Ca Immobilien Anlagen Ag · VIE:CAI
Ca Immobilien Anlagen — FY2022 Earnings Presentation
43 slides from Ca Immobilien Anlagen's earnings presentation, Mar 22, 2023
Slide 1: Analyst & Investor Update FY 2022
ANALYST & INVESTOR UPDATE FY 2022 22 MARCH 2023
Slide 2: FY 2022 At a Glance
FY 2022 At a Glance Successful Disposals of Non-Strategic Assets Consolidate Strong Business Profile Strong operational performance FY 2022 ▪ Rental income increased by 6.3% to €213.8 m despite non-strategic sales. 1 ▪ FFO I FY 2022 guidance of > €125 m achieved at €125.3 m on the back of higher net
Slide 3: Competitive Business Model to Drive Stakeholder Value
Strategy Competitive Business Model to Drive Stakeholder Value CA Immo is a Leading European Manager, Investor and Developer of High-quality Office Properties with Germany as Anchor Market. OUR MISSION: STAKEHOLDER OUR PURPOSE: NEW WORK OUR VISION: NET ZERO VALUE This is what drives us: We create an
Slide 4: Focus on Increasing Portfolio Quality
Strategy / New Work (1) Focus on Increasing Portfolio Quality to Ensure Long-Term Competitiveness Strategic Considerations We are concentrating our activities on ▪ Further increase portfolio focus on fundamentally attractive prime locations in key gateway cities with high high-quality assets in Euro
Slide 5: Creating First-Class Infrastructure for Modern Workspaces
Strategy / New Work (2) Creating First-Class Infrastructure for Modern Workspaces Strategic Considerations Hybrid forms of work are the new normal. ▪ Work-from-home and a general rethinking of the workplace concept is having a lasting effect on the office By embracing a more broadly defined property
Slide 6: Progress on ESG Key Targets in 2022
Strategy / Net Zero (3) Progress on ESG Key Targets in 2022 Key Targets / Status Quo Energy Intensity CA Immo Portfolio 2019-20222 Carbon Intensity CA Immo Portfolio 2019-20222 40 160 ▪ Property operations Energy Intensity kWh/m2 Energy Intensity kWh/m2 35 -49% 140 -19% ▪ Reduction of energy intensi
Slide 7: Path to Climate Neutrality – Main Focus for 2023
Strategy / Net Zero (4) Path to Climate Neutrality – Main Focus for 2023 Corporate Sustainability Carbon Emissions EU Taxonomy Supply Chain Responsibility Reporting Directive (CSRD) By consistently integrating ESG into our daily work, we strengthen ▪ Alignment of the corporate ▪ Preparation for the
Slide 8: Holistic Active Management Approach to Increase Stakeholder Value
Strategy / Stakeholder Value (5) Holistic Active Management Approach to Increase Stakeholder Value Strategic Considerations Our strategic business model is geared ▪ Pursue dynamic and value-accretive investment and divestment approach. towards sustainable value creation, taking ▪ Optimise decentrali
Slide 9: Financials
FINANCIALS
Slide 10: Solid Operations In A Challenging Market Environment
FY 2022 Results Solid Operations In A Challenging Market Environment 213.8 Key Drivers1 Rental Income 201.1 +6.3% ▪ Rental Income up 6.3% at €213.8 m and Net Rental Income up 2.4% to €180.7 m due to project completions (2022 and previous year) and higher rental income in standing assets (incl. Index
