As of: 01/2017 - Immofinanz
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As of: 01/2017
CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1-2 2016A Results
06 Appendix
Q1-2 2016A – 2
IMMOFINANZ - A EUROPEAN COMMERCIAL PROPERTY
SPECIALIST
> Among the largest European commercial real estate players with a IMMOFINANZ Headquarter
Business Park Vienna, 168,500 sqm
portfolio value of EUR 5.2 bn and a clear focus on Austria, Germany and
CEE
> Geography mix providing simultaneous exposure to stable commercial
Western European markets and fast-growth in CEE countries
> Activities concentrated on office and retail with a ~50/50 portfolio split
and more than 350 properties
> Office: only capital cities and Big 7 cities in Germany yielding between
5% and 7%
> Retail: focus on secondary and tertiary cities levering on highly stand-
ardized products (STOP SHOP and VIVO!) yielding between 6% and 8%
> High quality development pipeline and strong track record
> Sustainable dividend play with attractive dividend yield (2015/16: EUR
0.06 per share, 2016Re: EUR 0.06 per share – expected dividend
payment date: 7 June 2017)
> Attractive merger growth story with CA Immo
Data as of 31 October 2016
Q1-2 2016A – 3
PORTFOLIO SPLIT – COMMERCIAL REAL ESTATE
PLAYER WITH FOCUS ON EUROPE
ASSET CLASSES PROPERTY PORTFOLIO
19.9% 11.6% 8.8% 4.2%
Austria Poland Germany Slovakia
49.2% 45.8% 4.9% 20.5% 16.3% 8.9% 7.5% 2.2%
Office Retail Others Russia Romania Hungary Czech Non-
Republic core
countries1
KEY DATA ON THE PROPERTY PORTFOLIO
31 OCTOBER 2016
Total number of properties 351
Rentable space in sqm 2,146,314
Occupancy rate in % 87.5%
Gross return on the standing investments in % 6.3%
Gross return on the standing investments (occupancy-adjusted) in % 7.2%
2
Portfolio value in MEUR 5,243
Thereof office in MEUR 2,582
Thereof retail in MEUR 2,403
Thereof other in MEUR 258
1 In declining order based on the carrying amount: Slovenia, Serbia, Croatia, Bulgaria, Ukraine
2 Including properties held for sale
Q1-2 2016A – 4
BRANDS OF IMMOFINANZ
RETAIL OFFICE
Q1-2 2016A – 5
STOP SHOP – THE LOCAL SUPPLIER
> STOP SHOP is 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 residents
> Broad product range offering good value for money
> Good transport links and extensive parking facilities
> Target group is price conscious “smart shoppers”
Q1-2 2016A – 6
STOP SHOP – 671 LOCATIONS IN EIGHT COUNTRIES
> Opening of three fully-let
locations in Poland and Serbia,
with total rental space of
13,500 sqm
> Acquisition of nine existing
retail parks in Hungary, 571 OBJECTS AS OF 31 OCT. 2016
Slovakia and Romania, Rentable space 374,299 sqm
with total rentable POLAND Occupancy rate 96.6%
of 74,000 sqm
(closing 2017) Carrying amount MEUR 532.9
Gross return 7.5%
> Serbia: three further
locations being Gross return (occupancy adj.) 7.8%
developed – CZECH REPUBLIC
completion 2017
> Poland: further locations
SLOVAKIA
under evaluation
> Doubling of the STOP SHOP
portfolio to over 100 locations in
the coming years AUSTRIA HUNGARY
SLOVENIA ROMANIA
SERBIA
1 Different number of properties resulting from
acquisitions/development completions after the
balance sheet date
Q1-2 2016A – 7
VIVO! – THE SHOPPING CENTER
> VIVO! is 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 and is geared toward the entire
family
> Mostly single storey buildings; high brand recognition value
Q1-2 2016A – 8
VIVO! – ROLLOUT TO FURTHER LOCATIONS
> Rollout of VIVO! brand
under way across existing
shopping centers
> New development
project in Krosno with
21,000 sqm –
opening 2017 / 10 OBJECTS AS OF 31 OCT. 2016
tenants include Rentable space 285,535 sqm
POLAND Occupancy rate 96.3%
Media Markt, H&M,
Helios Cinema Carrying amount MEUR 613.9
Gross return 7.2%
> Further develop-
ment projects and Gross return (occupancy adj.) 7.4%
acquisitions under
evaluation CZECH REPUBLIC
SLOVAKIA
ROMANIA
Q1-2 2016A – 9
MYHIVE – NEW INTERNATIONAL OFFICE BRAND
myhive – the vibrant and welcoming office from IMMOFINANZ
> Friendly and vibrant atmosphere, like a hotel
> Attentive employees
> Optimal infrastructure and top-quality services
> Ideal place for networking
> Good accessibility and contemporary flexibility
Q1-2 2016A – 10MYHIVE – ONGOING ROLLOUT TO SIX COUNTRIES
> Brand rollout to 20 locations
in six countries
> Focus for develop-
ment projects and
acquisitions on
further myhive
locations POLAND 151 OBJECTS AS OF 31 OCT. 2016
Rentable space 387,983 sqm
> Exclusively capital Warsaw
GERMANY Occupancy rate 84.9%
cities plus the major
Carrying amount MEUR 867.4
office cities in Germany Cologne
Gross return 5.2%
Gross return (occupancy adj.) 6.1%
Prague
CZECH REPUBLIC
Vienna
AUSTRIA Budapest
HUNGARY
ROMANIA
Bucharest
1 Twenty properties, including 15 standing investments will be branded as myhive.
Two of these standing investments are not listed separately because they are part of
the IRIDE Business Park. The other three properties are classified as development
projects.
Q1-2 2016A – 11PORTFOLIO GROWTH OFFICE
HIGH PRELETTING RATES IN GERMANY
> IMMOFINANZ’s future portfolio in Germany will include premium properties
in Düsseldorf, Cologne and Aachen
> Construction of corporate headquarters for trivago and Uniper in the Düsseldorfer
Medienhafen
> Construction of the largest technology cluster within the RWTH Aachen expansion
> Planned development of the German office portfolio1: trivago, Düsseldorf (GER)
RENTABLE SPACE CARRYING AMOUNT RENTAL INCOME
in sqm in MEUR in MEUR, p.a.
