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As of: 10/2016
CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1 2016A Results
06 Appendix
Q1 2016A – 2
PORTFOLIO SPLIT – COMMERCIAL REAL ESTATE
PLAYER WITH FOCUS ON EUROPE
ASSET CLASSES PROPERTY PORTFOLIO
8.2%
20.0% 11.4% Czech 4.1%
Austria Poland Republic Slovakia
48.4% 46.4% 5.2% 21.4% 15.7% 8.8% 8.1% 2.2%
Office Retail Others Russia Romania Hungary Germany Non-
core
countries1
KEY DATA ON THE PROPERTY PORTFOLIO
31 JULY 2016
Total number of properties 361
Rentable space in sqm 2,187,976
Occupancy rate in % 86.4%
Gross return on the standing investments in % 6.2%
Gross return on the standing investments (occupancy-adjusted) in % 7.2%
2
Portfolio value in MEUR 5,405
Thereof office in MEUR 2,614
Thereof retail in MEUR 2,510
Thereof other in MEUR 281
1 In declining order based on the carrying amount: Slovenia, Serbia, Croatia, Bulgaria, Ukraine
2 Including properties held for sale
Q1 2016A – 3
KEY FIGURES
ASSET DATA 31 JULY 2016 STOCK EXCHANGE DATA 31 JULY 2016
Balance sheet total in MEUR 7,385.4 Book value per share in EUR 3.02
Equity as % of the balance sheet total in % 39.4% Share price at end of period in EUR 1.95
Net financial liabilities in MEUR 2,751.8 Discount of share price to diluted NAV per share in % 42.9%
Cash and cash equivalents in MEUR 795.2 Number of shares 975,955,651
Loan to value ratio (net) in % 46.2% Number of treasury shares 10,000,000
Gearing in % 89.1% Market capitalisation at end of period in MEUR 1,901.2
Average interest rate on financial liabilities, incl. hedging in % 3.9% Earnings per share in EUR 0.02
Average term of financial liabilities in years 3.8 Earnings per share (diluted) in EUR 0.02
EPRA INDICATORS 31 JULY 2016 EARNINGS DATA Q1 2016A
EPRA Net Asset Value in MEUR 3,297.6 Rental income in MEUR 76.8
EPRA Net Asset Value per share in EUR 3.41 Results of asset management in MEUR 54.5
EPRA Triple Net Asset Value in MEUR 3,195.6 Results of property sales in MEUR 0.7
Results of property development in MEUR -1.4
EPRA Triple Net Asset Value per share in EUR 3.31
Results of operations in MEUR 45.3
Revaluations in MEUR -8.6
EPRA earnings in EUR 46.3
EBIT in MEUR 32.8
EPRA earnings per share in EUR 0.05
Financial results in MEUR 10.9
EPRA earnings after in MEUR 36.5
company-specific adjustments EBT in MEUR 43.7
EPRA earnings per share after in EUR 0.04 Net profit or loss in MEUR 21.9
company-specific adjustments FFO 1 (excl. results of property sales) in MEUR 9.3
EPRA Net Initial Yield in % 5.3% FFO 2 (incl. results of property sales) in MEUR 10.0
Q1 2016A – 4
FY 2015/16 – STRATEGIC HIGHLIGHTS
DISPOSAL OF LOGISTICS PORTFOLIO
Sale to Blackstone, cash inflows totalling MEUR 305
FOCUS ON TWO ASSET CLASSES
Office Retail
FY SALE OF BUWOG SHARES
2015/16 20 million shares placed on the stock exchange
18.5 million shares sold to the investor SAPINDA
TARGETS
GROWTH THROUGH ACQUISITIONS AND DEVELOPMENTS
Completions in retail (VIVO! Stalowa Wola and STOP SHOPs)
New development projects in Germany
Acquisition of a 26% stake in CA Immo
SUSTAINABLE DIVIDEND POLICY
Dividend of 6 cents per share decided for 2015/16 and planned for 2016
Q1 2016A – 5
FY 2015/16 – OPERATIONAL HIGHLIGHTS
OFFICE RENTALS
Developments New rentals
81.7% 106,000 sqm 215,000 sqm
75.0%
+6.7 Pp Total Total
421,000 sqm 421,000 sqm
Standing Contract
investments extensions
315,000 sqm 206,000 sqm
FY 2014/15 FY 2015/16
RENTABLE RENTED OCCUPANCY OCCUPANCY
COUNTRY SPACE SPACE FY 2015/16 FY 2014/15
Austria 354,652 292,500 82.5% 78.5%
Germany 56,956 47,683 83.7% 58.0%
Czech Republic 146,652 104,258 71.1% 74.2%
Hungary 165,785 131,222 79.2% 72.3%
Poland 162,063 143,271 88.4% 75.9%
Romania 188,748 166,693 88.3% 79.1%
Non-core countries 25,638 13,949 54.4% 50.7%
IMMOFINANZ 1,100,494 899,575 81.7% 75.0%
RANKING COUNTRY BUILDING TENANT SQM
1 Germany FLOAT Uniper 28,000
2 Germany trivago trivago 26,000
LARGEST NEW RENTALS: 3 Austria Geiselbergstrasse 17-19 ibis acam Bildungs GmbH 11,200
4 Romania IRIDE Local TV provider 9,100
5 Germany Panta Rhei GEA Real Estate 3,600
Q1 2016A – 6
2016 FINANCIAL YEAR – OUTLOOK
FURTHER PORTFOLIO GROWTH WITH OUR BRANDS
FURTHER INCREASE IN OCCUPANCY RATE
FY
2016 PORTFOLIO OPTIMISATION
TARGETS
COST REDUCTIONS
PLANNED MERGER OF IMMOFINANZ AND CA IMMO
Q1 2016A – 7
PORTFOLIO GROWTH OFFICE
HIGH PRELETTING RATES IN GERMANY
> IMMOFINANZ’s future portfolio in Germany will include premium properties
in Düsseldorf, Cologne and Aachen
> Construction of corporate headquarters for trivago and Uniper in the Düsseldorfer
Medienhafen
> Construction of the largest technology cluster within the RWTH Aachen expansion
> Planned development of the German office portfolio: trivago, Düsseldorf (GER)
RENTABLE SPACE CARRYING AMOUNT RENTAL INCOME
in sqm in MEUR in MEUR, p.a.
~192,000 ~760.2 ~37.0
+237% +459% +478%
~57,000
135.9 6.4
FY 2015/16 Mid 2018 FY 2015/16 Mid 2018 FY 2015/16 Mid 2018
LARGEST PROJECTS PRIMARY PLANNED RENTABLE SPACE PRELETTING RATE SCHEDULED COMPLETION
IN GERMANY USE IN SQM (ROUNDED) IN % (CALENDAR QUARTER)
Gerling Quartier Office/Hotel 30,000 73% Q4 2016 to Q1 2018
FLOAT Office 30,000 95% Q3 2018
RWTH Aachen Office 28,000 90% Q2 2017
trivago1 Office 26,000 100% Q3 2018
1 Project phase I
Q1 2016A – 8
BRANDS OF IMMOFINANZ
RETAIL OFFICE
STOP SHOP is our brand for retail parks in VIVO! is our shopping center brand. myhive is the new office brand of
Central and Eastern Europe. IMMOFINANZ.
These likeable and convenient local It is designed for cities with a catchment myhive offices stand for the friendly and
suppliers are located in catchment area of at least 200,000 residents and lively atmosphere experienced in a hotel,
areas of 30,000 to 150,000 residents highlighted by strong anchor tenants and combined with optimal infrastructure and
and offer a broad range of products an attractive mix. VIVO! makes shopping a services. The buildings are characterised by
with good value for money. special experience for the entire family. an inviting and lively atmosphere, attentive
With efficient transport connections These shopping centers are normally and helpful staff, easy accessibility and
as well as extensive parking, they single-storey, have a high recognition value numerous services, like shops for everyday
concentrate on price-conscious “smart and are therefore optimally suited for needs, flexible and serviced offices, tenant
shoppers” who value easy accessibility. further growth. lounges and interesting events.
