IMMOFINANZ GROUP Capital Markets Day Bucharest. 24 November 2011

Transcription

1 IMMOFINANZ GROUP Capital Markets Day Bucharest 24 November 2011

2 Agenda 1. IMMOFINANZ Group at a glance 2. Economic Outlook 3. Asset Class Retail in Romania 4. Asset Class Office in Romania 5. Asset Class Residential in Romania 6. Appendix Slide 2

3 1. IMMOFINANZ Group at a glance

4 Portfolio Multi-asset / multi-regional strategy Austria Office Retail Logistics Residential Germany RU Poland Czech Rep. DE PL Slovakia Hungary CZ AT SK HU RO Romania Russia Slide 4

5 Portfolio split Portfolio value: EUR 9.4 bill. Target: 50/50 portfolio split between Western (current 54.4%) and Eastern Europe (current 45.6%) Slide 5

6 Targeted earnings split Asset Management ~80% Earnings generated from standing investments Maximisation of rental cash flow Trade ~10% Total sales of approx. EUR 2.5 bill. targeted by 2014/15 EUR mill. completed until Q1 2011/12 Development ~10% Profits from own developments Disposal of inventories % 2 years % 1 year FY 2009/10 FY 2010/11 FY 2012/13 Asset Management Trade Development Rental cash flow as prime source of earnings Slide 6 1) Income from development negative due to foreign currency exchange rate effects 2) Actual results of operations in FY 10/11: Proportionate allocation of other operating income, overhead expenses and personnel expenses assumed. 3) Based on current business plan

7 Investment proposition From restructuring play to sustainable growth Attractive valuation (NAV discount) Progressive dividend policy CEE catch-up potential Moderately geared balance sheet Upside in development business Multi-asset / multi-regional approach Optimisation of cost structure Slide 7

8 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 2.5 bill. EUR sales programme on track Operational drivers Increase occupancy through active asset management Reduction of overhead and personnel expenses Development activities Early mover advantage in CEE Leverage local expertise and partnerships (e.g. Adama) Focus on prime locations in metropolitan areas Slide 8

9 Valuation of the IMMOFINANZ share Slide 9 Note: Data as of 31 July 2011 and share price as of 30 September 2011 (EUR 2.143). Assumes allocation of liabilities proportionately to portfolio values.

10 2. Economic Outlook

11 Economic Outlook Government gross debt 2010 in % of GDP Deficit/surplus 2010 in % of GDP Forecast GDP growth rate 2011 in % Forecast GDP growth rate 2012 in % Economic data Austria 72.3% -4.6% 2.9% 0.9% Germany 83.2% -3.3% 2.9% 0.8% Poland 55.0% -7.9% 4.0% 2.5% Czech Republic 38.5% -4.7% 1.8% 0.7% Slovakia 41.0% -7.9% 2.9% 1.1% Hungary 80.2% -4.2% 1.4% 0.5% Romania 30.8% -6.4% 1.7% 2.1% Russia 11.3% -4.0% 4.4% 4.0% EU % -6.4% 1.6% 0.6% EURO zone (17 countries) 85.1% -6.0% 1.5% 0.5% sources: Eurostat; Russia: WorldBank Low debt ratios of Eastern European Countries in comparison with Western European Countries allow increasing consumption and purchasing power in the future. Slide 11 Note: Data as of 17 November 2011

12 Economic Outlook Romania % Unemployment Inflation Budget deficit % of GDP Private Consumption Slide 12 Sources: National Statistical Office, IMF, Comisia Nationalia de Prognoza Romania, Eurostats, romania-insider.com

13 Property Market in Romania 12 % Yields sqm Demand Slide 13 EUR Prime Rents EUR/sqm/m Retail Industrial Office Retail Industrial Office Residential Source: EHL market report, Cushman Wakefield market beat, CBRE and % Vacancy Rate Retail Industrial Office Retail Industrial Office

14 Residential Market in Romania Market prices new apartments Slide 14 Source: REAS Monitoring, CEPI Note: ø net offer price / sqm saleable area (excl. walls, balconies etc.) nominal, prices usually excl. interior finishing work

15 3. Asset Class Retail in Romania

16 Retail - Key Facts as of 31 July Standing Investments Lettable area: sqm Rental income Q1 2011/12: EUR 3.9 mill. Total fair value as of 31 July 2011: EUR mill. Gross yield on rental income Q1 2011/12: 6.2% Occupancy rate as of 31 July 2011: 87.8% Outlook: Current occupancy rate: more than 92% New leased space: Kiabi (1,600 sqm), C&A (1,200 sqm) Slide 16

