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View Annual Report SUCCESS COMES TO THOSE WHO CAN MOVE WITH THE TIMES. To those who keep an open mind. Who are always striving for the optimum. Who recognise developments at an early stage and act quickly. And so, on closer inspection, our business in “immovable assets” reveals itself to be full of action, dynamism and perspectives. There is only one thing that is as immovably solid as our properties: the many years in which the CA Immo Group has positioned itself as a specialist in high-quality office property in Europe. KEY FIGURES KEY FIGURES INCOME STATEMENT 2009 2008 Rental income € m 177.0 175.3 EBITDA € m 141.9 137.8 Operating result (EBIT) € m 3.0 – 152.6 Net income before taxes (EBT) € m – 134.5 – 295.4 Consolidated net income € m – 134.7 – 294.9 Consolidated net income w/o minorities € m – 76.9 – 237.1 Operating cash flow € m 120.5 114.6 Capital expenditure € m 274.9 1,859.1 BALANCE SHEET 2009 2008 Total assets € m 4,310.6 4,394.8 Shareholders equity € m 1,729.2 1,854.7 Long and short term financial liabilities € m 1,976.5 1,923.7 Net debt € m 1,472.3 1,591.1 Gearing % 85 86 Equity ratio % 40 42 Equity-to-fixed-assets ratio % 49 49 Net asset value € m 1,559.0 1,623.0 Net asset value (NNNAV) € m 1,612.1 1,758.4 PROPERTY PORTFOLIO 2009 2008 Total usable space (excl. parking, excl. projects) sqm 1,518,180 1,528,837 Gross yield of investment properties1) % 6.5 6.3 Book value of properties € m 3,515.8 3,788.3 1) Excluding the Capital Square, Dunacenter and Sava Business Center project completions that have been newly incorporated in the portfolio. 04 Key figures KEY FIGURES OF SHARE KEY FIGURES PER SHARE 2009 2008 Rental income/share € 2.05 2.02 Operating cash flow/share € 1.40 1.32 Earnings/share (EPS) € – 0.89 – 2.73 NNNAV/share € 18.47 20.50 NAV/share € 17.87 18.92 Price (31.12.)/NNNAV per share –1 1) % – 57.24 – 79.51 MULTIPLIERS 2009 2008 P/E ratio (PER) – 9 – 2 Price/cash flow 6 3 Ø EV/EBITDA 14 19 VALUATION 2009 2008 Market capitalisation (31.12.) €m 689.3 360.2 2) Market capitalisation (annual average) €m 555.4 968.9 Stated value (equity) (including minority interests) €m 1,729.2 1,854.7 Ø Enterprise value (EV) €m 2,020.5 2,560.0 Net asset value (NNNAV) €m 1,612.1 1,758.4 SHARES 2009 2008 Number of shares (31.12.) 87,258,600 87,258,600 Of which treasury shares (31.12.) 0 1,494,076 Ø Number of shares 86,141,113 86,739,128 Ø Price/share € 6.45 11.17 Closing price (31.12.) € 7.90 4.20 Highest price € 11.88 15.88 Lowest price € 2.35 3.15 1) Before deferred taxes 2) Excluding treasury shares (31.12.) ISIN: AT0000641352 / REUTERS: CAIV.VI / BLOOMBERG: CAI:AV 05 06 IMMOVABLES WE MOVE FORWARD. COME WHAT MAY. The storm has passed, but the clouds remain. In the midst of market turbulence, CA Immo was obliged to slow its game and adjust to the new realities. The focus switched to countries where we maintain a strong presence; steady asset accumulation, efficient implementation of development projects and safeguarding the earning power of investment properties took priority over expansion into new markets. Nonetheless, our strategy has never changed: we are moving ahead. BUCHAREST BUSINESS PARK, BUCHAREST Fully (100 %) let Please find details concerning the CA Immo Group’s activities in Eastern and South Eastern Europe from page 66 on. 07 08 IMAGESTRECKEIMMOVABLES WE TAKE AN IN-DEPTH APPROACH. EVERY TIME. We are able to do the things we can do because we have spent decades building solid foundations. As a specialist in prime office properties, we don’t need to put our faith in outside expertise: we have our own experts in place on key markets. Our teams develop office properties from an interdisciplinary angle, taking account of market-related, technical and economic imperatives as well as environmental and socio-political considerations. After all, sustainability and feasibility are now decisive factors in urban planning and the real estate sector. CAPITAL SQUARE OFFICE BUILDING, BUDAPEST Named the „Best Office Development 2009“ (Construction & Investment Journal Award) Please find details concerning the portfolio strategy of the CA Immo Group on page 58. 