CA Immobilien Anlagen : Results as at 31 March 2022

Investor and Analyst Update

Q1 2022 Results

All figures (€) as at 31 March 2022, unless otherwise stated

Highlights

Results

Financing

Portfolio

Development

ESG

Appendix

Q1 2022

Highlights

Solid Start into Business Year 2022

• EBITDA up 6.2% at €46.5 m reflecting strong operational result despite rental income reduction.
• Positive revaluation result of €98.3 m primarily attributable to development progress of projects under construction and land reserves in Berlin and Frankfurt.
• Consolidated net income of €136.9 m up >200% yoy reflecting strong operational performance.
• Solid balance sheet ratios maintained (equity ratio: 47.3%, net LTV: 34.7%).

Portfolio

• Acquisition of the high-quality office building "Kasernenstrasse 67" with around 10,400 sqm in a prime city center location at the beginning of the year to strengthen the fourth German core market of Düsseldorf.
• The total property value increased further from €6.3 bn to €6.4 bn, in part due to the positive revaluation result. Around 60% of the portfolio is attributable to Germany.

Financing

• Repayment of €142 m corporate bond with a coupon of 2.75% in February 2022.
• Successful Green Schuldschein transaction in the second quarter of 2022 with a volume of €75 m, an average yield of 2.5% and an average maturity of 4.5 years at the time of the issuance.

Share Buyback

• On 3 May 2022 the Management Board resolved another share buyback programme in accordance with Article 65 para 1 no. 8 of the Austrian Corporation Act (AktG) on the basis of the authorizing resolution of the 34th Annual General Meeting on 6 May 2021.
• The volume totals up to one million shares (representing approx. 1% of the current share capital of the company).
• The share buyback programme started on 9 May 2022 and will end no later than 9 November 2022.

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Q1 2022 RESULTS

Highlights

Results

Financing

Portfolio

Development

ESG

Appendix

Q1 2022 Results

Strong Start into Business Year 2022

	Profit and Loss (€m)	Q1 '22	Q1 '21	+/(-)
1	Rental income	62.2	63.6	(2.1%)
	Net rental income	48.6	50.5	(3.8%)
	Other property development expenses	(0.4)	(0.6)	24.0%
	Property sales result 1	8.1	4.4	82.3%
	Income from services rendered	1.6	2.2	(28.5%)
	Indirect expenses	(11.3)	(14.8)	23.7%
	Other operating income	0.0	2.1	(99.0%)
2
EBITDA	46.5	43.8	6.2%
	Depreciation and impairment/reversal	(2.9)	(1.2)	(143.1%)
3	Result from revaluation	98.3	63.3	55.2%
4	Result from joint ventures	19.0	4.8	293.8%
	EBIT	161.0	110.8	45.3%
	Financing costs	(10.4)	(12.3)	14.9%
5	Result from derivatives	30.0	(29.4)	n.m.
	Result from financial investments	0.2	(0.7)	n.m.
	Other financial result	(0.1)	0.2	n.m.
	Financial result	19.8	(42.1)	n.m.
	Earnings before tax (EBT)	180.8	68.7	163.2%
	Income tax 2	(14.3)	(2.2)	(558.2%)
	Consolidated net income	136.9	41.4	230.5%

Major Earnings Drivers Q1 2022

1

• Slight decline in rental income due
  to losses primarily linked to non-strategic property disposals and lower occupancy in CEE.

2

• Growing EBITDA reflecting solid operational result despite rental income reduction.

3

• The positive revaluation result is primarily attributable to revaluations of development projects under construction and land reserves in Berlin and Frankfurt amounting to around €76 m.

4

• Increase is attributable to the profitable sale of land plots in the Zollhafen Mainz joint venture.

5

• Q1 2021 value included a derivative valuation of the convertible bond, which was fully converted in the meantime and a higher positive valuation effect of interest rate derivatives.

1 Result from trading and construction works + Result from the sale of investment properties 2 Current income taxes + Deferred taxes

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Highlights

Results

Financing

Portfolio

Development

ESG

Appendix

Q1 2022 Results

Rental Income Slightly Down Primarily due to Disposals

Key Drivers

• Rental income decline driven by property disposals and a higher vacancy rate in Central- and Eastern European core markets, which could not be fully compensated for by the following positive effects:
• • Rental income contribution by completed
    developments NEO (Munich), M&M (Prague) and ZigZag (Mainz) of ∼ €1.1 m in
    total.
  • Rental income contribution of
    Kasernenstraße Duesseldorf acquisition in Q1 2022 of ∼ €0.6 m.
• The Covid-19 pandemic impacted net rental

Q1 2022 Rental Income Bridge (€m)

Q1 2022 Net Rental Income Bridge (€m)

income by €-0.8 m in the first three months of 2022.

• The operating margin (net rental income to rental income) stood at 78.1% (Q1 2021: 79.4%). The lower margin in the first quarter relative to other quarters results from property taxes booked in the first quarter.

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