Q1 2016A – 9
PORTFOLIO GROWTH: STOP SHOP
581 LOCATIONS IN SEVEN COUNTRIES
> STOP SHOP Serbia:
3rd location in
this country opened
in Valjevo during
early autumn 2016 55 OBJECTS AS OF 31 JULY 2016
POLAND1 Rentable space 367,295 sqm
> STOP SHOP Poland:
Occupancy rate 95.7%
Preparation and
evaluation of five Carrying amount MEUR 517.1
further locations, Gross return 7.5%
including the cities of Gross return (occupancy adj.) 7.8%
Pultusk and Gdynia –
completion in 2017 CZECH REPUBLIC
> Doubling of the
SLOVAKIA
STOP SHOP portfolio
to more than 100 locations
over the next five years
AUSTRIA
HUNGARY
SLOVENIA
SERBIA
1 Including Swinoujscie, Sczyztno and Valjevo, which
opened after the balance sheet date
Q1 2016A – 10PORTFOLIO GROWTH: VIVO!
BRAND ROLL-OUT TO FURTHER LOCATIONS
> Roll-out of VIVO! brand to
existing shopping centers
currently in progress
> Start of construction works 10 OBJECTS AS OF 31 JULY 2016
for VIVO! Krosno (PL) Rentable space 284,778 sqm
> Further development POLAND Occupancy rate 94.6%
projects and acquisitions Carrying amount MEUR 609.0
under evaluation Gross return 6.9%
Gross return (occupancy adj.) 7.3%
CZECH REPUBLIC
SLOVAKIA
ROMANIA
Q1 2016A – 11OFFICE: ROLL-OUT OF MYHIVE
NEW OFFICE CONCEPT INCLUDING 360° CUSTOMER CARE
> International brand concept –
myhive stands for a strong
commitment to quality and
services
POLAND 15 OBJECTS AS OF 31 JULY 2016
> First step involves the Rentable space 388.878 sqm
roll-out of myhive to Warsaw
GERMANY Occupancy rate 83.2%
20 IMMOFINANZ
office buildings1 in Carrying amount MEUR 862.1
six countries Cologne Gross return 5.2%
Gross return (occupancy adj.) 6.3%
> Twin Towers in Vienna Prague
will be relaunched
CZECH REPUBLIC
under the myhive
brand by the end of 2016
> Only capital cities and larger Vienna
office cities in Germany
AUSTRIA Budapest
HUNGARY
ROMANIA
Bucharest
1 20 properties, including 15 standing investments will be branded as myhive. Two of these standing investments are not listed separately
because they are part of the IRIDE Business Park. The other three properties are classified as development projects.
Q1 2016A – 12INCREASE IN OCCUPANCY RATE
OCCUPANCY RATE OFFICE OCCUPANCY RATE RETAIL
Values in % Values in %
>95.0
>85.0
~93.0
92.0 -0.9 Pp
6.7 Pp 81.7 91.1
75.0 Excl.
Incl. RU
RU
FY 2014/15 FY 2015/16 Forecast end FY 2014/15 FY 2015/16 Forecast end
FY 2016 FY 2016
OCCUPANCY RATE TOTAL
Values in %
~90.0
>88.0
2.1 Pp 86.3
84.2 Excl.
Incl.
RU
RU
FY 2014/15 FY 2015/16 Forecast end
FY 2016
Assumption: no change in occupancy rate for “Other” asset class
Q1 2016A – 13MEDIUM-TERM PORTFOLIO OPTIMISATION
Total
PLANNED SALES BY ASSET CLASS MEUR
In MEUR as of 30 April 2016
~1,000.0
~560.0 ~320.0 ~120.0
Office Retail Others
PLANNED SALES BY PROPERTY TYPE
In MEUR as of 30 April 2016
~800.0 ~200.0
Buildings Landbanks
> Proceeds will finance development activities & portfolio growth
Q1 2016A – 14COST REDUCTIONS
REFINANCING
In MEUR
Current
bonds as of Ø 4.40% MEUR
30.4.2016
Nominal Interest 27.7 Interest
value savings Savings
MEUR MEUR MEUR ~11.0
628.5 Ø 2.60%1 MEUR 11.4
Refinancing
of bonds after Interest 16.3
redemption
PERSONNEL COSTS
In MEUR
50.0
41.0
-18.0% Savings
MEUR ~9.0
FY 2015/16 Future annual forecast
1 Provision of Ø 2.60% coupon based on Ø 5y SWAP as of July 2016 (-0.15) plus a spread of 2.75 (bank indication)
Q1 2016A – 15COMBINATION OF IMMOFINANZ AND CA IMMO
> Acquisition of a 26% stake in CA Immo
Step > Merger control clearance received
1 > Recording of registered shares and closing of acquisition
executed in August
> Disposal/spin-off of our Russian portfolio
Step
> Spin-off to existing IMMOFINANZ shareholders or disposal to a third party
2 > Preparations in progress
> Merger of IMMOFINANZ and CA Immo
Step > Start of detailed negotiations about merger after closing of the
acquisition of the 26% stake
3 > Invitation to shareholder meetings that have to approve the merger
planned for summer 2017
Q1 2016A – 16CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1 2016A Results
06 Appendix
Q1 2016A – 17Merger update October 2016
The combination of IMMOFINANZ and CA Immo –
a strategically compelling and value enhancing combination
Pro-forma data as of Sep-2016
1 Creating a leading commercial real estate company in Europe €6.2bn
portfolio value(a)
Regionally balanced portfolio with leading positions in Germany, Austria and the
2 main CEE markets, benefitting from strong macro conditions
41% DE/AT vs 59% CEE
73% office vs 23% retail(b)
High quality, recently built unique German office portfolio with strong development c.€1.5-2.0bn(e) of development
3 capability and sizeable German landbank
pipeline, predominantly
focused on Germany (c. 75%)
€33mm p.a. pre-tax
4 Synergetic combination driven through revenue, cost and financing synergies run-rate synergies(c) initially
assessed by IMMOFINANZ,
joint analysis initiated
5 Enhanced scale and diversity to improve credit profile, aiming to reach investment Targeted range of
grade rating for combined entity 40-45% net LTV
6 Highly liquid and investable stock with re-rating potential €2.8bn combined free-float
market capitalisation(d)
Note: Pro-forma data as per September 2016: Q1-16 for IMMOFINANZ and Q2-16 for CA Immo
(a) Including CA Immo at-equity investments, excluding development
(b) Differential of approx five percentage points belongs to ‘Other’ segment (comprises all other business activities that cannot be allocated to the office or retail segments)
(c) Synergies announced by IMMOFINANZ in April 2016 currently under joint review
(d) As of 30-Sep-16, not reflecting a potential impact on market cap of the envisioned Russian disposal from IMMOFINANZ portfolio
(e) Includes landbank for CA Immo and outstanding development costs for both IMMOFINANZ and CA Immo
Source: IMMOFINANZ and CA Immo company information, Bloomberg
19The combination between IMMOFINANZ and CA Immo, planned to be
completed by H2 2017, provides an attractive opportunity of creating a
European leader in commercial real estate
2016 2017
Step 1 Step 2 Step 3
Acquisition of a 26% stake in CA Disposal/spin-off of Merger of IMMOFINANZ and CA Immo
Immobilien Anlagen AG by IMMOFINANZ Russian portfolio
IMMOFINANZ AG Preparations for merger have started
Spin-off to existing
Antitrust approvals obtained IMMOFINANZ shareholders or Statutory merger according to Austrian law
sale to a third party buyer Exchange ratio based on broad range of customary valuation
