IMMOFINANZ GROUP Q1-Q3 Results 21 March 2013

Transcription

1 IMMOFINANZ GROUP Q1-Q3 Results 21 March

2 OVERVIEW: Q1-Q3 RESULTS % Income from Asset Management % Income from property sales % Income from property development % Administration costs % Results of operations Operating profit (EBIT) -35.6% % -40.6% Net profit for the period Net profit for the period (excl. FX effects and derivatives)* % Gross cash flow (*) FX effects: Revaluation of properties sold and held for sale resulting from foreign exchange effects (EUR -0.1 mill.). Revaluation of properties under construction resulting from foreign exchange effects (EUR -5.6 mill.). Revaluation of investment properties resulting from foreign exchange effects (EUR mill.), non realised foreign exchange differences (EUR 22.4 mill.). Foreign exchange effects transition consolidation: EUR -0.4 mill. Non realised effects from derivative instruments: EUR 5.5 mill. All amounts. 1 May January May January

3 Q3 RESULTS VS. Q2 RESULTS All amounts Q3 result 2012/2013 Q2 result 2012/2013 Variance Main contribution to variance Rental income Increased rental income due to turnover rents (Christmas season) Operating costs charged to tenants Counterpart to operating expenses Other revenues Additional lettings due to the Christmas season Revenues Real estate expenses Increased maintenance expenses due to the refurbishment of BUWOG flats for the selling process Operating expenses Counterpart to operating costs charged to tenants Income from asset management Income from property sales Profitable disposals in Q3 2012/ (St. Moritz Kempinski, properties in Austria and Czech Republic) Income from property development Fewer completions of development projects; Depreciation of Gerling -5.5 Quarter development after takeover of remaining 50% Other operating income Income from operations Administration costs Results of operations ("EBITDA") Revaluation excluding foreign exchange effects No major revaluation effects in Q3 2012/13 Foreign exchange effects Other revaluation result Depreciation of inventories in Romania and Germany; Provision for legal claims in Aviso Zeta Operating profit (EBIT) Net financing cost Changed accrued interests in Russia (Golden Babylon Rostokino); 16.1 One-off effect out of the put option of the CB 2017 Foreign exchange differences Other financial results Positive revaluation of derivates due to the 15.7 increase of middle and long term interest rates Shares of profit/loss from associated companies Revenues due to the disposal of stakes in 4.7 Walkabout (DE) and EHL. Earning before tax (EBT) Taxes Higher tax rate because of an increase of the tax rate in Slovakia (revaluation of historical deferred taxes) Net profit for the period

4 Q1-Q3 RESULTS Gross cash flow in EUR mill. Recurring FFO* in EUR mill % % % 17.1% Q1-Q3 2011/12 Q1-Q3 2012/ Q1-Q3 H1 2011/12 H1 2012/13 H1 2011/12 Q1-Q3 H1 2012/13 Cash flow from investing activities in EUR mill. Cash flow from financing activities in EUR mill % % Q1-Q3 2011/12 Q1-Q3 2012/ Q1-Q3 2011/12 Q1-Q3 2012/13 *) Recurring FFO: Gross cash flow (315.3 EUR mill.) + Interest received (14.4 EUR mill.) - Interest paid (116.1 EUR mill.) - Cashflow outflows for derivatives (23.5 EUR mill.) + Income from property sales (62.9 EUR mill.) 4

5 FINANCING - MATURITY SCHEDULE Term structure of the major financial liabilities as of 31 January

6 SUCCESSFUL SALES PROGRAMME Fully discretionary sales programme (volume EUR 2.5 bill.) launched at the beginning of FY 2010/11 Sales programme In MEUR Five-year target 2,500.0 Target for 11 quarters (May January 2013) 1,375.0 Properties sold in FY 2010/11 (asset and share deal) Financial assets sold in FY 2010/ Total assets sold in FY 2010/ Properties sold in FY 2011/12 (asset and share deal) Financial assets sold in FY 2011/ Total assets sold in FY 2011/ Properties sold in FY 2012/13 (asset and share deal) Financial assets sold in FY 2012/ Total assets sold in FY 2012/ Total assets sold until 31 January ,290.5 Variance to announced programme Remaining sales programme until 2014/15 value value in % Non-property assets % Porfolio optimsation % Cycle-optimised sales % IMMOFINANZ Group 1, % Successful sales in challenging markets: BBC Centrum C (CZ) Diamond Point (CZ) Volume slightly behind plan will be offset in Q4 2012/13 Property assets held for sale as of 31 January 2013: EUR mill. Disposals took place after the 31 January

7 BUWOG QUO VADIS? Next Steps: Sales in Austria Acquisition of 10,000 units in Germany 7

8 PORTFOLIO SPLIT AFTER IPO OF BUWOG Asset classes Property portfolio value: EUR 7.8 bill. Country distribution Properties in Western (current 31.6%) and Eastern Europe (current 68.4%) Slovakia 4.0% Logistics 11.1% Others 8.8% Retail 43.5% Non-core Countries 6.3% Hungary 6.8% Russia 22.1% Czech Republic 7.7% Austria 19.5% Germany 7.7% Office 36.7% Poland 12.8% Romania 13.1% * Others excl. St. Moritz Kempinski hotel 8

