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CAI Annual Financial Report 2018 CA IMMO ANNUAL FINANCIAL REPORT 2018 I.A.W. ARTICLE 124 OF THE AUSTRIAN STOCK EXCHANGE ACT WorldReginfo - 0b1ee650-d42c-4c24-86f0-abee8635b272 Datei: Master_Jahresabschluss_2015.docx; Gespeichert von naderer am 18.03.2016 15:15:00 CONTENT GROUP MANAGEMENT REPORT 2 Group structure 3 Economic environment 5 Property markets 7 Property assets 11 Investment properties 14 Investment properties under development 18 Property valuation 23 Financing 26 Results 30 Outlook 38 Financial performance indicators 39 Employees 40 Supplementary report 42 Risk report 43 CONSOLIDATED FINANCIAL STATEMENTS 52 A. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31.12.2018 55 B. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31.12.2018 56 C. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT31.12.2018 57 D. CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR 2018 58 E. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31.12.2018 59 F. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31.12.2018 61 DECLARATION OF THE MANAGEMENT BOARD DUE TO SECTION 124 OF THE AUSTRIAN STOCK EXCHANGE ACT (CONSOLIDATED FINANCIAL STATEMENTS) 178 AUDITOR’S REPORT (CONSOLIDATED FINANCIAL STATEMENTS) 179 STATUTORY FINANCIAL STATEMENTS AND MANAGEMENT REPORT 184 AUDITOR’S REPORT (STATUTORY FINANCIAL STATEMENTS AND MANAGEMENT REPORT) 232 DECLARATION OF THE MANAGEMENT BOARD DUE TO SECTION 124 OF THE AUSTRIAN STOCK EXCHANGE ACT (STATUTORY FINANCIAL STATEMENTS AND MANAGEMENT REPORT) 237 WorldReginfo - 0b1ee650-d42c-4c24-86f0-abee8635b272 GROUP MANAGEMENT REPORT WorldReginfo - 0b1ee650-d42c-4c24-86f0-abee8635b272 GROUP MANAGEMENT REPORT GROUP STRUCTURE CA Immo is a real estate company with its headquarters through the preparation and utilisation of land reserves in Vienna and branch offices in Germany, Poland, Roma- in the development field. CA Immo either transfers com- nia, Serbia, Czechia and Hungary. The parent company of pleted projects to its investment portfolio or sells them to the Group is CA Immobilien Anlagen Aktiengesellschaft, investors. The Group currently controls property assets of a listed company based in Vienna whose main activity is around € 4.5 bn in Germany, Austria and Central- and the strategic and operational management of subsidiary Eastern Europe. companies at home and abroad. The various branch of- fices act as largely decentralised profit centres. Other subsidiaries (without separate local teams) are present in COMPANIES BY REGION Croatia, the Netherlands, Slovakia, Slovenia and Cyprus. As at key date 31 December 2018, the Group comprised Number of companies1) 31.12.2018 31.12.2017 196 companies (31.12.2017: 200) with 382 employees 1) (378 on 31.12.2017) in 14 countries . Austria 20 20 - Of which joint ventures 33 The core business of the CA Immo Group is the letting, Germany 101 101 management and development of high quality commer- - Of which joint ventures 27 28 cial real estate with a clear focus on office properties. The Central- and Eastern Europe2) 75 79 company, which has a high degree of in-house construc- - Of which joint ventures 48 tion expertise, covers the entire value chain in the field Group-wide 196 200 of commercial real estate. The objective is to build up a focused portfolio of high quality, high yielding invest- - Of which joint ventures 34 39 ment properties within the core markets of Germany, 1) Joint ventures involving consolidated companies. Austria, Czechia, Poland, Hungary, Romania and Serbia. 2) Includes holding companies in Cyprus and the Netherlands established Additional earnings contributions are generated in connection with Eastern European investments. 1) Includes holding companies in Cyprus and the Netherlands and another company in Switzerland. 3 WorldReginfo - 0b1ee650-d42c-4c24-86f0-abee8635b272 GROUP MANAGEMENT REPORT Austria set up with the Austrian estate agent and property man- The company’s domestic properties are overseen in sub- agement firm ÖRAG. A number of development projects sidiary companies of CA Immobilien Anlagen AG. As at (in Munich and Mainz, for example), are being realised in 31 December 2018, the parent company also directly held the framework of joint ventures. Construction manage- property assets of approximately € 298.2 m (€ 257.8 m on ment – which encompasses construction management, 31.12.2017). The total Austrian portfolio comprised in- project management and construction supervision – is vestment properties with a market value of € 560.2 m at carried out by CA Immo’s German subsidiary omniCon, 31 December 2018 (31.12.2017: € 494.2 m). which also performs these services for third parties. Germany Central- and Eastern Europe (CEE) The operational platform for all Group activities in Ger- In CEE, the strategic focus is also on commercial class A many is CA Immo Deutschland GmbH. As a former