Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — Investor Presentation (January 2015)

58 slides from Ca Immobilien Anlagen's investor presentation, January 2015

  1. Slide 1: Company Presentation January 2015

    COMPANY PRESENTATION January 2015

  2. Slide 2: CA Immo Group at a glance

    CA Immo Group at a glance Office investor/developer in Central Europe BUSINESS PROFILE Total portfolio (€ 3.6 bn) Investment portfolio (€ 2.85 bn)*  Core expertise: development, ownership and 8% Austria management of large and modern office properties in 703 20% 7% 24% Germany Central Europe 1,515

  3. Slide 3: New core shareholder O1 Group Limited

    New core shareholder O1 Group Limited Investor Profile  O1 Group Limited acquired 16.15% stake previously held by UniCredit Bank Austria (closing on October 28, 2014)  Founded by Russian investor Boris Mints  Cyprus based investment holding company active in various sectors such as real estate, i

  4. Slide 4: Business Model and Strategy

    wae CA IMMO URBAN BENCHMARKS. BUSINESS MODEL AND STRATEGY

  5. Slide 5: Strategy: Portfolio CAGR 17% since 2004

    Strategy Portfolio CAGR 17% since 2004 Total portfolio by region (€ bn) KEY FACTS 6.0  A period of rapid growth followed a 5.0 4.7 4.8 consolidation phase in 2013 in order to 4.0 3.8 3.5 3.6 3.6 3.6 achieve a more balanced and focussed portfolio 3.0 2.5 2.0  2013: portfolio cut of more than 1.3 EU

  6. Slide 6: Strategy: Performance model

    Strategy Performance model INVESTMENT PORTFOLIO  Focus on high-quality office (“core”) Property development Investment  Dominant player in principle cities in Central Europe CA portfolio  Active asset management opportunities Immo PROPERTY DEVELOPMENT  Creating core instead of buying it  expand

  7. Slide 7: Strategy: Core business

    Strategy Core business CORE REGIONS AND LOCATIONS  3 core regions  6 core countries  8 core cities  Property assets of at least € 300 m per core city in order to have market relevance and run local platform efficiently  Austria/Germany: Vienna, Munich, Frankfurt, Berlin  CEE: Warsaw, Prague, B

  8. Slide 8: Strategy: Development

    Strategy Development HIGH EXPERTISE DEVELOPMENT PLATFORM Generating Text 4  High development expertise after integration of Vivico cash flows 1 Expertise  In-house construction management company omniCon (acquired in 2008) performs general planning, tendering, CA contract awarding, construction su

  9. Slide 9: Decisive implementation of strategic program 2012-2015

    Strategy Decisive implementation of strategic program 2012-2015 Strategic targets Actions 2012  Higher recurring profitability and dividend capacity  Complexity reduction Strategy 2012-2015  Higher earnings quality (rising recurring income portion  Initiation of cost savings program of FFO, lowe

  10. Slide 10: Profitability targets FY 2015+

    Strategy Profitability targets FY 2015+ Investment portfolio 5% ROE > 7% Trading + Development > 2% 1 2 3 4 Organisation Financing Portfolio Development Measures  Reducing complexity  Reducing leverage  Streamlining property portfolio  Monetising land bank (reducing (sale of non-strategic assets

  11. Slide 11: Portfolio

    wae CA IMMO URBAN BENCHMARKS. PORTFOLIO

  12. Slide 12: Property portfolio (€ 3.6 bn)

    Property portfolio (€ 3.6 bn)* Regional exposure Property portfolio (fair value, € 3.6 bn) KEY FACTS 1,600 1382  Total property asset base of approx. € 3.6 bn 1,400 (thereof assets fully owned € 2.7 bn) 1,200 211 1,000  Germany accounts for largest single market share 0 800 600 1171  The CEE and

  13. Slide 13: Property portfolio (EUR 3.6 bn)

    Property portfolio (EUR 3.6 bn)* 75% of property asset base fully owned Investment Investment properties Short-term property €m Property assets Property assets in % properties* under development assets** FO AE  FO AE  FO AE  FO AE  FO AE  Austria 694 0 694 0 0 0 9 0 9 703 0 703 26% 0% 20% Germa

