IMMOFINANZ GROUP Capital Markets Day Vienna 4 th June 2013

Transcription

1 IMMOFINANZ GROUP Capital Markets Day Vienna 4 th June

2 CONTENT 01 IMMOFINANZ Group at a Glance 02 Strategy & Implementation / BUWOG IPO 03 Asset Class Office Austria 04 Asset Class Residential Austria 05 Outlook 06 Appendix 2

3 PORTFOLIO MULTI-ASSET / MULTI-REGIONAL STRATEGY Office Retail Logistics Residential Austria Germany Poland Czech Republic Slovakia Hungary Rumania Russia Diversified portfolio ensures an optimised risk and return situation 3

4 PORTFOLIO SPLIT Asset classes Property portfolio value: EUR 10.5 bill. Country distribution in Western (current 49.4%) and Eastern Europe (current 50.6%) Other 2.2% Slovakia 2.9% Logistics 8.2% Residential 30.0% Non-core countries 6.2% Hungary 5.0% Austria 36.9% Czech Republic 5.7% Office 27.2% Germany 7.7% Poland 9.5% Retail 32.4% Romania 9.7% Russia 16.3% Data as of 31 January

5 TARGETED CONTRIBUTION OF THE 3 REVENUE PILLARS 80% ~10% >10% Asset Management Trade Development Earnings generated from standing investments Maximisation of rental cash flow Total sales of approx. EUR 2.5 bill. targeted by 2014/15 EUR 1,290.5 mill. completed until Q3 2012/13 Profits from own developments Disposal of inventories 5

6 THE REAL ESTATE MACHINE Stabilisation through active asset management Development Asset Management Cycle-optimsed sale Cash Consistent further development of IMMOFINANZ Group strategy Target: Optimised profitability along the entire value chain through an increased turnover rate 6

7 ATTRACTIVE VALUATION OF THE IMMOFINANZ SHARE Western Europe Eastern Europe Total in EUR bill. Total in EUR/ Share GAV Allocated net liabilities NAV Market Cap Discount -87.8% 2.55 / 44.46% Note: Data as of 31 January 2013 and share price as of 02 May 2013 (EUR 3.12). Assumes allocation of liabilities proportionately to portfolio values. Total number of shares excluding treasury shares as of 31 January 2013: 1, million. 7

8 CONTENT 01 IMMOFINANZ Group at a Glance 02 Strategy & Implementation / BUWOG IPO 03 Asset Class Office Austria 04 Asset Class Residential Austria 05 Outlook 06 Appendix 8

9 STRATEGY OUTLINE Legacy portfolio clean-up and balance sheet optimisation Takeover / disposal of shares in joint ventures / minority stakes Disposal of non property assets (fund investments etc.) Disposals aimed at optimising and raising the overall quality of our asset portfolio Increase percentage of real estate assets in the balance sheet Portfolio optimisation & real estate machine EUR 2.5 bill. sales programme Continuous refurbishment Positioning as Core / CorePlus investor with moderate risk profile Target: Attractive property portfolio with focus on 4 asset classes and 8 core markets Increase portfolio turnover for optimised profitability (real estate machine) Development Stabilisation through active asset management Asset Management Cash Cycle-optimsed sale Operational drivers Increase of occupancy and rental income through active asset management Reduction of overhead expenses Increased profitability along the entire value chain through an increased turnover rate Development activities Early mover advantage in CEE Leverage local expertise and partnerships Completion of current and acquisition of new developments (Re-)Activation of pipeline projects Construction of standardised high quality properties on prime locations in metropolitan areas Development focus on Germany, Austria, Poland and Russia 9

