Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — FY2018 Earnings Presentation

65 slides from Ca Immobilien Anlagen's earnings presentation, Mar 27, 2019

  1. Slide 1: FY 2018 Results Analyst and Investor Update

    FY 2018 Results Analyst and Investor Update March 27, 2019 All figures (€) as at 31 December 2018, unless otherwise stated

  2. Slide 2: Business Year 2018 Highlights

    Business Year 2018 Highlights 1  The consolidated net profit of € 305.3 m (€ 3.28 per share) generated in 2018 is the highest in the company's history Results 2018  FFO I guidance of more than € 115 m was solidly achieved at € 118.5 m 3  Dividend increase to 90 cents per share (2017: 80 cents per

  3. Slide 3: Key Metrics

    Business Year 2018 Key Metrics 2018 2017 +/- 1 Net rental income € / share 1.88 1.75 7.5% FFO I € / share 1.27 1.14 11.7% FFO II € / share 1.20 1.86 -35.5% Earnings Consolidated net profit € / share 3.28 2.55 28.6% EPRA NAV € / share 33.30 30.09 10.7% Dividend € / share 0.90 0.80 12.5% Return on equ

  4. Slide 4: FY 2018 Results

    a= CA IMMO URBAN BENCHMARKS. FY 2018 RESULTS

  5. Slide 5: Highest Net Profit in CA Immo's History

    1 FY 2018 Results Highest Net Profit in CA Immo‘s History Profit and loss (€ m)* FY FY +/- 4Q 4Q +/- Earnings driver 2018 2018 2017 2018 2017 Rental income 192.4 180.3 6.7% 50.9 46.8 8.8%  Higher rental income mainly driven by Net rental income 175.2 163.4 7.2% 44.7 41.5 7.7% Warsaw Spire B acquisi

  6. Slide 6: Revaluation Result

    1 FY 2018 Results Revaluation Result Revaluation Result (€ m) Revaluation Result (in % of 2017 value) Austria CEE Germany Total Austria CEE Germany Assets held for Sale 2.7 2.7 Assets held for Sale 24.1 Investment Properties 26.9 47.9 86.9 139.6 Investment Properties 5.0 2.6 7.1 Construction Project

  7. Slide 7: FFO I at € 118.5 m Meets Guidance

    1 FY 2018 Results FFO I at € 118.5 m Meets Guidance of > € 115 m Funds from operations (€ m)* FY FY 4Q 4Q +/- Earnings driver 2018 2018 2017 2018 2017 Net rental income  Higher rental income mainly driven by Warsaw Spire B 175.2 163.4 7.2% 44.7 41.5 7.7% acquisition, completion of KPMG office build

  8. Slide 8: FY 2018 Guidance Achieved / FY 2019 Guidance Reiterated

    1 FY 2018 Results FY 2018 Guidance Achieved / FY 2019 Guidance Reiterated 4Q 2018 FFO I per share (yoy) FY 2018 FFO I per share (yoy) FFO I (€ m) 1.30 +12% +12% 118.5 (2017: 106.4) +11% 0.27 0.26 1.25 0.25 1.20 0.24 FFO I per share 0.23 1.15 1.27 (2017: 1.14) +12% 0.22 1.10 0.21 0.24 0.27 1.14 1.27

  9. Slide 9: Balance Sheet as at December 31, 2018

    1 FY 2018 Results Balance Sheet as at December 31, 2018 Balance Sheet (€ m)* FY 2018 FY 2017 +/- Total debt** (€ bn) Investment properties 3,755.2 3,155.7 19.0% 1.9 (2017: 1.7) Properties under development 651.6 579.3 12.5% Own-used properties 5.2 5.5 -5.0% Net debt (€ bn) Other long-term assets 11.

