Company Presentation
May 2010
1 CA Immo Group at a Glance
Private Austrian Shareholders ~50% Inst. Shareholders ~40% Bank Austria 10%
Market cap: € 800 m Price (16/5/10): € 9.00 NAV/share (31/12/09): € 17.87 ~100% Austria & Germany
Ongoing Takeover Offer for CA Immo International: Germany CEE/SEE/CIS Stake of CA Immo increased from 63% to 91% VIVICO
€ 3.5 bn property portfolio Clear focus on Germany: ~€ 2.1 bn commercial properties Austria: ~€ 0.7 bn Strong capital base CEE/SEE: ~€ 0.6 bn 20 years experience as a 2/3 standing investments listed company 1/3 developments and land bank
2 Strategy
3 Focus on Regions where CA Immo is already active
Core Region (At, Ge, Hu, Pl, Cz, Sk) Active involvement in the market Own personnel on the ground In-house competency to be active on the market without local partners Long term commitment to assets Secondary Regions (Sl, Ro, Bg, Srb) Continuation of current investments No pro-active growth initiatives Exit at attractive conditions possible
Opportunistic Individual Projects (Ru, Est., CH) Continuation of current development projects Aim is to exit after completion
Strengthening the position in countries with established strong presence has clear priority over entering new markets 4 Asset Classes: Offices clear core competency of the CA Immo Group
Office Residential CA Immo has always Leverage significant German residential land bank been positioned as Focus on developments with pre-defined exit THE office expert Usually part of lager city quarter developments or mixed used objects Broad know-how and experience Hotels New Objects only as part of larger city quarter mixed-use Focus for income developments producing portfolio as Leverage Know-Hows of specialized subsidiary Viador well as for Opportunistic approach regarding existing properties developments
Retail Reduction of current underweight of retail through selective developments – but in partnerships with retail specialists
Logistic On an opportunistic basis only 5 Developments to Complement Stable Core Business
2/3 Income Producing 1/3 Developments (on the basis of total investment cost)
Stable cash flow Generate higher returns from More conservative risk/return profile developments Make full usage of combination of CarefulRisk/Return Management: developing and holding activities: High degree of pre-lettings Full optionality regarding sale or In-house Know-How (Omnicon) hold following the completion of Collaboration with project partners a development Leverage the strategically highly Access to new, high quality valuable land bank of Vivico assets With a business-mix of 2:1 the cash flow from the income producing portfolio can stabilize the volatility of the development business 6 Portfolio
7 € 2.5 bn Income Producing Portfolio Backbone of CA Immo Group
As of 31 December, 2009 Austria Germany CEE/SEE Total Total income producing 713 1,232 606 2,553 Standing Investments 702 1,103 605 2,410 Own Use Properties 11 3 14 Trading Portfolio 1) - 126 1 129 Annualized Rental Inc. 45 82 40 172 Gross Yield Standing Inv. 6.3% 5.8% 8.5% 6.5% Vacancy 8.2% 2.2% 8.8%2) 5.9%
Assets under Development 24 871 68 963
Held via CA Immo International 8 1) Incl. assets held for sale 2) Excluding Sava City, Duna Centre and Capital Square which are just opened recently and are not yet stabilized Long Term Rent Expiry Profile Provides Stable Cash Flow Basis
Rent Expiry Profile (Group-level) Stable tenant base
80 In % of total rent 45% 45% of the rental contracts in our portfolio have a duration of over 5 70 17 years High quality tenant base – currently no 60 issues with non payments of rents Largest tenants: 50 Tenant Country Share State of Hesse G 23,2% 40 Siemens AG Österreich A 5,1% in €mn 53 17% H & M G 3,9% 30 4 City of Berlin G 3,4% 7 Deutsche Bahn AG G 2,6% 20 10% 9% 8% Verkehrsbüro A 1,7% 6% 7 5 5% Bristol-Myers Sqibb. G 1,5% 10 4 19 2 5 7 3 8 ECM Hotel (Marriott) CZ 1,4% 8 3 3 8 0 2 2 2 3 ECM Hotel (Marriott) CZ 1,0% 2010 2011 2012 2013 2014 2015 ff unlimited EDS Magyarország Kft. HU 1,0% Austria Germany CEE/SEE 9 Note: Expiry profile includes rents from development properties, hence difference to annualized rent on previous page Status 31.12.2009 Visible Organic Growth from Developments Unique to the Listed Sector in Germany