  14. Slide 14: Investment Portfolio Overview

    INVESTMENT PORTFOLIO OVERVIEW

  15. Slide 15: Investment portfolio (€ 2.85 bn)

    Investment portfolio (€ 2.85 bn)* Regional exposure Investment portfolio (€ 2.85 bn) KEY FACTS 900 846  Total property asset base of approx. € 2.85 bn 800 0 166 (thereof assets fully owned € 2.1 bn) 700 600  Investment properties held at equity primarily 500 361 located in CEE (€ 519 m) with the e

  16. Slide 16: Investment portfolio: metrics by region

    Investment portfolio Portfolio metrics by region Investment portfolio - Gross initial yields (3Q 14)* CEE portfolio - Gross initial yields (3Q 14)* 9% 8.3% 10% 8.1% 8.7% 8% 7.4% 7.3% 9% 8.3% 8.1% 7.2% 7.7% 6.6% 8% 7.4% 7.3% 7.2% 7% 5.9% 7% 6% 5.5% 6% 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% Romania Czech

  17. Slide 17: Major property assets

    Investment portfolio (€ 2.85 bn) Major property assets* Top 15 investment properties 180 160 140 120 100 44%* 80 166 146 60 40 97 93 85 77 74 71 69 67 62 61 60 59 59 20 0 Tower 185 Skygarden H&M Galleria Rennweg Spreebogen Warsaw Capital River Place Saski Bucharest Kavci Hory Tour Total Sienna Inter

  18. Slide 18: Major tenants

    Investment portfolio (€ 2.85 bn) Major tenants* Top 10 tenants 7% 6% 5% 4% 3% 6.6% 25%* 2% 3.6% 2.8% 1% 2.0% 1.8% 1.8% 1.6% 1.4% 1.3% 1.1% 0% PWC H&M Verkehrsbuero Total Oesterreichische Robert Bosch Land Berlin InterCity IBM Bombardier Post Top 5 tenants Austria Top 5 tenants Germany Top 5 tenants

  19. Slide 19: Lease profile

    Investment portfolio (€ 2.85 bn) Lease profile Lease expiry profile* KEY FACTS 70 32%  Weighted average lease term (WALT) of total 60 investment portfolio stands at 4.7 years 50 40 19%  Lower average lease term of CEE portfolio 13% 30 13% reflects diverse market structure  none 9% 9% 20 pre-crisi

  20. Slide 20: Investment portfolio CEE (€ 1.3 bn)

    Investment portfolio CEE (€ 1.3 bn)* Regional exposure CEE investment portfolio (€ 1.3 bn) KEY FACTS 400 361  Total property asset base of approx. € 1.3 bn 350 67 306 (thereof assets fully owned € 519 m) 300 250 117 217 225  Poland accounts for largest single market share 204 200 67 150 294 106 

  21. Slide 21: Office portfolio

    Investment portfolio (€ 2.15 bn)* Office portfolio Office investment portfolio (€ 2.18 bn) KEY FACTS 700 652  Total office property base of approx. € 2.15 bn 600 (thereof assets fully owned € 1.5 bn) 166 500 400 0 361  Core business office accounts for around 72% of 67 investment property base 300

  22. Slide 22: Portfolio metrics by sector

    Investment portfolio Portfolio metrics by sector Gross initial yields (3Q 14)* Gross initial yields office (3Q 14)* 8% 7.5% 9% 8.1% 7% 6.6% 6.7% 6.6% 8% 7.4% 7.4% 7.3% 6.4% 7.2% 5.8% 7% 6.6% 6% 5.8% 6% 5.3% 5% 4.1% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% Office Logistics Retail Hotel Residential Other Tota

  23. Slide 23: Investment portfolio at equity (€ 685 m)

    Investment portfolio at equity (€ 685 m)* 24% of income-producing investment portfolio CAI % CEE At equity portfolio (€ 685 m) JV EBRD JV Union Investment 10% 65% River Place (RO) 51% Europolis Park Aerozone (HU) 24% Germany 65% Europe House (RO) 51% Europolis Park Budapest M1 (HU) Poland 24% 65% Am

  24. Slide 24: Investment Portfolio Country Segments

    INVESTMENT PORTFOLIO COUNTRY SEGMENTS

  25. Slide 25: Investment portfolio: Austria

    Investment portfolio Austria Top 5 property assets (fair value, € m) KEY FACTS 100  Total property asset base of approx. € 690 m 90 (619,000 sqm), thereof 100% fully owned 80 70  Investment portfolio share: 24% (FV), 35% (sqm) 60 50 93 85  Top 5 assets account for 48% of total portfolio 40 30 58