~111,000 ~506.4 ~26.0
+94.7% +272.6% +306.3%
~57,000
135.9 6.4
FY 2015/16 Mid 2018 FY 2015/16 Mid 2018 FY 2015/16 Mid 2018
LARGEST PROJECTS PRIMARY PLANNED RENTABLE SPACE PRELETTING RATE SCHEDULED COMPLETION
IN GERMANY USE IN SQM (ROUNDED) IN % (CALENDAR QUARTER)
FLOAT Office 30,000 95% Q3 2018
RWTH Aachen Office 28,000 95% Q2 2017
trivago2 Office 26,000 100% Q3 2018
1 Total sale of Gerling Quartier already considered
2 Project phase I
Q1-2 2016A – 12OPERATIONAL UPDATE OFFICE – OCCUPANCY RATE
OCCUPANCY RATE >87.0%
82.7%
81.7%
75.0% >+4.3Pp
+6.7Pp +1.0Pp
FY 2014/15 FY 2015/16 Q2 2016A Forecast
FY 2016A (12/2016)
RENTAL PERFORMANCE Q1-2 2016A
Developments Contract
14,000 sqm extensions
32,000 sqm
Total Total
106,000 sqm 106,000 sqm
Standing New rentals
investments 74,000 sqm
92,000 sqm
RANKING COUNTRY BUILDING TENANT SQM
LARGEST NEW RENTALS Iride 18 Int. medical company 11,500
Q1-2 2016A 1 Romania
2 Austria Business Park Vienna Coca-Cola HBC Austria 6,500
3 Czech Republic Brno Business Park I+II NOTINO internet shop 4,000
4 Czech Republic CSOB Jungmannova Alpiq Energy SE 2,600
5 Austria Vienna Twin Tower POOL4TOOL AG 2,500
Q1-2 2016A – 13OPERATIONAL UPDATE OFFICE – PORTFOLIO EFFICIENCY
REDUCTION OF NUMBER OF PROPERTIES FOR THE BENEFIT OF AN INCREASED AVERAGE SIZE AND
CARRYING AMOUNT
Number of properties
Average carrying amount (in MEUR)
Average space (in sqm)
14,632.4 14,912.3 Overall change:
12,947.0
30.0 30.7
26.7 ø SPACE: +15.2%
85 ø CARRYING AMOUNT: +15.2%
72 69
NUMBER OF PROPERTIES: -18.8%
30 April 2016 31 July 2016 31 October 2016
> Sale of smaller properties: disposal of buildings with rentable space of ≤ 5,000 sqm
> Sale of properties in peripheral locations
> Redevelopments: conversion of office properties into residential in peripheral locations
> Refurbishments: modernisation of larger properties and new rentals
> Own development projects: e.g. Panta Rhei in Düsseldorf, Nimbus in Warsaw
Q1-2 2016A – 14OPERATIONAL UPDATE OFFICE – FOCUS ON CORE
COUNTRIES AND MARKETS
2014 2016
Vienna HR Zagreb Vienna HR Zagreb
St. Pölten HU Budapest St. Pölten HU Budapest
AT Salzburg NL Amsterdam AT Salzburg NL Amsterdam
Klagenfurt PL Warsaw Klagenfurt PL Warsaw
Linz RO Bucharest Linz RO Bucharest
BG Sofia SK Bratislava BG Sofia SK Bratislava
Prague Prague
CZ CZ
Brno Brno
Neu-Isenburg Neu-Isenburg
Frankfurt am Main Frankfurt am Main
GER Offenbach GER Offenbach
Cologne Cologne
Düsseldorf Düsseldorf
Q1-2 2016A – 15OPERATIONAL UPDATE – DISPOSAL PROGRAMME
PLANNED SALES 1 Total
In MEUR as of 30 April 2016 MEUR
~1,000.0
~1,000.0
Sales volume
PROGRESS
In MEUR as of 31 October 2016
224.4 254.3 ~500.0
Sold IFRS 5: Assets held for sale Outstanding
> Proceeds will finance development activities & portfolio growth
1 Excluding Russia
Q1-2 2016A – 16OUTLOOK
FURTHER PORTFOLIO GROWTH WITH OUR BRANDS
FURTHER INCREASE IN OCCUPANCY RATE
TARGETS
PORTFOLIO OPTIMISATION
PLANNED MERGER OF IMMOFINANZ AND CA IMMO
Q1-2 2016A – 17CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1-2 2016A Results
06 Appendix
Q1-2 2016A – 18Merger update
January 2017
Q1-2 2016A – 19The combination of IMMOFINANZ and CA Immo –
a strategically compelling and value enhancing combination
Pro-forma data as of Jan-2017
1 Creating a leading commercial real estate company in Europe €6.6bn
portfolio value(a)
Regionally balanced portfolio with leading positions in Germany, Austria and the
2 main CEE markets, benefitting from strong macro conditions
42% DE/AT vs 58% CEE
74% office vs 21% retail(b)
High quality, recently built unique German office portfolio with strong development c.€1.5-2.0bn(e) of development
3 capability and sizeable German landbank
pipeline, predominantly
focused on Germany (c. 78%)
€33mm p.a. pre-tax
4 Synergetic combination driven through revenue, cost and financing synergies run-rate synergies(c) initially
assessed by IMMOFINANZ,
joint analysis initiated
5 Enhanced scale and diversity to improve credit profile, aiming to reach investment Targeted range of
grade rating for combined entity 40-45% net LTV
6 Highly liquid and investable stock with re-rating potential €2.7bn combined free-float
market capitalisation(d)
Note: Pro-forma data as per January 2017: Q2-16 for IMMOFINANZ and Q3-16 for CA Immo
(a) Including CA Immo at-equity investments, excluding development
(b) Differential of approx five percentage points belongs to ‘Other’ segment (comprises all other business activities that cannot be allocated to the office or retail segments)
(c) Synergies announced by IMMOFINANZ in April 2016 currently under joint review
(d) As of 9-Jan-17, not reflecting a potential impact on market cap of the envisioned Russian disposal from IMMOFINANZ portfolio
(e) Includes landbank for CA Immo and outstanding development costs for both IMMOFINANZ and CA Immo
Source: IMMOFINANZ and CA Immo company information, Bloomberg
Q1-2 2016A – 20The combination between IMMOFINANZ and CA Immo, planned to be
completed in 2018, provides an attractive opportunity of creating a European
leader in commercial real estate
2016 2017 2018
Step 1 Step 2 Step 3
Acquisition of a 26% stake in CA Disposal/spin-off of Merger of IMMOFINANZ and CA Immo
Immobilien Anlagen AG by IMMOFINANZ Russian portfolio
IMMOFINANZ AG Detailed merger discussions will be rescheduled until separation of
Spin-off to existing IMMOFINANZ’s Russian portfolio is completed
Antitrust approvals obtained IMMOFINANZ shareholders or
sale to a third party buyer Statutory merger according to Austrian law
Recording of registered shares Exchange ratio based on broad range of customary valuation
and closing of acquisition Execution in progress: to be methodologies
executed in August completed prior to merger Exchange ratio review by auditor
Merger document and exchange ratio to be published approx. 1
month ahead of General Meetings
General Meetings resolving on merger
Ongoing
planned in 2018
Q1-2 2016A – 21The proposed statutory merger is an opportunity to combine two highly
complementary portfolios and implement best-in-class corporate governance
Corporate structure Structure and governance
Shareholders Shareholders
Statutory merger of the two entities
74% 94%
26%
IMMOFINANZ exit from Russia prior to the respective
CA Immo IMMOFINANZ general meetings
6%
Austria Austria The exchange ratio will be determined by reference to a
Germany Germany broad range of customary valuation methodologies
Poland Poland
Romania Romania
Czech Republic Czech Republic 75% shareholder approval required in both AGMs/EGMs
Hungary Hungary
Other countries(a) Other countries(b)
Russia (sale or spin-off pre merger)
Details of the structure will be developed by both parties in
the best economic interest for the shareholders, including
tax considerations
Shareholders
Combined company to operate under a new name
100%
Best-in-class corporate governance
MergeCo
Austria Czech Republic
Germany Hungary
Poland Other countries(c)
Romania
Source: CA Immo and IMMOFINANZ company information
(a) Slovakia, Slovenia, Serbia, Croatia, Bulgaria
(b) Slovakia, Slovenia, Serbia, Croatia, Bulgaria, Ukraine, Turkey
(c) Slovakia, Slovenia, Serbia, Croatia, Bulgaria, Ukraine, Turkey
Q1-2 2016A – 22Regionally balanced portfolio with leading positions in Germany, Austria and
the main CEE markets, benefitting from strong macro conditions
Regional distribution (standing assets)(a) Asset classes (standing assets)(a)
Others(b) 8% Others(c) 5%
Czech
Republic 9% Austria 24%
Retail 21%
Hungary 14%
Germany Office 74%
18%
Poland 14%
Romania 14%
Total: €6,600m Total: €6,600m
GDP and prime office rental growth per country (%)
Country 2017E GDP growth (%)(d) Prime office rental growth (%)(e)
Austria 1.2% Vienna, 1.9%
Germany 1.4% Berlin, 8.7%
Czech Republic 2.7% Prague, 2.6%
Hungary 2.5% Budapest, 5.0%
Poland 3.4% Warsaw, (2.0)%
Romania 3.8% Bucharest, 0.0%
Note: Portfolio including CA Immo pro-rata share of at-equity investments, excluding development and pipeline projects and IMMOFINANZ Russia properties
(a) Data as of 31-Oct-16 for IMMOFINANZ and as of 30-Sep-16 for CA Immo
(b) Bulgaria, Croatia, Serbia, Slovakia, Slovenia, Turkey, Ukraine
(c) Comprises all other business activities that cannot be allocated to the office or retail segments
(d) Data as per IMF (International Monetary Fund)
(e) As of September 2016, one-year growth, Vienna and Bucharest as of June 2016
Source: Company reports; IMF; Cushman & Wakefield
Q1-2 2016A – 23Significant synergy potential in proposed combination
Revenue synergies Cost synergies Financing synergies
Potential additional Reduction of corporate Reduced financing costs
acquisition opportunities overheads through enlarged
(better visibility in the platform and stronger
market) Combination of asset balance sheet
management platforms
Coordinated letting (as well as country hubs) Targeted investment
activities, in particular in grade rating of combined Initial assessment by
Cash savings on entity will help to further IMMOFINANZ: €33mm
Eastern European improve access to capital
maintenance and capex p.a. total run-rate
capitals lead to and will reduce funding synergy potential(a)
from increased
vacancy reduction costs
purchasing power and
and lease up Joint analysis of
improved procurement
potential synergies initiated
organisation Higher free float and
#1 “go to” provider of trading volume levels of
class A office space Reduced letting costs combined entity expected
due to better terms with to reduce cost of equity
brokers
(a) Synergies announced by IMMOFINANZ in April 2016 currently under joint review
Q1-2 2016A – 24Creating a leading commercial Real Estate company in Europe and the clear
market leader in CEE
Largest listed Continental Europe commercial Real Estate companies Largest listed European commercial Real Estate companies with CEE
by GAV (Total GAV(a), €bn, latest available) portfolio by GAV (CEE GAV(a), €bn, latest available)
33.8
Largest listed European Largest portfolio in CEE (excl.