10 PORTFOLIOOPTIMISATION Business Segment Share of the portfolio Strategy Intern. High-Class Office 11.6% Increase in the portfolio, especially by raising exposure into Poland, Czech Republic and Germany Secondary Office AT/DE 5.7% Slight reduction in volume, upgrade of selected assets Secondary Office East 7.9% Benefit from strong asset management skills to improve properties; active buy-and-sell strategy Opportunistic Office 2.0% To be sold off / conversion Quality Shopping Center 25.0% Increase through new acquisitions / developments; benefit from excellent relationship with many international tenants STOP.SHOP./ Retail Warehouse 4.2% Optimise portfolio through selected acquisitions / developments and by extending STOP.SHOP. brand to Poland Opportunistic Retail 3.1% To be sold off Logistics West 5.8% Strengthen Deutsche Lagerhaus (DLH) as major player in German logistics market Logistics East 2.4% Niche strategy (HU, RO, SK), reduce (PL, CZ, RU) Residential West 27.5% Residential East 2.5% Possible IPO by BUWOG, whereby the final decision and timing will depend to a significant degree on the further development of the capital markets as well as on a minimum level of 10,000 acquisitions of apartments in Germany. Development of residential properties especially condominiums (among others via Adama) but no standing investments. Hotels 2.2% To be sold off Data as of 31 January

11 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 sold in FY 2010/11 (asset and share deal) Financial assets sold in FY 2010/ Total assets sold in FY 2010/ sold in FY 2011/12 (asset and share deal) Financial assets sold in FY 2011/ Total assets sold in FY 2011/ 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 Carrying value in MEUR Carrying value in % Non-property assets % Portfolio optimisation % 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 2012 EUR mill. Disposals took place after the balance sheet date Sale of Silesia City Center (PL) at EUR 412 mill. as of 27 May 2013 Data as of 31 January

12 BUWOG QUO VADIS? SPLIT IPO Optimise Total Sale Next Steps: Sales in Austria Acquisition of 10,000 units in Germany 12

13 OVERVIEW OF THE BUWOG GROUP DEVELOPMENT STANDING INVESTMENTS TRADE SERVICES One of the TOP 3 residential property developers in Vienna / start of development projects in Berlin Largest private residential investor in Austria Established as one of the largest apartment sellers in Austria Recognised as the largest private facility manager in Austria Pipeline: TIC EUR 1,200 mill. 5,000 units Portfolio: FV: EUR 2.3 bill. 31,800 units Volume 2011/12: Revenues: EUR 100 mill. 935 units Under management: 3.8 mill. sqm 15% third party Increase development projects in heavily populated areas of Vienna and Berlin Goal: market leadership Acquisitions in Germany Further portfolio optimisation Increase in highly profitable sale of individual apartments (35% margin) Expansion of property sales Property Management for own portfolio in Germany Data as of 31 January

14 BUWOG QUO VADIS? DISPOSALS IN AUSTRIA The sale in Carinthia is already the third portfolio disposal of BUWOG in the states of Austria. The gross return of the objects sold equalled the average gross return of 4.8%* in the residential sector in Austria. Portfolio disposal in Carinthia 35 properties with 781 apartments and 130,025 sqm Transaction price exceeded the carrying amount Portfolio disposal in Vorarlberg 24 properties with 581 apartments and 46,200 sqm Transaction price equalled the carrying amount Portfolio disposal in Styria 11 properties with 276 apartments and 20,400 sqm Transaction price exceeded the carrying amount Generation of liquid funds for the expansion in Germany *) See IMMOFINANZ Group Q3 report 2012/13, page 35 14

15 BUWOG QUO VADIS? ACQUISITIONS IN GERMANY High-Deck housing estate in Berlin Neukölln High-quality apartments in an excellent location (close to the city center) 40 properties with 1,916 apartments Lettable area: 126,233 m 2 Gross return: 8% Vacancy: 2% 15

16 PORTFOLIO SPLIT AFTER IPO OF BUWOG Asset classes Property portfolio value: EUR 7.8 bill. Country distribution 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 Data as of 31 January

17 IMMOFINANZ GROUP AFTER IPO OF BUWOG Standing investments Number of properties Occupancy rate in % Carrying amount in MEUR Carrying amount in % Rental income Q3 2012/13 in MEUR*) Running yield in % Property financing in MEUR Financing costs in % Financing costs incl. hedging in % LTV 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% 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% 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 Data as of 31 January