€ 871 m Assets under Development in Germany Tower 185 (Frankfurt) ~ € 470 m outstanding construction costs Nord 1 (Frankfurt) Fully funded € 284 m Under Skygarden (Munich) High level of pre-leases (50-60%) Construction Ambigon (Munich) Focus on Frankfurt and Munich Total (Berlin) Key completions end of 2010/2011 Nord 4 (Hotel Frankfurt) € 54 m Advanced Frankfurt: Skyline Plaza, Hyatt Hotel Specifications (size, usage, etc) finalized Erlenmatt (Shopping Basle) Preparations Key partners and/or tenants secured RheinForum (Cologne) Start of construction in 2010 or 2011 Berlin € 119 m € 220 m Zoned Frankfurt € 74 m Ongoing value adding activities: Development Land Munich € 16 m - Finalization of project specifications Other € 11 m - Optimization of regulatory framework (zoning, permits, etc.) Munich € 91 m Includes substantial portion of residential projects (e.g. Berlin € 85 m Düsseldorf) Start of construction 2012 and beyond € 312 m Landbank Frankfurt € 83 m Düsseldorf € 30 m Sale of plots also in pre-construction phase (in Zoning) Basle € 20 m Valuation reflects longer period required for the market Other € 3 m to absorb the resulting floor areas
10 Frankfurt Europa-Viertel Plot size: 18 ha Total Gross Floor Area: ~ 690.000 m²
Tower 185 Pre Lease PWC: 60,000 sqm
Contract with Hyatt for Hotel North 1: Pre Lease BNP Paribas Forward-Sale to Union Partnership with ECE for Shopping Mall Mövenpick Hotel: Sold
Residential Construction: JV/ Forward Sale Contract with Hotel Operator Plot sold to Strabag 11 Progress at Tower 185
12 Munich Arnulfpark
MK 3 Velum (JV with Ellwanger & Geiger) (sold) Preparations ongoing Atmos (sold)
Skygarden (under construction)
13 Düsseldorf Belsenpark
14 Basle Erlenmatt
15 Berlin Europacity First Project („Total“) to Start in 2010
16 Results 2009
17 Key Targets for 2009 were Achieved
Financial Targets for 2009 Outcome communicated 12 months ago
Stabilize rental income on +1,0 % rental income 2008 level Despite a challenging Reduce indirect costs by -14% (net of capitalized environment, all 10-15% services) key operative Sale of ~€ 300m of € 435 m proceeds from targets were met properties property sales in 2009 Maintain 40% equity ratio Equity Ratio: 40%
18 Stable Operative Development, Significant Impact from Revaluations and One-Offs in Financial Result
in € mill. 2009 2008 Chg. % Rental income: Rental Income 177,0 175,3 1,0% Impact from sales over- Result from Trading portfolio 9,9 17,7 (44,3%) compensated by base effect from Other expenses related to properties (19,7) (29,3) (32,9%) first time whole-year rental of properties Net operating Income 164,0 159,2 3,1% Direct Property Expenses: Result f. sale of inv. properties 9,2 11,7 (21,5%) In 2008 there were several one-offs, Indirect Expenses net of Cap. Services (39,6) (45,9) (13,7%) leading to a strong decrease in 2009 Other op. Income 8,3 12,7 (35,1%) Indirect Expenses: EBITDA 141,9 137,8 3,0% Increase of capitalized services due to more development activities Revaluation/Impairments/Depr. (138,9) (290,4) (52,2%) EBIT 3,0 (152,6) n.a. Positive Net Result after Minorities Financing Cost (108,4) (105,1) 3,2% in Q4 other Financial Result (29,1) (37,7) (22,8%) EBT (134,5) (295,4) (54,5%) Taxes on income (0,2) 0,5 n.a. Minorities (57,8) (57,8) 0,1% Net Income (after minorities) (76,9) (237,1) (67,6%) 19 Like For Like Development of Valuations of Investment Properties in Eastern Europe
+130 bps Yield Expansion 2008 to 2009