09 10 IMAGESTRECKEIMMOVABLES WE ARE BUILDING, FROM THE GROUND UP. The area in which we most effectively apply the skills we have gained over the decades is the field of urban district development. This is also the field with the greatest earnings potential. Most value is generated in the initial phases of project development – which is why, when planning and conceiving a city district, we start by identifying, preparing and developing brownfield sites. By the time we reach the project completion stage, we have produced a superior new urban area that represents a secure revenue stream for the long term. CITY DISTRICT EUROPACITY, BERLIN Start of construction: 2010, 20 ha Mixed use situated nearby the city’s main railway station Please find details to the CA Immo Group’s urban district development activities from page 62 on. 11 12 IMAGESTRECKEIMMOVABLES WE PROFIT FROM THINKING AHEAD. Because we think ahead, we invested against the market cycle – thereby beating our competitors to many of the best urban development spaces in Central Europe and establishing ourselves as the biggest project developer in Germany. Over the next few years, new projects will take shape on extensive sites in promising locations. Moreover, sustainability certification has been (or will be) acquired for the majority of our new-built properties. That’s because we don’t just talk about sustainability – we believe in it. CONSTRUCTION SITE TOWER 185 CITY DISTRICT EUROPAVIERTEL, FRANKFURT Awarded silver pre-certificaton by the German Sustainable Building Council Completion by the end of 2011 Please find details to the CA Immo Group’s activities concerning sustainable developments on page 39 and page 88. 13 CA IMMO COMPANY PROFILE A PROPERTY INVESTOR AND DEVELOPER CA Immo has property assets with an approximate value of € 3.5 bn in Austria, Germany and Eastern Europe. The company has been listed on the Vienna Stock Exchange since 1988. A SPECIALIST IN MISSION STATEMENT HIGH GRADE OFFICE PROPERTIES Our goal is to use real estate to create permanent as- CA Immo is established as an office specialist, a seg- sets that offer long-term benefits to both shareholders ment in which the company can draw on wide-ranging and tenants. In managing and developing properties, we expertise and more than 20 years’ experience. In the areas take account of economic, environmental and social fac- of investment property and investment properties under tors, thereby increasing the value of our real estate and development, the operational focus is on high grade office the company over the long term. Our business activities buildings, especially in prime locations. are carried out with professionalism, transparency and fairness. We pursue our objectives on the basis of our experience, our international network and a far-sighted strategic approach. A PROPRIETOR WITH STRONG DEVELOPMENT EXPERTISE The Group has core expertise in two business areas: portfolio management (with the emphasis on maxim- ising revenue from investment properties) and project development (covering everything from the acquisition of high quality real estate to the planning of entire urban More information on Corporate Social Responsibility districts). is provided from page 39 on. 14 CONTENT CONTENT 16 EDITORIAL 18 REPORT OF THE SUPERVISORY BOARD 20 STRATEGY 2010 22 INVESTOR RELATIONS 41 MANAGEMENT REPORT 22 Share 41 The history of CA Immo 24 Shareholder structure 42 Holdings and funds 25 Financial Calendar 2010 45 Economic environment 27 Online Services 48 Property market Austria 50 Property market Germany 53 Property market Eastern Europe 55 Property Assets 58 Portfolio strategy 28 CORPORATE GOVERNANCE 60 Segment report for Austria 62 Segment report for Germany 28 Corporate Governance Report 66 Segment report for Eastern and South Eastern Europe 30 Management Board 72 Property valuation 32 Supervisory Board 76 Results 36 Remuneration Report 84 Outlook 85 Supplementary report 86 Personnel 88 Research and Development 39 CORPORATE SOCIAL 89 Value Management RESPONSIBILITY 90 Risk Management Report 95 CONSOLIDATED FINANCIAL STATEMENTS 98 Consolidated Statement of Comprehensive Income 99 Consolidated Statement of Other Comprehensive Income 100 Consolidated Statement of Financial Position 102 Consolidated Cash Flow Statement 104 Statement of Changes in Equity 106 Consolidated Segment Reporting 110 Notes to the Consolidated Financial Statements 181 Declaration of the Managing Board 182 Auditor’s Report 184 FINANCIAL STATEMENTS 212 GLOSSARY 189 TABLES AND ANALYSES 217 IMPRINT/DISCLAIMER 198 General overview of properties 15 EDITORIAL EDITORIAL f.l.t.r.: Bruno Ettenauer, Wolfhard Fromwald, Bernhard H. Hansen DEAR SHAREHOLDERS AND READERS, having succeeded in reducing net debt since the start of the year and converting major loans to long-term financ- The business year 2009 presented the real estate sector ing arrangements. Not only trading income but also the with more major challenges. Although CA Immo chalked successful issues of a corporate bond and a convertible up a number of operational successes in its business bond in the fourth quarter contributed to this process. activities over the course of this difficult year, these were The placement of the bonds shows that the environment overshadowed by further market-related devaluations, has stabilised to such a degree that the capital market is especially in Eastern and South Eastern Europe. once again open to real estate companies.
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