commercial real estate 3.8 Russia) vs relevant peers
company not focused on UK, 3.5
France or Switzerland
19.4
2.6
2.3
12.5
11.8
1.5
8.5
1.2
6.6
1.2
5.2
0.7
3.4
3.4
3.2
3.0
2.6
2.0
0.4
1.9
1.2
FdR
DES
GTC
GTC
S Immo
Klepierre
Pro forma CAI & IF
Atrium
DIC Asset
Pro forma CAI & IF
Atrium
Klepierre
Gecina
Icade
SFL
CA Immo
CA Immo
Alstria
Unibail - Rodamco
IMMOFINANZ
Unibail - Rodamco
IMMOFINANZ
S Immo
Segro
Note: Ranking as per last reported GAVs; CA Immo including pro-rata share of at-equity investments; IMMOFINANZ figures exclude Russian properties, GAV including Russia is €4.5 billion; Alstria incl
Deutsche Office; DES has exposure to CEE region via Galeria Baltycka in Gdansk (Poland) and Árkád in Pécs (Hungary), DES CEE GAV na
(a) GAV of investment property/standing assets excl. development
Source: IMMOFINANZ and CA Immo company information, Latest company information of peers
Q1-2 2016A – 25Among the leaders in the major German office markets with strong combined
development capabilities
Geographic breakdown of development pipeline (a) Complementary development capabilities
CA Immo Existing landbank reserves secures organic growth strategy over the next decade
Others Both companies with successful track record of project development for own use
~14% or disposal to third parties
With a combined development pipeline of c. €1.5-2.0 billion with a strong focus on
the key European market Germany, the high quality pipeline value will be a
significant driver of future stable growth
Germany
~86% CA Immo + IMMOFINANZ
Others CA Immo
~22%
High quality landbank of ~€300m in Germany with estimated potential of c.€2bn
valuation when fully developed
Focus on office project development in Germany (e.g. Tower One in Frankfurt,
Cube in Berlin, Nymphenburg and Neo in Munich)
Germany
~78%
IMMOFINANZ
IMMOFINANZ Focus on office project development in Germany and retail products /
STOP.SHOP & VIVO! in other core countries; significant land bank to use for
Others
project development
~29%
Combined
Germany Significant development activities in key growth regions in Germany (Berlin,
~71% Cologne, Dusseldorf, Frankfurt and Munich)(b)
Note: IMMOFINANZ excluding pipeline projects and Russia development; figures as of 31-Oct-16 for IMMOFINANZ and 30-Sep-16 for CA Immo
(a) Value of CA Immo development pipeline of approximately €800 million (inclusive of landbank and estimated development costs but not including equity accounted development projects) and for IMMOFINANZ of approximately €1,000
million (inclusive of outstanding development costs) (b) Additional development activities in Germany are in Aachen, Mainz and Regensburg
Source: IMMOFINANZ and CA Immo company information
Q1-2 2016A – 26Highly liquid and investable stock with re-rating potential
Highly liquid… …with significant re-rating potential
Daily trading volume CEE players (6m ADTV, €m) Re-rating potential to peer group average
Relative level
0.34% 0.34% 0.28% 0.08% 0.11% 0.12%
of liquidity (a) Current and
potential discount (33.2%) (17.9%) (39.7%) (17.9%) (36.8%) (17.9%)
8.4 to NAV (%)
Current and potential
5.2 market capitalization
(€m)
3.2 5,000
4,513
0.5 0.5 0.4 4,500
CA Immo
Combined re-
GTC
Atrium
IMMOFINANZ &
S Immo
IMMOFINANZ
4,000
rating potential 3,475
CA Immo
3,500 of 29.8%
3,000
2,492
2,500
… and investable stock… 2,021 1,831
2,000
Continental European commercial Real Estate (free float market cap, €bn) 1,644
1,500
22.2
9.1
1,000
4.3
3.7
500
2.7
2.4
1.7
1.5
1.5
1.2
1.0
0.6
0.6
0.4
0.3
0.1
-
CA Immo IMMOFINANZ CA Immo +
Klepierre
GTC
FdR
TLG
Gecina
DES
Atrium
DIC Asset
IMMOFINANZ &
alstria
S Immo
Icade
CA Immo
SFL
Unibail - Rodamco
IMMOFINANZ
IMMOFINANZ
CA Immo
Note: Re-rating potential represents an indication in a potential scenario of closing discount gap between
Note: 6M ADTV and relative liquidity based on all European trading platforms (as per Bloomberg). Not reflecting a peers and a combined entity and is not meant to be a valuation; Calculated based on the simple average of
potential impact of the spin-off of IMMOFINANZ Russian portfolio peer group consisting relevant German, Austrian and CEE peers (IMMOFINANZ, CA Immo, alstria, Atrium,
(a) Calculated as average daily trading volume /free float (in shares) DES, DIC Asset, GTC, S Immo, TLG). Not reflecting a potential impact of the spin-off of IMMOFINANZ
Source: Bloomberg, Company information, Factset as of 9-Jan-17 Russian portfolio
Q1-2 2016A – 27CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1-2 2016A Results
06 Appendix
Q1-2 2016A – 28PROPERTY PORTFOLIO
STANDING DEVELOPMENT REAL ESTATE PIPELINE PROPERTY PROPERTY
DATA NUMBER OF INVESTMENTS PROJECTS INVENTORIES PROJECTS PORTFOLIO PORTFOLIO
AS OF 31 OCTOBER 2016 PROPERTIES IN MEUR IN MEUR IN MEUR IN MEUR IN MEUR IN %
Austria 134 997.2 34.0 0.3 11.2 1,042.6 19.9%
Germany 23 83.7 290.6 88.1 0.0 462.3 8.8%
Czech Republic 22 371.7 21.4 0.0 0.9 394.0 7.5%
Hungary 30 433.8 3.7 0.0 31.6 469.1 8.9%
Poland 28 592.8 5.4 6.2 4.0 608.4 11.6%
Romania 76 633.3 44.8 1.7 173.5 853.2 16.3%
Russia 6 1,072.8 0.0 0.0 4.1 1,076.9 20.5%
Slovakia 15 176.0 42.7 0.0 1.1 219.8 4.2%
Non-core countries1 17 97.7 10.0 0.2 8.8 116.7 2.2%
IMMOFINANZ 351 4,459.0 452.5 96.5 235.1 5,243.1 100.0%
85.0% 8.6% 1.8% 4.5% 100.0%
85.0% 8.6% 71.2% 28.8%
Standing investments Development projects Eastern Europe Western Europe
4.5%
Real estate inventories
1.8%
Pipeline projects
1 In declining order based on the carrying amount: Slovenia, Serbia, Croatia, Bulgaria and Ukraine
Q1-2 2016A – 29STANDING INVESTMENTS
DATA NUMBER OF CARRYING AMOUNT CARRYING AMOUNT RENTABLE SPACE RENTED SPACE OCCUPANCY RATE
AS OF 31 OCTOBER 2016 PROPERTIES IN MEUR IN % IN SQM IN SQM IN %
Austria 127 997.2 22.4% 515,617 443,352 86.0%
Germany 5 83.7 1.9% 34,174 28,045 82.1%
Czech Republic 20 371.7 8.3% 236,301 194,503 82.3%
