Investor s Update Q1 2021 - IMMOFINANZ AG
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Investor´s Update
Q1 2021
June 2021
→ At a glance
2
At a glance
A leading European commercial property specialist
Company snapshot Key figures
Founded in 1990 and headquartered in Vienna, IMMOFINANZ is a leading
commercial real estate company with a focus on office (c. 64% by carrying MEUR 5,070.5
7.0% 94.5%
amount) and retail (c. 34%) in selected countries in Western and Central Development as a pct.
Portfolio value Occupancy rate
Eastern Europe of carrying amount
Amongst the largest European commercial real estate players with strong market
position in each of its core markets across a portfolio valued EUR 5.1 bn 6.1%2 39.5% 1.98%
Company’s shares have traded on the Vienna Stock Exchange since December Gross return Net LTV Financing costs
(incl. hedging)
1994
Portfolio property value by country1 Poland
MEUR 979.2 Portfolio segmentation
19.3%
Germany
MEUR 644.8 Slovakia
12.7% MEUR 324.9 Office Retail Others
Czech Republic 6.4% 63.8% 34.5% 1.7%
MEUR 567.5 Romania
11.2% MEUR 780.8
Austria 15.4%
MEUR 894.3
17.6% Standing Development Pipe-
investments projects line
Adriatic Region3 89.6% 7.0% 3.4%
Developed markets:4 Hungary
MEUR 375.3
49.7% MEUR 482.0
7.4%
9.5%
1 Excludes MEUR 21.7 (0.4%) in further countries (Turkey and Bulgaria); 2 6.1% on invoiced rent basis; 3 Adriatic Region includes Slovenia, Serbia and Croatia 4 As defined by FTSE EPRA/NAREIT
3
→ Portfolio
4
Portfolio
Overview – occupancy rate at high level
Portfolio value Portfolio segmentation Robust occupancy rate
MEUR 5,070.5
(12/2020: MEUR 4,978.9) Portfolio allocation office and retail Overall 94.5%
Office Retail Other
63.8% 34.5% 1.7%
Standing investments
MEUR 4,541.8
12/2020 03/2021
Solid standing investments/developments ratio
(12/2020: MEUR 4,428.5)
Standing investments Development projects Pipeline
Office 91.3%
89.6% 7.0% 3.4%
Gross return
Invested in Austria, Germany and CEE/SEE
5.8% IFRS rent (12/2020: 6.2%)
12/2020 03/2021
6.1% on invoiced rent basis 1
AT DE PL RO CZ HU Adriatic SK Other
(12/2020: 6.6%) 17.6% 12.7% 19.3% 15.4% 11.2% 9.5% 7.4% 6.4% Countries
0.4%
Retail 97.4%
Unexpired lease term Clear focus on three brands
(weighted, average)
4.1 years
(12/2020: 4.2)
myhive offices
39.0%
ST9P SHOP
20.9%
VIVO!
13.0%
Other offices
(primarily single
Other
2.3%
tenant buildings)
24.8% 12/2020 03/2021
¹ Information provided for better comparability in relation to peer group Segmentation information based on portfolio value
5
Portfolio
Successful with three brands
6
Portfolio
myhive offices
myhive – a modern corporate office
combined with the advantages of coworking
- Hotel-inspired design and attentive service
- Versatile infrastructure and international
community
- Flexibility and all-inclusive office solutions
7
myhive showroom, Düsseldorf
Our myhive Products
Personal office products tailored exactly to the tenants needs.
Whether you need just a desk or an entire office, myhive is the right solution.
myhive brand video: click here
myoffice myroom
Your own office with your mydesk myflex
own infrastructure and Your own office at Your own desk at Your access to flexible
comprehensive services – mycowork: first-class mycowork: the best workspaces at one myhive
starting from a one-month coworking in compliance coworking, comfort and location.
rental period. with all health and safety convenience, smart
regulations. services and a generous
infrastructure.
Portfolio
myhive offices
Successful establishment of the brand since its
introduction at the end of 2016
Increased flexibility for tenants
Opening of five mycoworks in Vienna, Warsaw and
Prague and successful rebranding of Warsaw Spire in
2020
6 Rebranding of further office buildings to follow in
1 Warsaw 2021 (e.g. Palmovka in Prague, Empark in Warsaw)
Düsseldorf
2
Prague 23 properties in six countries
2
Bratislava Rentable space 542,936 sqm
5 Occupancy rate 90.1%
Vienna 4
Budapest Rental income Q1 20211 MEUR 19.3
3
Bucharest Carrying amount MEUR 1,663.8
Gross return IFRS 4.6%
Return invoiced rent2 5.0%
¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; marginal deviations to P&L are therefore possible)
² Information provided for better comparability in relation to peer group; difference to return based on IFRS rent is due to accrual of rental incentives, which are accrued on a straight line basis over the
contract term under IFRS but are not included in the invoiced rent. 9
Portfolio
myhive: new locations
myhive Medienhafen,
Düsseldorf
Office; 22,000 sqm
Completion: Q3 2021
Directly next to trivago on
“Rheinstrand”, first myhive
property in Germany
Implementation of shared
offices with desks and rooms
for short term rent
myhive Haller Gardens, Budapest
Office; 34,200 sqm
Refurbishment – completion in Q3 2021
located in Budapest's "South-Pest" district, a sought-after area with
growing demand and a high occupancy rate
roof terrace, indoor gardens and terraces overlooking the Danube
Implementation of shared offices with desks and rooms for short
term rent
10Portfolio
myhive office concept
myhive Metroffice (RO) myhive Ungargasse (AT)
myhive Warsaw Spire (PL) myhive Iride | Eighteen (RO)
11Portfolio
STOP SHOP retail parks
STOP SHOP – our brand for retail parks in Central
and Eastern Europe
Likeable and convenient local supplier located in
catchment areas of 30,000 to 150,000 people
Broad product range offering good value for
money – “smart shoppers” as target group
Good transport links and extensive parking
facilities
12Portfolio
STOP SHOP retail parks
Positioned as leading retail park operator in Europe
Defensive and crisis-resistant retail format
Portfolio increased by the acquisition of 8 properties in
Austria, Czech Republic, Croatia and Serbia to 98 locations
10
Poland in December 2020 (part of transactions closed in Q1 2021)
Further growth to around 140 locations planned
12 98 properties in nine countries
Czech Republic
16 Rentable space 722,746 sqm
Slovakia
Occupancy rate 98.0%
13
Austria 14 Rental income Q1 20211 MEUR 20.1
Hungary
14 1 Carrying amount MEUR 1,044.4
Slovenia 4 Romania Gross return IFRS 7.7%
Croatia 14 Return invoiced rent2 7.9%
Serbia
¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; marginal deviations to P&L are therefore possible)
² Information provided for better comparability in relation to peer group; difference to return based on IFRS rent is due to accrual of rental incentives, which are accrued on a straight line basis over the
contract term under IFRS but are not included in the invoiced rent. 13Portfolio
VIVO! shopping centers
VIVO! – our brand for shopping centers
Designed for cities with a catchment area
of at least 200,000 residents
Strong anchor tenants and an attractive
retail mix
VIVO! combines shopping with an
experience for the whole family
Mostly single storey buildings; high brand
recognition value
14Portfolio
VIVO! shopping centers
Convenient shopping with entertainment factor –
Europe‘s best retail brands as strong anchor tenants
After successful modernisation of VIVO! Cluj and VIVO!
