IMMOFINANZ GROUP FULL YEAR RESULTS 2011/12 Press conference Vienna, 6 August 2012

Transcription

1 IMMOFINANZ GROUP FULL YEAR RESULTS 2011/12 Press conference Vienna, 6 August 2012

2 IMMOFINANZ GROUP HIGHLIGHTS 2011/12 MAY 100% TAKEOVER OF THE GOODZONE SHOPPING CENTER IN MOSCOW 4 May 2011 DISPOSAL OF 30% STAKE TO MYPLACE-SELFSTORAGE 18 May 2011 JUNE DISPOSAL OF FUND INVESTMENTS FOR OVER EUR 137 MILL. 8 June 2011 SIGNING OF 100% TAKEOVER OF ROMANIAN RESIDENTIAL DEVELOPER ADAMA 16 June 2011 JULY SUCCESSFUL REFINANCING OF RUSSIAN LOGISTICS FACILITY SHUSHARY GENERATES NEW FUNDS 21 July 2011 ACQUISITION OF PRIME SHOPPING CENTER DEVELOPMENT SITE IN THE POLISH CITY OF LUBLIN 28 July 2011 SEPTEMBER ACQUISITION OF PRIME OFFICE PROPERTY PARK POSTEPU IN WARSAW 21 September 2011 OCTOBER OPENING OF THE NEW AND FULLY LET SILESIA CITY CENTER EXTENSION (PL) 12 October 2011 CORNERSTONE CEREMONY FOR THE GERLING QUARTIER IN COLOGNE (D) 18 October 2011 OPENING OF MARITIMO SHOPPING CENTER IN ROMANIA 27 October 2011 NOVEMBER CLOSING FULL TAKEOVER OF ROMANIAN RESIDENTIAL DEVELOPER ADAMA 9 November 2011 HELABA AND PBB DEUTSCHE PFAND- BRIEFBANK ARRANGE EUR 210 MILL. FACILITY FOR SILESIA CITY CENTER 29 November 2011 NOVEMBER DISPOSAL OF 50% STAKE IN THE ANDREAS QUARTER DEVELOPMENT PROJECT IN DÜSSELDORF (D) November 2011 FEBRUARY DISPOSAL OF HISTORICAL INNER CITY OFFICE BUILDING PALACE BATTHYÁNY IN VIENNA 13 February 2012 JINDŘIŠSKÁ 16, PRAGUE: START OF THE FIRST OFFICE DEVELOPMENT PROJECT IN THE CZECH REPULIC 29 February 2012 MARCH SIGNING OF AN AGREEMENT FOR THE PURCHASE OF THE REMAINING 50% STAKE IN THE GOLDEN BABYLON ROSTOKINO SHOPPING CENTER 21 March 2012 APRIL LONG-TERM FINANCING AGREEMENT WITH RUSSIAN SBERBANK WITH A VOLUME OF UP TO USD 715 MILL. 11 April

3 OVERVIEW: FULL YEAR RESULTS 2011/12 VS. 2010/11 (*) FX effects: Revaluation of properties under construction resulting from foreign exchange effects (EUR -4.9 mill.), Revaluation of investment properties resulting from foreign exchange effects (EUR mill.), Foreign exchange differences (EUR mill.) and FX effects from transition consolidations (EUR -4.9 mill.). Effects from derivative instruments: EUR mill. (**) The cash flow from the result (EUR mill.) minus interest paid (EUR mill.) plus interest received (EUR 15.8 mill.) minus cash outflow from derivatives (EUR mill.) plus profit from property sales (EUR 57.6 mill.) plus income from the sale of inventories minus production costs (EUR 13.7 mill.). Note: All amounts in MEUR 3

4 FULL YEAR RESULTS 2011/12 (*) The cash flow from the result (EUR mill.) minus interest paid (EUR mill.) plus interest received (EUR 15.8 mill.) minus cash outflow from derivatives (EUR mill.) plus profit from property sales (EUR 57.6 mill.) plus income from the sale of inventories minus production costs (EUR 13.7 mill.). Target dividend distribution of EUR 0.15 per share (EUR mill.) earned by % Note: Data as of 30 April

5 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 2 years (May April 2012) 1,000.0 Properties sold in FY 2010/11 (asset and share deal) Financial assets sold in FY 2010/ Total assets sold in FY 2010/ Remaining sales programme until 2014/15 Carrying value in MEUR Carrying value in % Non-property assets % Portfolio optimisation % Cycle-optimised sales % IMMOFINANZ Group 1, % MEUR sold in FY 2010/11 and 2011/12 Properties sold in FY 2011/12 (asset and share deal) Financial assets sold in FY 2011/ Total assets sold in FY 2011/ Total assets sold until 30 April On track streamline the portfolio (4 asset classes and 8 countries) optimise the balance sheet structure (90% real estate properties as a percentage of total balance sheet sum [30 April 2012: 84.6%]) Note: Data as of 30 April

6 IPD BENCHMARK ANALYSIS EASTERN EUROPE Summary market figures end of 2011 Direct held properties 558 Number of properties under survey 35 Total market value of properties 13,868 billion EUR Total net investment costs 775 million EUR Average market value per property 24.9 million EUR IMMOFINANZ stake roughly EUR 4 bill. or 30% of total market figures in Eastern Europe Quelle: (Investment Property Databank Ltd. 2011) 6

