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Annual Report 2014

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Annual Report 2014 DELIVERING VA LUE ANNUAL REPORT 2014 KEY FIGURES 1) KEY FIGURES INCOME STATEMENT 2014 2013 restated Rental income € m 145.2 194.9 EBITDA € m 149.1 216.0 Operating result (EBIT) € m 142.9 243.6 Net result before taxes (EBT) € m 84.6 103.7 Consolidated net income € m 70.8 75.8 Operating cash flow € m 99.6 140.7 Capital expenditure € m 184.0 368.7 FFO I (excl. Trading and pre taxes) € m 70.0 63.4 FFO II (incl. Trading and after taxes) € m 135.1 68.6 BALANCE SHEET 2014 2013 restated Total assets € m 3,670.9 4,040.6 Shareholders' equity € m 1,951.7 1,794.3 Long and short term interest-bearing liabilities € m 1,229.2 1,710.9 Net debt € m 1,061.3 1,079.8 Net asset value (EPRA NAV) - diluted € m 2,148.2 2,144.4 Triple Net asset value (EPRA NNNAV) - diluted € m 2,011.6 1,981.0 Gearing % 54 60 Equity ratio % 53 44 Equity-to-fixed-assets ratio % 69 63 RoE 2) in % % 3.8 4.3 ROCE 3) in % % 4.9 8.4 EVA 4) € m 10.8 99.6 Gross LTV % 45.6 63.2 Net LTV % 39.4 39.9 PROPERTY PORTFOLIO 5) 2014 2013 restated Total usable space (excl. parking, excl. projects) 6) sqm 2,233,988 2,379,251 Gross yield investment properties % 6.6 6.6 Fair value of properties € m 3,583.4 3,628.0 1) Key figures include all fully consolidated properties, i.e. all properties wholly owned by CA Immo. The comparative figures for the previous year have been adapted 2) Return on Equity (profit-generating efficiency) = consolidated net income after minority interests / average equity (without minority interests) 3) Return On Capital Employed (ROCE) = net operating profit after tax (NOPAT) / capital employed 4) EVA (economic value added) is a registered trademark of Stern Stewart & Co; EVA = capital employed * (ROCE – WACC); WACC 2014 = 4.50 % 5) Includes fully consolidated real estate (wholly owned by CA Immo) and real estate in which CA Immo holds a proportionate share (at equity). The comparative figures for the previousyear have been adapted 6) incl. Superaedificates and rentable open landscapes KEY FIGURES KEY FIGURES OF SHARE KEY FIGURES OF SHARE 2014 2013 restated Rental income / share € 1.56 2.22 Operating cash flow / share € 1.07 1.60 Basic earnings per share € 0.76 0.86 Diluted earnings per share € 0.76 0.80 2014 2013 restated NAV/share (diluted) € 19.75 19.36 EPRA NAV/share (diluted) € 21.74 21.75 EPRA NNNAV/share (diluted) € 20.36 20.09 Price (key date)/NNNAV per share -17) %-24 -36 Dividend distribution € 0.40 0.38 Dividend yield % 2.58 2.95 MULITPLIERS 2014 2013 restated P/E ratio (KGV) 20 15 Price/cash flow 14 8 Ø EV/EBITDA 16 9 VALUATION 2014 2013 restated Market capitalisation (key date) € m 1,532 1,132 market capitalisation (annual average) € m 1,338 934 Stated value (equity) (incl. minority interests) € m 1,951.7 1,794.3 Ø Enterprise Value (EV) € m 2,399.7 2,013.7 SHARES 2014 2013 restated number of shares (31.12.) pcs. 98,808,336 87,856,060 Ø Number of shares pcs. 92,907,093 87,856,060 Ø price/share € 14.4 10.6 Closing price (31.12.) € 15.50 12.88 Highest price € 16.40 12.95 Lowest price € 11.80 8.63 7) before deferred taxes ISIN: ATOOOO641352 / REUTERS: CAIV.VI / BLOOMBERG: CAI:AV WITH UNMATCHED WORKING ENVIRONMENTS. KUNSTHALLE MAINZ Norbert Miguletz AMAZON COURT Prague Many factors are involved when it comes to making a difference to the quality of offices and company locations. However, the key criterion is always the same: quite simply, people need to feel good in their surroundings. As the specialist in office properties in Central European capitals, CA Immo sets the standard – and generates more value for users, tenants and shareholders. WITH A CLEAR STRATEGY AND CONSISTENT IMPLEMENTATION. TOWER 185 (middle) Frankfurt DIVIDEND The main objective of PER SHARE CA Immo is to ensure the payment of attractive dividends to its share holders over the long term. This dividend has now been raised two years in succession to 0.45 45 cents per share. FFO I FFO II (+10 %) (+97 %) € m € m 135The key indicator of overall Significant increase in the profitability was almost doubled 70Group’s long-term earning in the previous year to stand at power to exceed yearly target the highest level in the history of € 63 m. of CA Immo. COST OF EQUITY FINANCING RATIO (–31 %) € – . m In addition81 to successful 7 optimisation of the liability % structure, the cost of financing was significantly reduced as a key The company’s robust equity element in long-term revenue. 