Hungary 23 433.8 9.7% 281,926 248,347 88.1%
Poland 20 592.8 13.3% 288,693 267,279 92.6%
Romania 20 633.3 14.2% 344,957 316,542 91.8%
Russia 5 1,072.8 24.1% 278,459 229,327 82.4%
Slovakia 12 176.0 3.9% 90,819 89,486 98.5%
Non-core countries 10 97.7 2.2% 75,369 61,332 81.4%
IMMOFINANZ 242 4,459.0 100.0% 2,146,314 1,878,213 87.5%
DATA RENTAL INCOME GROSS RETURN CARRYING AMOUNT FINANCING FINANCING COSTS LTV
AS OF 31 OCTOBER 2016 Q2 2016A IN MEUR1 IN % FINANCING IN MEUR COSTS IN %2 INCL. DERIVATIVES IN % IN %
Austria 13.8 5.5% (6.4%) 521.1 1.9% 2.8% 52.3%
Germany 1.3 6.2% (7.6%) 41.9 1.3% 1.5% 50.1%
Czech Republic 5.6 6.0% (7.3%) 120.6 2.0% 2.4% 32.4%
Hungary 6.6 6.1% (6.9%) 140.2 1.9% 2.2% 32.3%
Poland 8.8 5.9% (6.4%) 371.5 1.9% 2.2% 62.7%
Romania 11.2 7.1% (7.7%) 193.7 3.3% 4.2% 30.6%
Russia 17.8 6.6% (8.1%) 700.4 7.7% 7.7% 65.3%
Slovakia 3.3 7.4% (7.5%) 70.7 3.1% 3.5% 40.2%
Non-core countries 1.8 7.2% (8.8%) 39.7 3.2% 3.6% 40.6%
IMMOFINANZ 70.1 6.3% (7.2%) 2,199.8 3.9% 4.3% 49.3%
Development and
pipeline projects 1.5 277.7 1.6% 1.8%
In Q2 2016A: properties sold
or reported as held for sale 4.9 0.0 0.0% 0.0%
Investment financing 0.0 122.0 0.7% 0.7%
Group financing 0.0 836.8 3.9% 3.9%
IMMOFINANZ 76.5 3,436.3 3.5% 3.8%
Market value of property
portfolio 5,243.1
Market value of BUWOG
shares (10 million shares)3 219.3
EPRA NAV CA Immo shares
(25.7 million shares)4 674.4
Cash and cash equivalents -359.5
Properties / liabilities held
for sale (asset & share deals) 221.7 254.3
IMMOFINANZ 3,298.5 51.6%
1 Rental income based on the primary use of the property (rental income reported in the income statement is based
on the actual use of the property; marginal differences to the income statement are therefore possible) 3 10 million BUWOG shares multiplied by the stock exchange closing price of EUR 22.015 on 31 October 2016
2 Financing costs based on nominal outstanding liability 4 25.7 million shares of CA Immobilien Anlagen AG at the EPRA NAV of EUR 26.25 per share as of 30 September 2016
Values in brackets = adjusted for occupancy
Q1-2 2016A – 30ASSET CLASS RETAIL
TENANT MIX – RETAIL,
EXCLUDING RUSSIA
ASSET CLASS RETAIL
6.3%
Number of properties 164 12.2% Elec- 5.7% 5.0%
Food tronics Shoes Furniture
Carrying amount in MEUR 2,326.8
Rentable space in sqm 1,106,797
Occupancy rate 92.1%
Rental inc. Q2 2016A in MEUR1 41.6
30.0% 6.6% 5.8% 5.2% 23.2%
Gross return 7.1% (7.8%) Fashion Enter- Health Sports Other
tain- & Beauty
1 Rental income based on the primary use of the property
(rental income reported in the income statement is based on the actual use of the property; ment
marginal differences to the income statement are therefore possible)
Values in brackets = adjusted for occupancy
Data as of 31 October 2016
> Focus on secondary and tertiary cities
> Long-lasting networks with international
and local retailers
> Established brand policy: STOP SHOP and VIVO!
> Focus on optimised tenant mix and inclusion
of leisure and entertainment alternatives
Tarasy Zamkowe, Lublin, 38,000 sqm
Q1-2 2016A – 31STANDING INVESTMENTS – THE RETAIL
46.1%
SECTOR IN THE IMMOFINANZ CORE MARKETS RUSSIA
RUSSIA 46.1%
Number of properties 5
Carrying amount in MEUR 1,072.8
Rentable space in sqm 278,459
Occupancy rate 82.4%
Rental income Q2 2016A (MEUR)1 17.8
Gross return 6.6% (8.1%)
ROMANIA 12.9% 9.9%
POLAND
Number of properties 5
Carrying amount in MEUR 299.3
Rentable space in sqm 147,317
Occupancy rate 97.5%
Rental income Q2 2016A (MEUR)1 6.0
Gross return 8.0% (8.2%)
5.7%
CZECH REPUBLIC
POLAND 9.9% IMMOFINANZ 100.0%
Number of properties 10 7.6% Number of properties 164
Carrying amount in MEUR 230.1 SLOVAKIA
Carrying amount in MEUR 2,326.8
Rentable space in sqm 126,919
Occupancy rate 95.3% 7.9% Rentable space in sqm
Occupancy rate
1,106,797
92.1%
AUSTRIA
Rental income Q2 2016A (MEUR)1
Gross return
3.7
6.5% (6.8%)
7.0% Rental income Q2 2016A (MEUR)1
Gross return
41.6
7.1% (7.8%)
HUNGARY
AUSTRIA 7.9%
Number of properties 100 Data as of 31 October 2016
12.9%
Carrying amount in MEUR 184.4 1 Rental income based on the primary use of the property ROMANIA
Rentable space in sqm 189,650 (rental income reported in the income statement is based on the actual
Occupancy rate 92.6% use of the property; marginal differences to the income statement are
therefore possible)
Rental income Q2 2016A (MEUR)1 4.0 2 Non-core countries: Slovenia and Serbia
Gross return 8.7% (9.4%) Values in brackets = adjusted for occupancy
SLOVAKIA 7.6% HUNGARY 7.0% CZECH REPUBLIC 5.7% NON-CORE COUNTRIES2 3.0%
Number of properties 12 Number of properties 12 Number of properties 12 Number of properties 8
Carrying amount in MEUR 176.0 Carrying amount in MEUR 163.1 Carrying amount in MEUR 132.1 Carrying amount in MEUR 69
Rentable space in sqm 90,819 Rentable space in sqm 118,285 Rentable space in sqm 105,599 Rentable space in sqm 49,750
Occupancy rate 98.5% Occupancy rate 92.4% Occupancy rate 97.5% Occupancy rate 96.9%
Rental income Q2 2016A (MEUR)1 3.3 Rental income Q2 2016A (MEUR)1 2.9 Rental income Q2 2016A (MEUR)1 2.5 Rental income Q2 2016A (MEUR)1 1.4
Gross return 7.4% (7.5%) Gross return 7.2% (7.8%) Gross return 7.6% (7.8%) Gross return 7.9% (8.1%)
Q1-2 2016A – 32ASSET CLASS OFFICE
Business Park Vienna, 168,500 sqm
ASSET CLASS OFFICE
Number of properties 69
Carrying amount in MEUR 2,120.6
Rentable space in sqm 1,028,949
Occupancy rate 82.7%
Rental inc. Q2 2016A in MEUR1 28.4
Gross return 5.4% (6.5%)
1 Rental income based on the primary use of the property
(rental income reported in the income statement is based on the actual use of the property;
marginal differences to the income statement are therefore possible)
Values in brackets = adjusted for occupancy
Data as of 31 October 2016
> Focus only on capital cities of our core countries
and Big-7 cities in Germany