Bratislava in 2019, currently VIVO! Baja Mare is
undergoing a refurbishment which will be accompanied
by several new tenants
4 10 properties in four countries
Poland
Rentable space 314,118 sqm
Occupancy rate 96.0%
1 Rental income Q1 20211 MEUR 12.7
Czech Republic
1 Carrying amount MEUR 658.6
Slovakia
Gross return IFRS 7.7%
Return invoiced rent2 8.1%
4
Romania
¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; marginal deviations to P&L are therefore possible)
² Information provided for better comparability in relation to peer group; difference to return based on IFRS rent is due to accrual of rental incentives, which are accrued on a straight line basis over the
contract term under IFRS but are not included in the invoiced rent. 15Portfolio
STOP SHOP and VIVO!
STOP SHOP Sremska Mitrovica (RS) VIVO! Pila (PL)
STOP SHOP Stockerau (AT) VIVO! Krosno (PL)
16Portfolio
Other Office
Predominantly rented out to single tenants with headquarters in Europe on the basis of long term contracts3
25 properties in 7 countries1
Rentable space 413,805 sqm
Occupancy rate 92.8%
Rental income Q1 2021 MEUR 13.7
Carrying amount MEUR 1,156.8
Gross return / invoiced rents² 4.7% / 5.2%
4
2 Poland
Campus Aachen (DE) FLOAT, Düsseldorf (DE)
Germany
5
Czech Republic
6 2
Austria
Hungary
5
1 Romania
Adriatic Region4
Victoria Park, Bucharest (RO) City Tower, Vienna (AT)
¹ Standing investment portfolio; ² Information provided for better comparability in relation to peer group/difference to return based on IFRS rent is due to accrual of rental incentives, which are accrued on a straight line basis over the contract term under IFRS, but are not
included in the invoiced rent; 3 Some of the “Other Office” assets are not applicable to be adapted to a myhive Office concept in terms of their format and size; 4 Adriatic Region includes Slovenia, Serbia and Croatia
17Portfolio
Developments – focus on sustainable and flexible myhive office buildings
myhive Victoriei, Bucharest
(former Bucharest Financial
Plaza, completion in 2024)
myhive Haller Gardens, Budapest
(Opening Q3 2021)
Development Number of Carrying amount Carrying amount Outstanding construction Rentable space Expected fair value after Expected rental income at Expected yield
projects properties in MEUR in % costs in MEUR in sqm completion in MEUR full occupancy in MEUR after completion %¹
Austria 2 68.5 21.6 38.5 29,513 107.1 5.2 4.9
Germany 1 105.5 33.2 32.2 21,707 162.8 5.9 4.2
Hungary 1 65.4 20.6 13.6 34,218 78.9 6.3 7.9
Romania 3 74.2 23.4 62.0 55,481 150.0 10.7 7.8
Adriatic 1 3.9 1.2 7.1 6,763 11.8 1.0 9.0
Active projects 8 317.5 100.0 153.5 147,682 510.7 28.9 6.1
In pipeline 10 38.2
IMMOFINANZ 18 355.7
Development projects: 7.0% of portfolio value with moderate costs to completion
¹ Expected rental income after completion in relation to the current carrying amount including outstanding construction costs
18Portfolio
Property sales
Property marketing and transactions continue successfully
Property sales 2021
Property sales with a value of MEUR 24.8 closed in Q1 2021 (asset
deals)
Largest transactions comprised the sale of two office buildings in
Budapest
CLOSED
IFRS 5 MEUR 24.8
MEUR 54.3
Outlook SIGNED
MEUR
As of 31 March 2021, assets with a carrying amount of MEUR ~152
126.8 are classified as “held for sale” (IFRS 5) – mainly Polish
IFRS 5
office buildings. All transactions have been signed already
MEUR 72.5
Closing of the sale for four office buildings in Warsaw to Indotek CLOSED
Group on 8 April 2021. Sales price amounted to MEUR 72.5
19Portfolio - Sustainability
ESG – Highlights of the year (I)
Environmental:
Increase of energy efficiency and reduction of CO2 footprint:
Energy intensity reduced by 9.4%¹ and water intensity by 8.6%¹
Start of roll-out of photovoltaic systems for our STOP SHOPs
Long-term strategy on detailed goals and timeline for climate
neutrality of our portfolio currently under external validation and to
be presented in the next months
Sustainability certifications as indicator for the environmental impact of a
building:
~40% of the portfolio already certified or in preparation
STOP SHOP goes green: Start of certification process for our retail
park portfolio with the first BREEAM certificate for STOP SHOP
Lazarevac
Further initiatives include: roll-out of charging stations for electric
vehicles, pilot projects for waste water treatment systems and urban
forests
¹ As per kWh/sqm and liter/sqm
20Portfolio - Sustainability
ESG – Highlights of the year (II)
Social and Governance
Quick support of our tenants, employees and communities during the
Covid-19 pandemic:
Temporary rent reductions for tenants affected by lockdowns
Addition of flexible products to our myhive office concept. This
enables our tenants to react quickly to different requirements or in
times of increased uncertainty
Support of local communities with numerous measures, e.g. free
of charge delivery services for STOP SHOPs, organization of blood
donations, support of emergency services
Regular Covid-19 tests for employees, social distancing concepts
and temporary home office
No short-time work or staff reduction required
Support of Sustainable Development Goals (SDGs) of the United
Nations and identification of sub goals integrated in our ESG strategy
Improvement in ESG rating: Low risk with an ESG risk rating of 15.6 (on
a scale from 0 to 100) by Sustainalytics
EPRA awarded IMMOFINANZ with the Most Improved Award for
sustainability reporting – further improvements in preparation
21→ Status Covid-19
22Status Covid-19
Lockdowns dampen development, but quick recovery after re-openings in April
Month-on-month January to April comparison of visitors 2020 - 2021 (like for like*) Month-on-month January to April comparison of visitors 2020 - 2021
5 000 000
12 000 000
11 000 000 4 500 000
+179%
10 000 000 4 000 000
-39% -35% -37% -24% +37% +264%
9 000 000 3 500 000
-7%
8 000 000
3 000 000
7 000 000
2 500 000
6 000 000
5 000 000 2 000 000
4 000 000 1 500 000
3 000 000 1 000 000
2 000 000
500 000
1 000 000
0
0
January February March April
January February March April
2020 2021
*72 STOP SHOPs in 8 countries 2020 2021
1% (9,622 sqm) of retail space is currently temporarily closed (0.3% STOP SHOPs, 2.5% VIVO!)
