immofinanz group full year results fy 2012 13

1

Full Year Results

FY 2012/13 August 2013

EN

2

HISTORIC KEY FIGURES DEVELOPMENT

6,515

7,877

4,565

5,157

5,170

5,518

5,327

3000

4000

5000

6000

7000

8000

9000

FY2006/07

FY2007/08

FY2008/09

FY2009/10

FY2010/11

FY2011/12

FY2012/13

Equity in EUR mill.

8,773

10,824

8,705

9,117 9,360

10,406

10,488

8000

9000

10000

11000

FY2006/07

FY2007/08

FY2008/09

FY2009/10

FY2010/11

FY2011/12

FY2012/13

Property portfolio in EUR mill.

378.9

501.3

546.7

541.7

578.9

585.7

655.8

300

400

500

600

700

FY2006/07

FY2007/08

FY2008/09

FY2009/10

FY2010/11

FY2011/12

FY2012/13

Rental income in EUR mill.

724.9 375.0

-3,051.1

195.6

313.5

271.2

110.8

-4000

-3000

-2000

-1000

0

1000

FY2006/07

FY2007/08

FY2008/09

FY2009/10

FY2010/11

FY2011/12

FY2012/13

Net profit for the period in EUR mill.

229.1

306.2

310.5

364.9 458.7

470.1 542.1

100

200

300

400

500

600

FY2006/07

FY2007/08

FY2008/09

FY2009/10

FY2010/11

FY2011/12

FY2012/13

Results of operations (EBITDA) in EUR mill.

219.6

233.7

-38.1

300.2

262.8

268.4 341.01

-100

0

100

200

300

400

FY2006/07

FY2007/08

FY2008/09

FY2009/10

FY2010/11

FY2011/12

FY2012/13

Recurring FFO in EUR mill.

1) Recurring FFO: Gross cash flow (408.5 EUR mill.) + Interest received (20.8 EUR mill.) - Interest paid (166.5 EUR mill.) - Cashflow outflows for derivative transactions

(32.5 EUR mill.) + Result of property sales (110.8 EUR mill.)

3

1 May 2012 - 30 April 2013

1 May 2011 - 30 April 2012

OVERVIEW: RESULTS FY 2012/13 VS.

FY 2011/12

All amounts in MEUR. Data as of 30 April 2013

+15.1% Results of asset management

+108.3% Results of property sales

n.a. Results of property development

-0.7% Expenses not directly attributable

+15.3% Results of operations

-26.6% Operating profit (EBIT)

-59.1% Net profit for the period

+27.1% Recurring FFO

445.9

513.0

53.2

110.8

30.1

-18.4

-99.2

-98.5

470.1

542.1

692.9

508.9

271.2

110.8

268.4

341.01

1) Recurring FFO: Gross cash flow (408.5 EUR mill.) + Interest received (20.8 EUR mill.) - Interest paid (166.5 EUR mill.) -

Cashflow outflows for derivative transactions (32.5 EUR mill.) + Result of property sales (110.8 EUR mill.)

4

EXPLANATION OF THE P&L

RECLASSIFICATION

Motivation of the reclassification Higher degree of transparency

Cost transparency

Comparability with the peer group

Example

1) The costs directly attributable to income sources (personnel and overhead expenses)

were reclassified from personnel and overhead expenses to the individual income

categories (results of asset management, results of property sales and results of

property development).

Income from asset management

Presentation financial year 2011/12

Overhead expenses

Personnel expenses

Presentation financial year 2012/13

Results of asset management

Completely contained

Directly attributable overhead exp.

Directly attributable personnel exp.