> Overall size and relevant market position ensure
high flexibility and synergies
> “More than office” concept guarantees high service
approach
> Increasing occupancy rate: refurbishment offensive
launched / strong sales orientation
Nimbus, Warsaw, 21,000 sqm
Q1-2 2016A – 33STANDING INVESTMENTS – THE OFFICE
SECTOR IN THE IMMOFINANZ CORE MARKETS
AUSTRIA 38.1% 3.9% 17.1%
POLAND
Number of properties 24 GERMANY
Carrying amount in MEUR 808.3
Rentable space in sqm 324,316
Occupancy rate 82.2%
Rental income Q2 2016A (MEUR)1 9.7
Gross return2 4.8% (5.9%)
11.3%
CZECH REPUBLIC
POLAND 17.1% IMMOFINANZ 100.0%
Number of properties 10 Number of properties 69
Carrying amount in MEUR 362.7 Carrying amount in MEUR 2,120.6
Rentable space in sqm 161,774
Occupancy rate 90.4% 38.1% Rentable space in sqm
Occupancy rate
1,028,949
82.7%
AUSTRIA
Rental income Q2 2016A (MEUR)1
Gross return2
5.0
5.6% (6.2%)
12.8% Rental income Q2 2016A (MEUR)1
Gross return2
28.4
5.4% (6.5%)
HUNGARY
ROMANIA 15.4%
Number of properties 9 Data as of 31 October 2016
1 Rental income based on the primary use of the property
15.4%
Carrying amount in MEUR 326.9 (rental income reported in the income statement is based on the actual ROMANIA
Rentable space in sqm 188,723 use of the property; marginal differences to the income statement are
Occupancy rate 87.9% therefore possible)
2 Gross return excl. properties used by IMMOFINANZ: 5.3%
Rental income Q2 2016A (MEUR)1 5.2 3 Non-core countries: Croatia and Bulgaria
Gross return2 6.3% (7.2%) Values in brackets = adjusted for occupancy
HUNGARY 12.8% CZECH REPUBLIC 11.3% GERMANY 3.9% NON-CORE COUNTRIES3 1.4%
Number of properties 11 Number of properties 8 Number of properties 5 Number of properties 2
Carrying amount in MEUR 270.7 Carrying amount in MEUR 239.6 Carrying amount in MEUR 83.7 Carrying amount in MEUR 28.7
Rentable space in sqm 163,641 Rentable space in sqm 130,702 Rentable space in sqm 34,174 Rentable space in sqm 25,619
Occupancy rate 85.0% Occupancy rate 70.1% Occupancy rate 82.1% Occupancy rate 51.2%
Rental income Q2 2016A (MEUR)1 3.7 Rental income Q2 2016A (MEUR)1 3.1 Rental income Q2 2016A (MEUR)1 1.3 Rental income Q2 2016A (MEUR)1 0.4
Gross return2 5.5% (6.4%) Gross return2 5.2% (7.4%) Gross return2 6.2% (7.6%) Gross return2 5.6% (10.9%)
Q1-2 2016A – 34ACTIVE DEVELOPMENTS
GERMANY 64.2%
Number of properties 10
Carrying amount in MEUR 290.6
Outstanding construction costs in MEUR 281.1
Planned rentable space in sqm 131,529
Expect. fair value after completion in MEUR 617.8
Expect. rental inc. at full occupancy in MEUR 29.7
Yield on cost in % at full occupancy 5.2%
ROMANIA 9.9%
Number of properties
Carrying amount in MEUR
2
44.8 64.2% 1.2%
Outstanding construction costs in MEUR 50.0 POLAND
GERMANY
Planned rentable space in sqm 58,995
Expect. fair value after completion in MEUR 105.4
Expect. rental inc. at full occupancy in MEUR 10.1
Yield on cost in % at full occupancy 10.6%
SLOVAKIA 2
9.4% 4.7%
Number of properties 2 CZECH REPUBLIC IMMOFINANZ 100%
Carrying amount in MEUR
Outstanding construction costs in MEUR
42.7
9.6
9.4% Number of properties 20
Planned rentable space in sqm 35,584 SLOVAKIA Carrying amount in MEUR 452.5
Outstanding construction costs in MEUR 375.3
Expect. fair value after completion in MEUR
Expect. rental inc. at full occupancy in MEUR
52.3
5.1
7.5% Planned rentable space in sqm 300,026
AUSTRIA
Yield on cost in % at full occupancy 9.8% 0.8% Expect. fair value after completion in MEUR
Expect. rental inc. at full occupancy in MEUR
889.0
54.2
AUSTRIA 7.5% POLAND 1.2% HUNGARY Yield on cost in % at full occupancy 6.6%
Number of properties 2 Number of properties 1
Carrying amount in MEUR 34.0 Carrying amount in MEUR 5.4 9.9%
Outstanding construction costs in MEUR 0.0 Outstanding construction costs in MEUR 26.5 ROMANIA
Planned rentable space in sqm 21,691 Planned rentable space in sqm 21,239 1 Expansion of an existing
Expect. fair value after completion in MEUR 34.0 Expect. fair value after completion in MEUR 36.4 STOP SHOP
2 Modernisation of two existing
Expect. rental inc. at full occupancy in MEUR 2.4 Expect. rental inc. at full occupancy in MEUR 2.9 office properties
Yield on cost in % at full occupancy 7.0% Yield on cost in % at full occupancy 9.2% Data as of 31 October 2016
1
CZECH REPUBLIC 4.7% HUNGARY 0.8% NON-CORE COUNTRIES 2.2%
Number of properties 1 Number of properties 0 Number of properties 2
Carrying amount in MEUR 21.4 Carrying amount in MEUR 3.7 Carrying amount in MEUR 10.0
Outstanding construction costs in MEUR 8.1 Outstanding construction costs in MEUR 0.0 Outstanding construction costs in MEUR 0.0
Planned rentable space in sqm 21,803 Planned rentable space in sqm 2,081 Planned rentable space in sqm 7,104
Expect. fair value after completion in MEUR 29.5 Expect. fair value after completion in MEUR 3.7 Expect. fair value after completion in MEUR 10.0
Expect. rental inc. at full occupancy in MEUR 3.0 Expect. rental inc. at full occupancy in MEUR 0.2 Expect. rental inc. at full occupancy in MEUR 0.8
Yield on cost in % at full occupancy 10.1% Yield on cost in % at full occupancy 6.3% Yield on cost in % at full occupancy 8.3%
Q1-2 2016A – 35CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1-2 2016A Results
06 Appendix
Q1-2 2016A – 36FINANCING – RATIONALE OF THE LATEST LIABILITY
MANAGEMENT TRANSACTION
Reduction of financing costs (fully effective from April 2018 on)
> Convertible Bonds 2018 (March 2018), MEUR 287.3 nominal value, 4.25% coupon
> Convertible Bonds 2017 (November 2017), MEUR 21.4 nominal value, 1.25% coupon MEUR 27.1 interest p.a.
> Corporate Bonds 2017 (July 2017), MEUR 100.0 nominal value, 5.25% coupon
> New Convertible Bond 2024, MEUR 297.2 nominal value, 2.00% 1 coupon MEUR 5.9 interest p.a.
Result > Positive effect on FFO by MEUR 21.1 p.a.