  10. Slide 10: Balance Sheet Ratios

    1 FY 2018 Results Balance Sheet Ratios Shareholders‘ equity / equity ratio** Equity ratio 53% 51% 49% 2.8 51% 55% 49.3% (2017: 50.9%) 2.6 50% 45% 2.4 40% 2.2 35% Loan-to-value 2.0 30% 43.5% (2017: 45.9%) 1.8 1.6 2.1 2.2 2.4 2.6 25% 20% 2015 2016 2017 2018 Equity (€ bn), lhs Equity ratio, rhs Loan-to

  11. Slide 11: EPRA NAV per Share at € 33.30

    1 FY 2018 Results EPRA NAV per Share at € 33.30 (+ 11% yoy) Net Asset Value (€ m)* FY 2018 FY 2017 +/- EPRA NAV per share yoy +11% 32 NAV (IFRS equity) 2,639.6 2,419.2 Exercise of options 0.0 0.0 31 NAV after exercise of options 2,639.6 2,419.2 9.1% 30 NAV per share 28.37 25.95 9.3% 29 Value adjustm

  12. Slide 12: Portfolio

    a= CA IMMO URBAN BENCHMARKS. PORTFOLIO

  13. Slide 13: Property Portfolio (€ 4.5 bn) Core Markets

    2 Property Portfolio (€ 4.5 bn) Core Markets 13

  14. Slide 14: Property Portfolio: GAV Growth of 17% yoy

    2 Property Portfolio* GAV Growth of 17% yoy Portfolio by region and country (book value) Gross asset value (GAV) (€ bn) 2% 2% 4.5 (2017: 3.8) 564 9% Germany Austria 13% Hungary 8% 1,993 44% Poland Investment portfolio** (€ bn) 44% Germany 11% Czechia 3.8 (2017: 3.2 ) 1,914 43% CEE 11% Romania Austri

  15. Slide 15: Investment Portfolio: Core Office Focussed Yielding Portfolio

    2 Investment Portfolio Core Office Focussed Yielding Portfolio Across Key Economic Centres in CE Investment portfolio split by region and country (book value) Gross asset value (GAV) (€ bn) 3% 2% 3.8 (2017: 3.2) 564 Germany Austria 15% 10% Hungary 35% 9% Poland Investment portfolio size (m sqm) 1,88

  16. Slide 16: Investment Portfolio: High Occupancy Level Maintained

    2 Investment Portfolio High Occupancy Level Maintained at 94% Gross initial yield* 9.0 Gross initial yields 2018 2017 +/- 8.3 8.1 8.0 Investment portfolio 5.8 6.2 -6.9% 7.0 6.9 7.0 6.6 6.4 Austria 5.3 6.0 -11.0% 5.8 6.0 5.3 Germany 4.5 4.7 -4.3% 5.0 4.5 Czechia 6.6 6.9 -4.0% 4.0 Hungary 7.0 7.0 0.7%

  17. Slide 17: Like-for-Like Performance

    2 Investment Portfolio Like-for-Like Performance Like-for-like Fair value Rental income* Yield (%) Occupancy (%) 4Q 2018 4Q 2017 +/- 4Q 2018 4Q 2017 +/- 4Q 2018 4Q 2017 4Q 2018 4Q 2017 Austria 513.6 494.2 3.9% 27.3 29.6 -7.5% 5.3 6.0 89.7 96.2 Germany 1,164.4 1,099.7 5.9% 53.4 51.9 3.0% 4.6 4.7 98.9

  18. Slide 18: Major Assets

    2 Investment Portfolio Major Assets Largest investment properties (by value, € m) Largest investment properties (by sqm) Skygarden (Munich) 233 Millennium Towers (Budapest) 70,637 Kontorhaus (Munich) 188 River Place (Bucharest) 46,960 Millennium Towers (Budapest) 183 Kavci Hory (Prague) 42,265 River

  19. Slide 19: Major Tenants

    2 Investment Portfolio Major Tenants Top 20 tenants (by annualized rent) PWC 2.9% Frontex 2.7% Morgan Stanley 2.0% Google 2.0% Land Berlin 1.9% Total 1.8% Verkehrsbüro 1.7% Robert Bosch 1.6% Bundesanstalt für Immobilienaufgaben 1.6% KPMG 1.6% British American Tobacco 1.4% Top 20 31% of total InterCi