Reclassification1

5

P&L FY 2012/13 VS. FY 2011/12

All amounts in MEUR 1 May 2012 30 April 2013

1 May 2011 30 April 2012

Variance

in %

Main contribution to variance

Rental income 655.8 585.7 12.0% Increased rental income in retail Russia (increased occupancy ratio in Rostokino)

Operating costs charged to tenants 198.7 179.6 10.6% Counterpart to operating expenses

Other revenues 14.7 16.2 -9.0% This line includes among others revenue from advertisment space and cell phone towers

Revenues 869.2 781.4 11.2%

Expenses directly related to investment property -162.0 -162.6 -0.4%

Operating expenses -194.2 -173.0 12.3% Counterpart to operating costs charged to tenants

Results of asset management 513.0 445.9 15.1%

Results of property sales 110.8 53.2 108.3% Higher volume of sales (Silesia City Center, Hotel Kempinski St. Moritz)

Results of property development -18.4 30.1 n.a. Negative effects in Russia (GOODZONE) due to replacement of general contractor

Other operating income 35.2 40.2 -12.4% Reduced reversal of provisions

Expenses not directly attributable -98.5 -99.2 -0.7% Decline despite increase in salaries due to inflation

Results of operations 542.1 470.1 15.3%

Revaluation of investment properties adjusted for

foreign exchange effects 37.9 208.7 -81.8% Reduced revaluation result in Eastern Europe

Revaluation of investment properties resulting

from foreign exchange effects 96.6 87.4 10.6% Non-cash foreign exchange effects

Other revaluation results -167.8 -73.3 129.0% Earn-out adjustment for Rostokino

Operating profit (EBIT) 508.9 692.9 -26.6%

Financing costs -258.6 -249.7 3.5% Increase of financing volume in Russia

Financing income 23.8 61.9 -61.6% Reduction of receivables against joint-venture companies due to the acquisition of Rostokino

Foreign exchange differences -32.5 -118.1 -72.5% Non-cash foreign exchange effects

Other financial results -46.6 -68.4 -31.9% Reduced non-cash effects from the valuation of derivatives

Earning before tax (EBT) 195.0 318.5 -38.8%

Taxes -84.2 -47.3 77.9% One-off due to change in tax rates (Slovakia) and the usage of tax loss carry forward

Net profit for the period 110.8 271.2 -59.1%

Data as of 30 April 2013

6

378.3

408.5

350

400

450

FY 2011/12 FY 2012/13

+ 8.0%

CASHFLOW AS OF 30 April 2013

Gross cash flow in EUR mill. Recurring FFO in EUR mill.

Cash flow from investing

activities in EUR mill.

Cash flow from financing

activities in EUR mill.


268.4 341.01

0

200

400

FY 2011/12 FY 2012/13

+ 27.1%

-113.3

-26.3

-200

-100

0

FY 2011/12 FY 2012/13

- 76.8%

-267.6 -201.1

-400

-200

0

FY 2011/12 FY 2012/13

- 24.9%

1)Recurring FFO: Gross cash flow (408.5 EUR mill.) + Interest received (20.8 EUR mill.) - Interest paid (166.5 EUR mill.) - Cashflow

outflows for derivative transactions (32.5 EUR mill.) + Result of property sales (110.8 EUR mill.)

7

FINANCING MATURITY SCHEDULES


Weighted average interest rate incl. costs of hedging: 3.67%

Weighted average remaining term: 8 Years

LTV (net): 47.8%

8

SUCCESSFUL SALES PROGRAMME

Fully discretionary sales programme (volume EUR 2.5 bill.)

launched at the beginning of FY 2010/11

Sales programme 2010-2015 in MEUR

Five-year target 2,500.0

Target for 3 years (May 2010 - April 2013) 1,500.0

Properties sold in FY 2010/11 (asset and share deal) 266.8

Financial assets sold in FY 2010/11 95.1

Total assets sold in FY 2010/11 361.9







Total assets sold until 30 April 2013 1,653.2

Variance to announced programme +153.2

Remaining sales

programme until 2014/15

Carrying value

in MEUR

Carrying value

in %

Non-property assets 165.9 20%

Portfolio optimisation 536.3 63%

Cycle-optimised sales 144.6 17%

IMMOFINANZ Group 846.8 100%


266.8

498.9

655.9

0

200

400

600

800

FY 2010/11 FY 2011/12 FY 2012/13

Historic property disposals (excl. Non-

property assets) in MEUR

9

BUWOG QUO VADIS?