1) Like for Like: Comparison of those assets that were already part of the stabilised portfolio as of 31.12.2008 2) Belgrad Office Park 2 in Serbia had only been completed shortly before 31.12.2008 and therefor was not part of the stabilised portfolio as of 31.12.2008 20 Strong Balance Sheet, Successful Reduction of Net Debt
in € mill. 31.12.2009 31.12.2008 Chg. % Healthy Equity Ratio Investment properties 2.409,6 2.520,7 -4,4% Equity Ratio: 40.1% Properties under development 962,5 1.079,8 -10,9% Net Debt per 31.12.09.: € 1,472.3 mn Own used properties 14,2 19,4 -26,7% (2008: € 1,591.1 mn) Other l.t. assets 142,0 210,9 -32,7% Gearing 85 % Properties intended for trading 122,9 168,4 -27,0% NAV: € 17.87 / Share Cash + s.t. securities 504,1 332,6 51,6% NNNAV: € 18.5 / Share Other s.t. assets 155,3 63,0 146,7% Total Assets 4.310,7 4.394,8 -1,9%
Share Capital / Reserves / Ret. Earnings 1.559,0 1.623,0 -3,9% Minority interests 170,2 231,7 -26,6% Due to property sales, Net Debt Shareholders’ equity 1.729,2 1.854,7 -6,8% Equity in % of b/s total 40,1% 42,2% decreased despite ongoing l.t. financial liabilities (incl. bonds) 1.852,2 1.834,9 0,9% investments in Developments Other l.t. liabilities 347,4 329,1 5,5% s.t. financial liabilities 124,3 88,9 39,9% Other s.t. liabilities 257,6 287,3 -10,3% 21 Liabilities + shareholder’s equity 4.310,7 4.394,8 -1,9% Debt Expiry Profile: Strong Cash Position and Balanced Maturities
Financial debt as of 31 December 09: € 2.0 bn Breakdown by maturities: 1.196 1.200
1.000 + € 516 mn committed 800 undrawn credit lines for developments
€ 0.5bn 600 Hesse in€mn 504 Portfolio until 2017 116 400 376
€ 285m 149 200 388 Bonds 112 94 € 200m 58 until 2014 Bond until 2016 0 Cash 31-12-09 2010 2011 2012 2013 2014 2015 and beyond 22 Germany/Austria CA Immo International Outlook 2010
Increasing investment volumes in German Period of market wide valuation Overall and Austrian market may lead to slight shift over, but Market reduction in yields Negative surprises due to property Development CEE/SEE: Current sentiment signals end specific reasons still possible to market wide yield expansion Letting market, especially for larger L-f-l reduction in rental income Rental lettings, still challenging Due to sales of 2009, up to 10% Market In CEE/SEE longer vacancy periods reduction in rental income in 2010 following completions of projects
Financing of developments in Germany no € 400 m investments in ongoing longer an issue Developments developments in 2010 Obtaining large scale pre-leases currently Mainly funded by undrawn lines the limiting factor
Focus on selling development properties € 200-250 m property sales in 2010 (land bank) and trading assets Sales / ~€ 200 m investments in single Acquisitions Cash position allows to consider selective assets or portfolios to strengthen acquisitions to strengthen income income producing portfolio producing portfolio 23 Voluntary Take Over Offer for CA Immo International
24 Limited Strategic Opportunities for CA Immo International as a Listed Entity
Expectations that lead to IPO of CA Immo International in 2006 no longer valid
Fundamental Changes in Low share-liquidity and limited Without access to capital markets CEE/SEE real estate markets visibility on the capital markets limited growth perspective
Delisting and full re-integration with CA Immo
More freedom Limited synergies Simplify CA Immo Possibility to react to regarding capital NAV accretive (mainly costs corporate market opportunities allocation within the use of cash directly related to structure in the region CA Immo Group the listing)
Central Europe to remain a core region of the CA Immo Group 25 Voluntary Takeover Offer for CA Immo International
Shareprice Development of CA Immo International Key Data
14 700.000 Current stake of CA Immo in CA II: 63.05 % 650.000 => Freefloat 36.95 % = 16.058.010 Shares