(End of March 2021: 48% or 478,000 sqm temporarily closed)
STOP SHOP (like for like) Q1 2021 vs. Q1 1-4/2021 vs. VIVO! (like for like) Q1 2021 vs. 1-4/2021 vs.
2020 1-4/2020 Q1 2020 1-4/2020
Footfall -27.7% -10.0% Footfall -16.8% +1.0%
Sales -10.4% +15,9% Sales -11.9% +8,3%
23Status Covid-19
Cash collection¹ in lockdown quarters (from contractual rent)
TOTAL
Q1 2021 fully affected by lockdowns
Q2 2020 81% 92% 67%
Collection not yet finished as up to 30% of the retail portfolio was
closed until the beginning of May
Agreements on Covid 19-payments with top retailers of our
portfolio finished
Q4 2020 90% 94% 84%
An increase of collection is expected on the basis of these
agreements with our retailers
Q1-4 2020 88% 94% 81% Q1 2021 collection retail
Q1 2021 85% 92% 76% 75.9%
100.0%
11.3%
12.8%
Contractual rent Paid Rent reductions acc. to Deferred or due,
commercial agreements not yet paid
1 Including service charges 24→ Results and Financing
25Results and financing
FFO 1 – Development reflects crisis-related increase in receivables write-offs
FFO 1 (before tax)
Amounts in MEUR P&L Q1 2021 Adjustments FFO Q1 2021
Results of asset management
Results of property sales
54.9
-0.4
0.0
0.4
54.9
0.0
MEUR 34.5 -13.8%
Results of property development 1.1 -1.1 0.0 (Q1 2020: MEUR 40.0)
Other operating income 0.9 -0.3 0.6
Other operating expenses -10.1 0.5 -9.6 FFO 1 (before tax)/share
Results of operations 46.4 -0.5 45.9
Other revaluation results
Operating profit (EBIT)
1.0
47.4
-1.0
-1.5
0.0
45.9
EUR 0.28 -30.0%
(Q1 2020: EUR 0.40)
Financial results 79.7 -91.1 -11.4
FFO 1 before tax 34.5
FFO 1 before tax/share in EUR 0.28
Financing costs include the accrued
Dividends of S IMMO 0.0
FFO 1 before tax 34.5
interest of MEUR 7.6 for the corporate
FFO 1 per share before tax in EUR 0.28
bonds 2023 and 2027 as well as for the
convertible bond 2024. The coupon
Number of shares for calculation¹ 123,293,795 payment for the mandatory convertible
bond 2023 (Q1 2021: MEUR 2.4) is not
included
Disproportionate decline of FFO 1 / share
results from increased number of shares¹
¹ Number of shares for calculation: 123,293,795 as of 31 March 2021 including full dilution from mandatory convertible bond 2023 (6,998,228 shares) and 100,876,743 as of 31 March 2020
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
26Results and financing
P&L – increase in results of operations despite crisis impact
Q1 2021 Q1 2020 Change Change
in MEUR in MEUR absolute in %
Rental income 74.8 74.4 0.4 0.5 Results of asset management lower
than in the previous year period as
pandemic led to an increase in
receivable write-offs from asset
Results of asset management 54.9 59.5 -4.6 -7.7 management to MEUR -6.2 (Q1 2020:
MEUR -1.4)
Results of property sales -0.4 -1.8 1.4 77.1 Property sales of MEUR 24.8 closed in
Q1 2021 (mainly two Budapest office
buildings)
Results of property
1.1 -0.7 1.8 n/a
development Results of operations increased by 6.7%
due to lower other operating expenses
(MEUR -10.1 in Q1 2021 vs. MEUR -13.8
Results of operations 46.4 43.5 2.9 6.7 in Q1 2020)
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
27Results and financing
P&L – net profit rose significantly to MEUR 123.1
Q1 2021 Q1 2020 Change Change
in MEUR in MEUR absolute in %
Revaluation results 1.0 -45.0 46.0 n/a
from standing investments
Net financing costs remained stable
despite a year-on-year increase of
Financial results 79.7 -30.3 110.0 n/a roughly 13% in the financing volume
thereof net financing costs -19.4 -19.2 -0.2 -1.0
thereof net profit/loss from equity accounted invest. 90.9 -4.2 95.1 n/a
Income from investments accounted by
using the equity method amounts to
Earnings before tax 127.0 -31.8 158.8 n/a MEUR 90.9 (Q1 2020: MEUR -4.2),
thereof MEUR 88.0 from S IMMO
(MEUR 85.3 positive revaluation and
MEUR 2.8 share of results)
Net profit or loss 123.1 -37.6 160.7 n/a
Earnings per share (in EUR)¹ 1.00 -0,37 1.37 n/a
¹ Number of shares used for the calculation: 123,293,795 for Q1 2021 (based on the full inclusion of the dilution from the mandatory convertible bond at 6,998,228 shares) and 100,876.743 for Q1 2020
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
28Results and financing
Robust liquidity profile and diversified debt structure
Maturity profile by year as of 31 March 2021
Bank financing regular Strong liquidity position of MEUR 900,0
Bank financing end of maturity and further financial flexibility from a
Corporate bond 2023 MEUR 100.0 credit line
Convertible bond 20244
Corporate bond 2027
Net-LTV at low level of 39.5% (12/2020:
Cash and cash equivalents (as of 31. March 2021)
37.8%)
RCF (undrawn) Financing costs (weighted average
interest rate including hedging costs) at
a low level of 1.98% (12/2020: 1.99%)
Remaining term of financing amounts
to 4 years (12/2020: 4.3 years)
Unencumbered asset pool of MEUR
1,551.7 (27.3%) resp. MEUR 2,040.2
(35.9%) including S IMMO shares based
Outstanding liability in TEUR Weighted average interest rate on EPRA NAV
as of 31 March 2021 incl. derivatives costs in %1
Convertible bonds2 289,009.2 1.50
Corporate bonds 972,550.4 2.56 Hedging quota 87.3% (12/2020: 88.6%)
Bank liabilities3 1,885,064.5 1.75
12.7% 44.3% 43.0%
IMMOFINANZ 3,146,624.2 1.98
Floating Floating rate (hedged) Fixed rate
1 Calculation basis: remaining debt (nominal amount) excl. mandatory convertible bond rate
² Convertible bond 2024 (coupon reduced to 1.50% following the receipt of an investment grade rating) as well as future coupon payments for the mandatory convertible bond 2023 which are
classified as liabilities