col- buildings in the respective capitals. The portfolio of in- lecting society for state-owned railway properties in Ger- vestment properties in CEE, along with a small propor- many, the company has a wealth of expertise in develop- tion of development projects and undeveloped plots, is ing inner city real estate. With subsidiaries in Berlin, directly held via CA Immo participating interests and via Frankfurt and Munich, an appropriate local profile is as- Europolis GmbH, another wholly owned subsidiary of sured. Aside from investment properties, the company’s CA Immo acquired from the Volksbank Group early in property assets mainly comprise properties under con- 2011. All CEE properties are managed by regional subsid- struction and undeveloped plots alongside a portfolio of iaries under the name CA Immo Real Estate Manage- properties intended for trading or sale. Investment prop- ment. erties are largely held in direct holdings and let and man- aged by DRG Deutsche Realitäten GmbH, a joint venture GROUP MANAGEMENT REPORT 4 WorldReginfo - 0b1ee650-d42c-4c24-86f0-abee8635b272 GROUP MANAGEMENT REPORT ECONOMIC ENVIRONMENT THE ECONOMIC TREND1) The economy of Austria grew with real GDP rising by 2.7% in 2018. The inflation rate in Austria stood at 1.7% The International Monetary Fund (IMF) painted in its in January 2019. The current unemployment rate is 4.7%. January 2019 Update of the World Economic Outlook a Employment has reached a new record level in Ger- cautious yet positive picture of the global economy. An many, underlining the extremely robust situation of the estimated economic growth of 3.7% in 2017 was fol- German economy, which has a positive effect also on lowed by the same forecast for 2018 and a slight decrease other European countries, such as Czechia. In EU com- of 0.2 percentage points to 3.5% in 2019 and 3.6% in parison, Germany and Czechia reported the lowest unem- 2020. The current outlook is 0.2 and 0.1 percentage point ployment rates at only 3.3% and 2.1%, respectively, ac- below the forecasts published in October 2018. cording to the most recent publication of Eurostat. Most recent economic data and survey outcomes point The German economy recorded a GDP growth of 1.4% to slower economic growth in the European Union. The in 2018, representing a decline of 80 basis points from increase of 1.8% of the eurozone over the year 2018 was last year's 2.2%. The slowdown was caused mainly by 60 basis points below the 2017 figure. Prospects for weakening export growth and growing consumer re- growth have been revised down slightly due to persistent straint, particularly in the second half of the year. The in- geopolitical and economic uncertainties at the global flation rate for Germany was reported at 1.7% in January level. The unemployment rate in the EU-28 has reached 2019. its lowest level since 2008. As observed in preceding years, the positive economic trend in the core CA Immo markets in the CEE region was maintained over the year 2018, albeit a slowing com- REVIEW OF THE CA IMMO CORE MARKETS IN 20182) pared to the previous year. Strong increases in employ- Growth in the eurozone in 2018 came to 1.8%, and ment combined with real wage growth stimulate private across the entire EU to 1.9%, compared to 2.4% and consumption. Additionally, there is a massive effect from 2.4%, respectively, in the previous year. The (seasonally large inflows of EU funds, representing an essential lever adjusted) unemployment rate was 7.9% (down from for the CEE economies. 8.6% in January 2018) in the eurozone and 6.6% (down from 7.2% in January 2018) for the EU as a whole in Jan- Within the CEE core markets, Poland and Hungary re- uary 2019, which is the lowest rate since January 2000. ported the highest GDP growth of 5.4% or 4.9 % respec- The government debt stood at 86.1% in the eurozone at tively in 2018. The gross domestic product in Romania the end of the third quarter of 2018 (80.8% in the EU-28). grew by 4.1% in 2018, and in Czechia by 3.0%. The un- employment rate in the CEE countries is significantly Annual inflation in the eurozone was 1.4% in January lower than in the EU-28 and the euro area average; it 2019, clearly less than the rate targeted by the ECB of be- stands at 2.1% in Czechia, at 3.5% in Poland, at 3.7% in low, but close to 2.0% (January 2018: 1.3%), whereas the Hungary and at 3.8% in Romania. euro area reported 1.5% (January 2018: 1.6%). The infla- Compared to the previous year, the inflation rate in tion rate continued to be below the ECB target recently, 2018 in all CEE core countries displayed a slighty nega- but is, given the monetary measures taken, sustained eco- tive trend and partly stood below the eurozone average. nomic stability and associated higher wage increases, ex- Czechia reported an inflation rate of 2.0% for January pected to grow in the medium term.
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