18 CONTENT 01 IMMOFINANZ Group at a Glance 02 Strategy & Implementation / BUWOG IPO 03 Asset Class Office Austria 04 Asset Class Residential Austria 05 Outlook 06 Appendix 18

19 IMMOFINANZ GROUP IN AUSTRIA 1990: business formation Today: Asset Manager Seller Developer Investor Focus in Austria on Office Retail Residential Headquarters in Vienna 692 employees in Austria (consolidated) IMMOFINANZ PROPERTIES IN AUSTRIA Further information on IMMOFINANZ standing investment portfolio on 19

20 KEY FACTS AS OF 31 JANUARY 2013 IMMOFINANZ Office Standing Investments in Austria Number of properties ,428 in % 81.2% Rental income Q3 2012/13 in MEUR*) 12.4 Gross return in % 5.3% Remaining liability on existing financing in MEUR Financing costs in % 2.2% Financing costs incl. hedging in % 3.2% LTV in %** 37.7% *) Rental income in Q3 2012/13 based on the main use (rental income reported in the income statement is according to actual use of the property; marginal differences to the income statement are hence possible) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value 20

21 CONTENT 01 IMMOFINANZ Group at a Glance 02 Strategy & Implementation / BUWOG IPO 03 Asset Class Office Austria 04 Asset Class Residential Austria 05 Outlook 06 Appendix 21

22 KEY FACTS AS OF 31 JANUARY 2013 IMMOFINANZ Residential Standing Investments in Austria Development Projects Under Construction in Austria Number of properties 1,212 2, ,343,096.0 in % 95.1% Rental income Q3 2012/13 in MEUR*) 28.9 Gross return in % 4.8% Remaining liability on existing financing in MEUR 1,112,7 Financing costs in % 1.6% Number of properties 11 Thereof completed residential development projects 51.3 Outstanding construction costs in MEUR 83.5 Planned lettable / sellable space in sqm 55,090 Fair Value after completion in MEUR Units currently under construction Financing costs incl. hedging in % 2.2% LTV in %** 46.2% *) Rental income in Q3 2012/13 based on the main use (rental income reported in the income statement is according to actual use of the property; marginal differences to the income statement are hence possible) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value 22 Data as of 31 January 2013

23 CONTENT 01 IMMOFINANZ Group at a Glance 02 Strategy & Implementation / BUWOG IPO 03 Asset Class Office Austria 04 Asset Class Residential Austria 05 Outlook 06 Appendix 23

24 MARKET OVERVIEW Market Overview (prime segment): Office / Retail / Logistics Q4 Office Retail (Shopping C.) Logistics 12 prime vacan. rent yield vacan. rent yield vacan. rent yield AT Vienna 6.9% % n.a. n.a. 5.8% n.a % DE Düsseldorf 11.0% % n.a % n.a % PL Warsaw 8.8% % 2.0% % 14.7% % CZ Prague 11.9% % 5.0% % 7.5% % SK Bratislava 12.5% % 7.5% % 7.2% % HU Budapest 21.0% % 10.0% % 19.4% % RO Bucharest 16.1% % % % 12-13% % RU Moscow 13.5% $ % 2.5% $ % 0.7% $ % NB: Warsaw/logistics: Assets in the outskirts of Warsaw have been added to the sample Sources: JLL, EHL to previous quarter Rent: Yield/Vacancy.: declining increasing declining increasing Office: Prime rents remained stable with a slight increase in Düsseldorf, vacancy rates did increase slightly except for Budapest, Bukarest and Düsseldorf Retail: Largely stable; slight increase of vacancy again in Warsaw, prime rents stable Logistics: Vacancy rates decreased in Prague, Bratislava and once more in Moscow, stable / slightly decreasing prime rents and yields Forecast (Macroeconomic & Real Estate Sentiment) Sources: EuroStat, Economist Intelligence Unit, JLL, CBRE, C&W Data as of 4 th Quarter 2012 sunny unsettled cloudy stormy Office: Relatively stable asset class, take-up volumes decrease as tenants are consolidating space; due to low pace of new construction vacancy rates remained stable Retail: The market, especially within the CEE region is affected by a lot of new projects; until million sqm of new space shall be placed on the market, half of the space within Poland. Logistics: Continuing growth of interest of investors for logistics (Portfolios) especially in CEE markets and strong economies such as Germany 24