Redemption of outstanding bonds in 2017 and 2018 already secured:
Convertible Bonds 2018
MEUR 287.3
(reduced volume)
Convertible Bonds 2017 MEUR 21.4
Corporate Bonds 2017 MEUR 100.0 > Redemption of outstanding bonds in 2017 and 2018 means cash outflow
MEUR -408.7 of up to MEUR -408.7 (assumption: CB 2018 not “in the money” at
maturity, no further conversions into shares)
Convertible Bonds 2024 (net
MEUR 182.4
cash inflow)2 > Approx. 4.5 mn BUWOG shares free after incentivised conversion of CB
Disposal of 4.5 mn BUWOG 2018 – Placement already took place
MEUR 97.4
shares (total net proceeds)3
Market value of remaining
MEUR 104.3 > Further 4.7 mn BUWOG shares serve as underlying – either delivered to
4.7 mn BUWOG shares4 bondholders or free to sell after maturity of CB 2018
MEUR 384.1
1 With 0.50% step down in case of investment grade rating | 2 Issue volume of MEUR 297.2 minus cash payments and fees for the incentivised conversion of the CB 2018
3 Placed through an accelerated bookbuilding on 1 Feb 2017; transaction was settled on 6 Feb 2017 | 4 Closing price of EUR 22.3 on 3 Feb 2017
Q1-2 2016A – 37FINANCING – MATURITY SCHEDULES
TERM STRUCTURE OF FINANCIAL LIABILITIES BY FINANCIAL YEAR AS OF 31 OCTOBER 2016 IN MEUR
MEUR Historical
refinancing volumes
1,600 Scheduled instalment
Scheduled instalment paid
In January 2017, IMMOFINANZ has partly refinanced its
Property financing end of maturity
1,400 4.25% convertible bonds due in 2018 by an incentivised
conversion invitation to the holders. The outstanding volume Property financing end of maturity
was thereby reduced to MEUR 287.3. Concurrently, the already refinanced
company has placed 2% convertible bonds due in 2024 with a Convertible bonds
1,200 volume of MEUR 297.2* (Put option 2022). Group financing
Corporate bond
Financing secured by cash collateral
1,000
Cash and cash equivalents
(as of 31 October)
800 *
600
400
200
FY FY 2016 Starting in
2014/15 2015/16 (8 months) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Weighted average interest rate excl. derivatives costs 3.54% and excl. derivatives costs and excl. Russia 2.55%;
weighted average term to maturity: 3.5 years; net LTV: 51.6%1
1 Net LTV = Total debt less cash and cash equivalents in relation to property value plus market value of BUWOG and EPRA NAV of CAI shares
Q1-2 2016A – 38FINANCING – STRUCTURE
OUTSTANDING WEIGHTED
LIABILITY1 AVERAGE INTEREST SHARE OF SHARE OF FIXED FLOATING
IN TEUR RATE EXCL. FIXED FLOATING INTEREST INTEREST
AS OF 31 OCT 2016 DERIVATIVES2 INTEREST IN %2 INTEREST IN %2 RATE2 RATE2
Convertible bonds in EUR 525,259.4 4.23% 100.00% 0.00% 4.23% n/a
Corporate bond in EUR 101,530.1 5.25% 100.00% 0.00% 5.25% n/a
Bank liabilities in EUR 2,330,838.3 2.05% 4.60% 95.40% 0.86% 2.11%
Bank liabilities in USD 700,393.1 7.74% 0.00% 100.00% n/a 7.74%
IMMOFINANZ 3,658,020.8 3.54% 20.11% 79.89% 3.88% 3.46%
FINANCIAL LIABILITIES
6.93%
Deutsche Bank
3.82%
9.86% Aareal
18.64% Sparkasse Bank 2.23%
SBERBANK KölnBonn Group HELABA
80.85% 19.15% 18.86% 13.95% 8.22% 3.51%
Financial liabilities in EUR Financial liabilities in USD UniCredit Raiffeisen Erste Nordea
Group Group Group
5.64% 8.35%
pbb Other
Deutsche
Pfandbriefbank
1 Including liabilities in discontinued operations and disposal groups
2 Calculation basis: actual remaining debt (nominal amount)
Q1-2 2016A – 39In January 2017, IMMOFINANZ has partly refinanced its
4.25% convertible bonds due in 2018 by an incentivised
conversion invitation to the holders. The outstanding volume
BONDS was thereby reduced to MEUR 287.3. Concurrently, the
company has placed 2% convertible bonds due in 2024 with a
volume of MEUR 297.2.
DATA AS OF CONVERTIBLE BOND 2017 CONVERTIBLE BOND 2018 CORPORATE BOND 2017 CONVERTIBLE BOND 2024
16 JANUARY 2017 ISIN XS0332046043 ISIN XS0592528870 ISIN AT0000A0VDP8 ISIN XS1551932046
Nominal value MEUR 21.4 MEUR 287.3 MEUR 100.0 MEUR 297.2
Denomination EUR 100,000 EUR 4.12 EUR 1,000 EUR 100,000
Repayment amount EUR 129,670 EUR 4.12 EUR 1,000 EUR 100,000
Security / ranking Unsecured, unsubordinated Unsecured, unsubordinated Unsecured, unsubordinated Unsecured, unsubordinated
Term 19 Nov. 2007 – 19 Nov. 2017 8 March 2011 – 8 March 2018 3 July 2012 – 3 July 2017 24 Jan. 2017 – 24 Jan. 2024
Coupon 1.25% 4.25% 5.25% 2.00%2
Dividend protection Adjustments to conversion price Adjustments to conversion price n/a Adjustments to conversion price
Put option 24 Jan. 2022
Conversion price 2.39
Quotation1 112.00% EUR 4.33 101.93% n/a
Adjusted conversion terms… 1.25% convertible bond 2017 4.25% convertible bond 2018
… currently applicable calculation One 2017 convertible bond One 2018 convertible bond certificate (nominal value of EUR 4.12) entitles conversion into 1.1908
method due to BUWOG spin-off: certificate (nominal value of EUR IMMOFINANZ shares and 0.0649 BUWOG shares. A share price of
(including BUWOG & IMMOFINANZ 100,000) entitles conversion into EUR 2.00 (IMMOFINANZ) and EUR 22.00 (BUWOG) corresponds to a share price value of EUR 3.81.
dividend 2016) 12,909.75 IMMOFINANZ shares
and 718.10 BUWOG shares.
5.0 CALCULATION FOR CB 2018 CONVERSION PRICE ADJUSTMENT
“In-the-money” line CB 2018 REGARDING IMMOFINANZ DIVIDEND IN EURO
4.5
Number of underlying shares old (per CB) 1.1573
4.0 Conversion price new = CP * (M - V) / M 3.46
3.56 * (2.1256 – 0.06) / 2.1256
3.5 Number of underlying shares new (per CB) 1.1908
(Number of underlying shares old / (conversion price new / conversion price old) 1.1573 / (3.46 / 3.56)
3.0
Market value of underlying shares
2.5 Input Factor “CP“ Conversion price old 3.56
Jan July Jan July Jan July Nov Input Factor “M“ Average market price 2.1256
2014 2014 2015 2015 2016 2016 2016 Input Factor “V“ Cash dividend 0.06
1 Stock Exchange Frankfurt as of 16 January 2017 | 2 With 0.50% step down in case of investment grade rating
Q1-2 2016A – 40CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1-2 2016A Results
06 Appendix
Q1-2 2016A – 41P&L Q1-2 2016A VS. Q1-2 2015/16
AMOUNTS IN MEUR Q1-2 Q1-2 CHANGE CHANGE COMMENT
AS OF 31 OCTOBER 2016 2016A 2015/16 ABSOLUTE IN %
1. Decline of MEUR -7.2 in RU; completions
Rental income 1 153.3 160.3 -7.0 -4.4%
and new rentals successfully offset the
Operating costs charged to tenants 48.6 46.5 2.1 4.6% decline in rental income from the sale of
Other revenues 4.2 4.4 -0.2 -4.2% properties
Revenues 206.1 211.2 -5.1 -2.4% 2. Higher maintenance due to
Expenses from investment property 2 -52.0 -64.2 12.2 19.0% refurbishments (by MEUR 7.7) more than
Operating expenses -46.8 -44.9 -1.9 -4.2% offset by lower vacancy costs
Results of asset management 107.3 102.1 5.2 5.1% (by MEUR 2.0), a decline in operating
costs charged to building owners
Results of property sales -2.5 6.1 -8.6 n/a
(by MEUR 4.9) due to lower property-
Results of property development 0.7 -5.6 6.3 n/a
based tax, and reduced receivables
Other operating income 8.2 19.2 -11.0 -57.4%
write-offs (by MEUR 10.2)
Other operating expenses 3 -26.1 -53.5 27.4 51.2% 3. Negative one-off effect in prior year
Results of operations 87.6 68.3 19.3 28.2% period from termination of investor
Revaluation of investment properties adjusted for 4 -104.1 24.0 -128.1 n/a lawsuits (MEUR -28.1)
foreign exchange effects
4. Foreign exchange-adjusted revaluation
Revaluation of investment properties resulting 5 -32.1 335.4 -367.5 n/a
from foreign exchange effects loss in RU (MEUR -95.1), positive effects
primarily in CZ (MEUR +9.5)
Goodwill impairment and other revaluation results -12.2 3.1 -15.2 n/a
5. Decline due to more stable ruble rate than
Operating profit (EBIT) -60.7 430.8 -491.5 n/a
in prior year period
Net financing costs -75.1 -80.1 5.0 6.2%
6. Offsetting item to currency-driven
Foreign exchange differences 6 35.4 -180.5 215.9 n/a revaluation loss in RU
Other financial results -11.0 -22.3 11.3 50.5% 7. Proportional share of profit of BUWOG
Gains/losses from equity-accounted investments 7 -33.1 79.8 -112.9 n/a (MEUR 29.5) und CA Immo (MEUR 7.5),
Taxes -20.3 -92.9 72.6 78.1% sale of BUWOG shares (MEUR 34.2),
Net profit for the period from continuing -164.8 134.9 -299.7 n/a and market-based valuation in accordance
operations with IFRS of the CA IMMO shares
Net profit for the period from discontinued 10.4 -1.7 12.1 n/a (MEUR -105.7)
operations
Net profit for the period -154.4 133.2 -287.6 n/a
Q1-2 2016A – 42LIKE-FOR-LIKE – RENTAL INCOME
On a like-for-like basis (i.e. comparable to the prior quarter, adjustments made for acquisitions, completions and sales), rental income in Q2 2016A
was stable overall and amounted to MEUR 68.3. In comparison to the prior quarter, rental income from Russia declined by MEUR 0.5 to MEUR
17.8, while there were slight increases in Germany, Hungary and the Czech Republic.
