Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — H1 2023 Earnings Presentation
29 slides from Ca Immobilien Anlagen's earnings presentation, Aug 23, 2023
Slide 1: Analyst & Investor Update H1 2023
ANALYST & INVESTOR UPDATE H1 2023 23 AUGUST 2023
Slide 2: Strong Business Profile & Stable Operational Performance
H1 2023 Results Strong Business Profile & Stable Operational Performance Stable operational performance despite challenging market environment ▪ Resilience of business strategy, high portfolio quality, focused market exposure and strong balance sheet demonstrated by stable operational performance: ▪
Slide 3: Financials
FINANCIALS
Slide 4: Strong EBITDA Driven By Highly Profitable Sales Activities
H1 2023 Results Strong EBITDA Driven By Highly Profitable Sales Activities Profit and Loss (€m) H1 2023 H1 2022 +/(-) Q2 2023 Q2 2022 +/(-) Key Metrics Rental income 118.2 105.5 12.0% 56.4 52.2 8.2% 1 Rental Income up 12.0% at €118.2m and Net Rental 1 Net rental income 95.6 91.7 4.3% 49.2 48.7 0.9%
Slide 5: Topline Growth Despite Ongoing Capital Rotation
H1 2023 Results Topline Growth Despite Ongoing Capital Rotation H1 Q2 H1 Q2 Rental Income Bridge (€m)1 Rental Rental Net Rental Net Rental Income Income Income Income €118m €56m €96m €49m +12% yoy +8% yoy +4% yoy +1% yoy Key Drivers Including ▪ Sales activities overcompensated by development indexat
Slide 6: Market Yield Expansion Partly Counterbalanced by Rising Market Rents
H1 2023 Results Market Yield Expansion Partly Counterbalanced by Rising Market Rents H1 Q2 Property Revaluation Result by Property Type & City (€m) Revaluation Revaluation Result Result Austria Germany CEE Total % of FY ‘22 BV €–146.6m €–144.2m Investment Properties (7.0) (117.9) (16.7) (141.6) (2.8
Slide 7: FFO I Bridge Reflecting Non-Strategic Disposals
H1 2023 Results FFO I Bridge Reflecting Non-Strategic Disposals FFO I Bridge (€m) FFO I FFO II €53.0m €132.5m –28.4% yoy +121.7% yoy Key Drivers ▪ Net Rental Income growth mainly from ONE & Grasblau development completions, as well as higher rental income in investment properties (incl. indexation)
Slide 8: 2023 FFO I Guidance & EBITDA Expectation
H1 2023 Results 2023 FFO I Guidance & EBITDA Expectation 2023 FFO I Guidance Bridge (€m) FFO I EBITDA > €100m > €250m €125.3m (2022: €125m) (was >€200m before) Key Drivers >€100m ▪ Recurring income (FFO I) for the full year 2023 is expected to be above €100m (€1.02 per share). The decline compared t
Slide 9: Balance Sheet Overview
H1 2023 Results Balance Sheet Overview Balance Sheet (€m) H1 2023 FY 2022 +/(-) Key Drivers 1 Investment properties 4,792.5 4,965.8 (3.5%) 1 Investment Properties slightly down at €4,792m due to 2 Properties under development 589.6 596.6 (1.2%) successful non-core disposal activity. Own-used propert
Slide 10: Financing
FINANCING
Slide 11: Financial Profile
Financing Financial Profile Debt Maturity Profile (€m) Hedging Ratio Total Debt 800 700 92% €2,656m 600 +40bps ytd +5.9% ytd 500 400 300 Key Drivers 200 100 ▪ €117m bond repaid in February 2023. - 2023 2024 2025 2026 2027 2028 2029 2030 2031 ▪ 2024 expiring €175m bond planned to be repaid with cash
Slide 12: Property
PROPERTY
Slide 13: Total Portfolio
Portfolio Overview Total Portfolio Total Portfolio 2018 2019 2020 2021 2022 H1 2023 + / (-) ytd Total Portfolio €m 4,471 5,186 5,596 6,254 5,911 5,577 (5.7%) thereof Investment Properties €m 3,760 4,299 4,729 4,995 4,979 4,805 (3.5%) thereof Active Development Projects Under Construction €m 406 561
Slide 14: Investment Properties - KPIs (I)
Portfolio Overview Investment Properties - KPI‘s (I) Investment Properties 2018 2019 2020 2021 2022 H1 2023 + / (-) ytd # of Properties # 74 77 79 74 64 62 (2) Gross Leasing Area (GLA) ‘000 sqm 1,404 1,443 1,374 1,320 1,115 1,078 (3.3%) Gross Asset Value (GAV) €m 3,760 4,299 4,729 4,995 4,979 4,805
Slide 15: Investment Properties - KPIs (II)
Portfolio Overview Investment Properties - KPI‘s (II) GLA (ksqm) H1 ‘23 H1 ‘22 +/(-) Investment Properties Invest. Properties H1 ‘23 H1 ‘22 +/(-) H1 ‘23 H1 ‘22 +/(-) (€m) (€psqm) Austria 116 170 (32.1%) Austria 338.6 474.0 (28.6%) Austria 2,928.0 2,783.3 5.2% Czechia 146 146 0.3% Czechia 467.9 497.9
Slide 16: Investment Properties – Leasing Overview H1 2023