25 MACROECONOMICS GDP growth (in %) Austria Czech Republic EU avg. Germany Hungary IMMOFINANZ Poland Romania Russia Slovakia Public Debt in % of GDP 1 ) 2012 Public debt Budget Balance in % of GDP 2 ) 2012 Saving rate 3 ) 2012 Debt to income ratio of private households 4 ) 2011 Germany Austria Poland Romania n.a. n.a. Russia n.a. n.a. Slovakia Czech Republic Hungary EU n.a. n.a. Euro Zone (17 Countries) n.a. n.a. IMMOFINANZ Group n.a. n.a. Inflation (in %) Austria Czech Republic EU avg. GDP per capita (in EUR) 2012e 2013f Austria 35,941 37,679 Germany 32,467 33, Germany Hungary IMMOFINANZ Poland Romania Czech Republic 14,617 15,656 Hungary 9,825 10,730 Poland 9,943 11,193 Romania 6,102 6,796 Russia 10,997 12,330 Slovakia 13,211 14, Russia Slovakia EU-27 25,815 26,392 Euro Zone (17 Countries) 28,565 29,188 IMMOFINANZ Group 23,704 25,109 Sources: EIU: SNL Eurostat; OECD (in each case 1 March 2013); partly estimates; IMMOFINANZ Ø weighted according to market values/core markets; all other averages are weighted averages; 1) Total debt (both local and foreign currency) owed by government to domestic residents, foreign nationals and multilateral institutions such as the IMF, 2) General government receipts minus central government outlays. 3 & 4) % of disposable income 25

26 OFFICE Prime rents (EUR/month/sqm) & Vacancy rates in % in Europe Office Market Vienna is stable and mature Vacancy rate in international comparison rather low (7.8%) Prime rents at a level of about EUR 27 High interest of (international) investors in office properties, especially in Vienna Demand & Supply very stable Supply & Demand office Market Vienna (sqm) Vacancy rate did increase slightly due to a high number of new space coming into the market and current occupiers trying to decrease their office space Source: EHL 26

27 RESIDENTIAL Investment Volumina / asset classes (in %) Residential Property in Austria is an important asset class for (foreign) investors, in some years volume even higher than in retail Future demand for residential properties will increase - safe investment haven Number of single-households will increase until 2050 by about 30% in Austria (40% in Vienna) and other households by 10% (Vienna 16%) In Q4/2012 there have been building permissions for another 37,654 apartments in Austria (6,713 in Vienna) in newly built assets Household projection Austria +10% Sources: CBRE, EHL/BUWOG, Statistik Austria 27

28 OUTLOOK Continuous increase of rental income through: Active asset management Reduction of vacancy Focus on on-going 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 Completion of Gerling Quartier in Cologne Completion of Panta Rhei in Düsseldorf Completion of NIMBUS Office in Warsaw Start of development Casa Stupenda (Düsseldorf) Stabilisation through active asset management Development 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) Asset Management Cash Cycle-optimsed sale Acquisition of German residential portfolios within BUWOG Share buyback completed on 25 February 2013 and 20 mill. shares were bought by EUR 3.12 in average. Dividend distribution of at least EUR 0.15/share for the financial year 2012/13 * Formerly known as Galeria Zamek 28

29 DIVIDEND POLICY AND SHARE BUYBACK PROGRAMME Cent/Share 5 Cent/Share buyback programme Cent/Share 15 Cent/Share dividend 5 0 FY 2010/11 FY 2011/12 FY 2012/13 For 2012/13 a dividend of 15 cent/share is planned (subject to approval of the annual general meeting on 2 October 2013) 5 Cent/Share were invested into a share buyback programme, which was completed on 25 February mill. shares were bought by EUR 3.12 in average. 29