³ Including IFRS 5
4 The convertible bond 2024 was not “in the money” as of 31 March 2021. It is presented in the year of final maturity, i.e. 2024; the bondholders have a put option on 22 January 2022 29→ Outlook
30Outlook
Strong capital structure to enable swift return to value-creating growth
Growing out of the crisis
Return to profitable growth trajectory through
acquisitions and the company’s own developments, for
example in the form of efficient “densification” on
existing properties in Vienna, Bratislava and Bucharest
myhive offices
Increase in number of myhive locations in capital cities of
IMMOFINANZ‘ markets
Focus on innovative, flexible and sustainable office
solutions STOP SHOP retail parks
Acquisition of the Bucharest Financial Plaza in the heart of
Further growth with crisis-resistant retail parks and
Bucharest for EUR 36 million from BCR in March 2021 and strengthening of leading operator position in Europe
planned renovation into a high-quality and green myhive Medium-term increase in rentable space to
building with a sustainability certification of at least Gold approximately 1 million sqm or around 140 locations
Country focus: CEE, Adriatic region and selectively
Western Europe
31Outlook
Key elements of the public tender offer for S IMMO
IMMOFINANZ has launched a voluntary takeover offer to acquire a controlling interest pursuant to Section 25a of the Austrian Takeover
Act for all outstanding shares of S IMMO AG
Offer price amounts to EUR 22.25 on a cum-dividend basis which is a premium of 40.3% to the six-month VWAP¹ of EUR 15.86 prior to the
announcement of the intention to launch an Offer
Completion of the Offer is in particular2 subject to
the statutory minimum acceptance threshold of 50% plus 1 share of all S IMMO shares that are the subject of the Offer,
the shareholders‘ meeting of S IMMO AG on 24 June 2021 resolving upon the removal of the maximum voting right and that this
amendment to the Articles of Association is entered into the commercial register, it being understood, that the shareholders of S IMMO
will resolve upon this removal specifically for the case that the Offer closes successfully and that the shareholder resolution will
reinstate the maximum voting right otherwise,
merger control clearance in several countries and other customary closing conditions
The Offer will be financed from the group's cash and cash equivalents as well as a debt financing facility in the amount of MEUR 500
The acceptance period started on 19 May 2021 and ends 16 July 2021. Closing and settlement are expected in Q4 2021
Notes: (1) Six-months VWAP refers to the volume weighted average share price of S IMMO during the past six months. (2) The published offer document contains a comprehensive overview of all applicable closing conditions.
15Outlook
Dividend and Annual General Meeting
Dividend proposal Dividend per share and dividend yield¹
In EUR
Following the suspension of the dividend for the
financial year 2019 due to the Covid-19 pandemic, 0.85
the Executive Board will make a recommendation to 0.7
0.6 0.55e
the 28th Annual General Meeting to distribute a
dividend of EUR 0.55 per share for 2020 4.9% 3.3% 4.1% 3.2%
0
This represents a dividend yield of approximately 2016A 2017 2018 2019 2020
3.2% based on the closing price at the end of 2020
Annual General Meeting
In connection with the takeover offer to the shareholders of S IMMO, IMMOFINANZ
decided to postpone the AGM. It is planned to hold the ordinary shareholders’ meeting on a
date after the settlement of the takeover offer
The postponement ensures that an ordinary shareholders’ meeting of IMMOFINANZ will
take place that is unaffected by the ongoing takeover offer
¹ Based on closing prices of the respective business year
33→ Appendix
34Appendix
Development of EPRA NTA and book value per share
Development of EPRA NTA per share in EUR
1.02 0.02 28.86
27.82
EPRA NTA / share
EUR 28.86
+3.7%
31 December 2020* Equity incl. total results Revaluations 31 March 2021*
excl. revaluations
* Number of shares in thousand: 123.294
Development of book value per share in EUR
0.02 26.24
25.20 1.02
Book value / share
EUR 26.24
+4.1%
31 December 2020* Equity incl. total results Revaluations 31 March 2021*
excl. revaluations
* Number of shares in thousand: 123.294
35Appendix
P&L – increase in results of operations and net profit
Change Change
Amounts in TEUR Q1 2021 Q1 2020 absolute in %
Rental income 74 783 74 390 393 0.5%
Operating costs charged to tenants 21 962 22 538 -576 -2.6%
Other revenues 478 1 520 -1 042 -68.6%
Revenues 97 223 98 448 -1 225 -1.2%
Expenses from investment property -17 096 -12 418 -4 678 -37.7%
Operating expenses -25 232 -26 564 1 332 5.0%
Results of asset management 54 895 59 466 -4 571 -7.7%
Results of property sales -413 -1 807 1 394 77.1%
Results of property development 1 092 -747 1 839 n/a
Other operating income 910 363 547 ≥ +100.0%
Other operating expenses -10 114 -13 813 3 699 26.8%
Results of operations 46 370 43 462 2 908 6.7%
Revaluation result from standing investments and goodwill 981 -44 988 45 969 n/a
Operating profit (EBIT) 47 351 -1 526 48 877 n/a
Net financing costs -19 369 -19 182 -187 -1.0%
FX differences and other financial results 8 189 -6 923 15 112 n/a
Net profit or loss from equity-accounted investments 90 867 -4 162 95 029 n/a
Financial results 79 687 -30 267 109 954 n/a
Earnings before tax (EBT) 127 038 -31 793 158.831 n/a
Taxes -3 974 -5 855 1 881 32.1%
Net profit or loss 123 064 -37 648 160 712 n/a
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts.