STANDING INVESTMENTS1, CARRYING CARRYING RENTAL RENTAL Q2 2016A GROSS GROSS
AMOUNTS IN MEUR NUMBER OF AMOUNT AMOUNT INCOME INCOME VS. RETURN RETURN
AS OF 31 OCTOBER 2016 PROPERTIES 31 OCT 2016 31 JULY 2016 Q2 2016A Q1 2016A Q1 2016A Q2 2016A Q1 2016A
Austria 123 902.3 916.0 12.3 12.6 -0.3 5.4% (6.3%) 5.5% (6.3%)
Germany 5 83.7 83.2 1.3 0.9 0.4 6.2% (7.6%) 4.5% (5.7%)
Czech Republic 20 371.7 361.8 5.6 5.4 0.2 6.0% (7.3%) 6.0% (7.3%)
Hungary 23 433.8 432.7 6.6 6.4 0.3 6.1% (6.9%) 5.9% (6.8%)
Poland 18 583.0 587.8 8.6 8.5 0.1 5.9% (6.4%) 5.8% (6.4%)
Romania 19 609.2 640.0 11.2 11.3 -0.1 7.3% (8.0%) 7.0% (7.8%)
Russia 5 1,072.8 1,114.6 17.8 18.3 -0.5 6.6% (8.1%) 6.6% (8.1%)
Slovakia 12 176.0 166.3 3.3 3.3 0.0 7.4% (7.5%) 7.9% (8.0%)
Non-core countries 10 97.7 93.9 1.8 1.8 0.0 7.2% (8.8%) 7.5% (9.6%)
IMMOFINANZ 235 4,330.2 4,396.4 68.3 68.5 -0.1 6.3% (7.2%) 6.2% (7.2%)
Rental income Q1-2 2016A from properties sold/ 8.1 Values in brackets = adjusted for occupancy
acquired and developments
IMMOFINANZ 76.5
Office 64 2,001.6 2,019.3 26.9 27.1 -0.2 5.4% (6.5%) 5.4% (6.6%)
Retail 162 2,317.0 2,358.2 41.3 41.3 0.1 7.1% (7.7%) 7.0% (7.7%)
Others 9 11.6 18.9 0.1 0.1 0.0 3.2% (4.1%) 1.3% (2.2%)
IMMOFINANZ 235 4,330.2 4,396.4 68.3 68.5 -0.1 6.3% (7.2%) 6.2% (7.2%)
Values in brackets = adjusted for occupancy
1 This calculation only includes the properties owned by IMMOFINANZ during both financial quarters, i.e. an adjustment was made for new 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
Q1-2 2016A – 43LIKE-FOR-LIKE – PROPERTY VALUATION
The currency-adjusted valuation result amounted to MEUR -102.7 in Q1-2 2016A (Q1-2 2015/16: MEUR 29.6), of which MEUR -95.0 (prior year
period: MEUR 2.4) was attributable to the Russian portfolio. This was primarily driven by the difficult market environment and numerous
completions and openings of new shopping centers in Moscow, as well as the resulting extensions of the rent reductions granted and fixed FX rates
for tenants. There were positive valuation effects in particular in the Czech Republic amounting to MEUR 9.5, mainly due to the improved market
environment.
STANDING INVESTMENTS1,
AMOUNTS IN MEUR NUMBER OF CARRYING AMOUNT VALUATION RESULT
AS OF 31 OCTOBER 2016 PROPERTIES 31 OCTOBER 2016 Q1-2 2016A COMMENT
Austria 123 902.3 -13.7 Portfolio optimisation in line with strategic reorientation
Germany 5 83.7 -0.6
Czech Republic 20 371.7 9.5 Positive market environment
Hungary 23 433.8 1.2
Poland 18 583.0 -5.8
Romania 19 609.2 -3.7
Russia 5 1,072.8 -95.0 Difficult market environment, extensions of rent reductions
Slovakia 12 176.0 2.8
Non-core countries 10 97.7 2.6
IMMOFINANZ 235 4,330.2 -102.7
Office 64 2,001.6 0.4
Retail 162 2,317.0 -103.0 Difficult market environment and extensions of rent reductions in
RU, portfolio optimisation in Austria
Others 9 11.6 -0.1
IMMOFINANZ 235 4,330.2 -102.7
1 This calculation only includes the properties owned by IMMOFINANZ during both financial quarters, i.e. an adjustment was made for new 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
Q1-2 2016A – 44FUNDS FROM OPERATIONS I & II
AMOUNTS IN MEUR Q1-2 Q1-2 CHANGE CHANGE
AS OF 31 OCTOBER 2016 2016A 2015/16 ABSOLUTE IN %
Gross cash flow before tax 84.1 68.1 15.9 23.3%
Gross cash flow before tax from discontinued -1.2 -19.7 -18.5 -94.1%
operations (in the gross cash flow included)
Expenses from property sales 2.2 2.9 -0.7 -22.8%
(in the gross cash flow included as an expense)
Expense for the settlement of investor claims 0.0 28.1 -28.1 >100%
Dividends received from equity-accounted 7.0 27.6 -20.6 -74.7%
investments
Interest or dividends received from financial 2.3 1.5 0.7 48.5%
instruments
Interest paid -65.2 -72.2 6.9 9.6%
Derivatives payments -12.2 -20.9 8.7 41.6%
FFO 1 16.9 15.6 1.4 8.8%
Results of property sales -2.5 6.1 -8.6 n/a
FFO 2 14.5 21.7 -7.3 -33.4%
Q1-2 2016A – 45BUSINESS UPDATE:
RUSSIA AS OF 31 OCTOBER 2016 (1)
OCCUPANCY RATE
~90.0%
86.2% 7.6Pp
82.4%
81.9% 81.0% 1.4Pp
-4.3Pp
-0.9Pp
FY 2014/15 FY 2015/16 Q1 2016A Q2 2016A FY 2016A
expected
LARGEST RENTALS
in sqm
RANKING BUILDING TENANT SQM
1 Rostokino Hamleys 4,800
2 Rostokino Podium Market 3,200
3 Rostokino Zamania 2,300
4 GOODZONE Familia 1,800
5 GOODZONE Detskiy Mir 1,400
Q1-2 2016A – 46BUSINESS UPDATE:
RUSSIA AS OF 31 OCTOBER 2016 (2)
TERM STRUCTURE OF FINANCIAL LIABILITIES
Values in MEUR
350
300 Property financing end of maturity
250 Property financing; scheduled repayments from rental income1
200
150
100
50
0
2017 2018 2019 2020 2021 2022
1 A reduction or suspension of principal repayments up to March 2017 was arranged for individual financial liabilities, a further suspension until March 2018 is in negotiation
PROPERTY APPRAISAL
Standing Investments EXTRAORDINARY
APPRAISAL
30 APRIL 20131 30 APRIL 2014 30 APRIL 2015 31 JANUARY 2016 30 APRIL 2016 31 OCTOBER 2016
Appraiser JLL JLL JLL CBRE CBRE CBRE
Prime yield2 9.0-9.5% 9.3-9.5% 10.8% 10.0% 10.0% 10.0%
Discount rate 11.75-12.00% 11.50-12.50% 12.50-13.75% 12.50-13.75% 12.50-13.75% 12.50-13.75%
Exit yield 10.75-11.00% 10.50-11.50% 11.50-12.25% 11.00-12.25% 11.00-12.25% 11.00-12.25%
Occupancy rate 99.1% 93.3% 86.2% 84.5% 81.9% 82.4%
Fair value (MEUR) 1,575.4 1,710.2 1,536.5 1,234.7 1,114.6 1,072.8
LTV 42.2% 37.7% 48.0% 59.2% 60.1% 65.3%
Gross yield 11.0% 9.7% 8.9% 6.4% 6.8% 6.6%
Gross return (occupancy-adj.) 11.1% 10.4% 10.3% 7.6% 8.3% 8.1%