30 INVESTMENT PROPOSITION Attractive dividend policy Optimised profitability through increased portfolio turnover rate Moderately geared balance sheet CEE catch-up potential Further optimisation of cost structure Risk and return optimisation through diversified portfolio From restructuring play to sustainable growth Attractive valuation (NAV discount) 30

31 THANK YOU FOR YOUR ATTENTION. 31

32 CONTENT 01 IMMOFINANZ Group at a Glance 02 Strategy & Implementation / BUWOG IPO 03 Asset Class Office Austria 04 Asset Class Residential Austria 05 Outlook 06 Appendix 32

33 STANDING INVESTMENT IMMOFINANZ Office 1 st property to be visited Business Park Vienna & Vienna Twin Tower Usage Address Acquisition / Construction completed Number of floors Lettable space Office Wienerbergstrasse 11, 1100 Vienna 1997 Business Park Vienna/ 2001 Vienna Twin Tower 22 Business Park Vienna/ 35 Vienna Twin Tower 168,542 sqm in % 81.7% Gross yield in % 5.6% Number of parking spaces 2,000 Main tenants Headquarters IMMOFINANZ Group Wienerberger RHI Cineplexx ABB ÖBB Raiffeisen Data as of 31 January

34 STANDING INVESTMENT IMMOFINANZ Residential 2 nd property to be visited Heller Park Usage Address Residential Davidgasse 81, 1100 Vienna Construction completed 2012 Subsidised rental apartments with purchase option after 10 years Subsidised rental apartments with special funding Subsidised condominiums 112 Condominiums 37 Offices 11 Units Geriatric Center (PPP) 217 Residential Lettable / sellable space ,595 sqm / 14,030 sqm in % 98% Units sold in % 94% Gross yield in % 5.6% Number of parking spaces 256 Data as of 31 January

35 STANDING INVESTMENT IMMOFINANZ Office 3 rd property to be visited Bureau am Belvedere Usage Address Office Prinz-Eugen-Straße 8-10, 1040 Vienna Refurbishment 2010 Number of floors 8 Lettable space 15,838 sqm in % 43.8% Expected occupancy rate as of end of 2013 in % 69.7% Gross yield in % 2.3% Number of parking spaces 168 Main tenants EHL COMILCO Societe Generale Sustainability LEED Gold Certification EU Green Building Certification Data as of 31 January

36 STANDING INVESTMENT IMMOFINANZ Office 4 th property to be visited City Tower Vienna Usage Address Office Marxergasse 1A, 1030 Vienna Construction completed 2003 Number of floors 24 Lettable space 26,621 sqm in % 100% Gross yield in % 5.3% Number of parking spaces 93 Main tenants Vienna s provincial high court as sole tenant Data as of 31 January

37 STANDING INVESTMENT IMMOFINANZ Residential 5 th property to be visited Salesianergasse Usage Address Built in / Refurbishment & Extension Refurbishment & Extension Privately financed freehold penthouses Living areas Residential Salesianergasse 1B, 1030 Vienna 1928 in Bauhaus style / 2010 (completely sold) 6 units Total 1,080 sqm sold Standing asset Sellable space 4,388 sqm Units sold overall in % 39.44% Rented 4,168 sqm Occupancy in % 95 % Gross yield in % 1.5% Number of parking spaces 0 Data as of 31 January

38 STANDING INVESTMENT IMMOFINANZ Residential 6 th property to be visited Rechte Wasserzeile Usage Address Residential Rudolf-Zeller-Gasse 54 / Rechte Wasserzeile 18-19, 1230 Vienna Refurbishment 2012 Refurbishment & Extension Privately financed freehold penthouses Living areas (completely sold) 30 units Total 3,242 sqm sold Standing asset Sellable space 11,264 sqm Sales price per sqm ~ EUR 2,100 Rented 11,264 sqm Occupancy in % 100 % Gross yield in % 2.4 % Number of parking spaces 77 Data as of 31 January