  26. Slide 26: Investment portfolio: Germany

    Investment portfolio Germany Top 5 property assets (fair value, € m) KEY FACTS 180  Total property asset base of approx. € 847 m 160 (434,000 sqm), thereof assets fully owned € 680 m 140 (33,000 sqm) 120 100  Investment portfolio share: 30% (FV), 25% (sqm) 80 166 146 60  Top 5 assets account for

  27. Slide 27: Investment portfolio CEE: Poland

    Investment portfolio CEE Poland Top 5 property assets (fair value, € m) KEY FACTS 80  Total property asset base of approx. € 362 m 70 (126,000 sqm), thereof assets fully owned € 294 m 60 (93,300 sqm) 50  Investment portfolio share: 13% (FV), 7% (sqm) 40 74 68 67 30 59  Top 5 assets account for 74

  28. Slide 28: Investment portfolio CEE: Czech Republic

    Investment portfolio CEE Czech Republic Top 5 property assets (fair value, € m) KEY FACTS 70  Total property asset base of approx. € 217 m 60 (117,000 sqm), thereof assets fully owned € 55 m 50 (42,000 sqm) 40  Investment portfolio share: 7% (FV), 7% (sqm) 30 62  Top 5 assets account for 88% of t

  29. Slide 29: Investment portfolio CEE: Hungary

    Investment portfolio CEE Hungary Top 5 property assets (fair value, € m) KEY FACTS 80  Total property asset base of approx. € 306 m 70 (216,000 sqm), thereof assets fully owned € 190 m 60 (108,000 sqm) 50  Investment portfolio share: 11% (FV), 13% (sqm) 40 71 30  Top 5 office assets account for 6

  30. Slide 30: Investment portfolio CEE: Romania

    Investment portfolio CEE Romania Top property assets (fair value, € m) KEY FACTS 80  Total property asset base of approx. € 204 m 70 (92,000 sqm), thereof assets fully owned € 98 m 60 (42,200 sqm) 50  Investment portfolio share: 7% (FV), 5% (sqm) 40 69 30 62  Top 5 assets account for 97% of total

  31. Slide 31: Investment portfolio CEE: Other countries

    Investment portfolio CEE Other countries Top 5 property assets (fair value, € m) KEY FACTS 45  Total property asset base of approx. €225m 40 (133,000 sqm), thereof assets fully owned €158m 35 (95,000 sqm) 30 25  Investment portfolio share: 8% (FV), 8% (sqm) 20 43 42 40 35 15 32  Top 5 assets acco

  32. Slide 32: Development

    wae CA IMMO URBAN BENCHMARKS. DEVELOPMENT

  33. Slide 33: Landbank (€ 387 m)

    Landbank (€ 387 m) Reduced CEE landbank following CEE logistics disposals Landbank (fair value, € 387 m) Landbank Germany (€ 342 m) 400 14 342 4% 300 83 112 Berlin 24% 33% 200 Frankfurt** 100 7 16 6 16 Munich*** 0 133 Germany Poland Romania Czech Republic Other* 39% Other Assets fully owned Assets h

  34. Slide 34: Development: Major player in Germany

    Development Major player in Germany STRONG TRACK RECORD OF VALUE CREATION  Successful delivery of large-scale projects with high complexity over many years has positioned CA Immo as a top-tier developer in Germany  Capturing value across the entire development process  Effective capital deploymen

  35. Slide 35: Projects under construction

    Development Projects under construction (€ 173 m) Outstanding Planned Expected Book Main Pre-letting Scheduled €m construction rentable value upon Yield Share value usage rate completion costs area in sqm completion Avia* (Krakow) 5.2 6.6 5,653 11.6 7.3% Office 50% >50% 12/2014 John F. Kennedy (Berl

  36. Slide 36: Germany/Munich - Kontorhaus

    Development Germany/Munich - Kontorhaus KEY FACTS  Successful buy-out of JV partner completed  Market value € 66.1 m  Usage type office  GFA 25,157 sqm  Investment volume approx. € 97 m  Outstanding construction costs approx. € 42 m  Green building  Planned completion 2H 2015  Pre-letting r