Recording of registered shares methodologies
and closing of acquisition Execution in progress: to be Exchange ratio review by auditor
executed in August completed prior to merger Merger document and exchange ratio to be published approx. 1
month ahead of General Meetings
General Meetings resolving on merger
Ongoing
planned in Summer 2017
20The proposed statutory merger is an opportunity to combine two highly
complementary portfolios and implement best-in-class corporate governance
Corporate structure Structure and governance
Shareholders Shareholders
Statutory merger of the two entities
74% 94%
26%
IMMOFINANZ exit from Russia prior to the respective
CA Immo IMMOFINANZ general meetings
6%
Austria Austria The exchange ratio will be determined by reference to a
Germany Germany broad range of customary valuation methodologies
Poland Poland
Romania Romania
Czech Republic Czech Republic 75% shareholder approval required in both AGMs/EGMs
Hungary Hungary
Other countries(a) Other countries(b)
Russia (sale or spin-off pre merger)
Details of the structure will be developed by both parties in
the best economic interest for the shareholders, including
tax considerations
Shareholders
Combined company to operate under a new name
100%
Best-in-class corporate governance
MergeCo
Austria Czech Republic
Germany Hungary
Poland Other countries(c)
Romania
Source: CA Immo and IMMOFINANZ company information
(a) Slovakia, Slovenia, Serbia, Croatia, Bulgaria
(b) Slovakia, Slovenia, Serbia, Croatia, Bulgaria, Ukraine, Turkey
(c) Slovakia, Slovenia, Serbia, Croatia, Bulgaria, Ukraine, Turkey
21Regionally balanced portfolio with leading positions in Germany, Austria and
the main CEE markets, benefitting from strong macro conditions
Regional distribution (standing assets) Asset classes (standing assets)
Others(a) 8% Others(b) 5%
Czech
Republic 11% Austria 26%
Retail 23%
Hungary 12%
Office 73%
Germany
Poland 14% 15%
Romania 14%
Total: €6,248m Total: €6,248m
GDP and prime office rental growth per country (%)
Country 2016E GDP growth (%)(c) Prime office rental growth (%)(c,d)
Austria 1.3% Vienna, 1.9%
Germany 1.4% Berlin, 8.9%
Czech Republic 2.2% Prague, 2.6%
Hungary 1.2% Budapest, 5.0%
Poland 2.9% Warsaw (3.0)%
Romania 4.2% Bucharest, 0.0%
Note: Portfolio including CA Immo pro-rata share of at-equity investments, excluding development and pipeline projects and IMMOFINANZ Russia properties
(a) Bulgaria, Croatia, Serbia, Slovakia, Slovenia, Turkey, Ukraine
(b) Comprises all other business activities that cannot be allocated to the office or retail segments
(c) Data as per EIU
(d) as of March 2016, one-year growth, Bucharest as of Sep 2015
Source: Data as of 31-Jul-16 for IMMOFINANZ and as of 30-Jun-16 for CA Immo; Cushman & Wakefield
22Significant synergy potential in proposed combination
Revenue synergies Cost synergies Financing synergies
Potential additional Reduction of corporate Reduced financing costs
acquisition opportunities overheads through enlarged
(better visibility in the platform and stronger
market) Combination of asset balance sheet
management platforms
Coordinated letting (as well as country hubs) Targeted investment
activities, in particular in grade rating of combined Initial assessment by
Cash savings on entity will help to further IMMOFINANZ: €33mm
Eastern European improve access to capital
maintenance and capex p.a. total run-rate
capitals lead to and will reduce funding synergy potential(a)
from increased
vacancy reduction costs
purchasing power and
and lease up Joint analysis of
improved procurement
potential synergies initiated
organisation Higher free float and
#1 “go to” provider of trading volume levels of
class A office space Reduced letting costs combined entity expected
due to better terms with to reduce cost of equity
brokers
(a) Synergies announced by IMMOFINANZ in April 2016 currently under joint review
23Creating a leading commercial Real Estate company in Europe and the clear
market leader in CEE
Largest listed Continental Europe commercial Real Estate companies Largest listed European commercial Real Estate companies with CEE
by GAV (Total GAV(a), €bn, latest available) portfolio by GAV (CEE GAV(a), €bn, latest available)
33.8
Largest listed European 3,7 Largest portfolio in CEE (excl.
commercial real estate 3,5 Russia) vs relevant peers
company not focused on UK,
France or Switzerland
19,4
2,6
2,3
12,5
11,7
1,4
8,5
1,2
1,1
6,2
5,4
0,7
3,4
3,4
3,4
2,8
2,6
0,4
2,1
1,8
1,1
S Immo
CA Immo
Atrium
GTC
IMMOFINANZ
Klepierre
Segro
Pro forma CAI & IF
Unibail - Rodamco
Alstria
SFL
S Immo
CA Immo
IMMOFINANZ
FdR
DES
Atrium
GTC
Klepierre
Gecina
Icade
Pro forma CAI & IF
DIC Asset
Unibail - Rodamco
Note: Ranking as per last reported GAVs; CA Immo including pro-rata share of at-equity investments; IMMOFINANZ figures exclude Russian properties, GAV including Russia is €4.6 billion; Alstria incl
Deutsche Office; DES has exposure to CEE region via Galeria Baltycka in Gdansk (Poland) and Árkád in Pécs (Hungary), DES CEE GAV na
(a) GAV of investment property/standing assets excl. development
Source: IMMOFINANZ and CA Immo company information, Latest company information of peers
24Among the leaders in the major German office markets with strong combined
development capabilities
Geographic breakdown of development pipeline (a) Complementary development capabilities
Existing landbank reserves secures organic growth strategy over the next decade
CA Immo Both companies with successful track record of project development for own use
Others
or disposal to third parties
~16%
With a combined development pipeline of c. €1.5-2.0 billion with a strong focus on
the key European market Germany, the high quality pipeline value will be a
significant driver of future stable growth
Germany
~84% CA Immo + IMMOFINANZ CA Immo
Others High quality landbank of >€300mm in Germany with estimated potential of
~25%
c.€2bn valuation when fully developed
Focus on office project development in Germany (e.g. Tower One in Frankfurt,
Cube in Berlin, Nymphenburg and Neo in Munich)
Germany IMMOFINANZ
~75%
IMMOFINANZ Focus on office project development in Germany and retail products /
STOP.SHOP & VIVO! in other core countries; significant land bank to use for
Others Germany project development
~31% ~69%
Combined
Significant development activities in key growth regions in Germany (Berlin,
