCREASING RECURRING EARNINGS POWER 3Q 16 FFO I PER SHARE (YOY) 1-3Q 16 FFO I PER SHARE (YOY) 0.30 0.80 +29%  1-3Q 2016 FFO per share of € 0.73 up 29% yoy +48% 0.28 0.70  Extremely robust operational

  5. Slide 5: Balance Sheet as at September 30, 2016

    Balance Sheet as at September 30, 2016 Robust Balance Sheet Solid Basis for Growth €m 30.09.2016 31.12.2015 +/- BALANCE SHEET Investment properties 2,910.230 2,714.3 7.2% Properties under development  Rock solid balance sheet metrics comfortably within strategic 459.9 409.0 12.5% target range despi

  6. Slide 6: Balance Sheet as at September 30, 2016

    Balance Sheet as at September 30, 2016 Solid Financial Ratios BALANCE SHEET RISING RECURRING PROFITABILITY  Equity ratio 51.2% 2.8 2.8 35 3.0 2.5  Conservative loan-to-value ratio (net debt to 30 2.2 2.5 property assets) of 36.4% 2.0 25 2.0 1.4  Gearing 57.7% 20 1.5  Long-term debt ratio targets

  7. Slide 7: Net Asset Value (NAV)

    Net Asset Value (NAV) Positive NAV - Development Reflects Value Enhancing Strategy STRONG NAV GROWTH MOMENTUM EPRA NAV PER SHARE (YTD) EPRA NAV PER SHARE (YOY) 26.5 +8% 27.0  NAV (IFRS equity) per share at balance sheet date € 23.09 +19% (31.12.2015: € 21.90) 26.0 26.0 25.5 25.0  EPRA NAV per shar

  8. Slide 8: Net Asset Value (NAV)

    Net Asset Value (NAV) EPRA NAV per Share € 26.25 € m (diluted = undiluted) 30.09.2016 31.12.2015 +/- NAV (IFRS equity) 2,166.4 2,120.5 Exercise of options 0.0 0.0 NAV after exercise of options 2,166.4 2,120.5 2.2% NAV per share 23.09 21.90 5.4% Value adjustment for* Own use properties 5.8 5.1 Proper

  9. Slide 9: Financing

    Financing Debt Profile FINANCING STRUCTURE FINANCING SPLIT (€ M) DEBT STRUCTURE  Financing metrics at reporting date 3% Corporate bonds 5%  Average cost of debt 2.4% 6% UniCredit 26% 26% 5% Other  Average debt maturity 4.1 years 6% DG Hyp  100% of financial liabilities euro-denominated Helaba 7%

  10. Slide 10: Financing

    Financing Average Cost of Funding Further Reduced to 2.4% FINANCING STRUCTURE OPTIMIZATION HEDGING RATIO (3Q 16) HEDGING RATIO (TARGET)  Cost of debt  Average financing costs significantly reduced during last 18 months ~25%  Repayment of corporate bond 2006-2016 (€ 186 m, 5.125%) upon 32% maturit

  11. Slide 11: Financing

    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 169.3 35.7 2.1% 2.6% 5.1 7.2 Germany 564.4 93.2 1.4% 1.9% 4.9 1.7 Czech Republic 119

  12. Slide 12: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  13. Slide 13: Property Portfolio (€ 3.8 bn)

    Property Portfolio (€ 3.8 bn)* Germany Accounts for  43% of Portfolio Value PORTFOLIO STRUCTURE PORTFOLIO SPLIT BY REGION AND COUNTRY (€ M)  Total property asset base of € 3.8 bn  Germany largest single core market 6% 578 15% 15% 8%  Income- producing investment portfolio of Austria 7% € 3.2 bn

  14. Slide 14: Investment Portfolio (€ 3.2 bn)

    Investment Portfolio (€ 3.2 bn) High-quality Asset Base in Key Economic Centres of Central Europe KEY METRICS* 30.09.2016 31.12.2015 PORTFOLIO OCCUPANCY Gross initial yield 6.1% 6.5% 93% Austria 5.5% 5.7% 92.7% Germany 5.0% 5.3% 93% 92.3% 92.2% CEE 92.1% 7.2% 7.6% 92% Occupancy 91.5% 92.7% 91.5% Aus

  15. Slide 15: Budapest – Acquisition of Core Office Complex Millenium Towers

    Property Portfolio Budapest – Acquisition of Core Office Complex Millenium Towers EXPANSION OF CORE OFFICE PORTFOLIO BUDAPEST  Office complex Millenium Towers consists of four fully let buildings with 70,400 sqm  Acquisition price of € 172 m ( 7.0% gross initial yield)  Annual rental income addi