Spin-off Optimise IPO Total Sale

Next Steps:

Sales in Austria

Acquisition of ~10,000 units in Germany

10

OVERVIEW OF THE BUWOG GROUP

Standing Investments DE AT Total

Number of properties 26 1,124 1,150

Residential units 4,240 28,610 32,850

Carrying amount in EUR mill. 250.4 2,243.8 2,494.3

Rentable space in sqm 281,254 2,183,907 2,465,161

Occupancy rate in % 97.6% 95.7% 95.9%

Rental income Q4 2012/13 in EUR

mill.1 2.6 20.6 23.2

Gross return in % 4.1% (7.4%2) 3.7% (4.6%2) 3.7% (4.9%2)

BUWOG Developments DE AT Total

Number of properties 4 18 22

Thereof completed residential development projects 0 3 3

Carrying amount in EUR mill. 32.2 73.0 105.2

Carrying amount in % 30.6% 69.4% 100.0%

Outstanding construction costs in EUR mill. 6.2 62,3 68.6

Planned space in sqm 14,182 53,323 67,505

Fair Value after completion in EUR mill. 44.6 163.5 208.2

1) Rental income in Q4 2012/13 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) 2) Annualised rental income for Q4 2012/13, including properties purchased during the financial year and an adjustment of EUR 5.1 million to reflect a non-recurring effect from a change in accounting methods


BUWOG development &

pipeline projects

DE AT Total

Number of units 1,500 3,700 5,200

11

OVERVIEW OF THE BUWOG GROUP


SERVICES

TRADE

STANDING

INVESTMENTS

DEVELOPMENT

Largest private residential

investor in Austria

Portfolio:

Established as one of the largest apartment

sellers in Austria

Volume 2012/13:

Recognised as the largest private facility

manager in Austria

Under management:

One of the TOP 3 residential property

developers in Vienna /

PD in Berlin

Pipeline:

Acquisitions in Germany

Further portfolio optimisation

Increase in highly profitable sale of

individual apartments

Expansion of property sales

Property management also for the own

portfolio in Germany

Increase development projects in heavily

populated areas of

Vienna and Berlin

Goal: market leadership

TIC EUR 1,300 mill.

~5,200 units

FV: EUR 2.5 bill.

~ 33,000 units

Revenues: EUR 154 mill.

1,700 units

3.8 mill. sqm

15% third party

12

BUWOG P&L FY 2012/13 VS. FY 2011/12

All amounts in MEUR 1 May 2012 30 April 2013

1 May 2011 30 April 2012

Variance

in %

Main contribution to variance

Rental income 109.5 113.1 -3.2% Reduced rental income due to disposals; New acquisitions took place at the end of the reporting

period and are therfore not inlcuded in the FY 2012/13 results

Operating costs charged to tenants 59.6 54.4 9.5% Counterpart to operating expenses

Other revenues 2.1 1.1 83.8%

Revenues 171.2 168.6 1.5%

Expenses directly related to investment property -36.1 -54.8 -34.0% Reduced maintenance expenses

Operating expenses -56.8 -48.9 16.2% Counterpart to operating costs charged to tenants

Results of asset management 78.2 65.0 20.4%

Results of property sales 39.9 26.7 49.8% Higher volume of sales

Results of property development 1.7 -5.9 n.a. FY 2011/12: Negative valuation effects from Heller Park

Other operating income and expenses -4.9 -4.5 8.1%

Results of operations 115.0 81.2 41.5%

Revaluation of investment properties adjusted for

foreign exchange effects 69.3 59.5 16.4% Positive market development for residential properties in Austria and Germany

Other revaluation results -7.0 -7.9 -11.0%

Operating profit (EBIT) 177.2 132.9 33.4%


13

IPD BENCHMARK ANALYSIS CEE 2012

IMMOFINANZ CEE Portfolio

Best Performing Balanced Fund

Total Return: 10.3%

Total Return Benchmark: 4.1%

Number of considered portfolios

Total market value of all obejcts (in EUR bill.)

Average market value per object (in EUR mill.)