9 IMMOFINANZ GROUP AFTER IPO OF BUWOG Standing investments Number of properties Occupancy rate in % amount amount in % Rental income Q3 2012/13 *) Running yield in % Property financing Financing costs in % Financing costs incl. hedging in % Austria % 1, % % % 3.3% 36.0% Germany % % % % 3.7% 69.3% Czech Republic % % % % 2.2% 40.4% Hungary % % % % 2.7% 44.2% Poland % % % % 4.0% 55.8% Romania % % % % 4.2% 44.1% Russia % 1, % % % 7.3% 36.8% Slovakia % % % % 3.6% 56.6% Non-core countries***) % % % % 3.3% 46.3% IMMOFINANZ Group % 6, % % 3, % 4.2% 44.5% Properties under construction & pipeline projects % 3.7% Assets sold in Q3 2012/ % 0.0% Financing on corporate level (Convertible bonds, Syn loan) % 3.9% BUWOG IPO revenue % 0.0% LTV in % **) IMMOFINANZ Group , % 4.1% 45.7% Significant increase in yield on rental income Russia as the most important market LTV decreases Increase in financing costs *) Rental income in Q3 2012/13 based on the primary use (rental income according P&L based on the actual use and not according to the primary use) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value ***) Non core countries excl. St. Moritz Kempinski 9

10 Appendix Appendix 10

11 PORTFOLIO - OVERVIEW Property portfolio Number of properties Standing investments Properties under construction **) Project pipeline Property portfolio Property portfolio in % Austria 1,459 3, , % Germany % Czech Republic % Hungary % Poland % Romania , % Russia 6 1, , % Slovakia % Non-core countries*) % IMMOFINANZ Group 1,813 9, , % 89.4% 4.7% 5.9% 100.0% 89.4% of property portfolio are income generating properties (standing investments) 50.6% of the property portfolio are located in Eastern Europe, 49.4% in Western Europe and the USA *) Bulgaria, Croatia, Italy, Moldavia, Netherlands, Serbia, Slovenia, Switzerland, Turkey, Ukraine, USA **) Future standing investments, inventory properties completed and under construction Appendix 111

12 PORTFOLIO - STANDING INVESTMENTS Standing investments Number of properties Occupancy rate in % amount amount in % Rental income Q3 2012/13 *) Running yield in % Property financing in MEUR Financing costs in % Financing costs incl. hedging in % Austria 1, % 3, % % 1, % 2.5% 42.4% Germany % % % % 3.8% 61.2% Czech Republic % % % % 2.2% 40.4% Hungary % % % % 2.7% 44.2% Poland % % % % 4.0% 55.8% Romania % % % % 4.2% 44.1% Russia % 1, % % % 7.3% 36.8% Slovakia % % % % 3.6% 56.6% Non-core countries*) % % % % 2.8% 46.4% IMMOFINANZ Group 1, % 9, % % 4, % 3.6% 44.9% Properties under construction & pipeline projects % 3.7% Assets sold in Q3 2012/ % 0.0% Investment financing % 1.7% Financing on corporate level (Convertible bonds, Syn loan) % 3.9% IMMOFINANZ Group , % 3.6% 54.2% LTV in % **) Standing investments Number of properties Occupancy rate in % amount amount in % Rental income Q3 2012/13 *) Running yield in % Property financing Financing costs in % Financing costs incl. hedging in % Office % % % 1, % 3.5% 45.6% Retail % % % 1, % 5.1% 40.5% Logistics % % % % 3.6% 56.0% Residential % % % 1, % 2.4% 45.5% Other % % % % 2.4% 48.4% IMMOFINANZ Group 1, % 9, % % 4, % 3.6% 44.9% LTV in % **) *) Rental income in Q3 2012/13 based on the primary use (rental income according P&L based on the actual use and not according to the primary use) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value Appendix 122

13 PORTFOLIO - DEVELOPMENT PROJECTS Broken down by country: Properties under construction Number of properties Thereof completed residential development projects amount amount in % Outstanding construction costs Planned lettable/sellable space in sqm Fair value after completion Austria % , Germany % , Czech Republic % , Poland % , Romania % , Russia % , Non-core countries % , IMMOFINANZ Group % ,585 1,235.7 Broken down by asset classes: Properties under construction Number of properties Thereof completed residential development projects amount amount in % Outstanding construction costs Planned lettable/sellable space in sqm Fair value after completion Intern. High-Class Office % , Quality Shopping Center % , STOP.SHOP / Retail Warehouse % , Residential West % , Residential East % , IMMOFINANZ Group % ,585 1,235.7 Appendix 133