  16. Slide 16: Investment Portfolio Hungary – Budapest

    Property Portfolio Investment Portfolio Hungary – Budapest Largest CEE Portfolio Segment PORTFOLIO METRICS  Acquisiton of office complex Millennium Towers has increased the Budapest core office market exposure  Fair value of € 485 m  15% of total investment portfolio  32% of CEE investment portf

  17. Slide 17: Portfolio Metrics

    Investment Portfolio (€ 3.2 bn) Portfolio Metrics GROSS INITIAL YIELDS* WEIGHTED AVERAGE LEASE TERM (WALT) IN YEARS BY COUNTRY 9.0% 8.0 7.8% 7.0 8.0% 7.5% 7.5% 6.0 7.0% 6.7% 6.5% 5.0 6.1% 6.0% 4.0 5.4% 5.0% 3.0 5.0% 2.0 4.0% 1.0 7.2 4.1 3.3 2.9 2.4 2.1 2.1 4.1 3.0% 0.0 Romania Hungary Other** Czechi

  18. Slide 18: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  19. Slide 19: Excellent Market Position to Fully Capture Strong Cycle in Germany

    Development Excellent Market Position to Fully Capture Strong Cycle in Germany DEVELOPMENT ANCHOR TENANTS LAND RESERVES ( € 320 M) 30 30 9% 9% 92 29% 127 39% CEE Germany 74 293 23% Frankfurt 91% CEE Berlin Munich DEVELOPMENT TRACK RECORD (COMPLETED VOLUME OF  € 1.7 BN OVER LAST SIX YEARS) Complete

  20. Slide 20: Significant Embedded Value of German Landbank to Unlock

    Development Significant Embedded Value of German Landbank to Unlock DEVELOPMENT PIPELINE GERMANY DEVELOPMENT POTENTIAL ( € 2 BN)  Existing landbank reserves (book value  € 320 m) offer  € 2 bn the potential to realize  0.8 m sqm of new space or 0.4 BER  € 2 bn in book value terms 0.1 DUS  Fai

  21. Slide 21: Berlin - Baufeld 03/KPMG

    Development Berlin - Baufeld 03/KPMG PROJECT UNDER CONSTRUCTION PHASE 2  Phase 1 (100% pre-let to KPMG)  Planned lettable area 12,700 sqm  Total investment volume (incl. plot) € 56 m  Outstanding construction costs  € 31 m  Expected yield on cost  5.8%  Construction phase 3Q 2015 - 2Q 2018 

  22. Slide 22: Munich – MY.O

    Development Munich – MY.O PROJECT IN PREPARATION STAGE  Expansion of investment portfolio in Munich by a fourth high- quality office building (lettable area 26,100 sqm)  Located in the western part of Munich (Schlossviertel Nymphenburg neighbourhood) with good public transport connections (along S

  23. Slide 23: Berlin - Cube

    Development Berlin - Cube PROJECT IN PREPARATION STAGE  Prime office property development  Outstanding Europacity location between Central Station and German Chancellery   19.500 sqm gross floor area All figures (€ m) as at 30 September 2016, unless otherwise stated 23

  24. Slide 24: High-quality Development Pipeline Major Growth Driver (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 31 12,700 5.8% Office 900% 100% 3Q 15 – 2Q 18 Mannheimer

  25. Slide 25: High-quality Development Pipeline Major Growth Driver (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 Rieck I/ABDA, Berlin 25 22 5,200 Office 100% 1H 17 – 2H 19 Forward sale to ABDA Baumkirchen, Munich Sal

  26. Slide 26: Share Buy-Back Programme

    a= CA IMMO URBAN BENCHMARKS. SHARE BUY-BACK PROGRAMME

  27. Slide 27: Share Buy-Back Programme

    Share Buy-Back Programme 5 m Shares Repurchased Over Last 6 Quarters - New Programme to Start SHARE BUY-BACK PROGRAMME 2015 SHARE BUY-BACK PROGRAMME 2016 (1Q) SHARE BUY-BACK PROGRAMME 2016 (2Q/3Q)  May 2015 – Dezember 2015  January 2016 – February 2016  April 2016 – September 2016  2,000,000 sha

  28. Slide 28: CA Immo and Immofinanz

    a= CA IMMO URBAN BENCHMARKS. CA IMMO AND IMMOFINANZ

  29. Slide 29: Sequence of Events

    CA Immo and Immofinanz Sequence Of Events 2016 2017 Step 1 Step 2 Step 3  Acquisition of a 26% stake in  Disposal/spin-off of  Merger of IMMOFINANZ and CA Immo CA Immobilien Anlagen AG IMMOFINANZ Russian by IMMOFINANZ AG portfolio  Preparations for merger have started  External advisors mandate

  30. Slide 30: 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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