17 Retail portfolio in Romania - Development Maritimo Shopping Center, Constanta, Romania Opened: 27 October 2011 Concept/ tenant mix Location/ accessibility 34,500 sqm GLA Ring road (Aurel Vlaicu Occupancy Rate: > 99 % (approx. 130 tenants) Boulevard) Anchor tenants: Auchan, Decathlon, C&A Excellent access to city center TIC: EUR 100 mill. (incl. Auchan co-investment) and Bucharest (A2) Location and catchment area Second most important economic centre in Romania Catchment area: 530,000 inhabitants Most popular vacation spot in Romania (up to 1 mill. tourists in summer) Slide 17

18 Retail - Gold Plaza Baia Mare - Polus Center Cluj GLA: 60,000 sqm Occupancy rate: 98% GLA: 31,500 sqm Occupancy rate: 84% Slide 18 Note: Data as of 31 October 2011

19 4. Asset Class Office in Romania

20 Office - Key Facts as of 31 July Standing Investments Lettable area: sqm Rental income Q1 2011/12: EUR 6.7 mill. Total fair value as of 31 July 2011: EUR mill. Gross yield on rental income Q1 2011/12: 7.9% Occupancy rate as of 31 July 2011: 83.7% Slide 20

21 Office - Outlook Prolongations: sqm New leased space: sqm Prolongations in progress: sqm Orange (11,200 sqm), Genpact (10,000 sqm), IBM (4,100 sqm) Current Occupancy rate: more than 91% Slide 21

22 Bucharest Office Locations

23 Office - Victoria Park I & II sqm GLA 95 % occupancy rate (31 July 2011: 83%) Key tenants: KPMG, Sandoz, Siveco, Franke, Zentiva, Syngenta Slide 23 Note: Data as of 31 October 2011

24 Office - Baneasa Airport Tower sqm GLA 100% occupancy rate (31 July 2011: 94%) Key tenants: Arabesque, Bilfinger-Berger, Clinica Polisano, Tetra-Pak Slide 24 Note: Data as of 31 October 2011

25 Office - S Park Offices sqm GLA 99 % occupancy rate (31 July 2011: 99%) Key tenants: CMS McKenna, Good Year, Heineken, ING, Cargill Slide 25 Note: Data as of 31 October 2011

26 Office - North Center I & II sqm GLA 84 % occupancy rate (31 July 2011: 76%) Key tenants: Vodafone, CBN, Bunge, ING, URS Washington Slide 26 Note: Data as of 31 October 2011

27 Office - IRIDE Business Park sqm GLA 88 % occupancy rate (31 July 2011: 82%) Key tenants: Orange, Cosmote, Genpact, P&G, Raiffeisen, JTI Slide 27 Note: Data as of 31 October 2011

28 Office - Global Business Center sqm GLA 100% occupancy rate (31 July 2011: 100%) Key tenants: IBM, Microchip Slide 28 Note: Data as of 31 October 2011

29 Office - Bucharest Corporate Center sqm GLA 87% occupancy rate (31 July 2011: 51%) Key tenants: IBM, Generali, Wolf Theiss Slide 29 Note: Data as of 31 October 2011

30 5. Asset Class Residential in Romania

31 Residential - Key Facts IMMOFINANZ Group owns 42 residential projects in Romania, 29 of which through Adama Core Market is Bucharest and the surrounding Ilfov region (Pipera, Snagov) with 20 properties The portfolio has a relative plot size of 1 million sqm with a sellable area of 1.4 million sqm upon completion The focused target group is the upper middle-class in urban areas. Slide 31 Note: Data as of November 2011

32 Residential - Romanian Project Portfolio Satu Mare Suceava Iasi Primary Market is Bucharest with 17 residential projects in the city and 3 further projects in the Ilfov region (Pipera and Snagov) Baia Mare Oreada Cluj Piatra Neamt Bacau 6 projects are located in Brasov Arad Timisoara Brasov Ploiesti Pipera Bucharest The other projects are evenly distributed among secondary cities Slide 32 Note: Data as of November 2011

33 Romanian Residential Project Portfolio The residential portfolio shows a clear focus on the capital, the most attractive residential market in the country. Slide 33 Note: Data as of November 2011

34 Residential Projects in Bucharest Jandarmeriei Residential Caterata Sisesti Euromall Baneassa Longbridge Ventilatorul Longbridge Sportiva Longbridge Rocar Adama Berceni Caterata Snagov Adama Baneasa Exclusive Adama Iancu Nicolae Adama Pipera Residences Adama City Center Exclusive Adama Selecta Caterata Cernica Adama Filan Residences Adama Evocasa Armonia Adama Edenia Titan Adama Evocasa Optima Adama Swiss Cottage Adama Evocasa Titanium Slide 34