  20. Slide 20: Property Portfolio Overview

    2 Property Portfolio Overview Investment Investment Short-term Total property Total property Rentable area in Annualised Properties* properties under property assets assets assets (%) sqm *** rental income development ** (€ m) Austria 564 0 0 564 13 315,855 27.3 Germany 1,313 636 44 1,993 44 322,023

  21. Slide 21: Portfolio Growth

    2 Portfolio Strategy Portfolio Growth EXTERNAL PORTFOLIO GROWTH Investment portfolio growth by selective acquisitions in CEE (by value) 250  Around € 800 m were invested into core investment properties (incl. joint venture buy- 200 outs) in Central and Eastern Europe since 2013 150  CA Immo is wel

  22. Slide 22: Portfolio Growth 2018

    2 Portfolio Strategy Portfolio Growth PORTFOLIO GROWTH 2018 Investment portfolio additions in 2018* (€ m, book value) 500 + ~ € 485 m  Acquisitions of  € 220 m investment volume 450 with  70,600 sqm rental space and a 400 annualized rental income of  € 13 m 350  Achieving critical size and port

  23. Slide 23: Financing

    a= CA IMMO URBAN BENCHMARKS. FINANCING

  24. Slide 24: Significant Financing Structure Optimisation Improves Cash Flow Resilience

    3 Financing Significant Financing Structure Optimisation Improves Cash Flow Resilience Average cost of debt Average financing costs** 3.10% 1.7% (2017: 1.9) 2.90% 2.70% 2.50% Average debt maturity (years) 2.30% 2.10% 6.4 (2017: 6.0) 1.90% 1.7% 1.70% 1.50% 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

  25. Slide 25: Well-Balanced Maturity Profile and Debt Structure

    3 Financing Well-Balanced Maturity Profile and Debt Structure DEBT STRUCTURE Debt maturity profile (€ m) 350  CA Immo’s debt structure is well-balanced between secured debt provided by a number 300 of financial institutions and capital markets 250 financings 200  Unsecured bonds do not carry a con

  26. Slide 26: Weighted Average Cost of Debt and Maturities

    3 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 169.0 81.5 1.89% 2.31% 8.9 10.2 Germany 510.9 28

  27. Slide 27: Development

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  28. Slide 28: Growth Strategy

    4 Development Growth Strategy ORGANIC PORTFOLIO GROWTH Investment portfolio growth by own developments (by value) 400  Following completion of the KPMG building in 350 Berlin’s Europacity and VIE office in Vienna, two more newly developed buildings were added to 300 the portfolio in Q4 2018: 250 

  29. Slide 29: Core Market Development Activity

    4 Development Core Market Development Activity 29

  30. Slide 30: Projects under Construction

    4 Development Projects under Construction Investment portfolio projects Investment Outstanding Planned Gross yield Main usage Share Pre-letting Construction volume* investment rentable on cost ratio phase area MY.O (Munich) 101.3 56.9 26,986 6.6 Office 100% 82% 2Q 17 – 2Q 20 Bürogebäude am Kunstcamp

  31. Slide 31: Completed Projects 2018: KPMG, Berlin

    4 Development Completed Projects 2018 KPMG, BERLIN PHASE 2  Phase 1 (12,800 sqm) successfully completed and handed over to the tenant in March 2018  100% of space let to KPMG  Total investment volume (incl. plot)  € 57 m  Yield on cost  5.7%  Phase 2 (Baufeld 04 project) in preparation  Adja

  32. Slide 32: Completed Projects 2018: VIE, Vienna

    4 Development Completed Projects 2018 VIE, VIENNA  Lettable area 14,700 sqm  Total investment volume  € 38 m (incl. plot)  Yield on cost  6.6%  Construction phase 3Q 2016 – 3Q 2018  Letting ratio  44% 32

  33. Slide 33: Completed Projects 2018: Orhideea Towers, Bucharest

    4 Development Completed Projects 2018 ORHIDEEA TOWERS, BUCHAREST  Lettable area 36,900 sqm  Total investment volume  € 74 m (incl. plot)  Outstanding investment  € 18 m  Yield on cost  8.7%  Construction phase 4Q 2015 – 4Q 2018  Letting ratio  72% 33