1 Excl. GOODZONE
2 Source: JLL (30 April 2013 to 30 April 2015) respectively Colliers (up to 31 January 2016)
Q1-2 2016A – 47BUSINESS UPDATE:
RUSSIA AS OF 31 OCTOBER 2016 (3)
RENTAL INCOME (LIKE-FOR-LIKE) FOOTFALL
Values in MEUR Values in million
18.3 17.8 18.7
-2.7% -6.9% 17.4
Q1 2016A Q2 2016A Q1-2 2015/16 Q1-2 2016A
CONTRACT EXPIRATION PROFILE RUSSIA RENT RECEIVABLES RUSSIA
Values in MEUR
14% up to 31 October 2017
1% up to 31 October 2018 10.4
3% up to 31 October 2019
8.5
-18.3%
16% up to 31 October 2020
66% as of 1 November 2020
0% unlimited
31 July 2016 31 October 2016
Q1-2 2016A – 48CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1-2 2016A Results
06 Appendix
Q1-2 2016A – 49KEY FIGURES
ASSET DATA 31 OCT 2016 STOCK EXCHANGE DATA 31 OCT 2016
Balance sheet total in MEUR 7,200.6 Book value per share in EUR 2.78
Equity as % of the balance sheet total in % 37.2% Share price at end of period in EUR 1.96
Net financial liabilities in MEUR 3,298.5 Discount of share price to diluted NAV per share in % 37.6%
Cash and cash equivalents in MEUR 359.5 Number of shares 975,955,651
Loan to value ratio (net) in % 51.6% Thereof number of treasury shares 9,999,973
Gearing in % 117.4% Market capitalisation at end of period in MEUR 1,915.8
Average interest rate on financial liabilities, incl. hedging in % 3.8% Earnings per share in EUR -0.16
Average term of financial liabilities in years 3.5 Earnings per share (diluted) in EUR -0.16
EPRA INDICATORS 31 OCT 2016 EARNINGS DATA Q1-2 2016A
EPRA Net Asset Value in MEUR 3,036.7 Rental income in MEUR 153.3
EPRA Net Asset Value per share in EUR 3.14 Results of asset management in MEUR 107.3
EPRA Triple Net Asset Value in MEUR 2,972.1 Results of property sales in MEUR -2.5
Results of property development in MEUR 0.7
EPRA Triple Net Asset Value per share in EUR 3.08
Results of operations in MEUR 87.6
Revaluations in MEUR -132.4
EPRA earnings in EUR -46.7
EBIT in MEUR -60.7
EPRA earnings per share in EUR -0.05
Financial results in MEUR -83.8
EPRA earnings after in MEUR 3.8
company-specific adjustments EBT in MEUR -144.5
EPRA earnings per share after in EUR 0.00 Net profit or loss in MEUR -154.4
company-specific adjustments FFO 1 (excl. results of property sales) in MEUR 16.9
EPRA Net Initial Yield in % 5.4% FFO 2 (incl. results of property sales) in MEUR 14.5
Q1-2 2016A – 50TOTAL ECONOMY AND MARKETS
OFFICE (Q1 2016A) RETAIL2 (Q1 2016A)
PRIME RENTS
AVERAGE ANCHOR PRIME RENTS
MARKET DATA VACANCY RATE PRIME RENTS RENTS YIELD VACANCY RATE TENANTS OTHER TENANTS YIELD
CORE MARKET/CITY1 IN % IN EUR/SQM IN EUR/SQM IN % IN % IN EUR/SQM IN EUR/SQM IN %
GER/Düsseldorf 8.3% 26.0 15.0 4.5% n/a n/a n/a n/a
GER/Cologne 5.9% 18.2 11.3 5.0% n/a n/a n/a n/a
AT/Vienna 6.4% 25.5 14.0 4.5% n/a n/a 130.0 4.8%
PL/Warsaw 14.1% 22.0 14.3 6.0% 3.1% 15.5 110.0 5.0%
RO/Bucharest 14.0% 17.0 14.5 7.5% 10.0% 20.0 65.0 7.5%
RU/Moscow n/a n/a n/a n/a 8.0% USD 100.00 USD 248.00 10.0%
SK/Bratislava 8.1% 15.5 11.0 7.0% n/a 15.0 37-40 5.8%
CZ/Prague 13.9% 19.5 13.2 5.3% n/a n/a 110.0 5.5%
HU/Budapest 11.3% 18.0 12.8 7.1% 4.0% 35.0 75.0 7.3%
Source: 1 Colliers, EHL (for the office market in Vienna); 2 Colliers; EHL (for Vienna shopping centers)
UNEMPLOYMENT ANNUAL GROSS NATIONAL DEFICITS/ FORECASTED GDP FORECASTED GDP
RATE INFLATION RATE DEBT 2015 SURPLUS 2015 GDP GROWTH GROWTH RATE GROWTH RATE
ECONOMIC DATA IN APRIL 20161 IN APRIL 20161 (IN % OF GDP) (IN % OF GDP) RATE 20152 2016 2017
Germany 4.2% -0.3% 71.2% 0.7% 1.7% 1.6% 1.6%
Austria 5.8% 0.6% 86.2% -1.2% 0.9% 1.5% 1.6%
Poland 6.3% -0.5% 51.3% -2.6% 3.6% 3.7% 3.6%
Romania 6.4% -2.6% 38.4% -0.7% 3.8% 4.2% 3.7%
Russia3 5.6% 15.6% 13.5% -2.4% -3.7% -1.9% 1.1%
Slovakia 10.2% -0.4% 52.9% -3.0% 3.6% 3.2% 3.3%
Czech Republic 4.1% 0.5% 41.1% -0.4% 4.2% 2.1% 2.6%
Hungary 5.6% 0.3% 75.3% -2.0% 2.9% 2.5% 2.8%
EU 28 8.7% -0.2% 85.2% -2.4% 2.0% 1.8% 1.9%
Euro zone (19 countries) 10.2% -0.2% 90.7% -2.1% 1.7% 1.6% 1.8%
Source: 1 Eurostat; 2 European Commission spring forecast; per cent change versus previous year (2015 - 2017); 3 World Bank, Russia Economic Report, April 2016
Q1-2 2016A – 51STRUCTURE
PRIVATE AND INSTITUTIONAL INVESTORS BY COUNTRY
PRIVATE AND INSTITUTIONAL INVESTORS
32.2% 3.5% 62.8%
Private Austria Not identified Institutional investors
1.0% 0.5%
Treasury shares Private other
INSTITUTIONAL INVESTORS BY COUNTRY
5.1%
Other
25.8% 4.4% 3.3% 2.7% 1.3% incl.
Austria CY UK NL FR trading
10.7% 3.6% 3.0% 2.2% 0.7%
USA NOR PL GER CH
Source: IPREO, August 2016
Q1-2 2016A – 52CONTACT DETAILS AND FINANCIAL CALENDAR
INVESTOR RELATIONS
+43 (0)1 88 090
E-Mail: investor@immofinanz.com
www.immofinanz.com
FINANCIAL CALENDAR TICKER SYMBOLS
FY 2016A results 06 April 2017 Vienna Stock Exchange IIA
FY 2016A press conference 07 April 2017 Warsaw Stock Exchange IIA
FY 2016A report 07 April 2017 ISIN AT0000809058
Q1 2017 report 30 May 2017 Reuters IMFI.VI
24th annual general meeting 01 June 2017 Bloomberg IIA AV
ADR PROGRAMME
Ticker symbol: IMNZY CUSIP: 45253U201 ISIN: US45253U2015 ADR-Ratio: 1 ADR: 4 Ordinary Shares
Depositary bank: Deutsche Bank Trust Company Americas
ADR broker helpline: E-Mail: adr@db.com
New York: +1 212 250 9100 ADR Website: www.adr.db.com
London: +44 207 547 6500 Depositary bank’s local custodian: Deutsche Bank, Frankfurt
1 Publication is scheduled after the close of trading on the Vienna Stock Exchange
Q1-2 2016A – 53You can also read
