KEY FIGURES KEY FIGURES OF SHARE 2011 THE BIGGER PICTURE INVESTOR RELATIONS ANNUAL REPORT CA IMMOBILIEN ANLAGEN AG Mechelgasse 1 2011 A-1030 Vienna Tel.: +43/1/532 59 07 Fax: +43/1/532 59 07/510 [email protected] www.caimmo.com T 2011 R L REPO A Immo Annu CA KEY FIGURES KEY FIGURES OF SHARE 2011 THE BIGGER PICTURE INVESTOR RELATIONS ANNUAL REPORT CA IMMOBILIEN ANLAGEN AG Mechelgasse 1 2011 A-1030 Vienna Tel.: +43/1/532 59 07 Fax: +43/1/532 59 07/510 [email protected] www.caimmo.com T 2011 R L REPO A Immo Annu CA KEY FIGURES KEY FIGURES INCOME STATEMENT 2011 2010 Rental income € m 265.6 164.4 EBITDA € m 246.4 150.4 Operating result (EBIT) € m 285.0 176.5 Net result before taxes (EBT) € m 107.1 68.8 Consolidated net income € m 67.7 43.8 attributable to the owners of the parent € m 62.6 45.4 Operating cash flow € m 191.9 121.4 Capital expenditure € m 1,828.1 326.7 BALANCE SHEET 2011 2010 Total assets € m 5,916.6 4,379.5 Stated value (equity) (incl. minority interests) € m 1,809.5 1,659.9 Long and short term interest-bearing liabilities € m 3,264.0 2,126.4 Net debt € m 2,854.2 1,724.2 Gearing % 158 104 Equity ratio % 31 38 Equity-to-fixed-assets ratio % 35 45 Net asset value € m 1,684.6 1,641.8 Net asset value (NNNAV) € m 1,742.3 1,664.9 PROPERTY PORTFOLIO 2011 2010 Total usable space (excl. parking, excl. projects) sqm 2,531,068 1,476,802 Gross yield investment properties % 6.3 5.8 Book value of properties € m 5,222.2 3,612.2 KEY FIGURES KEY FIGURES OF SHARE KEY FIGURES OF SHARE 2011 2010 Rental income / share € 3.02 1.87 Operating cash flow / share € 2.18 1.38 Undiluted earnings per share € 0.71 0.52 Diluted earnings per share € 0.68 0.52 NNNAV/share € 19.83 18.95 NAV/share € 19.17 18.69 1 Price (key date)/NNNAV per share – 1 %– 58 – 37 MULTIPLIERS 2011 2010 P/E ratio (KGV) 12 23 Price/cash flow 4 9 Ø EV/EBITDA 15 17 VALUATION 2011 2010 Market capitalisation (key date) € m 728 1,046 market capitalisation (annual average) € m 963 809 Stated value (equity) (incl. minority interests) € m 1,809.46 1,659.94 Ø Enterprise Value (EV) € m 3,817.1 2,533.2 Net asset value (NNNAV) € m 1,742.29 1,664.89 SHARES 2011 2010 number of shares (31.12.) pcs. 87,856,060 87,856,060 Ø Number of shares pcs. 87,856,060 87,333,896 Ø price/share € 11.0 9.3 Closing price (31.12.) € 8.29 11.91 Highest price € 13.45 11.95 Lowest price € 7.02 7.01 1 before deferred taxes ISIN: ATOOOO641352 / REUTERS: CAIV.VI / BLOOMBERG: CAI:AV THE BIGGER PICTURE Those who develop and manage real estate must remember one thing at all times: this business is about living and working space for human beings. That means the quality of real estate must be considered from every angle: from its contribution to meaningful urban develop- ment, user-friendly architecture and sustainable construction methods to its income-generating structure and the transparency of information. Only organisations that consider every factor, scrutinising every implication and optimising every aspect, will create something that adds up to more than the sum of its parts: Real value that profits everyone involved. CREATING REAL VALUE does not happen by accident: it is the result of carefully considered development. At prime locations in Germany, CA Immo holds valuable real estate reserves at various stages of project completion. These reserves will be systemati- cally progressed to construction readiness over the next few years, at which point they will either be sold to property developers, developed for investors or absorbed into the company’s asset portfolio. REGIONAL TRANSPORT CONNECTIONS are a lifeline. For an urban district to work properly and be accepted, good transport connections are essential. Arnulfpark offers ideal local and regional transport links: in addition to underground and suburban line stations, it is close to Munich’s main railway station. QUALITY OF LIFE means playing a part in devising large recreational spaces from the outset. People need greenery, which is why spacious parkland was cen- tral to the identity of the Arnulfpark site from the start. The 40,000 sqm park with 150 trees, extensive lawns and a modern children’s play area is now the emotional heart of the district. URBAN DEVELOPMENT MUST BE TAILORED TO THE WIDER REGION. Occasionally, a large inner-city site (which may have been used for industrial or railway premises) becomes available for development. This can be a lucky break for a town, but only where an intelligent, holistic concept is produced – one that recognises the requirements of sustainable regional planning as well as marketability and the multifarious needs of future users. As the case of Arnulfpark clearly demonstrates, how CA Immo sys- tematically transformed an unused brownfield site into an attractive urban district. MARKETABILITY and a usage