12 600.000 => Value Freefloat @ offer price = € 104 mn Offer price relative to: 550.000 Closing price 24/3/10 (= 5.30): + 22.6 % Premium 10 500.000 6 months VWAP (= € 5.40): + 20 % Premium 450.000 NAV (31/12/09 = 9.33 / Share) = - 30 % Discount 8 400.000
Offer Price: € 6.50 350.000 The Voluntary Offer VWAP 6 6 300.000 Months: € 5,40 Price: € 6.50 in Cash Shareprice (in €) (in Shareprice VWAP 12 Months: 250.000 No relevant conditions (=no minimum acceptance level) € 4,36 Shares in Volume Trading 4 200.000 150.000 Result after initial acceptance period: 91% As 90% threshold was reached, mandatory 2 100.000 extension of acceptance period until Aug 16th 50.000 Aim is to complete the offer and the following steps 0 0 (merger or squeeze out) until the end of Q3’2010 Feb.08 Mai.08 Sep.08 Dez.08 Apr.09 Aug.09 Nov.09 Mär.10 26 Conclusions
27 Investment Highlights
Investment Highlights
Unique exposure Visible organic to German growth from 2010 commercial and implementation Stabilization of market residential real of development estate market pipeline environment Focus on improving profitability and cash flow Selective investments to strengthen income stream
Stable income Strong producing capital basis portfolio
28 APPENDIX
29 Management
Dr. Bruno Wolfhard Bernhard H. Ettenauer Fromwald Hansen CEO CFO, Member of the CTO and member of Member of the Board of CA Immo the board since Oct Board of CA Immo since 1990 1st 2009 since 2006 Head of Vivico
Responsible for CA Immo’s property Responsible for accounting, CEO of Vivico since 2006 portfolio in Germany and Eastern controlling, organisation, investor Responsible for developments Europe relations and corporate communication across the Group More than 15 years of experience in More than 15 years of experience in the More than 20 years of experience the real estate sector real estate sector in the real estate sector Certified and charted surveyor for real estate valuation
Note: Identical board structures for CA Immo and CA Immo International
30 Hesse Portfolio: € 800m Stable Portfolio With Long Term Tenant
Hesse portfolio data Overview locations
Land area (‘000 sqm) 659.7 Kassel (1) Net lettable area (‘000 sqm) 447.5 Marburg Fulda Acquired from State of Hesse Bad Homburg Gießen Acquisition value (€m) 797.7 Wiesbaden Rüsselsheim
Acquisition date 22 December 2006 Darmstadt
Current yield ~5.3% Financing structure Rental income (€m) 43 Financed partially with own funds of approximately €248m Debt financing volume of €550m Economic vacancy rate (%) 0% 100% swapped into fixed interest rate of approximately 4.4% p.a. over a 10-year period Parking units 6,200 Loan-to-value of approximately 67% Annual rental income net of interest expense of approximately CA Immo ownership 100% €18.6m
______31 (1) Excluding parking space Expiry Schedule of Hesse Portfolio
Key facts Rent expiry schedule of existing portfolio
Term of contract 30 years 80% 72,8% 70% Tenant State of Hesse, AA+ rating 60%
Rent adjustments Rent adjustment in line with CPI (1) 50% Adjustments triggered if cumulative CPI 40% change of 7.5% since last rent adjustment 30% Average weighted length 23.1 years of lease contract (2) 20% 12,8% 9,3% 10% Property usage • Ministry of economics and culture • Court of law 0% • Local finance offices < 2020 < 2030 > 2030 • Police stations Expiry date of contract
% of rental income Stable tenant base and long-term locked-in rental revenues
______(1) Adjustments triggered if cumulative CPI change of 7.5% has materialized since last rent adjustment 32 (2) Taking all break up options into consideration Update Projects under Construction Vivico
Project Book- Net Letable Intended Project Share Key Tenant Remaining Start of con- Status Town Type Volume 1) value Area % pre-let com- Name in % or Partner investments struction Financing 2) €m 31.12.09 in m² pletion Pre lease with started H2 2010 / H1 Frankfurt Tower 185 Office 100% PWC € 450 € 163 € ~290 100.000m² 61% H2 2008 2012 ● JV with OFB Pre lease with € 65 Munich Skygarden Office 