53 capitalisation, which has risen steadily over recent years, is a key stability factor for the CA Immo Group. In 2014, CA Immo consistently pursued its aim of focusing on core LOAN- expertise. It also enacted a highly TO-VALUE positive structural change: the sale of (LTV) non-strategic properties has significantly enhanced operational efficiency, reduced financing costs and thereby brought about sustained profit rises and a consolidated balance sheet, as % evidenced by the sound cash flow and outstanding equity ratio. Value is A sound financing structure with a conservative ratio of 39 consistently created for shareholders on financial liabilities to the real the basis of stable rental income. estate portfolio creates scope for organic growth. SALES NET RESULT PROFIT (–7 %) € 38.6 m € 70.8 m Profitable real estate sales above The sales-related decrease in rental book value generated a substantial revenue was almost completely contribution to earnings while counterbalanced by other income improving efficiency and sharpening components such as significantly the focus of the portfolio. reduced financing costs in particular. WITH A SUPERBLY POSITIONED GROUP OF COMPANIES. Hamburg Berlin Warsaw POLAND GERMANY Dusseldorf Neuss Kassel Cologne Prague Frankfurt CZECH REPUBLIC SLOVAKIA Stuttgart Bratislava Linz Vienna Munich Salzburg Schwechat Budapest AUSTRIA Graz HUNGARY ROMANIA Lienz Klagenfurt Villach Investment properties by market value in million € Bucharest to 25 to 50 to 100 to 200 more than 200 Subsidiaries CORE CORE EXPERTISE CA IMMO SErvicES FULL SErvicE SPECIALISES FOR OFFICES - Letting and servicing of corporate IN OFFICE sites in the center of Europe PROPERTIES - Development, marketing and management of office properties IN CENTRAL - Development of urban sites EUROPEAN from A–Z - Local presence, international CAPITALS. network of teams MISSION STATEMENT Those who know precisely what they want reach their goals faster. The positive progress of the CA Immo Group has been based on clear fields of proficiency, recognised expertise and corporate integrity that has provided a bench- 20 mark for the sector for almost 30 years. CORPORATE vaLUES EX- PERTISE We understand our business 20 Our objective is for satisfied businesses and maintain a local presence to shape and manage their working on our markets. environments in partnership with CA Immo. We oversee an office portfolio unsurpassed in Central Europe and offer sustained returns to investors and shareholders. We are known on QUALITY the market as a highly dependable and We aim to build high quality, forward- active partner to companies seeking looking office properties that provide premises, our tenants, equity and ideal working environments for the outside capital providers, our own long term – and in doing so we set employees, local authorities and the benchmarks for others to follow. general public. SUSTAIN- STRATEGY ABILITY Integrated sustainability also 2015–2018 means pursuing profitability and - Continual strengthening of value creation for the long term. market position in existing core locations - Further increase in the proportion of office properties INTEGRITY in the overall portfolio Our partners have placed their - Development and transfer of trust in us for more than 25 modern, energy-efficient core years. Day by day, we consider properties into the company’s ourselves duty bound to repay portfolio to drive organic growth that trust. SUB- EMPLOY- SIDIARIES EES 355The expertise of CA Immo: 355 highly qualified employees based at eight sites in the core markets of 8 Central and Eastern Europe. WITH A HIGH QUALITY PORTFOLIO. EUROPACITY Berlin TOWER 185 PROPERTY Frankfurt ASSETS € . bn CA3 Immo controls6 a balanced, high quality property portfolio efficiently managed on core markets through local platforms. INVESTMENT PROPERTIES PROPERTIES UNDER DEVELOPMENT ASSET PROPERTIES PORTFOLIO UNDER DEVELOP- MENT € . bn € . bn Through their high quality, Promising urban development premises 30 0 6 CA Immo’s investment properties with high revenue potential are under retain their value and generate development or at the planning stage revenue over the long term. (90 % of such sites are in Germany). Alongside high quality investment CERTIFIED properties, the company has sites under development in prime locations of Central Europe – a balanced blend to facilitate % stable earnings, continually rising value 100 SUSTAINABILITY and organic expansion. All of the CA Immo Group’s development projects meet stringent sustainability criteria (LEED, BREEAM, DGNB, ÖGNI). OFFICE PROPORTION DEVELOP- MENT % EXPERTISE 79 CA Immo is the office property specialist for Central Europe. A–Z RENTABLE Strong development and technical EFFECTIVE expertise provided by wholly owned AREA specialist construction subsidiary . million sqm omniCon. CA Immo develops 2 2 projects and entire city districts Includes highly quality office from A–Z: from site development to premises in the business districts the handover of keys. of Austrian, German and Eastern European cities. LAND OCCUPANCY RESErvES RATE € m P395lots subject to property use % approval and real estate reserves . in prime locations have high 90Happy tenants stay put: 7long-term occupants earnings potential that will be contribute to strong levels of utilisation.
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