35 Residential Romania Evocasa Armonia Romania, Bucharest, Sector 3, 3-11 lon Agarbiceanu Street Location: Located in Titan, the Bucharest district where 3 out of the 9 Adama s ongoing projects and another 2 completed projects are located. Status: Building A and B completed (262 units). The second phase (Building C) will add another 131 units to the project. The respective building permit can be issued in a short period of time sqm GSA (393 units, A, B und C) 73% sold of GSA of current phase Bank financing for last phase in negotiation. Slide 35 Note: Data as of November 2011

36 Residential Romania Evocasa Selecta Romania, Bucharest, Sector 2, 58 Ferdinand Blvd, Location: Best Bucharest location among Adama s current projects. Status: The construction has been completed in Q Out of the 77 apartments 31 are still to be sold sqm. GSA 41% sold of GSA Slide 36 Note: Data as of November 2011

37 Residential Romania Evocasa Optima Romania, Bucharest, Sector 3, Fetesti street Location: Located in Titan, the Bucharest district where 3 out of the 9 Adama s ongoing projects and another 2 completed projects are to be found. Status: Phase 1 has been completed. Out of the 83 apartments of phase 1, 14 units are still to be sold Start of construction work of phase 2 planned for spring Underground level of phase 2 has been completed together with underground level phase sqm GSA 80% sold of GSA of current phase Slide 37 Note: Data as of November 2011

38 Residential Romania Edenia Titan Romania, Bucharest, Sector 3, 5-7 Codrii Neamtului Sreet, Location: Located in Titan, the Bucharest district where 3 ongoing projects and another 2 completed projects are to be found. Seven km east of Bucharest city center. Area well covered by public transportation. Three subway stations are located in the proximity. Status: Building A and B are completed (226 apartments). Out of these, 196 have been sold Another 2 phases with a total of 452 units (226 units/phase) are possible, valid building permit approved sqm GSA 80% sold of GSA of current phase Slide 38 Note: Data as of November 2011

39 Residential - Business Development Potential Development Ventilatorul Residential Park Former industrial site which will be redeveloped as large scale, multiphased, mixed-use residential development including an office component. Location Centrally located (close to People s Palace) 44 Nutu Ion Street, Bucharest 5, located in the West of Bucharest, on the Razoare crossroads. This is the main exit point from Drumul Taberei neighborhood, one of the most densely populated areas in Bucharest. Project Status Plot size 57,000 sqm Building rights more than 200,000 sqm possible Master planning in progress Demolition works of the industrial buildings in progress Slide 39 Note: Data as of November 2011

40 Takeover of Adama Closing of Adama completed on 9 th November 2011 Purchase price for remaining 69.22% stake EUR mill. Adama is one of the leading residential property developer in Romania completion of approx.1,500 apartments since 2005 Current development portfolio of properties: 1,360,000 sqm, mainly in Romania Strong brand awareness Slide 40

41 Takeover of Adama - Goals Transformation of minority investments into fully controlled investments Integration of expertise and market know-how of local management into the IMMOFINANZ Group Management of the already existing project pipeline of IMMOFINANZ Group in Romania Realisation of synergies with current property management and development in Romania Slide 41

42 6. Appendix

43 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 1,551 3, , % Germany % Czech Republic % Hungary % Poland % Romania % Russia % Slovakia % Non-core countries *) % IMMOFINANZ Group 1,843 8, , % 89.4% 5.2% 5.4% 100.0% *) Bosnia, Bulgaria, Croatia, France, Italy, Netherlands, Serbia, Slovenia, Sw itzerland, Ukraine, USA **) Future standing investments, inventory properties completed and under construction 89.4% of property portfolio are income generating properties (standing investments) 45.6% of the property portfolio are located in Eastern, 54.4% in Western Europe and the USA Slide 43 Note: Data as of 31 July 2011