  37. Slide 37: Munich - Baumkirchen Mitte WA, first stage

    Development Germany/Munich - Baumkirchen Mitte WA 1 First construction stage (170 apartments) KEY FACTS  Residential development (freehold apartments)  50/50 joint venture with Patrizia  Market value € 8.4 m (50% CAI share)  GFA 15,500 sqm  Construction status (first stage, 170 apartments)  Gr

  38. Slide 38: Munich - Baumkirchen Mitte WA, second stage

    Development Germany/Munich - Baumkirchen Mitte WA 2 Second construction stage (145 apartments) KEY FACTS  Residential development (freehold apartments)  50/50 joint venture with Patrizia  Market value € 6.7 m (50% CAI share)  GFA 11,500 sqm  Construction status (first stage, 170 apartments)  B

  39. Slide 39: Europacity, Berlin

    Development Europacity, Berlin 2 3 8 10 4 9 5 7 1 6 SOUTHERN PART NORTHERN PART  1 John F. Kennedy – Haus (under construction)  6 Cube office project (in planning stage)  8 Monnet 4 (under construction)  2 Office project (plot sold)  7 High rise plot (in planning stage)  9 Tour Total (complete

  40. Slide 40: Berlin - Europacity southern part

    Development Germany/Berlin - Europacity 3 1 2 PROJECTS - SOUTHERN PART  1 John F. Kennedy – Haus  prime office next to  2 InterCity Hotel (completed in 2013  3 Cube (in planning stage) Federal Chancellery (under construction)  transferred to portfolio) 40

  41. Slide 41: Berlin - John F. Kennedy Haus

    Development Germany/Berlin - John F. Kennedy Haus KEY FACTS  Market value € 49.8 m  Usage type office  Lettable area c. 17,800 sqm  8 floors  Investment volume c. € 70 m  Oustanding construction costs c. € 27 m  Green building  Planned completion in 1H 2015  Pre-letting ratio c. 43%  Ancho

  42. Slide 42: Berlin - Monnet

    Development Germany/Berlin - Monnet 4 KEY FACTS  Market value € 12.6 m  Planned completion in 1H 2015  Pre-letting ratio c. 49%  Usage type office  Investment volume c. € 29 m  Construction status  Lettable area c. 8,200 sqm  Oustanding construction costs c. € 13 m  Fit-out work has started

  43. Slide 43: Duesseldorf - Belmundo + Lavista

    Development Germany/Duesseldorf - Belmundo + Lavista BELMUNDO LAVISTA  Market value c. € 28.4 m  Market value c. € 10.4 m  Usage type office  Usage type office  Lettable area approx. 10,000 sqm  Lettable area approx. 4,100 sqm  Investment volume approx. € 32 m  Investment volume approx. € 16

  44. Slide 44: Frankfurt - Europaviertel

    Development Germany/Frankfurt - Europaviertel KEY FACTS 1  Mixed use urban district development largely completed (two landplots remaining)  Plot size 18 hectares, total gross floor area 8 around 860,000 sqm 2 7  1: Tower 185 (partly sold, 1/3 retained) 3 9  2: Skyline Plaza (sold, 10% stake ret

  45. Slide 45: Financing

    wae CA IMMO URBAN BENCHMARKS. FINANCING

  46. Slide 46: Weighted average cost of debt and maturities

    Financing Weighted average cost of debt and maturities Outstanding Outstanding Nominal  Cost of debt  Cost of debt  Debt  Swap €m financial debt nominal value value swaps excl. derivatives incl. derivatives maturity maturity Austria 235 237 176 2.3% 5.1% 3.2 8.5 Germany 404 401 182 1.8% 3.4% 4.5

  47. Slide 47: Debt maturity profile

    Financing Debt maturity profile Maturity profile (3Q 14, € m) 600 566 500 154 394 393 400 376 43 75 300 186 248 143 150 205 200 163 68 351 14 45 93 109 35 7 38 40 100 7 173 116 120 133 121 124 0 Cash* 2014 2015 2016 2017 2018+ 2019+ Austria/Germany CEE Convertible bonds Bonds At equity (CAI proporti