50% PWC (for 50%) € 34 € ~30 33.000m² Gross 56% Q1’2009 H2 2011 ● BNP Paribas/ Forward sale to started Frankfurt Nord-1 Office 100% Union € 90 € 47 € ~45 22.250m² 55% H2 2008 H2 2010 ● Resi- JV w. € 19 Started Frankfurt Süd 4 dential 50% Realgrund (for 50%) € 12 3) € ~7 14.000m² n.a. H1 2008 H2 2010 ● Started Frankfurt Nord 4 Hotel 100% Meininger € 12 € 9 € ~3 3.900m² 100% H2 2008 H1 2010 ● 18.500m² Gross (+parking for Europa- next stage of Berlin platz Office 100% Total € 70 € 16 € ~55 development) 100% Q2 2010 End of 2012 ● Office / Medical office, Munich Ambigon Medical 100 % supermarket € 52 € 16 € ~ 36 16.400 m² Gross ~50% 2010 2012 ●
Under Construction ~€ 760 m € 297 m € ~ 465 m
1) Project Volume: Estimated total investment (land, construction cost, financing cost during construction, etc.) 2) ● Financing secured ● Positive initial feedback from banks received 3) Shown on balance sheet under properties intended for trading Note: Numbers are estimates - Changes to previous presentations due to projects in progress and changed market circumstances 33 2.8 Mio m² Potential Floor-Area
Expected Zoning Permissions in m² Break Down by Usage Type
1.592.000 1.600.000 Retail 335.000 11% Hotel 1.212.000 1.200.000 5% 241.000 278.000 Office 99.000 m² 800.000 48% 571.000 215.000 Residential 36% 400.000 620.000 444.000
0 until 2014 2015 and beyond
Berlin Frankfurt Cologne Munich 34 2009 P&L by Sub-Segment Rent from interim usages (car parks. warehouses. etc.)
Standing Investments Trading Development Germ- CEE/ Germ- CEE/ Group in € mill. Austria any SEE Total Germany Austria any SEE Total Total Rental Income 46,0 69,3 40,3 155,6 10,4 0,1 10,8 0,0 11,0 177,0 Direct property expenses + Net operating costs -6,2 -6,6 -5,4 -18,1 -0,6 -0,4 -6,2 -0,2 -6,9 -25,6 Net operating Income (excl. property sales) 39,8 62,7 34,9 137,5 9,9 -0,3 7,4 -0,2 6,8 154,2
NOI in % of rental income 86,5% 90,5% 86,7% 88,3% 94,7% n.m. n.m. n.m. n.m. 87,1%
Result f. sale of properties 2,2 -1,8 -0,1 0,3 9,9 0,8 8,1 0,0 8,9 19,1 Costs (1) -6,4 -3,6 -7,6 -17,6 -2,1 -0,3 -15,9 -3,7 -19,9 -39,6 Other op. income 1,6 1,1 1,6 4,3 1,5 0,0 2,5 0,0 2,5 8,3 EBITDA 37,2 58,5 28,8 124,5 19,1 0,2 2,1 -3,8 -1,6 141,9 Revaluation/ Impairments/Depr. -13,1 22,7 -121,0 -111,4 -8,0 -3,0 14,6 -31,1 -19,5 -138,9 EBIT 24,1 81,2 -92,2 13,1 11,1 -2,9 16,6 -34,9 -21,1 3,0
Real Estate Assets 712,9 1.106,4 605,0 2.424,4 122,9 24,2 870,5 67,7 962,5 3.509,735
(1) Indirect costs net of capitalized services 2009 Sales Target Clearly Exceeded
Property Sales 2009 (Proceeds)
Total: € 435 m Result: +€ 19.1 m Cash Margin (Proceeds / properties at cost): Development Assets: 8.0 % 420 Investment Properties: 1.9 % 390 German Trading: 14.8 % 360 Development Assets +€ 8.1 m 330 € 126 m 300 Revaluations on properties sold: 270 German Revaluation-result attributable to assets sold in 240 Investment - € 1.8 m 2009: +€ 3.6 m 210 Properties Thereof Germany +€ 7.4 m, Austria –€ 3.8 m 180 € 154 150 German Trading 120 Portfolio +€ 9.9 m 90 € 78 m 60 Austria 30 € 77 m +€ 3.0 m 0 36 Property Sales +€ 19.1 m Details on Property Valuations
Austria
Germany
CEE / SEE / CIS
37 Details on Financial Result 2009
Breakdown of Financial Result 2009 Average interest cost: Resultfrom fund investments - gains FX Resultfrom interest rate hedges - FinancialResult Interestexpense Interestincome Resultfrom fund investments - Resultfrom interest rate hedges - Impairmentsinvestments on Resultfrom associates ~ 4.61 % Germany/Austria ~ 5.34 % CA Immo International => ~ 4.74 % overall (2008: 5.27 %) valuation realized valuation realized Interest capitalized on developments under construction: € 4.1 m Result from associates: € -9.1 mn impairment
-108,4 relating to Project at St. Petersburg Airport, positive contribution of € 1.8 mn from UBM -137,5 No further significant impacts from Swap valuations in Q4
9,5 -0,4 -2,0 -0,3 2,6 -28,2