Portfolio Overview Investment Properties – Leasing Overview H1 2023 Market Pre-leasing New Leasing Renewal Total Leasing Total GRI p.a. Average Office + / (-) to ERV WAULT to Break WAULT to End WAULT to Last (sqm) (sqm) (sqm) (sqm) (€m) Rent (€ psqm) (%) (Yrs.) (Yrs.) Ext. (Yrs.) Berlin 2,502 - 1,88
Slide 17: Investment Properties – Like-for-Like Performance H1 2023
Portfolio Overview Investment Properties – Like-for-Like Performance H1 2023 Market Balance Sheet Value (€m) Annualized In Place GRI (€m) Yield (%) 1 Occupancy (%) 2 H1 ‘23 H1 ‘22 +/(-) H1 ‘23 H1 ‘22 +/(-) H1 ‘23 H1 ‘22 +/(-) H1 ‘23 H1 ‘22 +/(-) Austria 338.1 354.8 (4.7%) 19.1 17.3 10.3% 5.6 4.9 +77
Slide 18: Development Properties – Overview
Portfolio Overview Development Properties – Overview # of Properties GLA Buildable Book Value Book Value incl. Total Cost Costs Spent Costs To Be Spent Yield on Cost (sqm) (€m) JV‘s (€m) (€m)1 (€m) (€m) (%) Active Developments Under 3 64,230 340 354 496 218 222 5.3% Construction Active Developments
Slide 19: Development Properties – Under Construction
Portfolio Overview Development Properties – Under Construction Hochhaus am Europaplatz, Berlin Upbeat, Berlin GLA 22.948 sqm GLA 34,911 sqm Total Costs €152m Total Costs €300m Occupancy 100% Occupancy 100% Expected Yield on Cost 5.9% Expected Yield on Cost 5.0% Scheduled First Tenant Scheduled First
Slide 20: Capital Rotation – Closed Disposals
Capital Rotation Closed Disposals # Name City Sector Stage Closing CAI Ownership GLA In Place GRI Headline Price + / (-) (sqm) (€m) (€m, 100%) BV/Val. at Closing1 Income 1 Rennweg 16 / Mechelgasse 1 Vienna Mixed Use Q1 2023 100% 38,150 5.8 125.0 25% Producing 2 Bodenseestraße 141 Munich Mixed Use La
Slide 21: Capital Rotation – Select Pipeline Disposals
Capital Rotation Select Pipeline Disposals Storchengasse 1, Vienna Rangierbahnhof, Munich ZigZag, Mainz Country Austria Country Germany Country Germany Income Income Status Status Landbank Status Producing Producing Sector Office Sector Commercial Sector Office GLA 16,789 sqm GLA - GLA 4,712 sqm GRI
Slide 22: Appendix
APPENDIX
Slide 23: Corporate Strategy Core Pillars
Corporate Strategy 5 Core Pillars Entire Value Chain Urban Cities Pure Play Office Resilient Portfolio Solid Balance Sheet - Investment Management - Tier 1: Berlin, Munich, - A-class office to hold - 85% investment properties - Investment-Grade financing - Asset Management Warsaw, Prague, Vienna - L
Slide 24: Strategic Priorities
Strategic Priorities Current Focus Areas 2022 2023 Acceleration of non-core disposals €671m closed Additional non-core 1 disposals disposals planned Sale of Romanian platform, outsource Office concentration Simplify business model 2 property management to increase Germany Germany share at Increase e
Slide 25: FFO
H1 2023 Results FFO Funds from Operations (€m) H1 2023 H1 2022 +/(-) Q2 2023 Q2 2022 +/(-) Net rental income 95.6 91.7 4.3% 49.2 48.7 0.9% Income from services 1.9 3.2 (41.4%) 1.0 1.6 (38.0%) Other operating income/expenses 0.2 0.4 (56.0%) 0.0 0.4 (90.8%) excl. services Other operating income/expens
Slide 26: Key Metrics Overview
H1 2023 Results Key Metrics Overview Balance Sheet (€m) H1 2023 FY 2022 +/(-) Key Metrics (€m) H1 2023 H1 2022 +/(-) Total assets 6,980.4 7,170.6 (2.7%) Rental income 118.2 105.5 12.0% Property assets 5,577.1 5,910.5 (5.6%) Cash and cash equivalents 751.6 748.8 0.4% Net rental income 95.6 91.7 4.3%
Slide 27: Financial Profile
Financing Financial Profile Leverage (%) Interest Coverage (x) 55% 6.0x 50% 5.0x 47.6% 46.3% 45% 4.0x 3.7x 3.4x 40% 3.0x 3.0x 35% 2.0x 30% 29.6% 1.0x 25% 0.0x 2018 2019 2020 2021 2022 H1 2023 2018 2019 2020 2021 2022 H1 2023 FFO I Interest Cover FFO I Net Interest Cover Equity Ratio Loan-to-Value Lo
Slide 28: Capital Rotation Rationale
Capital Rotation Rationale • Excellent locations in established and emerging submarkets • Old, inefficient, tired existing assets in strong locations with value creation potential • New high quality, sustainable and certified existing assets with reversion and re-rating potential I. Acquire • Moneti
Slide 29: Capital Markets/Investor Relations
Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Group Head of Capital Markets & Corporate Office Deputy Head of Capital Markets Tel.: +43 (1) 532 59 07 504 Tel.: +49 89 54548 517 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.de www.caim
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