7 IPD BENCHMARK ANALYSIS EASTERN EUROPE Breakdown of relative return TOTAL RETURN Portfolio (IMMOFINANZ) 14.0 Benchmark 10.1 Relative return 3.5 (1.081* )*100=14.0 (1.14/ )*100=3.5 COMPONENTES OF TOTAL RETURN ATTRIBUTION RELATIVE RETURN NET CASH FLOW RETURN CHANGE IN VALUE RETURN STRUCTUR COMPONENT LAND COMPONENT Portfolio 8.1 Benchmark 7.2 Relative 0.8 Portfolio 5.5 Benchmark 2.7 Relative Quelle: (Investment Property Databank Ltd. 2011) 7

8 IPD BENCHMARK ANALYSIS Total portfolio excluding residential PORTFOLIO BENCHMARK* RELATIVE RETURN Total Return Net cash flow return Change value return The OUTPERFORMANCE of the IMMOFINANZ portfolio in comparison with benchmark consists of net cash flow return and change in value return and is calculated as follows: (1.066* )*100 = 11.5 The relative return of the IMMOFINANZ portfolio is calculated as follows: (1.115/ )*100 = 4.1 *Benchmark analysis comprises properties in all invested markets: Bulgaria, Germany, Croatia, Austria, Poland, Romania, Russia, Switzerland, Slovakia, Slovenia, Czech Republic, Hungary Quelle: (Investment Property Databank Ltd. 2011) 8

9 FINANCING - MATURITY SCHEDULE Cash and cash equivalent and credit lines (EUR mill.) as of 30 June 2012 Note: Data as of 30 April

10 GOLDEN BABYLON ROSTOKINO 100% TAKEOVER BY IMMOFINANZ GROUP Moscow, Russia 21 March 2012: Agreement with joint venture partner Patero for the full takeover 11 April 2012: Long-term financing agreement (10 years) with Russian Sberbank with a volume of up to USD 715 mill. 16 May 2012: Takeover completed One of the largest shopping centers in continental Europe 167,963 sqm lettable area 241,000 sqm total space Parking area with 7,500 spaces More than 500 shops Approx. 24 mill. visitors/year Located in Sviblovo, a densely populated district in northeast Moscow Easy access by car and easily reachable by public transport Balanced tenant mix of well-known local and international retail chains, including Media Markt, H&M, Inditex (Zara, Zara Home, Bershka etc.), a Castorama building materials outlet, the Finnish department store Stockmann, the Russian food hypermarket O key, cinema with 14 theaters and numerous gastronomy facilities 10

11 OUTLOOK Continuous increase of rental income through: Active asset management Impact of the acquisition of the remaining shares in the shopping center Golden Babylon Rostokino Focus on ongoing development projects inter alia in Russia, Austria, Poland and Germany Portfolio optimisation Higher Clock-Rate for the real estate machine More sales (especially in BUWOG) More developments (especially in Germany, Russia and Poland) Further reduction of overhead and personnel expenses in FY 2012/13 compared to FY 2011/12 Integration of the Romanian residential developer Adama and start of new developments Dividend distribution of EUR 0.15/share (FY 2011/12) and EUR 0.20/share (FY 2012/13) 11

12 THANKS A LOT FOR YOUR INTEREST! FOR MEDIA INQUIRIES Sandra Bauer Head of Corporate Communications IMMOFINANZ Group communications@immofinanz.com M

13 APPENDIX 13

14 SELECTED DEVELOPMENT PROJECTS Jindřišská 16, Prague, Czech Republic 6,800 sqm lettable office/retail area City center, Prague 1 Refurbishment and extension of a historic building that was built in the 19th century Modern prime offices Registered for LEED Gold certification Completion scheduled for July 2013 Completion costs: EUR 13.1 mill. Note: Data as of 31 January

15 SELECTED DEVELOPMENT PROJECTS Panta Rhei, Düsseldorf, Germany 9,600 sqm lettable office area Located in the Düsseldorf Airport City Air terminal within walking distance, 350 trains/day stop at the airport s train station (e.g. 1 hour to Cologne and Bonn or into the entire Ruhr region) Completion: Q Completion costs: EUR 26.5 mill. Note: Data as of 31 January

16 SELECTED DEVELOPMENT PROJECTS GOODZONE Shopping Center, Moscow, Russia Eröffnung: im GJ 2012/13 High-quality shopping center with approx. 200 shops 57,000 sqm GLA Location: directly at two main streets in one of the most densely populated districts of Moscow Catchment area: 1.2 mill. inhabitants Completion costs: EUR mill. Note: Data as of 31 January

17 SELECTED DEVELOPMENT PROJECTS Heller Park in Vienna, Austria Residential component D Office loft Residential component A Useable floor area Letting Selling Completion Geriatric Centre 15,706 sqm 100% 217 units, 5 other PPP n/a July 2012 Apartments 21,179 sqm completed in 100% 81% 239 units, 6 other September 2011 Office Loft 2,616 sqm 11 offices 18% n/a May 2012 IMMOFINANZ Group 39,462 sqm Completion costs: EUR 4.2 mill. Note: Data as of 31 January

18 SELECTED DEVELOPMENT PROJECTS Na Příkopě 14, Prague, Czech Republic Approx. 16,000 sqm office/retail space One of the most prominent shopping streets (pedestrian zone) in Prague High pedestrian traffic density Completion: Q Completion costs: EUR 29.2 mill. Note: Data as of 31 January

19 SELECTED DEVELOPMENT PROJECTS Gerling Quartier Cologne, Germany Location Gerling Quartier located in the city center of Cologne within the ring road surrounding the old city. Public transport 2 underground stations are located nearby. Completion costs: EUR 218,6 mill.* Completion: 2013/14 Useable area: Total 94,000 sqm Office/Commercial 45,000 sqm Residential 49,000 sqm * Represents the entire project and does not reflect the stake held by IMMOFINANZ Group Note: Data as of 31 January