36Status Covid-19
High quality and international tenant base helps to mitigate challenges
Office Retail
Balanced international tenants base of high Long-term partnership with Europe’s best retail
creditworthiness brands
No industry dependency due to diversified tenant structure Balanced tenant mix to ensure optimal environment
– 13% public/state tenants for retailers and their customers
Largest ten tenants represent 21.9% of office space Largest ten tenants represent 32.4% of retail space
No tenant accounts for more than 3.1% of office space No tenant accounts for more than 4.1% of retail space
Successful agreement with trivago for space reduction (41%
reduced) in 2021 and marketing of the free space under the
flexible myhive concept
Selected top tenants Selected top tenants
Due to high quality tenant base nearly no loss of tenants due to insolvency due to Covid-19
lockdowns (≤10,000 sqm or 0.5% of total rentable space)
37Appendix
Rental income like-for-like impacted by Covid-19
A like-for-like analysis (i.e. acquisitions, completions and sales are deducted to facilitate comparison with Q1 2020) shows a decline of
1.8%¹ in rental income to MEUR 62.9.
Like-for-like rental income in office was 2.6% lower than in the previous year period and in retail it declined by 0.8%.
Rental income Rental income
Standing investments² Number of Carrying amount Carrying amount Change
Q1 2021 Q1 2020
as of 31 March 2021 properties in MEUR in % in MEUR
in MEUR in MEUR
Austria 21 657.1 15.9 7.3 7.8 -0.5
Germany 3 341.1 8.2 3.2 3.2 0.0
Poland 23 960.2 23.2 14.8 14.7 0.1
Czech Republic 18 540.7 13.1 6.9 6.8 0.1
Hungary 20 396.5 9.6 6.8 7.0 -0.1
Romania 13 608.5 14.7 11.7 12.6 -0.8
Slovakia 20 323.8 7.8 5.6 5.7 -0.1
Adriatic 27 308.5 7.5 6.5 6.3 0.2
Other countries 0 0.0 0.0 0.0 0.0 0.0
IMMOFINANZ 145 4,136.4 100.0 62.9 64.0¹ -1.2
Rental income from properties sold/acquired,
adjustments and development projects
11.9
IMMOFINANZ 74.8
Office 45 2,518.7 60.9 31.4 32.3¹ -0.9
Retail 99 1,610.2 38.9 31.4 31.6 -0.3
Other 1 7.4 0.2 0.1 0.1 0.0
IMMOFINANZ 145 4,136.4 100.0 62.9 64.0¹ -1.2
¹ Previous years figures adjusted for temporary closings of retail space in office buildings in Q1 and already re-let space after the reporting period
² Calculation only includes those properties which were fully owned by IMMOFINANZ in both periods, i.e. it excludes acquisitions, completions and sales.
Rounding differences may result from the use of automatic data processing equipment for the addition of rounded amounts and percentage rates.
38Appendix
Total property portfolio
As of Number of Standing investments Development projects Pipeline projects1 Property portfolio Property portfolio
31 March 2021 properties in MEUR in MEUR in MEUR in MEUR in %
Austria 31 777.8 87.1 29.4 894.3 17.6
Germany 7 538.0 106.3 0.5 644.8 12.7
Poland 27 978.5 0.7 0.0 979.2 19.3
Czech Republic 20 567.5 0.0 0.0 567.5 11.2
Hungary 25 396.5 67.8 17.8 482.0 9.5
Romania 41 608.5 74.2 98.1 780.8 15.4
Slovakia 21 323.8 0.0 1.2 324.9 6.4
Adriatic² 39 351.3 19.6 4.4 375.3 7.4
Further countries³ 5 0.0 0.0 21.7 21.7 0.4
IMMOFINANZ 216 4,541.8 355.7 173.0 5,070.5 100.0
89.6% 7.0% 3.4% 100.0%
89.6% 7.0% 49.6% 50.4%
Standing investments Development projects Developed markets (AT, DE, PL) Other CEE markets
according to FTSE/NAREIT classification
3.4%
¹ Includes real estate inventories (Cologne and Adama) totalling MEUR 0.6 Pipeline projects
² In declining order based on the carrying amount: Serbia, Slovenia and Croatia
³ In declining order based on carrying amount: Turkey and Bulgaria
Rounding differences may result from the use of automatic data processing for the addition of rounded amounts and percentages
39Appendix
Office standing portfolio IMMOFINANZ 100.0%
Number of properties 48
Carrying amount in MEUR 2,820.5
Rentable space in sqm 956,742
GERMANY 18.8% POLAND 24.6% Occupancy rate in % 91.3
Number of properties 3 Number of properties 10 Rental income Q1 2021 in MEUR1 32.9
Carrying amount in MEUR 530.5 Carrying amount in MEUR 694.9 Gross return in % 4.7
18.8%
Rentable space in sqm 94,059 Rentable space in sqm 232,698 GERMANY
Occupancy rate in % 83.8 Occupancy rate in % 94.4 24.6%
