Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Q3 2017 Earnings Presentation

25 slides from Ca Immobilien Anlagen's earnings presentation, Nov 22, 2017

  1. Slide 1: 3Q 2017 Results: Analyst and Investor Update

    3Q 2017 RESULTS ANALYST AND INVESTOR UPDATE November 22, 2017

  2. Slide 2: 3Q 2017 Highlights

    3Q 2017 Highlights Portfolio occupancy increase  Strong letting activity drives portfolio occupancy to 93.6% at reporting date  4 core markets (Austria, Germany, Czechia, Poland) currently post occupany rates > 95% Acquisition of Warsaw Spire B  Prime office acquisition for around  € 100 m meets

  3. Slide 3: 1-3Q 2017 Highlights

    1-3Q 2017 Highlights  Solid top line growth by 14.4% per share despite rental income losses linked to non-strategic asset sales Net rental income per share  Improved operating margin at 91.3% (1-3Q 2016: 88.7%) 1.31 (1-3Q 2016: 1.14) +14%  Major driver acquisition of Millennium Towers in Budapest

  4. Slide 4: Profit and Loss

    Profit and Loss All major 3Q Earnings Metrics up yoy P&L 1-3Q 1-3Q +/- 3Q 3Q +/- 3Q earnings driver 2017 2016 2017 2016 Rental income 133.5 68.8 8.9% 45.0 41.3 8.8%  Rental income up 9% yoy driven by CEE portfolio expansion Net rental income 121.8 60.5 11.9% 41.7 36.7 13.7% Other property developme

  5. Slide 5: Funds from Operations (FFO)

    Funds from Operations (FFO) 1-3Q FFO I per Share at € 0.91 (+24% yoy) FFO 1-3Q 1-3Q 3Q 3Q +/- 3Q earnings driver 2017 2016 2017 2016 Net rental income  Net rental income increase by 14% mainly driven by 121.8 108.8 11.9% 41.7 36.7 13.7% Result from services 7.6 9.9 -22.9% 1.8 3.7 -50.4%  Portfolio

  6. Slide 6: Funds from Operations (FFO I)

    Funds from Operations (FFO I) FY 2017 Guidance > € 100 m 1-3Q FFO I per share (yoy) 3Q FFO I per share (yoy) FFO I 1.00 0.33 +24% 84.8 (1-3Q 2016: 69.9) 0.90 0.31 0.29 +12% 0.80 0.27 0.70 0.25 FFO I per share 0.60 0.23 0.91 (1-3Q 2016: 0.74) 0.50 0.21 0.19 0.40 0.74 0.91 0.17 0.27 0.31 0.30 0.15 1-3

  7. Slide 7: Balance Sheet as at September 30, 2017

    Balance Sheet as at September 30, 2017 Strong Equity Base Secures Growth Balance Sheet 30.09.2017 31.12.2016 +/- Investment properties  Rock solid balance sheet metrics comfortably within 3,145.3 2,923.7 7.6% strategic target range despite balance sheet extension Properties under development 534.5

  8. Slide 8: Net Asset Value (NAV)

    Net Asset Value (NAV) NAV Up 7.8% YTD (Dividend Adjusted) Net Asset Value 30.09.2017 31.12.2016 +/- NAV per share YTD 25.0 +5.0% NAV (IFRS equity) 2,311.2 2,204.5 24.8 Exercise of options 24.6 0.0 0.0 24.4 NAV after exercise of options 2,311.2 2,204.5 4.8% 24.2 NAV per share 24.79 23.60 5.0% 24.0 Va

  9. Slide 9: Optimisation of Financing Structure 1-3Q 2017

    Optimisation of Financing Structure 1-3Q 2017 € 1 bn of Financing Volume In Motion FINANCING TARGETS 2017 Corporate bond (02/2017) Convertible bond (09/2017) Effective € 175 m , 7 yrs, 1.875% € 200 m , 7.5 yrs, 0.75% in 4Q 17  Capitalize on historically low interest rate environment  Further CoD r

  10. Slide 10: Financing: Average Cost of Debt at 1.99%

    Financing Average Cost of Debt at 1.99% Exceeds 2017 Target CONTINUOUS COD OPTIMISATION CoD cut of  40 bps over last 12 months 3.00%  Average financing costs stood at 1.99% (incl. 2.80% 2.80% pro rata joint venture financing) as at key date September 30, 2017 2.60% 2.37% 2.34% 2.40% 2.21% 2.18% 

  11. Slide 11: Financing: Substantial Decline of Financing Costs

    Financing Substantial Decline of Financing Costs Drives FFO CONTINUOUS IMPROVEMENT Financing costs 12.0  Significant financing cost decline as a result of extensive financing structure optimisation 11.0 10.7 10.2 10.2 10.0 9.4  Corporate bond issue in February 2017 and corresponding loan repayment

  12. Slide 12: Financing: Debt Maturity Profile

    Financing Debt Maturity Profile LOW UPCOMING REFINANCING VOLUME Debt maturity profile by debt structure 500  Low volume of upcoming refinancings in the 450 amount of  330 m until 2020 400 350  CEE maturities until 2020 include primarily 300 properties in Warsaw 250 200  Cash and cash equivalents