Cologne, Dusseldorf, Frankfurt and Munich)(b)
Note: IMMOFINANZ excluding pipeline projects and Russia development; figures as of 31-Jul-16 for IMMOFINANZ and 30-Jun-16 for CA Immo
(a) Value of CA Immo development pipeline of approximately €700million (inclusive of landbank and estimated development costs but not including equity accounted development projects) and for IMMOFINANZ of approximately €900
million (inclusive of outstanding development costs) (b) Additional development activities in Germany are in Aachen, Mainz and Regensburg
Source: IMMOFINANZ and CA Immo company information
25Highly liquid and investable stock with re-rating potential
Highly liquid… …with significant re-rating potential
Daily trading volume CEE players (6m ADTV, €mm) Re-rating potential to peer group average
Relative level
0.34% 0.34% 0.30% 0.11% 0.10% 0.18%
of liquidity (a) Current and
potential discount (34.8%) (13.0%) (38.8%) (13.0%) (37.1%) (13.0%)
8,7 to NAV (%)
Current and potential
market capitalization
5,3 (€mm)
5,001
3,4 5.000
0,7 0,5 0,5 Combined re-
4.500
rating potential
S Immo
CA Immo
Atrium
GTC
IMMOFINANZ & CA
IMMOFINANZ
of 38.4%
4.000
3.615
Immo
3.500
3.000 2,870
2.500
… and investable stock… 2,131
2.019
Continental European commercial Real Estate (free float market cap, €bn) 2.000
1.596
23.6
1.500
10,1
1.000
4,7
3,7
2,8
2,4
1,8
1,7
1,6
1,2
1,2
0,7
0,5
0,4
0,4
0,2
500
SFL
S Immo
FdR
CA Immo
DES
Atrium
GTC
Klepierre
IMMOFINANZ
Gecina
Icade
TLG
alstria
DIC Asset
Unibail - Rodamco
IMMOFINANZ & CA Immo
-
CA Immo IMMOFINANZ CA Immo +
IMMOFINANZ
Note: Re-rating potential represents an indication in a potential scenario of closing discount gap between
Note: 6M ADTV and relative liquidity based on all European trading platforms (as per Bloomberg). Not reflecting a peers and a combined entity and is not meant to be a valuation; Calculated based on the simple average of
potential impact of the spin-off of IMMOFINANZ Russian portfolio peer group consisting relevant German, Austrian and CEE peers (IMMOFINANZ, CA Immo, alstria, Atrium,
(a) Calculated as average daily trading volume /free float (in shares); Source: Bloomberg, Factset as of 30-Sep-16, DES, DIC Asset, GTC, S Immo, TLG). Not reflecting a potential impact of the spin-off of IMMOFINANZ
Company information Russian portfolio;
26CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1 2016A Results
06 Appendix
Q1 2016A – 27PROPERTY PORTFOLIO
STANDING DEVELOPMENT REAL ESTATE PIPELINE PROPERTY PROPERTY
DATA NUMBER OF INVESTMENTS PROJECTS INVENTORIES PROJECTS PORTFOLIO PORTFOLIO
AS OF 31 JULY 2016 PROPERTIES IN MEUR IN MEUR IN MEUR IN MEUR IN MEUR IN %
Austria 138 1,035.8 35.0 0.3 11.4 1,082.5 20.0%
Germany 23 83.7 263.7 91.5 0.0 439.0 8.1%
Czech Republic 24 398.5 21.5 0.0 25.7 445.7 8.2%
Hungary 32 441.9 3.2 0.0 31.9 477.0 8.8%
Poland 28 589.1 12.7 12.9 4.0 618.7 11.4%
Romania 75 636.4 33.2 2.8 175.8 848.2 15.7%
Russia 6 1,152.2 0.0 0.0 4.2 1,156.4 21.4%
Slovakia 17 166.3 44.9 0.0 10.0 221.2 4.1%
Non-core countries1 18 94.8 8.5 0.2 13.0 116.4 2.2%
IMMOFINANZ 361 4,598.7 422.8 107.7 275.9 5,405.0 100.0%
85.1% 7.8% 2.0% 5.1% 100.0%
85.1% 7.8% 71.7% 28.3%
Standing investments Development projects Eastern Europe Western Europe
5.1%
Pipeline projects
2.0%
Real estate inventories
1 In declining order based on the carrying amount: Slovenia, Serbia, Croatia, Bulgaria and Ukraine
Q1 2016A – 28STANDING INVESTMENTS
DATA NUMBER OF CARRYING AMOUNT CARRYING AMOUNT RENTABLE SPACE RENTED SPACE OCCUPANCY RATE
AS OF 31 JULY 2016 PROPERTIES IN MEUR IN % IN SQM IN SQM IN %
Austria 131 1,035.8 22.5% 539,903 463,769 85.9%
Germany 5 83.7 1.8% 34,062 27,092 79.5%
Czech Republic 21 398.5 8.7% 252,251 209,405 83.0%
Hungary 25 441.9 9.6% 290,933 249,647 85.8%
Poland 18 589.1 12.8% 281,005 255,570 90.9%
Romania 19 636.4 13.8% 344,978 312,391 90.6%
Russia 5 1,152.2 25.1% 278,446 225,580 81.0%
Slovakia 12 166.3 3.6% 90,823 89,207 98.2%
Non-core countries 10 94.8 2.1% 75,574 58,667 77.6%
IMMOFINANZ 246 4,598.7 100.0% 2,187,976 1,891,327 86.4%
DATA RENTAL INCOME GROSS RETURN CARRYING AMOUNT FINANCING FINANCING COSTS LTV
AS OF 31 JULY 2016 Q1 2016A IN MEUR1 IN % FINANCING IN MEUR COSTS IN %2 INCL. DERIVATIVES IN % IN %
Austria 14.7 5.7% (6.6%) 526.1 1.8% 2.8% 50.8%
Germany 0.9 4.5% (5.7%) 42.4 1.4% 1.6% 50.7%
Czech Republic 6.1 6.1% (7.4%) 141.7 2.1% 2.5% 35.6%
Hungary 6.5 5.9% (6.9%) 147.3 1.9% 2.2% 33.3%
Poland 8.5 5.8% (6.4%) 371.3 1.9% 2.2% 63.0%
Romania 11.3 7.1% (7.8%) 200.2 3.4% 4.2% 31.5%
Russia 18.3 6.4% (7.9%) 694.2 7.5% 7.5% 60.2%
Slovakia 3.3 7.9% (8.0%) 73.2 3.1% 3.6% 44.0%
Non-core countries 1.8 7.4% (9.5%) 40.4 3.2% 3.6% 42.6%
IMMOFINANZ 71.4 6.2% (7.2%) 2,236.7 3.8% 4.3% 48.6%
Development projects
and pipeline projects 1.7 309.5 1.8% 2.0%
In Q1 2016A:
properties sold or
reported as held for sale 3.8 0.0 0.0% 0.0%
Investment financing 0.0 122.0 0.7% 0.7%
Group financing 0.0 628.3 4.4% 4.4%
IMMOFINANZ 76.8 3,296.5 3.5% 3.9%
Market value of property
portfolio 5,405.0
Market value of
BUWOG shares
(10 million shares) 216.1
Cash and cash equivalents -795.2
Properties / liabilities held
for sale (asset & share deals) 250.5 339.0
IMMOFINANZ 2,751.8 46.2%
1 Rental income based on the primary use of the property (rental income reported in the income statement is based
on the actual use of the property; marginal differences to the income statement are therefore possible) 3 10 million shares multiplied by the stock exchange price of EUR 21.69 on 31 July 2016
2 Financing costs based on nominal outstanding liability Values in brackets = adjusted for occupancy
Q1 2016A – 29ASSET CLASS RETAIL
TENANT MIX – RETAIL,
EXCLUSIVE RUSSIA
ASSET CLASS RETAIL
6.1%
Number of properties 165 12.4% Health 5.4% 5.1%
Food & Beauty Sports Furniture
Carrying amount in MEUR 2,420.6
Rentable space in sqm 1,123,773
Occupancy rate 91.2%
Rental inc. Q1 2016A in MEUR1 41.8
28.9% 6.2% 5.6% 5.1% 25.3%
Gross return 6.9% (7.6%) Fashion Elec- Shoes Enter- Other
tronics tainment
1 Rental income based on the primary use of the property
(rental income reported in the income statement is based on the actual use of the property;
marginal differences to the income statement are therefore possible)
Values in brackets = adjusted for occupancy
Data as of 31 July 2016
> Focus on capitals as well as secondary and
tertiary cities
> Long-lasting networks with international
and local retailers
> Established brand policy: STOP SHOP and VIVO!