Rental income Q1 2021 in MEUR1 3.8 Rental income Q1 2021 in MEUR1 9.7 POLAND
Gross return in % 2.9 Gross return in % 5.6 13.9%
CZECH REPUBLIC
AUSTRIA 22.5% CZECH REPUBLIC 13.9% 2.1%
SLOVAKIA
Number of properties 11 Number of properties 7
Carrying amount in MEUR 635.6 22.5%
Carrying amount in MEUR 391.9 AUSTRIA
Rentable space in sqm 170,918 Rentable space in sqm 122,509 6.9%
Occupancy rate in % 92.4 Occupancy rate in % 94.0 HUNGARY
Rental income Q1 2021 in MEUR1 6.0 Rental income Q1 2021 in MEUR1 4.1 10.2%
Gross return in % 3.8 1.0% ROMANIA
Gross return in % 4.2 ADRIATIC
SLOVAKIA 2.1% HUNGARY 6.9% ROMANIA 10.2% ADRIATIC² 1.0%
Number of properties 2 Number of properties 6 Number of properties 8 Number of properties 1
Carrying amount in MEUR 58.3 Carrying amount in MEUR 194.5 Carrying amount in MEUR 287.2 Carrying amount in MEUR 27.6
Rentable space in sqm 35,612 Rentable space in sqm 102,891 Rentable space in sqm 182,060 Rentable space in sqm 15,995
Occupancy rate in % 81.9 Occupancy rate in % 95.9 Occupancy rate in % 86.7 Occupancy rate in % 98.7
Rental income Q1 2021 in MEUR1 0.8 Rental income Q1 2021 in MEUR1 3.1 Rental income Q1 2021 in MEUR1 4.9 Rental income Q1 2021 in MEUR1 0.5
Gross return in % 5.8 Gross return in % 6.4 Gross return in % 6.9 Gross return in % 6.9
Data as of 31 March 2021
¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; deviations to P&L are therefore possible)
² Croatia
40Appendix
Retail standing portfolio IMMOFINANZ 100.0%
Number of properties 110
Carrying amount in MEUR 1,713.8
Rentable space in sqm 1,047,165
CZECH REPUBLIC 10.2% POLAND 16.6% Occupancy rate in % 97.4
Number of properties 13 Number of properties 14 Rental income Q1 2021 in MEUR1 33.0
Carrying amount in MEUR 175.5 Carrying amount in MEUR 283.6 Gross return in % 7.7
Rentable space in sqm 110,898 Rentable space in sqm 185,618
Occupancy rate in % 97.9 Occupancy rate in % 96.3 16.6%
Rental income Q1 2021 in MEUR1 3.2 Rental income Q1 2021 in MEUR1 5.5 POLAND
Gross return in % 7.4 Gross return in % 7.8 10.2%
CZECH REPUBLIC
AUSTRIA 8.3% SLOVAKIA 15.5% 15.5%
SLOVAKIA
Number of properties 14 Number of properties 18
8.3%
Carrying amount in MEUR 142.2 Carrying amount in MEUR 265.5 AUSTRIA
Rentable space in sqm 72,543 Rentable space in sqm 152,459 11.8%
Occupancy rate in % 99.4 Occupancy rate in % 95.1 HUNGARY
Rental income Q1 2021 in MEUR1 2.4 Rental income Q1 2021 in MEUR1 4.8 18.7%
18.9% ROMANIA
Gross return in % 6.8 Gross return in % 7.2 ADRIATIC
HUNGARY 11.8% ROMANIA 18.7% ADRIATIC REGION2 18.9%
Number of properties 14 Number of properties 5 Number of properties 32
Carrying amount in MEUR 201.9 Carrying amount in MEUR 321.3 Carrying amount in MEUR 323.7
Rentable space in sqm 135,545 Rentable space in sqm 151,929 Rentable space in sqm 238,174
Occupancy rate in % 98.1 Occupancy rate in % 96.6 Occupancy rate in % 99.0
Rental income Q1 2021 in MEUR1 3.7 Rental income Q1 2021 in MEUR1 6.8 Rental income Q1 2021 in MEUR1 6.5
Gross return in % 7.4 Gross return in % 8.5 Gross return in % 8.0
Data as of 31 March 2021
¹ Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; deviations to P&L are therefore possible)
² Slovenia, Serbia and Croatia
41Appendix
Diversified shareholder base and large free float
Shareholding
structure1
Treasury
S IMMO RPPK Immo2 R.P. Vitek3 shares
Free float
10.9% 10.5% 10.0% 5.7% ~63%
Trading
Others accounts
Investors by type 9,0% 2.8%
Fixed shareholdings Private Austria Institutional investors
~37% ~27% ~25%
(including treasury shares: 5.7%)
NL FR
0.6% 0.1%
Others incl.
USA Austria UK NO GER CH trading
7.0% 6.3% 2.2% 2.1% 1.7% 0.9% 6.2%
PL
Institutional investors by country 0.2%
1 Based on share capital of MEUR 123.3 resp. 123.3 million shares and last reporting dates (S Immo – 03/2018)
² RPPK Immo GmbH (indirectly controlled by Ronny Pecik and Peter Korbačka pursuant to the Austrian Stock Exchange Act) held 13,000,000 shares and five certificates from the mandatory convertible bond 2020–2023 as of
last reporting date. RPR Private Foundation, RPR Treasury GmbH, RPR Management GmbH and the Olympic Special Fund, each indirectly controlled by Ronny Pecik pursuant to the Austrian Stock Exchange Act, held a further
1,200,001 shares in total.