  13. Slide 13: Financing: Loan-to-Value (LTV)

    Financing Loan-to-Value (LTV) CONSERVATIVE LTV MAINTAINED Net debt vs. LTV (net) 1,300 37.1% 35.4% 37.1% 38%  Group LTV (net) stands at 37% 36.4% 37% 1,250 34.6%  Mid-term strategic target range of 40-45% 36% 1,200 34.2% 35%  LTVs on core market level (incorporating only 1,150 34% secured debt, e

  14. Slide 14: Financing: Average Debt Maturity Extension

    Financing Average Debt Maturity Extension Supports Cash Flow Resilience SUBSTANTIAL INCREASE YOY Target of > 6 years reached and maintained 6.5 > 6.0  The targeted average debt maturity of > 6 years 6.0 was reached in the second quarter of 2017 (up 6.0 5.8 from 4.3 years a year earlier). 5.5  Key

  15. Slide 15: Financing: Hedging Ratio Up at 89%

    Financing Hedging Ratio Up at 89% (3Q 2016: 65%) SUBSTANTIAL INCREASE YOY Hedging ratio 95%  89% of financial liabilities are hedged or fixed, 89% 89% 90% 87% which strongly increases CA Immo‘s cash flow resilience 85% 81% 80% 74%  Fixed-interest bonds make up a greater part of 75% the interest ra

  16. Slide 16: Weighted Average Cost of Debt and Maturities

    Financing Weighted Average Cost of Debt and Maturities*  CoD/Maturities Outstanding debt Swaps  Cost of debt  Cost of debt  Debt maturity  Swap maturity (nominal value) (nominal value) excl. derivatives incl. derivatives (years) (years) Austria 144 54 1.99% 2.25% 9.0 9.2 Germany 574 161 1.30% 1

  17. Slide 17: Successful Convertible Bond Placement at 0.75% Coupon

    Financing Successful Convertible Bond Placement of € 200 m at 0.75% Coupon STRATEGIC RATIONALE Convertible issuance close to all-time-high of the CA Immo stock  The transaction allowed CA Immo to capitalize 26.0 26.0 on the share price rally of recent months and lock-in the all-time low interest le

  18. Slide 18: Property Portfolio (€ 4.1 bn)

    Property Portfolio (€ 4.1 bn)* Germany Accounts for 45% of Portfolio Value PORTFOLIO STRUCTURE Portfolio split by region and country (€ m)  Total property asset base of € 4.1 bn 6%  Germany largest single core market 580 14% 7% 14%  Income- producing investment portfolio of € 3.4 bn Austria 7% 1,

  19. Slide 19: Investment Portfolio: Stable Yield, Occupancy Close to 94%

    Investment Portfolio Stable Portfolio Yield, Occupancy Close to 94% Portfolio occupancy (economic) Occupancy rate (economic) 95% 93.6% (3Q 2016: 91.5%) 94% 93.6% 93% 92.4% 92.4% 92% 91.1% Gross initial yield 91% 90.7% 90.4% 6.0% (3Q 2016: 6.1%) 90% 89% 88% 4Q 2014 4Q 2015 4Q 2016 1Q 2017 2Q 2017 3Q

  20. Slide 20: Investment Portfolio: Portfolio Metrics

    Investment Portfolio Portfolio Metrics* Gross initial yields Weighted average lease term (years) 9% 8.0 7.8% 7.6% 8% 7.2% 7.0 6.9% 6.9% 7% 6.0% 6.0 5.7% 6% 4.7% 5.0 5% 4.0 4% 3.0 3% 2% 2.0 1% 1.0 6.9 4.1 3.6 3.5 2.8 2.9 2.8 4.4 0% 0.0 Romania Other** Hungary Czechia Poland Austria Germany Total Germ

  21. Slide 21: Acquisition of Prime Office Building in Warsaw

    Investment Portfolio Acquisition of Prime Office Building in Warsaw CEE PORTFOLIO EXPANSION  Acquisition of the 21,600 sqm Frontex office building (Warsaw Spire Building B) for around € 100 m  Prime office building located in the Wola district  100% occupied by a European Union Agency as anchor t

  22. Slide 22: Development: Projects under Construction for Own Balance Sheet

    Development Projects under Construction for Own Balance Sheet Investment portfolio Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction projects volume* investment rentable on cost ratio phase area ViE (Vienna) 38 24 14.700 6.3 Office 100% 6% 3Q 16 – 3Q 18 MY.O (Munic

  23. Slide 23: Development: Projects under Construction for Sale

    Development Projects under Construction for Sale Trading portfolio projects Investment Outstanding Planned Main usage Share** Utilisation Construction volume* investment rentable area rate phase Cube (Berlin) 99 65 17,000 Office 100% 100% 4Q 16 – 4Q 19 Rieck I/ABDA (Berlin) 31 24 5,200 Office 100% 1

  24. Slide 24: Agenda and Targets 2017

    Agenda and Targets 2017 FFO I of at least € 100 m as Key Financial Target Confirmed Investment portfolio  Buy-out of of joint venture partner Union Investment in CEE portfolio Growth  Expansion of CEE portfolio through property acquisition Development  Buy-out of JV partner Patrizia and construct

  25. Slide 25: 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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