14 PORTFOLIO - TOP DEVELOPMENT PROJECTS Project Country Main use Planned rentable/sellable Consolidation quote of the space in sqm *) project in % Gerling Quartier Germany Office/Residential 74, % BUWOG projects Austria / Germany Residential 70, % GOODZONE Russia Retail 56, % Tarasy Zamkowe**) Poland Retail 37, % San Antigua USA Residential 23,000 90% Nimbus Poland Office 19, % Debowe Tarasy Poland Residential 18, % CSOB Na Prikope Czech Republic Retail 16,000 50% Extension STOP.SHOP. Trebic Czech Republic Retail 13, % Panta Rhei Germany Office 10, % CSOB Jungmannova 15 Czech Republic Office 8, % CSOB Jindrisska 16 Czech Republic Office 7, % Properties which are currently under construction or already completed (apartments) Focus on Russia, Germany, Poland and Austria *) The figures shown in the table represent 100% of the project and not the share, held by IMMOFINANZ Group **) Formerly known as Galeria Zamek Appendix 144

15 PORTFOLIO - PROJECT PIPELINE Project pipeline Number of properties amount amount in % Austria % Germany % Czech Republic % Hungary % Poland % Romania % Slovakia % Non-core countries % IMMOFINANZ Group % Reasons why not yet under construction: still in planning phase or required (building) permits not yet available or bank financing still under negotiation or desired pre-letting level not yet achieved projects not yet feasible Appendix 155

16 FINANCING - STRUCTURE Financial liabilties Outstanding liability as of 31 January 2013 in TEUR Weighted average interest rate in % Fixed interest rate, share in % Variable interest rate, share in % Fixed interest rate in % Variable interest rate in % Convertible bond in EUR 569, % % 0.00% 4.15% 0.00% Corporate bond in EUR 100, % % 0.00% 5.25% 0.00% Bank liabilities in EUR 3,706, % 9.25% 90.75% 3.75% 2.26% Bank liabilities in CHF 146, % 0.00% % 0.00% 1.36% Bank liabilities in USD 635, % 0.06% 99.94% 3.97% 6.81% Bank liabilities in RON/PLN 2, % 0.00% % 0.00% 7.68% Local authorities in EUR 530, % % 0.00% 1.19% 0.00% IMMOFINANZ Group 5,690, % 27.11% 72.89% 3.12% 2.92% 63.54% of financed liabilities are fixed interest liabilities or are hedged by derivative instruments. Weighted average interest rate including cost of hedging: 3.59%. The weighted average remaining term of these liabilities equals eight years and four months. Convertible bond ISIN Maturity Conversion price in EUR per share Coupon in % Nominal value as of 30 April 2012 in TEUR Conversions 2012/13 in TEUR Repurchase 2012/13 in TEUR Nominal value as of 31 January 2013 in TEUR Convertible bond 2014 XS Jan % 25, Convertible bond 2017 XS Nov. 2014*) %**) 195, , ,100,0 Convertible bond 2018 XS Mar. 2016*) % 515, , ,684.6 Corporate bond 2017 AT0000A0VDP8 03 Jul % , ,000.0 IMMOFINANZ Group 735, , ,484.6 *) Put Option for convertible bondholder **) Yield to maturity (coupon 1.25%) Appendix 166

17 SHAREHOLDER STRUCTURE Private and institutional investors Private Other 0.30% Not identified 1.98% Institutional investors JP 0.80% NO 2.58% Treasury shares 9.03% Institutional Investors 47.97% FR 1.53% CH 1.63% DE 1.89% PL 2.71% AT 15.16% NL 3.80% Private AT 40.72% UK 4.07% US 7.94% Other (incl. trading) 5.86% Major shareholder Family Fries with 5.6% by FRIES Familien-Privatstiftung with its corporate seat in Schwertberg and Dr. Rudolf FRIES Familien Privatstiftung with its corporate seat in Kaumberg and the spouses Rudolf and Anna Fries, 4311 Schwertberg, Parkstraße 32, who are acting in concert, together hold directly and through their subsidiaries (FRIES Holding GmbH with its corporate seat in Vienna and Fries- Kapitalinvest Beteiligungs GmbH with its corporate seat in Baden). Surveyed in November 2012, Source: IPREO Appendix 177

18 CONTACT DETAILS AND FINANCIAL CALENDAR Investor Relations T: +43 (0) E: W: Financial Calender FY 2012/13 report Q1 2013/14 results Q1 2013/14 report Annual general meeting Ex-dividend day Dividend pay-out day 20 August September 2013* 25 September October October 2013** 11 October 2013** Stock Symbols Vienna Stock Exchange: IIA ISIN: AT Reuters: IMFI.VI Bloomberg: IIA AV American Depository Receipt ADR ticker symbol: IMNZY ADR ISIN: US45253U2015 * Publication is scheduled after close of trading at the Vienna Stock Exchange ** Subject to approval of the annual general meeting Appendix 188

19 Thank you for your attention. 19