-3,1 €-101.2 m cash -7,3 financial result €-36.4 m non cash financial result 38 (NN)NAV + FFO
NN(NAV) FFO
39 Movement of Rental Income from 2008 to 2009
Indexation
40 Successful Financing Transactions
Corporate Bond Convertible Bond Volume € 150 m Volume € 135 m Maturity 5 yrs (15 Oct 2014) Maturity 5 yrs (9 Nov 2014) Coupon 6.125% (annually) Cash-Coupon 4.125% (semi-annually) € 11.5802 (=27.5% premium to Covenants No financial covenants Conversion Price reference price) Investorbase Mainly Austrian Retail Investors 11,657,829 (=13.4% of currently Underlying Shares outstanding shares) Starting 6 Jan 2010 until maturity Sale of Treasury Stock Conversion Period (except for certain excluded Number of Shares 1.494.076 (=1.71%) periods) Covenants No financial covenants Ø acquisition price € 9.177 ~6 % Equity € 9.550 (= at market at day of Sold at ~ 94% Debt sale) Accounting Interest in P&L: ~5.5% (=cash Volume in € € 14.3 m interest + accrual to reach face Block trade to small number of value at maturity) Buyers international institutional investors International Institutional Investorbase Investors (>40 accounts) 41 CA IMMO INTERNATIONAL
42 Overview 2009 Financials CA Immo International
31.12. 31.12. in € mill. 2009 2008 Chg. % in € mill. 2009 2008 Chg. % 38,7 Investment Properties 605,0 588,2 3% Rental Income 40,3 4% Other expenses related to Property assets under development 67,7 162,2 -58% properties -3,2 -2,5 29% Other l.t. assets 82,1 84,7 -3% Net operating Income 34,7 37,2 -7% Cash 115,9 148,8 -22% Result f. sale of inv. properties -0,1 7,0 -101% Other s.t. assets 12,0 12,4 -3% Indirect Expenses -11,3 -13,7 -18%
Total Assets 882,8 996,2 -11% Other op. Income 1,6 1,7 -5% EBITDA 24,9 32,2 -23% Share Capital / Reserves / Ret. Earnings 405,6 530,1 -23% Revaluation/Impairments/Depr. -152,1 -94,2 -62,0 Minority interests 19,0 28,4 -33% EBIT -127,1 Financing Cost -18,2 -16,0 Shareholders’ equity 424,6 558,5 -24% Equity in % of b/s total 48,1% 56,1% -14% other Financial Result -4,7 -16,7 EBT -150,0 -94,7 l.t. financial liabilities (incl. bonds) 310,7 287,2 8% Taxes on income 15,4 -22,7 Other l.t. liabilities 42,9 59,6 -28% Minorities -11,3 -20,9 s.t. financial liabilities 63,3 28,4 123% Net Income (after minorities) -123,3 -96,6 Other s.t. liabilities 41,3 62,5 -34% Liabilities + shareholder’s equity 882,8 996,2 -11% 43 Like For Like Development of Valuations of Investment Properties in Eastern Europe
+130 bps Yield Expansion 2008 to 2009
1) Like for Like: Comparison of those assets that were already part of the stabilised portfolio as of 31.12.2008 2) Belgrad Office Park 2 in Serbia had only been completed shortly before 31.12.2008 and therefor was not part of the stabilised portfolio as of 31.12.2008 44 Overview Standing Portfolio
Warschau Financial C. Capital Square Budapest Airport Centre Prag
Bucharest Business Park Sava City Belgrad
45 Debt Expiry Profile CA Immo International
160
120
80 156 in €mn in 116
40 62 52 60 28 16 0 Cash 31-12-09 2010 2011 2012 2013 2014 2015 and beyond
CA Immo International 46 (NN)NAV and FFO
NN(NAV) FFO
47 Back Up Material on Takeover Offer
48 Voluntary Takeover Offer for CA Immo International
Impact on CA Immo Group Financials Why a cash offer and not a share based merger ? As CA Immo International is already fully Due to the different NAV-discounts, an NAV based consolidated, the effects of the takeover are limited: merger would yield a loss on a share price basis for Cash is reduced CA II shareholders (see detailed graph on next page) Minorities disappear Significant number of purely CEE focused investors Positive effect on equity as reduction in cash is at CA II would create share overhang if converted lower than reduction in minorities into CA Immo shares Despite its cash position, CA Immo cannot buy back its own shares due to legal requirements regarding free-reserves under Austrian GAAP. Acquiring CA II shares for cash is the closest proxy to buying own shares and also has a similar NAV accretive effect while an NAV based merger would be NAV neutral Following the take-over offer, a merger may be used to gain full control of CA II (as an alternative to a squeeze out, which requires 90%)