³ Based on the shareholding notification as of 19/05/2021 thereof 9.13% via shares and 0.88% via mandatory convertible notes
Source: IPREO by IHS Markit, January 2021 42Appendix
1 Selected assets: myhive Spire
myhive Spire, Warsaw, Poland
Warsaw Spire tower with its 180 meters and 49 floors, is the currently highest office tower in Poland and at
the same time the most prestigious location for an office in the whole country. It is located in the capital’s
booming business district of Wola, in the direct neighborhood of the second metro line stop – Rondo
Daszyńskiego
The tower has approximately 71,600 sqm of rentable space in total, including roughly 65,000 sqm of office
space and the remainder used primarily for retail purposes. It offers also 766 underground parking spaces
and 379 station for bicycles
The long list of service available in the tower includes among others: concierge services, fitness centre,
cafes and restaurants, car wash, high speed internet, flower shop, bike sharing and bike repair station
Warsaw Spire complex, which the tower is the main part of was designed and built in accordance with
ecological requirements of BREEAM Excellent Certificate and has been awarded by Europa Property CEE
Investment & Green Building Awards in the category of "Green Building of the Future" and "The best
architectural project in Poland 2011". Moreover in September 2016 the Place Europejski which is a part of
the Warsaw Spire office complex gained an award of Association of Polish Urbanists in a Newly created
public space category
GLA (in sqm) 71,600
Warsaw
Occupancy Rate (as per 31/03/2021) 97.6%
Poland
43Appendix
2 Selected assets: myhive Am Wienerberg
myhive Am Wienerberg, Vienna, Austria
myhive am Wienerberg’s office properties cater for all tenants’ needs: spacious, modern offices in the
heart of a thriving dining and leisure scene with a host of free packages and services for all tenants
With flexible office solutions to meet all requirements, every tenant’s wish is fulfilled here. At the centre of
the site stand the Vienna Twin Towers: in an outstanding location, a completely new office concept
emerged – with breathtaking views to boot: the Twin Towers in Vienna. They combine a pleasant
atmosphere with a host of benefits for tenants, making work a more enjoyable experience. All amenities to
ensure a smooth-running day-to-day business life are provided, as well as sufficient space for
communicative exchange – the optimal conditions for good ideas and plenty of motivation
A mix of shops, dining venues and leisure facilities as well as a shopping mall and cinema
The open-air recreation area makes it possible to achieve the perfect work-life balance
Exclusive lounges reserved solely for tenants are an inviting place to exchange ideas and relax
GLA (in sqm) 96,628 Vienna
Occupancy Rate (as per 31/03/2021) 89.1%
Austria
44Appendix
3 Selected assets: Other Office - FLOAT
Other Office - FLOAT, Düsseldorf, Germany
The FLOAT is an ensemble comprising six buildings: The individual structures have polygonal layouts and are
linked together by a connective structure, the passerelle, in the south.
The name FLOAT reflects the architectural concept designed by the Renzo Piano Building Workshop, which
envisioned the interaction of ice floes for the individual buildings. The long building is imposing not only
with its architecture, but also due to its size: It stretches over 10,000 sqm and covers approximately
30,000 sqm of rentable space.
The international energy company Uniper SE has signed a long-term lease for the entire office space in the
building.
Meanwhile, over 800 companies have based themselves in the Medienhafen. Thousands of new jobs ensure
a vibrant atmosphere – which can also be enjoyed into the evening. The waterside location close to the city
speaks for itself.
Düsseldorf
GLA (in sqm) 30,343
Occupancy Rate (as per 31/03/2021) 98.9%
Germany
45Appendix
4 Selected assets: myhive Medienhafen largo und alto
myhive Medienhafen largo, Düsseldorf, Germany
> Düsseldorf’s Medienhafen district is home to the headquarters of one of
the largest hotel search engines in the world: trivago.
> The six-storey, horizontally structured building opens up towards the
harbour basin creating a spacious and pleasant environment.
> Creatively designed rooms, a unique cafeteria with food trucks and
various show kitchens, green outdoor areas, an underground car park
with 500 spaces, water features and private fitness facilities for tenants,
as well as a jogging track on the landscaped rooftop terrace offer the
perfect work-life balance.
GLA (in sqm) 35,602
Successful agreement with trivago for space
reduction (41% reduced) in 2021 and marketing of
the free space under the flexible myhive concept
myhive Medienhafen alto
> The expansion of the property will offer a flexible office space
concept marketed under IMMOFINANZ’s myhive brand.
Germany
46Appendix
5 Selected assets: Other Office - City Tower Vienna
Other Office - City Tower Vienna, Vienna, Austria
City Tower Vienna is centrally located in Vienna’s 3rd district on Marxergasse. The Wien Mitte transport hub,
which is located directly underneath the building, offers excellent public transport links with numerous S-
Bahn (suburban train) connections as well as U-Bahn (underground) lines 3 and 4. As well as many other
connections, one can catch the direct S-Bahn connection CAT (City Airport Train) to the airport.
The Austrian Ministry of Justice currently occupies the entire property as a single tenant and has a long
term contract until 2033.
The office building, which consists of three sections, boasts impressive architecture: the 87 meter high
office tower with its twisted upper section and two 28 meter high side annexes. The interior design
comprises modern office standards such as raised flooring and chilled beams.
City Tower Vienna features approx. 26,000 sqm of usable space, a small inner courtyard and private parking
facilities.
GLA (in sqm) 26,621 Vienna
Occupancy Rate (as per 31/03/2021) 100.0%
Austria
47Appendix
6 Selected assets: myhive Palmovka
myhive Palmovka, Prague, Czech Republic
myhive Palmovka is a brand-new office complex in Prague Libeň and was acquired by IMMOFINANZ in
2019.
It is located in the heart of the rapidly growing administrative quarter directly at the Palmovka underground
station in Prague’s eighth district and can be easily reached by public as well as private transportation. The
area is also highlighted by a wide range of services, neighbouring public parks and close proximity to the
Vltava River.
myhive Palmovka has received “BREEAM Excellent“ sustainability certification and was recognised with the
“Czech Best of Reality 2018“ award.
GLA (in sqm) 25,905
Occupancy Rate (as per 31/03/2021) 82.8% Prague
Czech Republic
48Appendix
7 Selected assets: myhive Átrium Park
myhive Átrium Park, Budapest, Hungary
The building, located on the popular Váci-Straße shopping street and promenade, scores with its state-of-
the-art architectural design. It has a large indoor garden and makes optimal use of water, glass, light and
green spaces to create a calm environment.