mix for the long term are key considerations, even at the concept phase. CA Immo created a thriving and well structured urban district by developing the Arnulfpark site to the point of construction readiness for a range of asset classes. Around a thousand apartments and offices for 4,300 workers together with various uti- lities and social and cultural facilities have been (and continue to be) built by CA Immo and handed over to private investors. REAL VALUES for the long term. From a foundation of property assets in Austria, CA Immo Group has systematically built up a top class international portfolio over recent years. High value property packages have been acquired in Austria, Germany and the CEE region, and some of the most prominent real estate in Eastern Europe was recently acquired with the acquisition of Europolis. QUALITY OF REAL ESTATE Example: the Austria Trend Hotel Savoyen The beautifully preserved K. u. K. Hof- und Staatsdruckerei (the former Imperial printing A LONG TERM FUTURE office in Vienna) has been transformed by The Hesse portfolio offers an example: CA Immo into an ultra-modern complex. - 447,000 sqm investment property area The Austria Trend Hotel Savoyen and other - Market value of € 806 m high profile office tenants have resided - Tenant: state of Hesse behind the historic facade, which offers - Remaining term of agreement: superb views of the Belvedere Palaces. approx. 25 years - Stable annual revenue of € 43 m Market value: ~ € 80 m Total floor space (hotel + offices): 35,000 sqm Tenant: Austria Trend Hotel, Peek & Cloppenburg and others SUSTAINABILITY is now a central criterion for investment QUALITY OF TENANTS properties too. CA Immo has developed its is most important, when it comes to own evaluation tool to measure the sustain- securing rental agreements. The list of T – the ability of investment properties: CAS high profile, international tenants speaks CA Immo Sustainability Tool – analyses volumes, as does the number of tenancies sustainability criteria quickly and easily, secured for the long-term. thereby providing the basis for key portfolio management decisions. WITH INVESTMENT PROPERTIES, WHAT MATTERS IS REALISM. Comprising around 80 % of the company’s portfolio, the quality of investment properties is extremely important to CA Immo Group – and today, quality co- vers a complex set of detailed requirements. Not only the economic quality for the owner over the whole lifecycle of the property has to be analysed, but also the social, ecological and economical quality for users, such as operating costs, comfort, health and an environment worth living. EVERYTHING CONCERNS OUR INVESTORS. SCOPE OF INFORMATION is critically important. Whether setting out strategic alignment, developing ur- ban districts and projects or performing routine business, CA Immo lets people know how and why. For example, the company keeps its shareholders up to date via newsletters, SMS services and RSS feed. A FOUNDATION OF TRUST with our shareholders is the product of effective, eye-to-eye CA Immo’s response to communication. To give an example, uncertainty over the crises in the property and financial sectors has been consistently open dialogue and active information. Despite the harsh conditions, the company’s relationship with Having shareholders has remained constructive and cooperative. committed itself to value-oriented corporate management, CA Immo is once again making a major contribution to the culture of the Austrian real estate sector. BUSINESS AREAS INVESTMENT PROPERTIES INVESTMENT PROPERTIES UNDER DEVELOPMENT Acquisition, optimisation and letting of Development and subsequent utilisation of investment properties, with the focus on high quality commercial real estate (inclu- office properties in Austria, Germany and ding entire city districts) in selected growth Eastern Europe regions of Europe Market value of investment properties: € 4.2 bn Market value of project development: € 0.9 bn Proportion of total assets: 82 % Proportion of total assets: 18 % Proportion of total EBIT:*) 73 % Proportion of total EBIT:*) 27 % *)excl. holding charges *)excl. holding charges CORE MARKET: AIMS/MISSION CENTRAL EUROPE STATEMENT Our goal is to generate long-term value from real estate, provide long-term benefits to our shareholders and tenants and use resources responsibly in all our activities. We are the first choice for equity and outside capital providers, SPECIALIST IN customers, employees and the general public; within our business segment, we are setting OFFICES standards of quality, transparency and fairness. CONTENT CONTENT 2 EDITORIAL 28 MANAGEMENT REPORT 4 THE STRATEGY OF THE CA IMMO GROUP 28 Holdings and funds 6 INFOPAGE ONLINE-SERVICES 30 Economic environment 32 Property markets 36 Property Assets