  34. Slide 34: Completed Projects 2018: InterCity Hotel, Frankfurt

    4 Development Completed Projects 2018 INTERCITY HOTEL, FRANKFURT  Main usage hotel  Total investment volume (incl. plot) € 58 m  Lettable area 17,300 sqm  Yield on cost  6.2%  Letting ratio 100%  Construction phase 3Q 2016 – 4Q 2018  (Soft-) Opening in December 2018 34

  35. Slide 35: Completed Projects 2018 - sold: Laendyard Living, Vienna

    4 Development Completed Projects 2018 - sold LAENDYARD LIVING, VIENNA  50/50 joint venture with Austrian residential developer JP Immobilien  Total investment volume  € 31 m (CA Immo share: 50%)  270 apartments ( 18,800 sqm), which were sold individually  Construction phase 3Q 2016 – 3Q 2018 3

  36. Slide 36: Completed Projects 2018 - sold: Rheinallee III, Mainz

    4 Development Completed Projects 2018 - sold Rheinallee III, Mainz  Main usage residential, smaller part of retail  Forward sale to Aberdeen  Total investment volume (incl. plot) € 60 m  Lettable area 19,700 sqm  Yield on cost  5.7%  Letting ratio 100%  Construction phase 3Q 2016 – 4Q 2018 R

  37. Slide 37: Projects Under Construction - sold: Cube, Berlin

    4 Development Projects Under Construction (Expected Completion in 2019) - sold CUBE, BERLIN  Highly profitable forward sale of office property development  Development and initial letting by CA Immo on behalf of buyer   17,000 sqm planned lettable area  Total investment volume of approx. € 107

  38. Slide 38: Projects Under Construction: MY.B, Berlin

    4 Development Projects Under Construction (Expected Completion in 2019) MY.B, BERLIN  Total investment volume (incl. plot)  € 68 m  Outstanding investment  € 34 m  Rental area  14,800 sqm  Expected yield on cost  6.9%  Construction phase 3Q 2017 – 4Q 2019  Pre-let ratio  69% (incl. signed

  39. Slide 39: Büro am Kunstcampus BT 1 and BT 2, Berlin

    4 Development Projects Under Construction (Expected Completion in 2019) BÜRO AM KUNSTCAMPUS BT 1, Berlin BÜRO AM KUNSTCAMPUS BT 2, Berlin  Forward sale to ABDA (German Pharmacist  Total investment volume (incl. plot)  € 13 m Association)  Outstanding investment  € 6 m  Total investment volume

  40. Slide 40: Projects Under Construction: MY.O, Munich

    4 Development Projects Under Construction (Expected Completion in 2020) MY.O, MUNICH  Lettable area  27,000 sqm  Investment volume  € 101 m (incl. plot)  Outstanding investment  € 57 m  Expected yield on cost  6.6%  Construction phase 2Q 2017 – 2Q 2020  Pre-let ratio  82% (incl. signed co

  41. Slide 41: Projects Under Construction: NEO, Munich

    4 Development Projects Under Construction (Expected Completion in 2020) NEO, MUNICH  Mixed use  Office (8,500 sqm), hotel with 143 rooms  55 apartments (5,000 sqm)  Investment volume total  € 92 m (incl. plot)  Outstanding investment  € 48 m  Expected yield on cost  4.9%  Construction phas

  42. Slide 42: Projects Under Construction: ONE, Frankfurt

    4 Development Projects Under Construction (Expected Completion in 2021) ONE, FRANKFURT  Mixed use hotel/office high-rise (190 m, 49 floors)  Lettable area 66,200 sqm ( 85,000 sqm GFA)  Investment volume  € 363 m (incl. plot)  Outstanding investment  € 292 m  Expected yield on cost  5.2 % 

  43. Slide 43: Projects in Planning Stage: Mississippi & Missouri Offices, Prague

    4 Development Projects in Planning Stage MISSISSIPPI & MISSOURI OFFICES, RIVER CITY PRAGUE  Prime property development on plot adjacent to fully-let River City properties in Prague 8, one of Pragues‘ best developing city quarters  Lettable area  20,000 sqm  Investment volume  € 54 m (incl. plot