Slide 11: Rental Income Up Despite Non-Core Asset Disposals
FY 2022 Results Rental Income Up Despite Non-Core Asset Disposals FY 4Q FY 4Q FY 2022 Rental Income Bridge (€m)1 Rental Rental Net Rental Net Rental Income Income Income Income Including Indexations €214 m €56 m €181 m €44 m +6.1% yoy +18.6% yoy +2.4% yoy +8.1% yoy Key Drivers ▪ Sales activities ove
Slide 12: Indirect Expenses Down Because Of Optimization Of Business Activities
FY 2022 Results Indirect Expenses Down Because Of Optimization Of Business Activities FY 4Q Indirect Expenses (€m, %)1 Indirect Indirect Expenses Expenses 60 1.0% €–47.5 m €–13.3 m 50 0.9% –15.2% yoy –24.7% yoy 40 0.8% 30 Key Drivers 0.7% 20 ▪ Indirect expenses decline extends across almost all 0.6%
Slide 13: Negative Property Revaluation Mainly On The Basis Of Yield Expansion
FY 2022 Results Negative Property Revaluation Mainly On The Basis Of Yield Expansion FY 4Q Property Revaluation Result by Property Type (€m) Revaluation Revaluation Result Result €–94 m €–274 m 1.5% of ’21 GAV 4.4% of ’21 GAV Key Drivers ▪ 4Q revaluation process (external valuation semi-annually) in
Slide 14: Positive Financial Result Driven By Positive Hedging Result
FY 2022 Results Positive Financial Result Driven By Positive Hedging Result FY 4Q FY 4Q Financial Result Bridge (€m) Financial Financial Financing Financing Result Result Costs Costs €44 m €–11 m €50 m €12 m n.m. +75.2% yoy +4.6% yoy –2.7% yoy Key Drivers ▪ Financial Result positive due to positive
Slide 15: FFO I Guidance Achieved
FY 2022 Results FFO I Guidance Achieved FY 4Q FY 4Q FFO I Bridge (€m) FFO I FFO I FFO II FFO II €125 m €23 m €121 m €37 m –2.4% yoy –19.4% yoy –15.3% yoy –3.0% yoy Key Drivers ▪ Net rental income growth from ONE development completion, Kasernenstraße 67 acquisition in Duesseldorf and counterweighing
Slide 16: Balance Sheet Overview
FY 2022 Results Balance Sheet Overview 4,984 4,966 Key Drivers Investment Properties (0.4%) ▪ Investment properties stable at €4,966 m reflecting profitable disposal activity as well as project 1,097 completions and an acquisition. Development 597 Properties (45.6%) ▪ Development properties decreasi
Slide 17: Long-Term Shareholder Value Generation
FY 2022 Results Long-Term Shareholder Value Generation Total Return (€m) Total Shareholder Return 5Y Average CAGR ’18 - ‘22 Return on Equity (Net Income) 2,500 +10% 9% 10% 2,000 +16% 1,500 +9% +16% Key Drivers 1,000 +12% 500 +12% ▪ Total Return (IFRS NAV growth + dividend payments) of +7% more than
Slide 18: Attractive Return to Shareholders
FY 2022 Results Attractive Return to Shareholders Dividend Payment History (€ per share) 2022 2023 4.00 Dividend Proposal EBITDA Guidance 3.50 3.50 €1.0 per Share >€200 m 3.00 2.50 2.50 2.50 2.00 Key Drivers 1.50 0.90 1.00 2.50 1.00 1.00 0.80 0.65 ▪ FY 2022 dividend proposal of € 1.00 per share. 0.3
Slide 19: Financing
FINANCING
Slide 20: 2022 Financing Activities
Financing 2022 Financing Activities Debt Maturity Profile 2022 2022 Unsecured Secured Financing Volume Financing Repayment 900 €628 m €142 m 800 Key Drivers 700 ▪ €117 m bond repaid in February 2023. 2024 expiring €175 600 m bond planned to be repaid with cash at hand. 500 Planned to be ▪ Secured fi