39 PORTFOLIO - OVERVIEW Property portfolio Number of properties Standing investments in MEUR under construction in MEUR**) Project pipeline in MEUR Property portfolio in MEUR 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, France, Italy, Moldavia, Netherlands, Serbia, Slovenia, Switzerland, Turkey, Ukraine, USA **) Future standing investments, inventory properties completed and under construction Data as of 31 January

40 STANDING INVESTMENTS Standing investments Number of properties Occupancy rate in % Carrying amount in MEUR Carrying amount in % Rental income Q3 2012/13 in MEUR*) Gross return in % Remaining liability on existing financing in MEUR Financing costs in % Financing costs incl. hedging in % LTV 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% under construction & pipeline projects % 3.7% Assets sold in Q3 2012/ % 0.0% Investment financing % 1.7% Financing on corporate level (CB, Syn Loan) % 3.9% IMMOFINANZ Group , % 3.6% 54.2% Standing investments Number of properties Occupancy rate in % Carrying amount in MEUR Carrying amount in % Rental income Q3 2012/13 in MEUR*) Gross return Remaining liability in % on existing financing in MEUR Financing costs in % Financing costs incl. hedging in % LTV in % **) Office % 2, % % 1, % 3.5% 45.6% Retail % 3, % % 1, % 5.1% 40.5% Logistics % % % % 3.6% 56.0% Residential 1, % 2, % % 1, % 2.4% 45.5% Other % % % % 2.4% 48.4% IMMOFINANZ Group 1, % 9, % % 4, % 3.6% 44.9% *) 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 Data as of 31 January

41 STANDING INVESTMENTS OFFICE The office sector in the IMMOFINANZ core markets 100% IMMOFINANZ Group 1.7% Non-core countries 100 2, ,292, % % , % % Germany 4.1% , % % 15.0% 35.2% Poland 17.8% 2.8% 10.2% , % % 13.2% Czech Republic Slovakia , % % , % % Austria , % % Hungary , % Share of the standing investment portfolio Data as of 31 January 2013 *) 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) % Romania , % % 41

42 STANDING INVESTMENTS OFFICE The office sector in the IMMOFINANZ core markets Standing Investments Office Number of properties 100 2, ,292,997.0 in % 81.1% Rental income Q3 2012/13 in MEUR*) 41.2 Gross return in % 6.2% Remaining liability on existing financing in MEUR 1,208.8 Financing costs in % 2.4% Financing costs incl. hedging in % 3.5% LTV in %** 45.6% Contract expiration office up to 31 January % up to 31 January % up to 31 January % up to 31 January % up to 31 January % up to 31 January % up to 31 January % *) Rental income in Q3 2012/13 based on the main use (rental income reported in the income statement is according to actual use of the property; marginal differences to the income statement are hence possible) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value Data as of 31 January 2013 as of 1 February 2020 unlimited 7% 8% 42

43 STANDING INVESTMENTS RETAIL The retail sector in the IMMOFINANZ core markets 100% IMMOFINANZ Group 0.9% Non-core countries 186 3, ,109, % % , % % Czech Republic % % 4.2% 10.2% Poland 14.1% 6.6% 5.1% , % 9.4% % Russia Slovakia 49.6% 4 1, , % % , % % Austria , % % Hungary , % Share of the standing investment portfolio Data as of 31 January 2013 *) 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) % Romania , % % 43

44 STANDING INVESTMENTS RETAIL The retail sector in the IMMOFINANZ core markets Standing Investments Retail Number of properties 186 3, ,109,454.0 in % 93.6% Rental income Q3 2012/13 in MEUR*) 68.7 Gross return in % 9.0% Remaining liability on existing financing in MEUR 1,233.3 Financing costs in % 4.8% Financing costs incl. hedging in % 5.1% LTV in %** 40.5% Contract expiration retail up to 31 January 2014 up to 31 January 2015 up to 31 January % up to 31 January % up to 31 January % 7% 4% up to 31 January % up to 31 January % *) Rental income in Q3 2012/13 based on the main use (rental income reported in the income statement is according to actual use of the property; marginal differences to the income statement are hence possible) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value Data as of 31 January 2013 as of 1 February % unlimited 6% 44