The complex accommodates a restaurant with cafeteria and showrooms to meet the needs of tenants.
myhive Átrium Park provides a functional and congenial working environment suitable for the requirements
of modern businesses.
The office area plus accompanying amenities comprise five main wings. These provide eight reception areas
with different interior design concepts. The ground floor and first floor offer retail spaces and a restaurant.
Offices are located on floors 2 to 8. The office towers, also part of the architectural design, are suitable for
establishing branded, stand alone headquarters for a range of companies. The city centre is within ten
minutes distance both by car and public transport (underground, tram and bus). The office complex offers
two levels of underground parking including guest parking spaces
GLA (in sqm) 38,200
Occupancy Rate (as per 31/03/2021) 92.0%
Budapest
Hungary
49Appendix
8 Selected assets: STOP SHOP Siedlce
STOP SHOP Siedlce, Poland
STOP SHOP Siedlce is a retail park at Łukowska street, directly at the Siedlce ring road and the intersection
with the national road number 2. The opening was in spring 2020.
Thanks to the convenient location, clients need only six minutes to get to the retail park from the center of
Siedlce. The property has over 14,000 sqm of leasable area with a total of 24 stores, service and
gastronomic outlets. It is the largest retail park under this umbrella brand in Poland.
A spacious car park is available directly in front of the retail park. The total catchment area is approx.
175,000 people, which means that so many customers will be able to reach the retail park within 30
minutes by car.
The tenants include Sinsay, House, Cropp, Jysk, CCC, Pepco, Deichmann, Martes Sport, KIK, Biedronka,
Hebe, Rossmann and many more.
GLA (in sqm) 14,000 Siedlce
Occupancy Rate (as per 31/03/2021) 99.4% Poland
50Appendix
9 Selected assets: VIVO! Lublin
VIVO! Lublin, Poland
VIVO! Lublin is a state-of-art shopping centre offering approx. 150 stores and service points, located in the
centre of Lublin, in the direct neighborhood of the old town. It provides three levels of underground car
park comprising 1,400 convenient parking spaces. The grand opening of the centre took place on 4th March
2015.
The design of the VIVO! Lublin combines unique architecture with high ecological standards. The green
areas on the building’s roof are a special highlight: green areas, lots of plants, walkways and lookout points.
The most spectacular vantage point gives visitors a unique view on the Castle and other elements of the
historical panorama of the city.
It is the first shopping center in Poland that received a BREEAM Excellent certificate for the design stage,
additionally it was shortlisted for the BREEAM Awards 2015.
GLA (in sqm) 39,173 Lublin
Occupancy Rate (as per 31/03/2021) 92.5% Poland
51Appendix
10 Selected assets: VIVO! Bratislava
VIVO! Bratislava, Slovakia
VIVO! Bratislava was the first shopping centre in Slovakia. It is a two-level building, located on 100th
Vajnorská Street
An extensive refurbishment in 2019 resulted in positive effects on footfall.
It is located in the strategic district of Nové Mesto, accessible with excellent transport links from the historic
city centre 3 km away. The shopping centre is accessible by international rail and bus transport.
Currently, it gathers over 160 commercial and service premises, cafés and restaurants, including such
recognized fashion brands as Mohito, Reserved, Sinsay, Cropp, House, H&M, Baťa, Lindex, Promod, Orsay,
S.Oliver, Swarovski, a casino, fitness centre, LIDL, Datart and a cinema.
The attractive surroundings nearby VIVO! Bratislava offer a wide range of leisure activities - Lake Kuchajda,
Pasienky swimming pool, a football stadium, tennis courts and a running area.
GLA (in sqm) 36,014
Occupancy Rate (as per 31/03/2021) 88.2% Slovakia
Bratislava
52Appendix
Key figures
Asset data 31 March 2021 Stock exchange data 31 March 2021
Balance sheet total in MEUR 6,919.7 Book value per share in EUR 26.24
Equity ratio in % 46.3 Share price at end of period in EUR 17.41
Net financial liabilities in MEUR 2,246.6 Discount of share price to NAV per share in % 39.7
Cash and cash equivalents in MEUR 900.0 Total number of shares 123,293,795
Loan to value ratio (net) in % 39.5 thereof number of treasury shares 6,998,228
Gearing in % 72.6 Market capitalisation at end of period in MEUR 2,146.5
Total average interest rate including costs for derivatives in % 1.98 Q1 2021
Average term of financial liabilities in years 4.0 Earnings per share in EUR 1.00
EPRA indicators 31 March 2021 Earnings data Q1 2021
EPRA net tangible assets (NTA) in MEUR 3,558.0 Rental income in MEUR 74.8
EPRA NTA per share in EUR 28.86 Results of asset management in MEUR 54.9
EPRA vacancy rate in % 5.9 Results of property sales in MEUR -0.4
2020 Results of property development in MEUR 1.1
EPRA earnings in MEUR 113.4 Results of operations in MEUR 46.4
EPRA earnings per share in EUR 0.92 Revaluations in MEUR 2.8
EPRA earnings after company-specific adjustments in MEUR 50.5 EBIT in MEUR 47.4
EPRA earnings per share after company-specific adjustm. in EUR 0.41 Financial results in MEUR 79.7
EPRA net initial yield in % 5.7 EBT in MEUR 127.0
EPRA “topped-up” net initial yield in % 6.1 Net profit for the period in MEUR 123.1
FFO 1 before tax in MEUR 34.5
FFO 1 before tax per share in EUR 0.28
53Contact
Contact and financial calendar
Investor Relations
Bettina Schragl Simone Korbelius
Tel: +43 1 88 090 2290 Tel: +43 1 88 090 2291
E-mail: investor@immofinanz.com E-mail: investor@immofinanz.com
Financial calendar Ticker symbols
28th annual general meeting tba Vienna Stock Exchange IIA
Q1–2 results 2021 30.08.20211 Warsaw Stock Exchange IIA
Q1–2 report 2021 31.08.2021 ISIN AT0000A21KS2
Q1–3 results 2021 29.11.20211 Reuters IMFI.VI
Q1–3 report 2021 30.11.2021 Bloomberg IIA AV
1 Publication after close of trading on the Vienna Stock Exchange
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