  48. Slide 48: Financials

    wae CA IMMO URBAN BENCHMARKS. FINANCIALS

  49. Slide 49: Balance Sheet

    Balance Sheet Equity ratio close to 50% €m 30.09.2014 31.12.2013 +/- 3Q comments Investment properties 2,163.4 2,139.6 1.1% Excl. properties held at equity (EBRD JV, Union JV, Tower 185 stake) Properties under development 467.2 400.1 16.8% Increase driven by development progress of active projects H

  50. Slide 50: Balance Sheet: strong capital base

    Balance Sheet Strong capital base supports renewed focus on growth Equity ratio KEY FACTS 1,920 55% 49%  Balance sheet target ratios have been overachieved 1,900 50% 1,880 44%  The net loan-to-value ratio based on total investment property assets 1,860 45% 1,840 (c. € 3.6 bn) stood at 44% as at Se

  51. Slide 51: Net asset value (NAV)

    Net asset value (NAV) Dilution from convertible bonds conversion 30.09.2014 30.09.2014 31.12.2013 31.12.2013 €m NAV (undiluted) diluted undiluted diluted undiluted 25 NAV (IFRS equity) 1,899.6 1,899.6 1,794.3 1,794.3 -7.0% 24 Exercise of options* 13.8 0.0 114.5 0.0 23.11 23 NAV after exercise of opt

  52. Slide 52: Profit and loss

    Profit and loss Third quarter 2014 shaped by sale of CEE logistics assets €m 1-3Q 14 1-3Q 13 yoy 3Q 14 3Q 13 yoy 3Q comments Rental income 109.4 148.0 -26.1% 35.6 51.9 -31.4% Decline results from high property disposal volume in 2013 Net rental income (NRI) 96.4 133.3 -27.7% 31.1 46.8 -33.5% Result

  53. Slide 53: Rental business

    Rental business Top line slightly down qoq €m 1-3Q 14 1-3Q 13 yoy 3Q 14 3Q 13 yoy 3Q COMMENTS Rental income 109.4 148.0 -26.1% 35.6 51.9 -31.4%  Rental income drop yoy driven by Own operating costs -5.0 -4.6 8.0% -1.4 -1.4 -1.8% property disposals in previous year (in Maintenance costs -3.5 -4.2 -1

  54. Slide 54: Financial result

    Financial result Third quarter financing costs down 34.5% yoy €m 1-3Q 14 1-3Q 13 yoy 3Q 14 3Q 13 yoy 3Q COMMENTS Financing costs -63.1 -89.1 -29.2% -19.9 -30.4 -34.5%  Continued downward trend in financing Other financial result 2.4 0.0 n.m. 0.0 0.0 n.m. expenses Foreign currency gains/losses -0.4

  55. Slide 55: Indirect expenses

    Indirect expenses Third quarter indirect expenses cut by almost 20% yoy €m 1-3Q 14 1-3Q 13 yoy 3Q 14 3Q 13 yoy Personnel expenses -21.2 -20.6 2.6% -6.9 -6.8 2.6% 3Q COMMENTS Legal, auditing and consulting fees -4.4 -6.9 -36.8% -1.3 -3.4 -36.8%  Third quarter cost improvement yoy by Office rent -1.2

  56. Slide 56: Funds from operations (FFO)

    Funds from operations (FFO) FFO I on track to meet full-year guidance of € 63 m €m 1-3Q 14 1-3Q 13 yoy 3Q 14 3Q 13 yoy 3Q comments Net rental income (NRI) 96.4 133.3 -27.7% 31.1 46.8 -33.5% Result from hotel operations 1.3 1.2 5.3% 0.5 0.5 -0.4% Income from services 11.3 8.5 32.2% 3.5 3.0 16.4% Othe

  57. Slide 57: Funds from operations (FFO)

    Funds from operations (FFO) FFO I up yoy for the third consecutive quarter FFO I (€ m) FFO II (€ m) FY 14 GUIDANCE CONFIRMED 60 +13.7% 100 +54.1%  Substantial improvement of net 50 80 financing costs overcompensated trading-related net rental income loss 40 60 30  FFO I beats 2013 figure in third

  58. Slide 58: Investor relations

    Investor relations Contact details Christoph Thurnberger Claudia Hainz 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.hainz@caimmo.com www.caimmo.com/investor_relations/ DIS

CA Immobilien Anlagen — Investor Presentation (January 2015) on 6ix