Estimated coverage of the relevant market 31.2%

49

12.8

24.7

Benchmark CEE Key figures of the peer group

Source: www.ipd.com

IMMOFINANZ Group wins:

14

Revaluation of investment properties adjusted for foreign exchange effects in MEUR Poland Czech Republic Slovakia Hungary Romania Russia2 Total Eastern Europe FY 2011/12 42.5 -12.2 -3.8 -25.5 -28.3 273.3 246.1 H 1 2011/12 26.2 -3.0 0.5 -2.6 -37.8 139.9 123.1 H 2 2011/12 16.4 -9.1 -4.2 -23.0 9.5 133.5 123.0 H 1 2012/13 1.1 -8.3 -4.1 -8.9 -11.0 26.8 -4.3 1 November 2011 - 31 October 2012 17.5 -17.5 -8.3 -31.8 -1.5 160.3 118.7

Income from asset management in MEUR Poland Czech Republic Slovakia Hungary Romania Russia2 Total Eastern Europe FY 2011/12 52.2 37.0 19.5 27.9 33.8 140.3 310.7 H 1 2011/12 22.3 18.9 9.7 14.5 16.8 69.9 152.2 H 2 2011/12 29.9 18.1 9.8 13.4 16.9 70.4 158.5 H 1 2012/13 28.9 18.6 9.8 12.1 18.3 72.5 160.1 1 November 2011 - 31 October 2012 58.8 36.7 19.5 25.5 35.2 142.9 318.6

Standing investment portfolio in MEUR Poland Czech Republic Slovakia Hungary Romania Russia2 Total Eastern Europe H 1 2011/12 906.1 624.8 272.2 510.0 648.1 1,382.8 4,344.0 H 1 2012/13 937.3 601.7 287.0 486.3 670.0 1,544.7 4,527.0 Portfolio average 921.7 613.3 279.6 498.2 659.1 1,463.8 4,435.5

NCF-Yield3 7.2% Valuation-Yield3 2.7% Total Return3 10.1%

IPD BENCHMARK ANALYSIS CEE 2012

TOTAL RETURN

Standing investments

IMMOFINANZ 10.3%1

Benchmark 4.1%

NCF-Yield

IMMOFINANZ 7.4%

Benchmark 6.5%

Valuation-Yield

IMMOFINANZ 2.7%

Benchmark -2.3%

Source: www.ipd.com

1) Calculation: 1.074 (NCF-Yield) * 1.027 (Valuation-Yield) 1 = 10.3% 2) Published numbers of Russia were adjusted to an 100% stake of Rostokino according to IPD analysis 3) Small differences to results from IPD analysis arise from non-core countries which are not included in this performance reconciliation

Reconciliation of IPD results:

15

Appendix

16

PORTFOLIO OVERVIEW

Property portfolio Number of

properties

Standing

investments in

MEUR

Properties under

construction in

MEUR2

Project pipeline

in MEUR

Property portfolio

in MEUR

Property portfolio

in %

Austria 220 1,510.3 3.3 10.4 1,524.0 14.5%

Germany 37 459.5 128.1 0.0 587.6 5.6%

BUWOG 1,228 2,494.3 105.2 142.8 2,742.3 26.1%

Czech Republic 31 538.5 47.9 4.7 591.1 5.6%

Hungary 34 481.3 0.0 36.2 517.5 4.9%

Poland 36 936.7 42.7 11.8 991.1 9.5%

Romania 88 654.6 38.4 308.7 1,001.7 9.6%

Russia 6 1,610.0 160.0 0.0 1,770.0 16.9%

Slovakia 19 275.0 0.0 18.2 293.2 2.8%

Non-core countries1 60 400.7 3.5 64.9 469.1 4.5%

IMMOFINANZ Group 1,759 9,360.8 529.1 597.8 10,487.7 100.0%

89.3% 5.0% 5.7% 100.0%

89.3% of property portfolio are income generating properties (standing investments)

50.5% of the property portfolio are located in Eastern Europe, 49.5% in Western Europe and the USA

1) Bulgaria, Croatia, Italy, Moldavia, Netherlands, Serbia, Slovenia, Switzerland, Turkey, Ukraine, USA 2) Future standing investments, inventory properties completed and under construction