Slide 21: Financing Strategy
Financing Financing Strategy Debt Structure & Hedging1 Average Secured Financing Financing Cost Proportion 3,000 94% 100% 92% 95% 1.71% 51% 2,500 89% 86% 90% 90% +21bps yoy +701bps yoy 49% 85% 2,000 62% 56% 80% 1,500 50% 48% 75% Key Drivers 70% 1,000 65% 51% 52% 38% 44% 60% ▪ Switch towards more sec
Slide 22: Property
PROPERTY
Slide 23: Property Portfolio Key Metrics
Property Portfolio Key Metrics Property Portfolio FY ‘22 FY ‘21 +/(-) Gross Asset Value (GAV) €m 5,910.5 6,254.2 (5.5%) thereof Investment Properties 1 €m 4,978.7 4,995.5 (0.3%) thereof Active Development Projects €m 463.3 920.3 (49.7%) thereof Land Reserves €m 133.3 176.8 (24.6%) thereof Short-term
Slide 24: Location Overview
Property Portfolio Location Overview Total Property Portfolio (€m, % Total GAV) 1 7,000 7,000 6,254 6,254 5,910 5,910 6,000 5,596 8% 6,000 5,596 4% 6% 6% 5,186 8% 5,186 6% 0% 9% 8% 8% 5,000 4,471 11% 5,000 4,471 7% 7% 8% 8% 32% 26% 8% 9% 3,857 13% 3,857 9% 10% 8% 9% 9% 4,000 3,413 37% 4,000 3,413 9%
Slide 25: KPI Overview (I)
Property Portfolio KPI Overview (I) Investment Properties GAV Over Time (€m) Investment Portfolio (€m, % Total GAV) GLA Over Time (ksqm) 6,000 6,000 1,500 1,458 Office Hotel 1,443 4,995 4,979 4,996 4,979 5,000 4,736 1,404 5,000 4,729 4% 3% 3% 1,374 4,308 4% 5% 1,400 1,356 4,299 6% 3,760 5% 1,320 3,7
Slide 26: KPI Overview (II)
Property Portfolio KPI Overview (II) Economic Occupancy Over Time (%) Gross Annualized Rent Over Time (€m) Gross Initial Yield Over Time (%) 100.0% 250 7.0% 240.1 98.0% 6.0% 6.1% 96.1% 5.8% 95.2% 226.4 225.7 6.0% 5.4% 96.0% 94.4% 94.8% 223.7 5.1% 225 94.0% 214.2 5.0% 4.6% 4.6% 92.3% 92.0% 203.1 89.9
Slide 27: Tenant / Lease Structure
Property Portfolio Tenant / Lease Structure Weighted Average Unexpired Lease Term (yrs.) Tenant Industry Mix 1 14.0 13.2 10% Business & Technology 12.0 3% Professional Services 28% 10.0 9.0 13% 8.0 Consumer Services Manufacturing, & Leisure Industrial & Energy 6.0 6.1 5.9 5.7 €213 m 4.9 Annualized R
Slide 28: Leasing
Property Portfolio Leasing Market Pre-leasing New Leasing Renewal Total Leasing GRI p.a. Office GRI Average Office + / (-) to ERV WAULT to WAULT to End WAULT to Last (sqm) (sqm) (sqm) (sqm) (€m) p.a. (€m) Rent (€ psqm) (%) Break (Yrs.) (Yrs.) Ext. (Yrs.) Berlin 3,807 20,376 5,401 29,584 5.4 2.7 31.5
Slide 29: Capital Rotation – Rationale
Property Portfolio 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 potentia
Slide 30: Capital Rotation – Closed & Signed Disposals
Property Portfolio Capital Rotation – Closed & Signed Disposals Closed Disposals 2022 Headline Price Delta to BV/Val. Name City Sector Stage Closing CAI Ownership GLA In Place GRI (100%) at Closing R70 Budapest Office Income Q1 2022 100% 19,241 2.0 30.3 1% Bodenseestraße 225-229 Munich Mixed Use Inc
Slide 31: Capital Rotation – Select Pipeline Disposals
Property Portfolio Capital Rotation – Select Pipeline Disposals Vizíváros Office Center, Budapest Rheinwiesen III, Mainz Bartók Ház, Budapest Country Hungary Country Germany Country Hungary Status Investment Status Development Status Investment Sector Office Sector Residential Sector Office GLA 14,1