> Focus on optimised tenant mix and inclusion
of leisure and entertainment alternatives
Tarasy Zamkowe, Lublin, 38,000 sqm
Q1 2016A – 30STANDING INVESTMENTS – THE RETAIL
47.6%
SECTOR IN THE IMMOFINANZ CORE MARKETS RUSSIA
RUSSIA 47.6%
Number of properties 5
Carrying amount in MEUR 1,152.2
Rentable space in sqm 278,446
Occupancy rate 81.0%
Rental income Q1 2016A (MEUR)1 18.3
Gross return 6.4% (7.9%)
ROMANIA 12.4% 9.2%
POLAND
Number of properties 5
Carrying amount in MEUR 301.1
Rentable space in sqm 147,329
Occupancy rate 97.1%
Rental income Q1 2016A (MEUR)1 5.6
Gross return 7.5% (7.7%)
5.4%
CZECH REPUBLIC
POLAND 9.2% IMMOFINANZ 100.0%
Number of properties 8 6.9% Number of properties 165
Carrying amount in MEUR 222.9 SLOVAKIA
Carrying amount in MEUR 2,420.6
Rentable space in sqm 118,940
Occupancy rate 91.4% 8.8% Rentable space in sqm
Occupancy rate
1,123,773
91.2%
AUSTRIA
Rental income Q1 2016A (MEUR)1
Gross return
3.4
6.1% (6.7%)
7.0% Rental income Q1 2016A (MEUR)1
Gross return
41.8
6.9% (7.6%)
HUNGARY
AUSTRIA 8.8%
Number of properties 102 Data as of 31 July 2016
12.4%
Carrying amount in MEUR 214.0 1 Rental income based on the primary use of the property ROMANIA
Rentable space in sqm 207,581 (rental income reported in the income statement is based on the actual
Occupancy rate 93.4% use of the property; marginal differences to the income statement are
therefore possible)
Rental income Q1 2016A (MEUR)1 4.5 2 Non-core countries: Slovenia and Serbia
Gross return 8.3% (8.9%) Values in brackets = adjusted for occupancy
HUNGARY 7.0% SLOVAKIA 6.9% CZECH REPUBLIC 5.4% NON-CORE COUNTRIES2 2.7%
Number of properties 13 Number of properties 12 Number of properties 12 Number of properties 8
Carrying amount in MEUR 169.2 Carrying amount in MEUR 166.3 Carrying amount in MEUR 130.0 Carrying amount in MEUR 64.9
Rentable space in sqm 125,099 Rentable space in sqm 90,823 Rentable space in sqm 105,599 Rentable space in sqm 49,954
Occupancy rate 92.5% Occupancy rate 98.2% Occupancy rate 97.5% Occupancy rate 92.3%
Rental income Q1 2016A (MEUR)1 2.9 Rental income Q1 2016A (MEUR)1 3.3 Rental income Q1 2016A (MEUR)1 2.5 Rental income Q1 2016A (MEUR)1 1.3
Gross return 6.8% (7.3%) Gross return 7.9% (8.0%) Gross return 7.7% (7.9%) Gross return 8.3% (9.0%)
Q1 2016A – 31ASSET CLASS OFFICE
Business Park Vienna, 168,500 sqm
ASSET CLASS OFFICE
Number of properties 72
Carrying amount in MEUR 2,163.4
Rentable space in sqm 1,053,531
Occupancy rate 81.6%
Rental inc. Q1 2016A in MEUR1 29.5
Gross return 5.5% (6.7%)
1 Rental income based on the primary use of the property
(rental income reported in the income statement is based on the actual use of the property;
marginal differences to the income statement are therefore possible)
Values in brackets = adjusted for occupancy
Data as of 31 July 2016
> Focus only on capital cities of our core countries
and Big-7 cities in Germany
> Overall size and relevant market position ensure
high flexibility and synergies
> “More than office” concept guarantees high service
approach
> Increasing occupancy rate:
refurbishment offensive launched /
strong sales orientation
Nimbus, Warsaw, 21,000 sqm
Q1 2016A – 32STANDING INVESTMENTS – THE OFFICE
SECTOR IN THE IMMOFINANZ CORE MARKETS
AUSTRIA 37.7% 3.9% 16.9%
POLAND
Number of properties 26 GERMANY
Carrying amount in MEUR 816.2
Rentable space in sqm 330,566
Occupancy rate 81.3%
Rental income Q1 2016A (MEUR)1 10.2
Gross return 5.0% (6.2%)
12.4%
CZECH REPUBLIC
POLAND 16.9% IMMOFINANZ 100.0%
Number of properties 10 Number of properties 72
Carrying amount in MEUR 366.1 Carrying amount in MEUR 2,163.4
Rentable space in sqm 162,065
Occupancy rate 90.6% 37.7% Rentable space in sqm
Occupancy rate
1,053,531
81.6%
AUSTRIA
Rental income Q1 2016A (MEUR)1
Gross return
5.1
5.6% (6.1%)
12.6% Rental income Q1 2016A (MEUR)1
Gross return2
29.5
5.5% (6.7%)
HUNGARY
ROMANIA 15.1%
Number of properties 8 Data as of 31 July 2016
1 Rental income based on the primary use of the property
15.1%
Carrying amount in MEUR 326.3 (rental income reported in the income statement is based on the actual ROMANIA
Rentable space in sqm 188,732 use of the property; marginal differences to the income statement are
Occupancy rate 87.1% therefore possible)
2 Gross return excl. properties used by IMMOFINANZ: 5.3%
Rental income Q1 2016A (MEUR)1 5.6 3 Non-core countries: Croatia and Bulgaria
Gross return 6.9% (7.9%) Values in brackets = adjusted for occupancy
HUNGARY 12.6% CZECH REPUBLIC 12.4% GERMANY 3.9% NON-CORE COUNTRIES3 1.4%
Number of properties 12 Number of properties 9 Number of properties 5 Number of properties 2
Carrying amount in MEUR 272.7 Carrying amount in MEUR 268.5 Carrying amount in MEUR 83.7 Carrying amount in MEUR 29.9
Rentable space in sqm 165,834 Rentable space in sqm 146,652 Rentable space in sqm 34,062 Rentable space in sqm 25,619
Occupancy rate 80.8% Occupancy rate 72.6% Occupancy rate 79.5% Occupancy rate 49.0%
Rental income Q1 2016A (MEUR)1 3.6 Rental income Q1 2016A (MEUR)1 3.6 Rental income Q1 2016A (MEUR)1 0.9 Rental income Q1 2016A (MEUR)1 0.4
Gross return 5.3% (6.6%) Gross return 5.3% (7.4%) Gross return 4.5% (5.7%) Gross return 5.5% (11.3%)
Q1 2016A – 33ACTIVE DEVELOPMENTS
GERMANY1 62.4%
Number of properties 10
Carrying amount in MEUR 263.7
Outstanding construction costs in MEUR 280.2
Planned rentable space in sqm 131,060
Expect. fair value after completion in MEUR 596.0
Expect. rental inc. at full occupancy in MEUR 29.3
Yield on cost in % at full occupancy 5.4%
2
SLOVAKIA 10.6%
Number of properties
Carrying amount in MEUR 44.9
2
62.4% 3.0%
Outstanding construction costs in MEUR 10.6 POLAND
GERMANY
Planned rentable space in sqm 38,518
Expect. fair value after completion in MEUR 55.6
Expect. rental inc. at full occupancy in MEUR 5.5
Yield on cost in % at full occupancy 10.0%
AUSTRIA 8.3% 5.1%
Number of properties 2 CZECH REPUBLIC IMMOFINANZ 100%
Carrying amount in MEUR
Outstanding construction costs in MEUR
35.0
0.0
10.6% Number of properties 22
Planned rentable space in sqm 21,691 SLOVAKIA Carrying amount in MEUR 422.8
Outstanding construction costs in MEUR 387.8
Expect. fair value after completion in MEUR
Expect. rental inc. at full occupancy in MEUR
35.0
2.4
8.3% Planned rentable space in sqm 307,890
AUSTRIA
Yield on cost in % at full occupancy 6.8% 0.8% Expect. fair value after completion in MEUR
Expect. rental inc. at full occupancy in MEUR
883.0
54.7
ROMANIA 7.8% POLAND 3.0% HUNGARY Yield on cost in % at full occupancy 6.8%
Number of properties 2 Number of properties 3
Carrying amount in MEUR 33.2 Carrying amount in MEUR 12.7 7.8%