49 Share Price and NAV Development of CA Immo and CA II
Currently price-ratio significantly above NAV ratio 100% => cash offer more attractive 27 to CA II shareholders Price CAII / Price CAI = Exchange ratio 90% based on share price 24 NAV CAI 80% 21
70% 18 NAV CAII / NAV CAI = 60% Exchange Ratio based on relative NAVs 15 50% 12 40%
NAV CAII €) (in Shareprice 9 30% Share price CAI 6 20% Share price CAII 10% 3
0% 0 Jän.07 Apr.07 Jul.07 Okt.07 Jän.08 Apr.08 Jul.08 Sep.08 Dez.08 Mär.09 Jun.09 Sep.09 Dez.09 Mär.1050 50 Contact details
Florian Nowotny Head of Capital Markets Tel.: (+431) 532 59 07 - 518 E-Mail: [email protected]
Claudia Hainz Investor Relations Tel.: (+431) 532 59 07 - 502 E-Mail: [email protected] www.caimmoag.com/investor_relations/
DISCLAIMER This presentation handout contains forward-looking statements and information. Such statements are based on our current expectations and certain presumptions and are therefore subject to certain risks and uncertainties. A variety of factors, many of which are beyond CA Immo’s or CA Immo International’s control, affect its operations, performance, business strategy and results and could cause the actual results, performance or achievements of CA Immobilien Anlagen Aktiengesellschaft or CA Immo International AG to be materially different. Should one or more of these risks or uncertainties materialise or should underlying assumptions prove incorrect, actual results may vary materially, either positively or negatively, from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, projected or estimated. CA Immo and CA Immo International do not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated. This presentation does not constitute an offer to sell, nor a request to purchase or apply for securities. Any decision to invest in securities publicly offered by an issuer should be made solely on the basis of the securities prospectus of CA Immobilien Anlagen Aktiengesellschaft or CA Immo International AG and its supplements. This information is not intended for distribution in or within the United States of America (USA) and must not be distributed or passed to "U.S. persons" as defined under Regulation S of the U.S. Securities Act of 1933 in its present form ("Securities Act") or to publications with a general circulation in the USA. This publication does not constitute an offer to sell securities in the United States of America. The securities mentioned herein are not and will not be registered in the United States of America according to the provisions of the U.S. Securities Act of 1933 in its present form and may only be sold or offered for sale where registered or excepted from the obligation to register. No public offer of shares will be made in the USA. This document is intended only for persons (i) who are outside of the United Kingdom or (ii) possess sectoral experience of investments under the terms of Article 19 (5) of the U.K. Financial Services and Markets Act 2000 (Financial Prom otion) Order 200551 (in its present form) (the "Order") or (iii) who are covered by Article 49 (2) (a) to (d) of the Order ("high net worth companies, unincorporated associations" etc.); all such persons are referred to in the following as "relevant persons". Those who are not relevant persons may not act on the basis of this document or its content or place their trust therein. All investments or investment activities referred to by this document are available only to relevant persons and are entered into only by relevant persons. “This information is not intended for publication in the United States of America, Canada, Australia or Japan.”