17

STANDING INVESTMENTS

1) Rental income in Q4 2012/13 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) 2) LTV = Actual remaining debt (nominal debt) divide by fair value as of the reporting date 3) Annualised rental income for Q4 2012/13, including properties purchased during the financial year and an adjustment of EUR 5.1 million to reflect a non-recurring effect from a change in

accounting methods


Standing

investments

Number of

properties

Carrying

amount

in MEUR

Carrying

amount

in %

Rentable

space

in sqm

Rented space

in sqm

Occupancy

rate in %

Rental income

Q4 2012/13

in MEUR1

Gross return

in %

Property

financing

in MEUR

Financing

costs in %

Financing costs

incl. derivatives

in %

LTV

in %2

Austria 210 1,510.3 16.1% 829,509 714,020 86.1% 23.4 6.2% 534.4 2.5% 3.2% 35.4%

Germany 33 459.5 4.9% 943,812 823,718 87.3% 9.5 8.3% 319.1 2.3% 3.9% 69.4%

BUWOG 1,150 2,494.3 26.6% 2,465,161 2,364,936 95.9% 23.2 3.7% (4.9%3) 1,160.9 1.5% 2.3% 46.5%

Czech Republic 25 538.5 5.8% 353,535 280,397 79.3% 9.4 7.0% 216.5 2.1% 2.4% 40.2%

Hungary 28 481.3 5.1% 379,886 295,534 77.8% 7.2 6.0% 209.5 2.2% 2.6% 43.5%

Poland 24 936.7 10.0% 353,375 313,020 88.6% 14.9 6.4% 519.4 2.5% 3.9% 55.5%

Romania 17 654.6 7.0% 405,392 360,524 88.9% 13.3 8.1% 281.7 3.4% 4.2% 43.0%

Russia 5 1,610.0 17.2% 264,957 254,296 96.0% 44.2 11.0% 664.2 7.3% 7.3% 41.3%

Slovakia 15 275.0 2.9% 157,842 138,693 87.9% 5.4 7.9% 159.7 3.0% 3.6% 58.1%

Non-core countries 35 400.7 4.3% 373,081 297,344 79.7% 9.0 9.0% 201.0 2.4% 3.3% 50.2%

IMMOFINANZ Group 1,542 9,360.8 100.0% 6,526,550 5,842,483 89.5% 159.7 6.8% (7.1%3) 4,266.5 3.0% 3.7% 45.6%

Properties under construction & pipeline projects 0.7 206.5 3.8% 3.8%

Properties in Q4 2012/13 2.5 0.0 0.0% 0.0%

Investment financing 0.0 280.6 1.0% 1.7%

Group financing 0.0 993.0 3.8% 3.9%

IMMOFINANZ Group 162.9 5,746.6 3.1% 3.7% 54.8%

Cash and cash equivalents incl. money market funds - 738.5

IMMOFINANZ Group 5,008.1 47.8%

Standing

investments

Number of

properties

Carrying

amount

in MEUR

Carrying

amount

in %

Rentable

space

in sqm

Rented space

in sqm

Occupancy

rate in %

Rental income

Q4 2012/13

in MEUR1

Gross return

in %

Property

financing

in MEUR

Financing

costs in %

Financing costs

incl. derivatives

in%

LTV

in %2

Office 100 2,616.9 28.0% 1,288,331 1,053,379 81.8% 41.6 6.4% 1,191.5 2.4% 3.4% 45.5%

Retail 186 3,120.4 33.3% 1,111,882 1,047,818 94.2% 72.0 9.2% 1,321.1 5.0% 5.3% 42.3%

Logistics 67 742.1 7.9% 1,453,937 1,193,277 82.1% 16.6 9.0% 410.6 2.2% 3.7% 55.3%

Residential 1,187 2,814.1 30.1% 2,644,160 2,519,769 95.3% 28.4 4.0% (5.1%3) 1,312.1 1.7% 2.4% 46.6%

Other 2 67.2 0.7% 28,240 28,240 100.0% 1.1 6.3% 31.2 2.9% 4.1% 46.3%

IMMOFINANZ Group 1,542 9,360.8 100.0% 6,526,550 5,842,483 89.5% 159.7 6.8% (7.1%3) 4,266.5 3.0% 3.7% 45.6%

18

DEVELOPMENT PROJECTS

1) Capitalised start-up costs of TEUR 28.5 for the construction of a STOP.SHOP. project


