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 OUTLOOK Continuous increase of rental income through: Active asset management Reduction of vacancy Focus on ongoing development projects inter alia in Russia, Austria, Poland and Germany Completion of GOODZONE in Moscow Construction works on Tarasy Zamkowe* started, completion in autumn 2014 Full takeover of Gerling Quartier development in Cologne Start of construction in Düsseldorf (Panta Rhei) Start of development Casa Stupenda (Düsseldorf) Start of development NIMBUS Office (Warsaw) Portfolio optimisation Higher Clock-Rate for the real estate machine More sales (especially in BUWOG and Eastern Europe) More developments (especially in Germany, Russia and Poland) Acquisition of German residential portfolios within BUWOG Share buyback started on 1 October 2012 (planned buyback until 30 April 2013, 20 mill. shares) Dividend distribution of at least EUR 0.15/share for the current financial year *Formerly known as Galeria Zamek 8

9 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 9

10 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. 10

11 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. 11

12 EXTENDED BUILDING PERMIT 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 12

13 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. 13

14 SELECTED DEVELOPMENT PROJECTS Project Casa Stupenda, Düsseldorf, Germany Class A office building situated in the area of the Düsseldorfer 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 14

15 Appendix

16 PORTFOLIO - OVERVIEW Property portfolio Number of properties Standing investments in MEUR Properties under construction in MEUR **) Project pipeline in MEUR Property portfolio in MEUR Property portfolio in % Austria 1,468 3, , % Germany % Czech Republic % Hungary % Poland % Romania , % Russia 6 1, , % Slovakia % Non-core countries*) % IMMOFINANZ Group 1,824 9, , % 90.0% 4.6% 5.4% 100.0% *) Bulgaria, Croatia, France, Italy, Moldavia, Netherlands, Serbia, Slovenia, Sw itzerland, Turkey, Ukraine, USA **) Future standing investments, inventory properties completed and under construction 90.0% of property portfolio are income generating properties (standing investments) 50.7% of the property portfolio are located in Eastern Europe, 49.3% in Western Europe and the USA Appendix 1 16

17 PORTFOLIO - STANDING INVESTMENTS Standing investments Number of properties Occupancy rate in % Carrying amount in MEUR Carrying amount in % Rental income Q2 2012/13 in MEUR*) Running yield in % Property Financing in MEUR Financing costs in % LTV in % **) Austria 1, % 3, % % 1, % 42.8% Germany % % % % 64.0% Czech Republic % % % % 42.8% Hungary % % % % 45.3% Poland % % % % 56.2% Romania % % % % 45.3% Russia % 1, % % % 30.3% Slovakia % % % % 57.4% Non-core countries % % % % 51.3% IMMOFINANZ Group 1, % 9, % % 4, % 44.8% Properties under construction & pipeline projects 1, % Assets sold in Q2 2012/ % Investment financing % Financing on corporate level (CB, Syn Loan) % IMMOFINANZ Group 10, , % 54.3% *) Rental income in Q2 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 Standing investments Number of properties Occupancy rate in % Carrying amount in MEUR Carrying amount in % Rental income Q2 2012/13 in MEUR*) Running yield in % Property Financing in MEUR Financing costs in % LTV in % **) Office % 2, % % 1, % 46.1% Retail % 3, % % 1, % 37.5% Residential 1, % 2, % % 1, % 47.3% Logistics % % % % 56.6% Other % % % % 55.5% IMMOFINANZ Group 1, % 9, % % 4, % 44.8% *) Rental income in Q2 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 2 17

18 DEVELOPMENT PROJECTS Properties under construction Top projects Number of properties Thereof completed residential development projects Carrying amount in MEUR Carrying amount in % Outstanding construction costs in MEUR Planned lettable/sellable space in sqm Fair Value after completion in MEUR Austria % , Germany % , Czech Republic % , Poland % , Romania % , Russia % , Non-core countries % , IMMOFINANZ Group % ,096 1,181.1 Project Country Main use Planned rentable/sellable space in sqm *) Consolidation quote of the projekt in % Gerling Quartier Germany Office/Residential 74, % GOODZONE Russia Retail 57, % Tarasy Zamkowe**) Poland Residential 37, % BUWOG projects Austria Retail 27, % San Antigua USA Residential 23,000 90% Nimbus Poland Office 19, % Debowe Tarasy Poland Other 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 Czech Republic Office 8, % Chaussestrasse 88 Deutschland Other 7, % CSOB Jindrisska Czech Republic Office 7, % *) The figures shown in the table represent 100% of the project and not the share, held by IMMOFINANZ Group **) Formerly known als Galeria Zamek Properties which are currently under construction or already completed (apartments) Focus on Russia, Germany, Poland and Austria Appendix 3 18

19 PORTFOLIO - PROJECT PIPELINE Project pipeline Project pipeline Number of Carrying amount Carrying properties in MEUR 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 4 19

20 FINANCING - STRUCTURE Outstanding liability as of 31 October 2012 in TEUR Weighted average interest rate in % Fixed interest Variable interest Fixed interest Variable interest Financial liabilties rate, share in % rate, share in % rate in % rate in % Convertible bond in EUR 713, % 100.0% 0.0% 4.07% 0.00% Corporate bond in EUR 100, % 100.0% 0.0% 5.25% 0.00% Bank liabilities in EUR 3,653, % 9.6% 90.4% 3.83% 2.25% Bank liabilities in USD 557, % 0.1% 99.9% 3.97% 6.62% Bank liabilities in CHF 154, % 2.1% 97.9% 2.25% 1.38% Local authorities in EUR 532, % 100.0% 0.0% 1.19% 0.00% IMMOFINANZ Group 5,711, % 32.5% 69.0% 3.18% 2.83% 67.74% of financed liabilities are fixed interest liabilities or are hedged by derivative instruments Weighted average interest rate including cost of hedging: 3.59% Conversion Nominal value price in EUR as of 30 April per share Coupon in % 2012 in TEUR Nominal value as of 31 October 2012 in TEUR Conversions Repurchase Convertible bond ISIN Maturity 2012/13 in TEUR 2012/13 in TEUR Convertible bond 2014 XS Jan % 25, ,700.0 Convertible bond 2017 XS Nov. 2014*) %**) 195, , ,400.0***) Convertible bond 2018 XS Mar. 2016*) % 515, , ,684.6 IMMOFINANZ Group 735, , ,784.6 *) Put Option for convertible bondholder **) Yield to maturity (coupon 1.25%) ***) Nominal value as of 19 November 2012 EUR 35.1 mill. (Repayment due to put option as of 19 November 2012: EUR mill.) Appendix 5 20

21 FINANCING WELL DIVERSIFIED BORROWING Borrowing on company level Financing structure Outstanding liability as of 31 October 2012 in TEUR Outstanding liability in % About 110 banks or insurance companies 4,364, % Convertible bonds 713, % Local authorities 532, % Corporate bond 100, % IMMOFINANZ Group 5,711, % Borrowing on group bank level Financing with 110 different banks or insurance companies Appendix 6 21

22 SHAREHOLDER STRUCTURE 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) Note: Surveyed in November 2012, Source: IPREO Appendix 7 22

23 CONTACT DETAILS AND FINANCIAL CALENDAR Investor Relations Telephone: +43 (0) investor@immofinanz.com Financial Calendar Q3 2012/13 results 25 March 2013* Q3 2012/13 report 26 March 2013 FY 2012/13 report 20 August 2013 Website: 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 Appendix 8 23

24 THANK YOU FOR YOUR ATTENTION Appendix 9 24