Outstanding construction costs in MEUR 59.3 Outstanding construction costs in MEUR 28.9 ROMANIA
Planned rentable space in sqm 57,921 Planned rentable space in sqm 28,708 1 Expansion of an existing
Expect. fair value after completion in MEUR 106.6 Expect. fair value after completion in MEUR 47.3 STOP SHOP
2 Modernisation of two existing
Expect. rental inc. at full occupancy in MEUR 9.7 Expect. rental inc. at full occupancy in MEUR 3.8 office properties
Yield on cost in % at full occupancy 10.5% Yield on cost in % at full occupancy 9.1% Data as of 31 July 2016
1
CZECH REPUBLIC 5.1% HUNGARY 0.8% NON-CORE COUNTRIES 2.0%
Number of properties 1 Number of properties 0 Number of properties 2
Carrying amount in MEUR 21.5 Carrying amount in MEUR 3.2 Carrying amount in MEUR 8.5
Outstanding construction costs in MEUR 8.1 Outstanding construction costs in MEUR 0.0 Outstanding construction costs in MEUR 0.7
Planned rentable space in sqm 21,803 Planned rentable space in sqm 2,081 Planned rentable space in sqm 6,108
Expect. fair value after completion in MEUR 29.5 Expect. fair value after completion in MEUR 3.2 Expect. fair value after completion in MEUR 9.8
Expect. rental inc. at full occupancy in MEUR 3.0 Expect. rental inc. at full occupancy in MEUR 0.2 Expect. rental inc. at full occupancy in MEUR 0.8
Yield on cost in % at full occupancy 10.1% Yield on cost in % at full occupancy 7.2% Yield on cost in % at full occupancy 8.6%
Q1 2016A – 34CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1 2016A Results
06 Appendix
Q1 2016A – 35FINANCING – MATURITY SCHEDULES
TERM STRUCTURE OF FINANCIAL LIABILITIES BY FINANCIAL YEAR AS OF 31 JULY 2016 IN MEUR
Weighted average interest rate excl. costs for derivatives: 3.55%; Average weighted remaining term: 3.75 years; Net LTV: 46.2%1
1) Net LTV: Total liability less liquid funds in relation to the property value plus the market value of the BUWOG shares
Q1 2016A – 36FINANCING – STRUCTURE
OUTSTANDING WEIGHTED
LIABILITY1 AVERAGE INTEREST SHARE OF SHARE OF FIXED FLOATING
IN TEUR RATE EXCL. FIXED FLOATING INTEREST INTEREST
AS OF 31 JULY 2016 DERIVATIVES2 INTEREST IN %2 INTEREST IN %2 RATE2 RATE2
Convertible bonds in EUR 528,171.7 4.23% 100.00% 0.00% 4.23% n.a.
Corporate bond in EUR 100,162.3 5.25% 100.00% 0.00% 5.25% n.a.
Bank liabilities in EUR 2,226,590.6 2.06% 4.17% 95.83% 0.91% 2.11%
Bank liabilities in CHF 260.9 0.13% 0.00% 100.00% n.a. 0.13%
Bank liabilities in USD 693,983.6 7.54% 0.00% 100.00% n.a. 7.54%
IMMOFINANZ 3,549,169.0 3.55% 20.33% 79.67% 3.94% 3.45%
FINANCIAL LIABILITIES
6.37%
pbb
Deutsche Pfandbriefbank
10.22%
19.12% Sparkasse 3.65% 9.32%
SBERBANK KölnBonn Nordea Other
80.44% 19.55% 21.56% 14.60% 8.84% 2.33%
Financial liabilities in EUR Financial liabilities in USD UniCredit Raiffeisen Erste HELABA
Group Group Group
0.01% 3.99%
Financial liabilities in other currencies
Aareal Bank Group
1 Including liabilities in discontinued operations and disposal groups
2 Calculation basis: actual remaining debt (nominal amount)
Q1 2016A – 37BONDS
DATA AS OF CONVERTIBLE BOND 2017 CONVERTIBLE BOND 2018 CORPORATE BOND 2017
29 SEPTEMBER 2016 ISIN XS0332046043 ISIN XS0592528870 ISIN AT0000A0VDP8
Nominal value MEUR 21.4 MEUR 507.1 MEUR 100.0
Denomination EUR 100,000 EUR 4.12 EUR 1,000
Repayment amount EUR 129,670 EUR 4.12 EUR 1,000
Security / ranking Unsecured, unsubordinated Unsecured, unsubordinated Unsecured, unsubordinated
Term 19 Nov. 2007 – 19 Nov. 2017 8 March 2011 – 8 March 2018 3 July 2012 – 3 July 2017
Coupon 1.25% 4.25% 5.25%
Dividend protection Adjustments to conversion price Adjustments to conversion price n.a.
Quotation1 112.00% EUR 4.42 102.42%
Adjusted conversion terms… 1.25% convertible bond 2017 4.25% convertible bond 2018
… currently applicable calculation method due One 2017 convertible bond certificate One 2018 convertible bond certificate (nominal value of EUR 4.12) entitles conversion
to BUWOG spin-off: (including BUWOG 2015 (nominal value of EUR 100,000) entitles into 1.1573 IMMOFINANZ shares and 0.0629 BUWOG shares. A share price of
dividend) conversion into 12,547.05 IMMOFINANZ EUR 2.00 (IMMOFINANZ) and EUR 22.00 (BUWOG) corresponds to a share price value
shares and 691.44 BUWOG shares. of EUR 3.70.
5.0 CALCULATION FOR CB 2018 CONVERSION PRICE ADJUSTMENT BUWOG
“In-the-money” line CB 2018 REGARDING BUWOG DIVIDEND IN EURO
4.5
Number of underlying shares old (per CB) 0.0606
4.0 Conversion price new = CP * (M - V) / M 3.28
3.40 * (19.22 – 0.69) / 19.22
3.5 Number of underlying shares new (per CB) 0.0629
(Number of underlying shares old / (conversion price new / conversion price old) 0.0606 / (3.28 / 3.40)
3.0
Market value of underlying shares
2.5 Input Factor “CP“ Conversion price old 3.40
Jan
Jan 2014 July 2014
Jul 2014 Jan
Jan 2015
2015 July
Jul 2015 Jan
Jan 2016
2016 July 2016
Jul 2016 Input Factor “M“ Average market price 19.22
Input Factor “V“ Cash dividend 0.69
1 Stock Exchange Frankfurt as of 29 September 2016
Q1 2016A – 38CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1 2016A Results
06 Appendix
Q1 2016A – 39P&L Q1 2016A VS. Q1 2015/16
AMOUNTS IN MEUR CHANGE CHANGE COMMENT
AS OF 31 JULY 2016 Q1 2016A Q1 2015/16 ABSOLUTE IN %
1. Reduction of rental income due to lower
Rental income 1 76.8 82.2 -5.4 -6.5% rental income from Russia (MEUR 18.3
Operating costs charged to tenants 24.4 22.9 1.4 6.3% after MEUR 23.7 in Q1 2015/16) and
Other revenues 2.2 2.2 0.0 -0.8% planned property disposals
Revenues 103.4 107.3 -3.9 -3.7% 2. Higher maintenance costs for the ongoing
refurbishments were offset by a reduction
Expenses from investment property 2 -25.5 -32.3 6.8 21.0%
in the operating costs charged to building
Operating expenses -23.4 -22.5 -0.8 -3.6%
owners due to a decrease in property-
Results of asset management 54.5 52.5 2.0 3.9%
based tax. Write-off of receivables in
Results of property sales 0.7 1.0 -0.4 -34.2% Russia was substantially lower (MEUR -2.3
Results of property development -1.4 -1.9 0.6 30.2% after MEUR -6.3)
Other operating income 3 4.1 8.3 -4.3 -51.2% 3. Positive one-off effect in Q1 2015/16 due
Other operating expenses -12.6 -13.0 0.3 2.6% to the elimination of tax obligations in
Results of operations 45.3 46.9 -1.7 -3.6% Romania
Revaluation of investment properties adjusted for -4.4 53.4 -57.7 n.a. 4. Positive effect in Q1 2015/16 was a result
4
foreign exchange effects of the acquisition of the city share in our
Revaluation of investment properties resulting -6.8 184.8 -191.6 n.a. shopping center GOODZONE
from foreign exchange effects 5
5. Smaller earnings contribution a result of
Goodwill impairment and other revaluation results -1.4 1.3 -2.6 n.a.