Slide 32: Capital Rotation – Priorities
Property Portfolio Capital Rotation – Priorities 2022 2023 Additional non-core Acceleration of non-core disposals €671 m closed disposals planned 1 disposals (see next slides) Sale of Romanian Office concentration platform, to increase due to Simplify business model 2 concentration on office asset c
Slide 33: Development
DEVELOPMENT
Slide 34: Development Overview
Development Overview Key Drivers Development Projects under Construction For Own CAI Investment Outstanding Planned Expected City Main Pre- Scheduled Portfolio Share Volume Investment Rentable Yield on Usage let First Tenant ▪ CA Immo owns prime land reserves in sought-after (€m) 1 (€m) Area Cost (%
Slide 35: Projects under Construction
Development Projects under Construction Hochhaus am Europaplatz Total investment volume €142.8 m Upbeat Outstanding investment €21.4 m Hochhaus am Rental area 22,948 sqm Europaplatz Expected yield on cost 6.1% Scheduled first tenant Q1 2024 handover Pre-let ratio 100% Upbeat Total investment volume
Slide 36: Appendix
APPENDIX
Slide 37: P&L
FY 2022 Results P&L Profit and Loss (€m) FY 2022 FY 2021 +/(-) Q4 2022 Q4 2021 +/(-) restated restated Rental income 213.8 201.1 6.3% 55.7 46.9 18.6% Net rental income 180.7 176.5 2.4% 44.4 41.1 8.1% Other property development expenses (1.9) (1.9) 1.7% (0.4) (0.5) (25.0%) Property sales result 1 11.
Slide 38: FFO I
FY 2022 Results FFO I Funds from Operations (€m) FY 2022 FY 2021 restated +/(-) Q4 2022 Q4 2021 +/(-) restated Net rental income 180.7 176.5 2.4% 44.4 41.1 8.1% Income from services 5.2 8.1 (35.8%) 0.8 2.0 (61.3%) Other operating income/expenses 1.2 3.2 (64.3%) 0.7 0.7 (0.7%) excl. services Other op
Slide 39: Balance Sheet
FY 2022 Results Balance Sheet Balance Sheet (€m) FY 22 FY 21 +/(-) Investment properties 4,965.8 4,984.3 (0.4%) Properties under development 596.6 1,097.1 (45.6%) Own-used properties 13.0 11.2 15.9% Other long-term assets 7.6 9.9 (22.6%) Investments in joint ventures 64.4 55.8 15.4% Financial assets
Slide 40: Key Metrics Overview
FY 2022 Results Key Metrics Overview Balance Sheet (€m) FY 2022 FY 2021 +/(-) FY 2021 Key Metrics (€m) FY 2022 +/(-) restated Total assets 7,170.6 7,114.4 0.8% Rental income 213.8 201.1 6.3% Property assets 5,910.5 6,254.2 (5.5%) Cash and cash equivalents 823.8 633.1 30.1% Net rental income 180.7 17
Slide 41: Financial Profile
Financing Financial Profile Leverage (%) Interest Coverage (x) 55% 6.0x 5.0x 50% 47.8% 46.8% 4.0x 3.5x 45% 3.7x 3.0x 40% 3.1x 2.0x 35% 1.0x 32.5% 30% 0.0x 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022 Equity ratio Loan-to-value Loan-to-value (net) FFO I interest cover FFO I n
Slide 42: Like-for-Like Performance
Investment Portfolio Like-for-Like Performance Market Balance Sheet Value (€m) Annualized In Place GRI (€m) Yield (%) 1 Occupancy (%) 2 FY ‘22 FY ‘21 +/(-) FY ‘22 FY ‘21 +/(-) FY ‘22 FY ‘21 +/(-) FY ‘22 FY ‘21 +/(-) Austria 377.1 380.0 (0.8%) 19.5 18.7 4.5% 5.2 4.9 +26 bps 84.6 85.7 (115 bps) Czechi
Slide 43: Contact Details
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