  44. Slide 44: Projects in Planning Stage

    4 Development Projects in Planning Stage Nordhafen, Berlin BF 4, Berlin DEVELOPMENT PIPELINE  Nordhafen, Berlin (office)  27,700 sqm  BF 4, Berlin (office)  22,300 sqm  HUB, Berlin (office)  10,200 sqm  Hafeninsel IV, Mainz (residential, office)  6,400 sqm*  Hafeninsel V, Mainz (residential

  45. Slide 45: Development Pipeline

    a= CA IMMO URBAN BENCHMARKS. DEVELOPMENT PIPELINE

  46. Slide 46: Total Volume incl. Projects under Construction and Pipeline (€ 5.8 bn)

    4 Development Pipeline Total Volume incl. Projects under Construction and Pipeline ( € 5.8 bn)* THREE DEVELOPMENT PHASES Total pipeline including projects under construction and redevelopments (€ bn) 3.38 5.83 5.83 6,000  CA Immo divides its development pipeline based on Assets for sale current la

  47. Slide 47: Pipeline Projects out of Landbank (€ 4.15 bn)

    4 Development Pipeline Pipeline Projects out of Landbank ( € 4.15 bn)* SIGNIFICANT EMBEDDED VALUE OF LANDBANK Development pipeline by asset class (€ m) 5,000  CA Immo currently holds land reserves worth 115 4,294 2,040  € 290 m in addition to its projects under Munich 4,000 construction (with a t

  48. Slide 48: Pipeline Projects for Own Investment Portfolio (€ 1.8 bn)

    4 Development Pipeline Pipeline Projects for Own Investment Portfolio ( € 1.8 bn)* DEVELOPMENT VOLUME FOR OWN PORTFOLIO Development pipeline for own investment portfolio (€ m)  Office and hotel properties are developed 2,000 259 1,810 primarily for the company's own portfolio, 80 whereas residenti

  49. Slide 49: Residential Pipeline Projects for Sale (€ 1.9 bn)

    4 Development Pipeline Residential Pipeline Projects for Sale ( € 1.9 bn)* RESIDENTIAL PIPELINE Residential pipeline by city (€ bn) 2,000 1,598 1,926  To make the best possible use of the significant organic growth potential in terms of profitability, CA Immo will develop also plots dedicated to 1

  50. Slide 50: Pipeline Projects - Munich

    4 Development Pipeline Pipeline Projects - Munich MUNICH CITY AND PERIHPERY  CA Immo has a successful residential development track record ( 1,600 apartments successfully developed standalone or in joint ventures), in particular on the Munich market  The majority of CA Immo‘s building plots in Mu

  51. Slide 51: Pipeline Projects - Berlin

    4 Development Pipeline Pipeline Projects - Berlin EUROPACITY BERLIN  CA Immo has played a key role in shaping the Europacity district around Berlin’s main railway station, near the Reichstag building and the Chancellery  In addition to the income-producing portfolio CA Immo is currently realizing

  52. Slide 52: Pipeline Projects - Mainz

    4 Development Pipeline Pipeline Projects - Mainz ZOLLHAFEN MAINZ  In a joint venture with Stadtwerke Mainz, CA Immo is developing one of the most attractive waterside locations in the region, in the heart of the city (mixed used quarter for around 2,500 people which will also create space for 4,000

  53. Slide 53: Governance & Outlook

    a= CA IMMO URBAN BENCHMARKS. GOVERNANCE & OUTLOOK

  54. Slide 54: Governance

    5 Governance New main shareholder  In July 2018, IMMOFINANZ announced the sale of its share package amounting to 26.00% (including four registered shares) to Starwood for a total price of € 757.9 m (equivalent on average Starwood Capital to € 29.5 per share)  Closing of the transaction took place

