IMMOFINANZ GROUP HALF-YEAR RESULTS 2012/13 20 December 2012

Transcription

1 IMMOFINANZ GROUP HALF-YEAR RESULTS 2012/13 20 December 2012

2 OVERVIEW: HALF-YEAR RESULTS 2011/12 VS. 2012/13 (*) 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 -4.4 mill.), Revaluation of investment properties resulting from foreign exchange effects (EUR mill.), non realised foreign exchange differences (EUR 58.6 mill.). Foreign exchange effects transition consolidation: EUR -0.2 mill. Non realised effects from derivative instruments: EUR 23.6 mill. Note: All amounts in MEUR, Data as of 31 October

3 Q2 VS. Q1 2012/13 All amounts in MEUR Q2 result 2012/13 Q1 result 2012/13 variance main contribution to variance Increased rental income compared to Q1 2012/13 in Russia (+4.4%), Czech Rental income Republic (+2.9%), Germany (+2.0%) and Austria (+1.3%) Operating costs charged to tenants Counterpart to operating expenses Other revenues Revenues Real estate expenses Increased maintenance expenses and higher operating costs charged to building -6.9 owners Operating expenses Counterpart to operating costs charged to tenants Income from asset management Income from property sales Profitable disposals in Q2 2012/13 due to high demand for residential properties in 8.6 Austria Income from property development Increase compared to Q1 2012/13 due to positive foreign exchange effects Other operating income Positive effects in Q2 2012/13 due to tax repayments and received penalty 3.2 payments Income from operations Administration costs Increased consultancy expenses due to legal cases and new development and -2.6 aquisition projects Results from operations ("EBITDA") Revaluation excluding FX effects FX effects Other revaluation result Q2 2012/13: Negative effects from revaluation of inventories and valuation adjustments to receivables Operating profit (EBIT) Net financing cost Increased net financing costs compared to Q1 2012/13 due to the refinancing of the shopping center Golden Babylon Rostokino in Moscow and the issuance of a corporate bond Foreign exchange differences Other financial results Reduced losses on derivatives compared to Q1 2012/13 Shares of profit/loss from associated companies Earning before tax (EBT) Taxes Net profit for the period

4 HALF-YEAR RESULTS 2012/13 >100% -11.0% 4

5 FINANCING - MATURITY SCHEDULE 5

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 10 quarters years (May October 2012) 1,250.0 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 1,154.1 sold until 31 October 2012 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 October ,154.1 Variance to announced programme Volume slightly behind plan will be offset in Q3 & Q4 2012/13 6

7 CURRENT SHARE BUYBACK PROGRAMME Launch: 01 October 2012 Total Volume: 20 mill. shares or 1.75% of capital 9,031,933 shares bought back until 18 December 2012 Remaining volume: shares or 1.0% of share capital New max. repurchase price: EUR 3.33 Total Return : 50.11% *) Source: 7

8 BUWOG QUO VADIS? SPLIT IPO Optimise Total Sale Requirements for both alternatives: German Residential Germany enjoys international attention and is associated with high expectations ( DM wager ) German residential properties offer high base return due to lower regulation Acquisition of a large German portfolio, if possible listed for public trading Increase sales Smaller investments in D, e.g. through BUWOG- Meermann (former Chamartín) in Berlin Reduce costs Unlikely by foreign investor due to Austrian regulations ( public housing ) No appropriate well funded domestic investor in sight 8

9 SELECTED DEVELOPMENT PROJECTS Project Casa Stupenda, Duesseldorf, Germany Class A office building situated in the area of the Duesseldorfer Medienhafen Architecture of Renzo Piano (Pritzker - Price Winner) 80% (IMMOFINANZ) to 20% (Capricorn) Joint Venture DGNB (Gold) Certification planned 31,400 sqm lettable area Completion costs: approx. EUR 100 mill. Comprehensive sustainability (plus-energy building & zero carbon footprint) with the help of modern technical concepts: 4 cogeneration units with biogas technology Use of geothermal energy Effective heat recovery Energy saving LED-lighting technology Rainwater recovery systems 9

10 THANK YOU FOR YOUR ATTENTION 10

11 Appendix

12 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: approx. EUR 62 mill. 12

13 SELECTED DEVELOPMENT PROJECTS Gerling Quartier Cologne, Germany Full take over as per 5 September 2012 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. Rentable/sellable area: 74,000 sqm Completion: 2013/14 Completion costs: approx. EUR 197 mill. 13

14 SELECTED DEVELOPMENT PROJECTS NIMBUS Office Building, Warsaw, Poland Building permit received! - Modern office building in Warsaw, Poland - 19,200 sqm lettable area on 15 floors parking spaces on 3 floors - Completion: August Completion costs : approx. EUR 37 mill. 14

15 EXTENDED BUILDING PERMISSION FOR TARASY ZAMKOWE* Tarasy Zamkowe, Lublin, Poland Shopping Center consisting of 150 shops and 1,400 parking spaces (3 retail floors and 3 parking floors) Leasable area: 37,000 sqm Location Situated near the historic city, towards at the opposite of the touristic main attraction of the city: Lublin Castle; Adjacent to city s most important traffic junction Public transport Perfectly accessible by public and private transport; Several bus lines because of the proximity to the central bus station Tenants A-Class shopping center with national and international tenants. Focus on fashion & leisure / entertainment Completion: Autumn 2014 Completion costs: approx. EUR 90 mill. *Formerly known as Galeria Zamek 15