more stable Ruble development in Q1
Operating profit (EBIT) 32.8 286.4 -253.7 -88.6%
6. Valuation of derivative instruments
Net financing costs -37.2 -39.9 2.7 6.8% (MEUR -18.8)
Foreign exchange differences 11.9 -93.0 104.8 n.a. 7. Proportional share of BUWOG earnings
Other financial results 6 -19.0 10.6 -29.6 n.a. (MEUR 21.1) and sale of BUWOG shares
Gains/losses from equity-accounted investments 7 55.3 15.5 39.8 >100% (MEUR 34.1)
Taxes -20.7 -70.4 49.7 >100%
Net profit for the period from continuing 23.0 109.2 -86.2 -79.0%
operations
Net profit for the period from discontinued -1.1 5.8 -6.9 n.a.
operations
Net profit for the period 21.9 115.0 -93.2 -81.0%
Q1 2016A – 40LIKE-FOR-LIKE – RENTAL INCOME
The like-for-like analysis (i.e. acquisitions, completions and sales in the current quarter are deducted to facilitate a comparison with the previous
quarter) shows the stable development of rental income during the reporting period for a total of MEUR 67.8. The rental income from Russia was
MEUR 0.7 lower than the previous quarter at MEUR 18.3, but was contrasted by a slight increase in Romania.
STANDING INVESTMENTS, CARRYING CARRYING RENTAL RENTAL Q1 2016A
AMOUNTS IN MEUR NUMBER OF AMOUNT AMOUNT INCOME INCOME VS. GROSS RETURN GROSS RETURN
AS OF 31 JULY 2016 PROPERTIES 31 JULY 2016 30 APRIL 2016 Q1 2016A Q4 2015/16 Q4 2015/16 Q1 2016A Q4 2015/16
Austria 128 1,031.6 1,032.1 14.7 15.2 -0.6 5.7% (6.6%) 5.9% (6.8%)
Germany 3 65.8 65.6 0.9 0.8 0.1 5.4% (7.0%) 4.9% (6.2%)
Czech Republic 21 398.5 398.5 6.1 6.0 0.1 6.1% (7.4%) 6.0% (7.4%)
Hungary 25 441.9 441.0 6.5 6.4 0.1 5.9% (6.9%) 5.8% (6.9%)
Poland 15 383.0 382.1 5.6 5.5 0.1 5.9% (6.4%) 5.7% (6.4%)
Romania 17 630.4 634.0 11.2 10.8 0.4 7.1% (7.8%) 6.8% (7.4%)
Russia 5 1,152.2 1,114.6 18.3 19.0 -0.7 6.4% (7.9%) 6.8% (8.3%)
Slovakia 12 166.3 166.3 3.3 3.2 0.1 7.9% (8.0%) 7.7% (7.9%)
Non-core countries 8 73.0 73.0 1.3 1.3 0.0 7.0% (9.3%) 7.2% (9.3%)
IMMOFINANZ 234 4,342.7 4,307.3 67.8 68.3 -0.5 6.2% (7.2%) 6.3% (7.3%)
Rental income Q1 2016A from properties sold/ 9.0 Values in brackets = adjusted for occupancy
acquired and developments
IMMOFINANZ 76.8
Office 69 2,089.2 2,087.6 28.7 28.4 0.3 5.5% (6.7%) 5.4% (6.7%)
Retail 157 2,242.7 2,204.6 39.0 39.8 -0.8 7.0% (7.6%) 7.2% (7.9%)
Others 8 10.9 15.1 0.0 0.0 0.0 1.5% (2.5%) 1.2% (1.7%)
IMMOFINANZ 234 4,342.7 4,307.3 67.8 68.3 -0.5 6.2% (7.2%) 6.3% (7.3%)
Values in brackets = adjusted for occupancy
Q1 2016A – 41LIKE-FOR-LIKE – PROPERTY VALUATION
The like-for-like analysis (i.e. after an adjustment for new acquisitions, completions and sales to improve comparability) shows stable development
since 30 April 2016. A slight decrease (MEUR -2.5) was recorded in Russia due to fit-out costs for a major tenant.
STANDING INVESTMENTS,
AMOUNTS IN MEUR NUMBER OF CARRYING AMOUNT VALUATION RESULT
AS OF 31 JULY 2016 PROPERTIES 31 JULY 2016 Q1 2016A COMMENT
Austria 128 1,031.6 -0.1
Germany 3 65.8 -0.2
Czech Republic 21 398.5 -0.1
Hungary 25 441.9 0.9
Poland 15 383.0 0.4
Romania 17 630.4 -0.5
Russia 5 1,152.2 -2.5 Fit-out costs in Russia
Slovakia 12 166.3 -0.3
Non-core countries 8 73.0 -0.1
IMMOFINANZ 234 4,342.7 -2.5
Office 69 2,089.2 0.1
Retail 157 2,242.7 -2.7 Fit-out costs in Russia
Others 8 10.9 0.1
IMMOFINANZ 234 4,342.7 -2.5
Q1 2016A – 42FUNDS FROM OPERATIONS I & II
AMOUNTS IN MEUR CHANGE CHANGE
AS OF 31 JULY 2016 Q1 2016A Q1 2015/16 ABSOLUTE IN PERCENT COMMENT
1. Reduced net rental income due
Gross cash flow before tax 1 47.1 51.7 -4.6 -8.9%
to asset sales and temporary
Gross cash flow before tax from discontinued rental reductions in Russia
-0.6 -5.8 5.3 90.4%
operations (in the gross cash flow included) 2
2. Reduction due to the disposal of
Expenses from property sales 1.1 2.1 -1.0 -48.2% the logistics portfolio
(in the gross cash flow included as an expense)
3. One-off effect in FY 2015/16
Expense for the settlement of investor claims 3 0.0 -0.3 0.3 n.a.