  55. Slide 55: Outlook: Agenda and Targets 2019

    6 Outlook Agenda and Targets 2019  Expand our footprint across all core markets Portfolio  Evaluate new market opportunities  Three development project completions in Berlin with an investment volume of  € 220 m planned in 2019  MY.B  Cube  Bürogebäude am Kunstcampus BT 1 & BT 2  Kick-off ne

  56. Slide 56: Appendix

    a= CA IMMO URBAN BENCHMARKS. APPENDIX

  57. Slide 57: Core Markets: Vienna

    Core Markets Vienna z= CA IMMO Landmarks Hauptbahnhof @ Wien Mitte @ stephanadom ia Prater Flughafen 3 BESBEGE HE -CA1MMO Invostmont Properties EB Linke Wienzeile Bi Wolfganggesse Ey Mariabilfar Strafo Ey Rennwog 16 / Mechelgasse 1 Bi Galleria Ty Erdberger Linde Silberméwe By Donau Business Center I

  58. Slide 58: Core Markets: Munich

    Munich = CA IMMO @ CA Immo Investment Properties Dh Ambigon Kontorhaus BI Skygarden BH CA Immo Projects under construction @ My.o i NEO i Urban quarter Baumkirchen Mitte Innovationscampus Freimann @ Landmarks BX Central Station Bh Marie @ ‘rain Station East late © CA Immo Land Reserve © Eggartensied

  59. Slide 59: Core Markets: Berlin

    Berlin HH Landmarks Central Station @ Reichstag, Kanzleramt Brandenburger Tor PRT Potsdamer Platz Alexanderplatz cn Airport Tegel 7 Airport Schdnefeld BEBE I CA IMMO Investment Properties BD Spreshogen Bf Joachimsthaler StraBe 20 Hi Kénigliche Direktion - Schcneberger StraBe 15 Hellesches Ufer 74-76

  60. Slide 60: Core Markets: Frankfurt

    Core Markets Frankfurt HCA IMMO Investment Properties Meininger Hotel Skyline Plaza ‘Tower 185 HCA IMMO-Projects under construction / in preparation EE Mannheimer StraBe ‘Tower ONE © CA IMMO Land reserve ® Millenium Plot Districts Innenstadt I Innenstadt II Tnnenstadt IT Innenstadt IV Siid West Mitt

  61. Slide 61: Core Markets: Warsaw

    Core Markets - CA IMMO Warsaw CA IMMO Investment Properties i Landmarks Saski Point HY Central Station & Saski Crescent EA Palace of Culture, & Science ry BF Sienna Center Ti Royal Castle pea Warsaw Towers D Mermaid of Warsaw ry Bi Airport 3 Wspolna @ Bitwy Warszawskiej Warsaw Spire Building B & C '

  62. Slide 62: Core Markets: Prague

    Prague | wat CA IMMO @ CA Immo investment properties i Kavci Hory Office Park BB Danube House Bi Nile House Amazon Court i Visionary @ CA Immo projects under construction River City Prague @ Landmarks BX Central Station Q i Dancing House wi] @ National Museum ny DB Charles Bridge xx Bi Prague Castle

  63. Slide 63: Core Markets: Budapest

    Budapest = CA IMMO Landmarks Central Station @ St.-Stephans-Basilika fd Parliament building (AY i Hero Squar Airport 9¢ BERBER CA IMMO Investment Properties IP West Infopark A Bartok Haz City Gate Millennium Towers R 70 Office Complex Vizivaros Office Center Canada Square Capital Square a 1] 12] H 8

  64. Slide 64: Core Markets: Bucharest

    Core Markets Bucharest = CA IMMO Ato @ CA Immo investment properties River Place Bh Oper Center 1 Oper Center 2 Europehouse Bukarest Business Park sektor2 ©, @ v @ CA Immo projects under construction @ Orhideea @ Landmarks Central Station g Triumphal Arch YY @ Palace pring Airport 4 64

  65. Slide 65: Capital Markets/Investor Relations Contact Details

    Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Head of Capital Markets Capital Markets Co-Head of Corporate Development Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 654 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.com www.caimm

CA Immobilien Anlagen — FY2018 Earnings Presentation on 6ix