45 100% STANDING INVESTMENTS LOGISTICS IMMOFINANZ Group 26.5% Non-core countries The logistics sector in the IMMOFINANZ core markets ,533, % % , % % Germany Czech Republic 50.0% , % % 2.4% , % % 4.3% Poland 1.6% 8.0% Hungary 3.0% , % % , % % Russia Share of the standing investment portfolio Data as of 31 January 2013 *) 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) % Slovakia Romania 4.2% , % , % % , % % 45

46 STANDING INVESTMENTS LOGISTICS The logistic sector in the IMMOFINANZ core markets Standing Investments Logistics Number of properties ,533,928.0 in % 83.8% Rental income Q3 2012/13 in MEUR*) 17.6 Gross return in % 8.8% Remaining liability on existing financing in MEUR Financing costs in % 2.2% Financing costs incl. hedging in % 3.6% LTV in %** 56.0% Contract expiration logistics up to 31 January % up to 31 January % up to 31 January % up to 31 January % up to 31 January % up to 31 January 2019 up to 31 January % 7% *) Rental income in Q3 2012/13 based on the main use (rental income reported in the income statement is according to actual use of the property; marginal differences to the income statement are hence possible) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value Data as of 31 January 2013 as of 1 February 2020 unlimited 22% 6% 46

47 STANDING INVESTMENTS RESIDENTIAL The residential sector in the IMMOFINANZ core markets 100% IMMOFINANZ Group 1,240 2, ,591, % % Germany , % % 3.9% Non-core countries , % % 5.2% 90.9% Austria 1,212 2, ,343, % Share of the standing investment portfolio Data as of 31 January 2013 *) 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) % 47

48 STANDING INVESTMENTS RESIDENTIAL The residential sector in the IMMOFINANZ core markets Standing Investments Residential Number of properties 1,240 2, ,591,897.0 in % 95.1% Rental income Q3 2012/13 in MEUR*) 34.1 Gross return in % 5.1% Remaining liability on existing financing in MEUR 1,207.3 Financing costs in % 1.6% Financing costs incl. hedging in % 2.4% LTV in %** 45.5% Contract expiration residential up to 31 January 2014 <3% up to 31 January 2015 <1% up to 31 January 2016 <1% up to 31 January 2017 <1% up to 31 January 2018 <1% as of 1 February 2018 <4% *) Rental income in Q3 2012/13 based on the main use (rental income reported in the income statement is according to actual use of the property; marginal differences to the income statement are hence possible) ** ) LTV = actual outstanding liability (nominal debt) divided by the actual fair value Data as of 31 January 2013 unlimited 93% 48

49 FINANCING MATURITY SCHEDULES Term structure of the major financial liabilities as of 31 January 2013 Data as of 31 January

50 NOTES 50

51 CONTACT DETAILS AND FINANCIAL CALENDAR Investor Relations T: +43 (0) E: W: Financial Calendar FY 2012/13 results FY 2012/13 report Q1 2013/14 results Q1 2013/14 report Annual general meeting Ex-dividend day Dividend pay-out day 02 August 2013* 20 August September 2013* 25 September October October 2013** 11 October 2013** Stock Symbols Vienna Stock Exchange: IIA Warsaw Stock Exchange: IIA (since 7 May 2013) ISIN: AT Reuters: IMFI.VI Bloomberg: IIA AV ADR Programme Ticker symbol: IMNZY ISIN: US45253U2015 CUSIP: 45253U201 ADR-Ratio: 1 ADR : 4 Ordinary Shares Depositary bank: Deutsche Bank Trust Company Americas Depositary bank contact: Stanley Jones ADR broker helpline: (New York) (London) adr@db.com ADR Website: Depositary bank s local custodian: Deutsche Bank, Frankfurt * Publication is scheduled after close of trading at the Vienna Stock Exchange ** Subject to approval at the AGM 51

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