Dividends received from equity-accounted 0.1 0.0 0.1 n.a.
investments
Interest or dividends received from financial 1.5 1.8 -0.3 -15.6%
instruments
Interest paid -30.2 -30.9 0.7 2.3%
Derivatives payments -9.7 -10.6 0.9 8.5%
FFO 1 9.3 7.9 1.4 17.3%
Results of property sales 0.7 1.0 -0.4 -34.2%
FFO 2 10.0 9.0 1.0 11.4%
Q1 2016A – 43BUSINESS UPDATE:
RUSSIA AS OF 31 JULY 2016
TERM STRUCTURE OF FINANCIAL LIABILITIES
Values in MEUR
400
Property financing end of maturity
Property financing; scheduled repayments from rental income1
300
200
100
0
2017 2018 2019 2020 2021 2022
1 A reduction or suspension of principal repayments up to March 2018 was arranged for individual financial liabilities
PROPERTY APPRAISAL
Standing Investments EXTRAORDINARY
APPRAISAL
30 APRIL 20131 30 APRIL 2014 30 APRIL 2015 31 JANUARY 2016 30 APRIL 2016
Appraiser JLL JLL JLL CBRE CBRE
Prime yield2 9.0-9.5% 9.3-9.5% 10.8% 10.0% 10.0%
Discount rate 11.75-12.00% 11.50-12.50% 12.50-13.75% 12.50-13.75% 12.50-13.75%
Exit yield 10.75-11.00% 10.50-11.50% 11.50-12.25% 11.00-12.25% 11.00-12.25%
Occupancy rate 99.1% 93.3% 86.2% 84.5% 81.9%
Fair value (MEUR) 1,575.4 1,710.2 1,536.5 1,234.7 1,114.6
LTV 42.2% 37.7% 48.0% 59.2% 60.1%
Gross yield 11.0% 9.7% 8.9% 6.4% 6.8%
Gross return (occupancy adj.) 11.1% 10.4% 10.3% 7.6% 8.3%
1 Excl. GOODZONE
2 Source: JLL (30 April 2013 to 30 April 2015) respectively Colliers (up to 31 January 2016)
Q1 2016A – 44BUSINESS UPDATE:
RUSSIA AS OF 31 JULY 2016
RENTAL INCOME (LIKE-FOR-LIKE) FOOTFALL
Values in MEUR Values in million
19.0 9.0
18.3 8.3
-3.7% -8.2%
Q4 2015/16 Q1 2016A Q1 2015/16 Q1 2016A
CONTRACT EXPIRATION PROFILE RUSSIA RENT RECEIVABLES RUSSIA
Values in MEUR
14% up to 31 July 2017
8% up to 31 July 2018 11.1
2% up to 31 July 2019
10.4
-6.3%
16% up to 31 July 2020
60% as of 1 August 2020
0% unlimited
30 April 2016 31 July 2016
Q1 2016A – 45CONTENT
01 IMMOFINANZ at a Glance & Strategy
02 Combination of IMMOFINANZ and CA Immo
03 Portfolio
04 Financing
05 Q1 2016A Results
06 Appendix
Q1 2016A – 46TOTAL ECONOMY AND MARKETS
OFFICE (Q1 2016A) RETAIL2 (Q1 2016A)
PRIME RENTS
AVERAGE ANCHOR PRIME RENTS
MARKET DATA VACANCY RATE PRIME RENTS RENTS YIELD VACANCY RATE TENANTS OTHER TENANTS YIELD
CORE MARKET/CITY1 IN % IN EUR/SQM IN EUR/SQM IN % IN % IN EUR/SQM IN EUR/SQM IN %
GER/Düsseldorf 8.3% 26.0 15.0 4.5% n.a. n.a. n.a. n.a.
GER/Cologne 5.9% 18.2 11.3 5.0% n.a. n.a. n.a. n.a.
AT/Vienna 6.4% 25.5 14.0 4.5% n.a. n.a. 130.0 4.8%
PL/Warsaw 14.1% 22.0 14.3 6.0% 3.1% 15.5 110.0 5.0%
RO/Bucharest 14.0% 17.0 14.5 7.5% 10.0% 20.0 65.0 7.5%
RU/Moscow n.a. n.a. n.a. n.a. 8.0% USD 100.00 USD 248.00 10.0%
SK/Bratislava 8.1% 15.5 11.0 7.0% n.a. 15.0 37-40 5.8%
CZ/Prague 13.9% 19.5 13.2 5.3% n.a. n.a. 110.0 5.5%
HU/Budapest 11.3% 18.0 12.8 7.1% 4.0% 35.0 75.0 7.3%
Source: 1 Colliers, EHL (for the office market in Vienna); 2 Colliers; EHL (for Vienna shopping centers)
UNEMPLOYMENT ANNUAL GROSS NATIONAL DEFICITS/ FORECASTED GDP FORECASTED GDP
RATE INFLATION RATE DEBT 2015 SURPLUS 2015 GDP GROWTH GROWTH RATE GROWTH RATE
ECONOMIC DATA IN APRIL 20161 IN APRIL 20161 (IN % OF GDP) (IN % OF GDP) RATE 20152 2016 2017
Germany 4.2% -0.3% 71.2% 0.7% 1.7% 1.6% 1.6%
Austria 5.8% 0.6% 86.2% -1.2% 0.9% 1.5% 1.6%
Poland 6.3% -0.5% 51.3% -2.6% 3.6% 3.7% 3.6%
Romania 6.4% -2.6% 38.4% -0.7% 3.8% 4.2% 3.7%
Russia3 5.6% 15.6% 13.5% -2.4% -3.7% -1.9% 1.1%
Slovakia 10.2% -0.4% 52.9% -3.0% 3.6% 3.2% 3.3%
Czech Republic 4.1% 0.5% 41.1% -0.4% 4.2% 2.1% 2.6%
Hungary 5.6% 0.3% 75.3% -2.0% 2.9% 2.5% 2.8%
EU 28 8.7% -0.2% 85.2% -2.4% 2.0% 1.8% 1.9%
Euro zone (19 countries) 10.2% -0.2% 90.7% -2.1% 1.7% 1.6% 1.8%
Source: 1 Eurostat; 2 European Commission spring forecast; per cent change versus previous year (2015 - 2017); 3 World Bank, Russia Economic Report, April 2016
Q1 2016A – 47STRUCTURE
PRIVATE AND INSTITUTIONAL INVESTORS BY COUNTRY
PRIVATE AND INSTITUTIONAL INVESTORS
32.2% 3.5% 62.8%
Private Austria Not identified Institutional investors
1.0% 0.5%
Treasury shares Private other
INSTITUTIONAL INVESTORS BY COUNTRY
5.1%
Other
25.8% 4.4% 3.3% 2.7% 1.3% incl.
Austria CY UK NL FR trading
10.7% 3.6% 3.0% 2.2% 0.7%
USA NOR PL GER CH
Source: IPREO, August 2016
Q1 2016A – 48NOTES
Q1 2016A – 49CONTACT DETAILS AND FINANCIAL CALENDAR
INVESTOR RELATIONS
+43 (0)1 88 090
E-Mail: investor@immofinanz.com
www.immofinanz.com
FINANCIAL CALENDAR TICKER SYMBOLS
Ex-dividend date 30 September 2016 Vienna Stock Exchange IIA
Record date for the determination 3 October 2016 Warsaw Stock Exchange IIA
of dividend rights ISIN AT0000809058
Dividend payment date 4 October 2016 Reuters IMFI.VI
H1 2016 results 19 December 20161 Bloomberg IIA AV
H1 2016 report 20 December 2016
ADR PROGRAMME
Ticker symbol: IMNZY CUSIP: 45253U201 ISIN: US45253U2015 ADR-Ratio: 1 ADR: 4 Ordinary Shares
Depositary bank: Deutsche Bank Trust Company Americas
ADR broker helpline: E-Mail: adr@db.com
New York: +1 212 250 9100 ADR Website: www.adr.db.com
London: +44 207 547 6500 Depositary bank’s local custodian: Deutsche Bank, Frankfurt
1 Publication is scheduled after the close of trading on the Vienna Stock Exchange
Q1 2016A – 50You can also read