Properties under

construction

Number of

properties

Thereof completed

residential

development projects

Carrying

amount

in MEUR

Carrying

amount

in %

Outstanding

construction costs

in MEUR

Planned

lettable/sellable

space in sqm

Fair value after

completion

in MEUR

Austria 2 1 3.3 0.6% 0.2 885 4.3

Germany 4 0 128.1 24.2% 214.1 87,803 381.2

BUWOG 22 3 105.2 19.9% 68.6 67,505 208.2

Czech Republic 5 0 47.9 9.0% 44.3 38,010 111.3

Hungary 1 0 0.01 0.0% 0 0 0.0

Poland 6 1 42.7 8.1% 133.1 75,571 214.6

Romania 11 9 38.4 7.3% 4.2 74,280 44.9

Russia 1 0 160.0 30.2% 105.1 56,000 275.4

Non-core countries 2 2 3.5 0.7% 0 4,800 3.7

IMMOFINANZ Group 54 16 529.1 100.0% 569.6 404,854 1,243.6

Broken down by country:

Broken down by asset classes: Properties under

construction

Number of

properties

Thereof completed

residential

development projects

Carrying

amount

in MEUR

Carrying

amount

in %

Outstanding

construction costs

in MEUR

Planned

lettable/sellable space

in sqm

Fair value after

completion

in MEUR

Intern. High-Class Office 7 0 146.7 27.7% 193.3 100,250 392.1

Quality Shopping Center 2 0 180.1 34.0% 202.0 93,000 412.3

STOP.SHOP. / Retail

Warehouse 5 0 4.6 0.9% 11.4 15,934 19.2

Residential West 25 4 146.4 27.7% 150.3 98,502 346.0

Residential East 15 12 51.4 9.7% 12.5 97,168 74.1

IMMOFINANZ Group 54 16 529.1 100.0% 569.6 404,854 1,243.6

19

PRIME DEVELOPMENT PROJECTS

Project Country Primary use Planned rentable/sellable

space in sqm (rounded)1 Consolidation quote of

the project in %

Gerling Quartier Germany Office/Residential 74,000 100%

BUWOG Austria/Germany Residential 66,000 100%

GOODZONE Russia Retail 56,000 100%

Tarasy Zamkowe Poland Retail 37,000 100%

Nimbus Poland Office 19,000 100%

Debowe Tarasy Poland Residential 18,000 100%

CSOB Na Prikope 14 Czech Republic Office/Retail 17,000 50%

Extension STOP.SHOP. Trebic Czech Republic Retail 13,000 100%

ADAMA Titan Romania Residential 11,000 100%

Panta Rhei Germany Office 10,000 100%

CSOB Jungmannova 15 Czech Republic Office 8,000 100%

CSOB Jindisk 16 Czech Republic Office 7,000 100%

Properties which are currently under construction or already completed (apartments) Focus on Russia, Germany, Poland and Austria

1) The figures shown in the table represent 100% of the project and not the share, held by IMMOFINANZ Group


20

Investor Relations

T: +43 (0)1 88 090

E: [email protected]

W: www.immofinanz.com

Financial Calendar

FY 2012/13 report

Q1 2013/14 results

Q1 2013/14 report

Annual general meeting

Ex-dividend day

Dividend pay-out day

CONTACT DETAILS AND

FINANCIAL CALENDAR

1) Publication is scheduled after close of trading at the Vienna Stock Exchange 2) Subject to approval at the AGM

Stock Symbols

Vienna Stock Exchange: IIA

Warsaw Stock Exchange: IIA

ISIN: AT0000809058

Reuters: IMFI.VI

Bloomberg: IIA AV

20 August 2013

24 September 20131

25 September 2013

02 October 2013

04 October 20132

11 October 20132

ADR Programme

Ticker symbol: IMNZY CUSIP: 45253U201 ISIN: US45253U2015 ADR-Ratio: 1 ADR : 4 Ordinary Shares

Depositary bank: Deutsche Bank Trust Company Americas

Depositary bank contact: Stanley Jones

ADR broker helpline:

New York: +1 212 250 9100

London: +44 207 547 6500

E-Mail: [email protected]

ADR Website: www.adr.db.com

Depositary banks local custodian: Deutsche Bank, Frankfurt

21

THANK YOU

FOR YOUR ATTENTION

immofinanz group full year results fy 2012 13

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