44 Portfolio - Standing Investments Focus on 4 asset classes / 8 countries Standing investments Number of properties Occupancy rate in % Carrying value in MEUR Carrying value in % Rental income Q1 2011/12 in MEUR*) Running yield in % **) Property Financing in MEUR Interest rate in % LTV in % Austria ,1% 3.710,0 44,3% 48,6 5,2% 1.906,7 2,3% 51,4% Germany 60 91,1% 599,4 7,2% 12,0 8,0% 286,9 3,7% 47,9% Czech Republic 28 80,3% 622,8 7,4% 10,6 6,8% 272,8 2,9% 43,8% Hungary 28 80,7% 511,7 6,1% 8,5 6,7% 244,0 3,3% 47,7% Poland 23 91,8% 679,7 8,1% 11,3 6,7% 425,9 3,3% 62,7% Romania 16 77,8% 611,5 7,3% 10,8 7,1% 327,2 4,1% 53,5% Russia 5 97,0% 859,5 10,3% 23,8 11,1% 0,0 0,0% 0,0% Slovakia 14 93,1% 271,5 3,2% 4,8 7,1% 189,3 3,5% 69,7% Non-core countries 35 84,1% 515,8 6,2% 10,8 8,4% 310,5 2,7% 60,2% IMMOFINANZ Group ,8% 8.381,9 100,0% 141,3 6,7% 3.963,3 2,8% 47,3% Properties under construction & pipeline projects 998,7 0,5 177,0 4,3% Income from properties disposed in Q1 2011/12 0,0 0,3 0,0 0,0% Financing on corporate level (CB, Syn Loan) 0,0 0, ,8 3,8% IMMOFINANZ Group 9.380,6 142, ,2 3,1% 57,0% Standing investments Number of properties Occupancy rate in % Carrying value in MEUR Carrying value in % Rental income Q1 2011/12 in MEUR*) Running yield in % **) Property Financing in MEUR Interest rate in % LTV in % Office ,6% 2.575,0 30,7% 40,7 6,3% 1.188,4 3,2% 46,2% Retail ,8% 2.195,8 26,2% 47,7 8,7% 672,0 3,6% 30,6% Residential ,9% 2.631,8 31,4% 32,9 5,0% 1.530,5 2,1% 58,2% Logistics 69 84,0% 787,0 9,4% 17,1 8,7% 469,8 3,1% 59,7% Other 4 92,7% 192,3 2,3% 3,0 6,2% 102,6 2,0% 53,3% IMMOFINANZ Group ,8% 8.381,9 100,0% 141,3 6,7% 3.963,3 2,8% 47,3% *) annualised rental income Q1 2011/12 based on the primary use (annualised rental income according P&L based on the actual use and not according to the primary use) **) annualised rental income Q1 2011/12 divided by carrying amount Slide 44 Note: Data as of 31 July 2011

45 Standing Investments Office - Overview Number of properties 107 Carrying amount in MEUR 2,575.0 Rentable space in sqm 1,291,260 Occupancy rate in % 81.6% Rental income Q1 2011/12 in MEUR*) 40.7 Gross return in % 6.3% Remaining liability on existing financing in MEUR 1,188.4 Financing costs in % 3.2% LTV in % 46.2% *) Annualised rental income in Q1 2011/12 based on the primary use in telation to the carrying amount Major Tenants: Telefonica, Vodafone, Raiffeisen Bank, IBM, Republic of Austria, ING Slide 45 Note: Data as of 31 July 2011

46 Standing Investments Retail - Overview Number of properties 190 Carrying amount in MEUR 2,195.8 Rentable space in sqm 1,009,283 Occupancy rate in % 92.8% Rental income Q1 2011/12 in MEUR*) 47.7 Gross return in % 8.7% Remaining liability on existing financing in MEUR Financing costs in % 3.6% LTV in % 30.6% *) Annualised rental income in Q1 2011/12 based on the primary use in telation to the carrying amount Major Tenants: Carrefour, Tesco, REWE, Media Markt, Zara, H&M, Spar, C&A, Slide 46 Note: Data as of 31 July 2011

47 Standing Investments Logistics Overview Major Tenants: General Motors, Michelin, Sony, Nestle Number of properties 69 Carrying amount in MEUR Rentable space in sqm 1,524,396 Occupancy rate in % 84.0% Rental income Q1 2011/12 in MEUR*) 17.1 Gross return in % 8.7% Remaining liability on existing financing in MEUR Financing costs in % 3.1% LTV in % 59.7% *) Annualised rental income in Q1 2011/12 based on the primary use in telation to the carrying amount Slide 47 Note: Data as of 31 July 2011

48 Standing Investments Residential - Overview Number of properties 1,305 Carrying amount in MEUR 2,631.8 Rentable space in sqm 2,690,876 Occupancy rate in % 95.9% Rental income Q1 2011/12 in MEUR*) 32.9 Gross return in % 5.0% Remaining liability on existing financing in MEUR 1,530.5 Financing costs in % 2.1% LTV in % 58.2% *) Annualised rental income in Q1 2011/12 based on the primary use in telation to the carrying amount Slide 48 Note: Data as of 31 July 2011

49 Financing Slide 49 Note: Data as of 31 July 2011

50 Slide 50 Notes

51 Slide 51 Notes

52 Contact details and financial calendar Investor relations Telephone: +43 (0) investor@immofinanz.com Financial Calendar Stock symbols: H1 2011/12 results 20 December 2011 Q3 2011/12 results 26 March 2012 FY 2011/12 results August 2012 Wiener Börse: IIA ISIN: AT Reuters: IMFI.VI Website: Slide 52 Bloomberg: IIA AV