IMMOFINANZ : Earnings Presentation Q1-3 2020

Earnings Presentation Q1-3 2020

11/2020

• Highlights

2

Highlights

Portfolio

95.5%	MEUR 215.1	MEUR 158.9
Occupancy rate	Rental income	Results of asset management
-1.3pp	+5.7%	+3.3%
(12/2019: 96.8%)	(Q1-3 2019: MEUR 203.4)	(Q1-3 2019: MEUR 153.8)

MEUR 4,944.0	6.1%
Portfolio value	Gross return
-3.5%	Based on invoiced rents
(12/2019: 6.5%)
(12/2019: 5,122.1)

3

Highlights

Financials

MEUR 113.1	MEUR 89.2	MEUR 601.9
Results of operations	FFO 1	Cash and cash equivalents
-19.1%	-3.9%	+74.4%
(Q1-3 2019: MEUR 139.7)	(Q1-3 2019: MEUR 92.8)	(12/2019: MEUR 345.1)

MEUR -98.3	38.4 %
Net profit	Net LTV
(Q1 2019: MEUR 202.6)	(12/2019: 43.0%)

4

• Results and Financing

5

Results and financing

FFO 1 per share only slightly below previous year's level

Amounts in MEUR	P&L Q1-3 2020	Adjustments	FFO Q1-3 2020
Results of asset management	158.9	46	159.0
Results of property sales	9.5	-9.5	0.0
Results of property development	-21.0	21.0	0.0
Other operating income	1.5	-0.2	1.3
Other operating expenses	-35.8	7.4	-28.4
Results of operations	113.1	18.8	131.8
Other revaluation results	-144.8	144.8	0.0
Operating profit (EBIT)	-31.7	163.6	131.8
Financial results	-60.5	17.9	-42.7
FFO 1 before tax			89.2
FFO 1 before tax / share in EUR			0.83
Including accrued interest bonds
FFO 1 before tax (excl. S IMMO)			89.2
Accrued interest Corporate Bond 2023			3.3
FFO 1 before tax adjusted for accrued interest (excl. SIMMO)			92.4
FFO 1 / share adjusted for accrued interest (excl. S IMMO) in EUR			0.86

*FFO 1 includes the total MEUR 13.1 annual coupon payment for the 2023 corporate bond, which was made for the first time in January 2020. If the coupon payment were spread across the whole year, FFO 1 in Q1-3 2020 would amount to MEUR 92.4, which exceeds last year's level of MEUR 84.0.

• Number of shares for calculation: 107,667,310 (time weighted due to capital measures) as of 30.09.2020; 107,387,703 (time weighted due to share buybacks) as of 30. September 2019 Rounding differences may result from the use of automatic data processing for the addition of rounded amounts

FFO 1 (before tax)

MEUR 89.2 -3.9%

(Q1-3 2019: MEUR 92.8)

FFO 1 (before tax)/share¹

EUR 0.83 -4.1%

(Q1-3 2019: EUR 0.86)

FFO 1 (before tax) adj.* MEUR 92.4 +10.1%

(Q1-3 2019: MEUR 84.0)

FFO 1 (before tax)/share¹ adj.*

EUR 0.86 +10.3%

(Q1-3 2019: EUR 0.78)

6

Results and financing

P&L - rental income and results from AM and property sales increased

	Q1-3 2020	Q1-3 2019	Change	Change
	(in MEUR)	(in MEUR)	absolute	in %
Rental income	215.1	203.4	11.7	5.7

Results of asset management

158.9

153.8

5.1

3.3

Results of property sales

9.5

3.7

5.8

≥ 100%

Results of property

− Higher rental income due to portfolio

growth resulting from acquisitions and

completions

− Increase in receivables write-offs from AM

to MEUR -19.2 mainly related to Covid-19

in Q2 2020 (Q1-3 2019: MEUR -0.8) led to

rise in property expenses to MEUR -49.1

(Q1-3 2019: MEUR -38.3)

− Property sales of MEUR 51.9 in Q1-3

2020 - positive impact from sale of

German office building

− Revaluation of development projects in

the amount of MEUR -20.4(Q1-3 2019:

development

-21.0 9.1 -30.1 n/a

MEUR 15.0) reflects slight increase in

market yields due to Covid-19 and cost

increases

Rounding differences may result from the use of automatic data processing for the addition of rounded amounts	7

Results and financing

P&L - revaluation results reflect Covid-19 impact

	Q1-3 2020	Q1-3 2019	Change	Change
	(in MEUR)	(in MEUR)	absolute	in %
Results of operations	113,1	139.7	-26.7	-19.1%

Revaluation results	-144.8	97.4	-242.2	n/a
from standing investments

Revaluation - country split

• Revaluation loss is equivalent to approximately 3.2% of the portfolio's carrying amount at 30. September 2020 (retail: 4.2% of carrying amount; office: 2.7% of carrying amount)

	Carrying amount	Revaluation results
All amounts in MEUR	30.09.2020	Q1-3 2020
AT	738.4	-16.8
DE	522.7	-6.4
PL	1,005.0	-39.6
CZ	536.0	-6.2
SK	319.6	-11.3
HU	422.5	-14.1
RO	618.0	-42.8
Other countries	304.3	-7.7
Total	4,466.5	-144.8

Revaluation - asset class split

	Carrying amount	Revaluation results
All amounts in MEUR	30.09.2020	Q1-3 2020
Office	2,827.6	-75.5
Retail	1,631.6	-68.4
Other	7.3	-0.9
Total	4,466.5	-144.8

Rounding differences may result from the use of automatic data processing for the addition of rounded amounts	8

Results and financing

P&L - consolidated earnings therefore burdened

	Q1-3 2020	Q1-3 2019	Change	Change
	(in MEUR)	(in MEUR)	absolute	in %
Financial results	-60.5	-25.3	-35.2	≤ -100%
thereof net financing costs	-54.0	-50.6	-3.5	-6.8%
thereof net profit/loss from equity accounted inv.	9.4	47.1	-37.7	-80.0%

Earnings before tax

-92.2

211.8

-304.0

n/a

Net profit or loss

-98.3

202.6

-300.9

n/a

Earnings per share (in EUR)	-0.91	1.90	-2.81	n/a

• Adjusted for one-time effects (non- cash adjustments of effective interest method), financing costs fell by MEUR 2.0
• Income from investments accounted by using the equity method amounts to MEUR 9.4 (Q1-3 2019: MEUR 47.1), thereof MEUR 6.3 from S IMMO

Rounding differences may result from the use of automatic data processing for the addition of rounded amounts	9

Results and financing

Robust liquidity profile and diversified debt structure

Maturity profile by year as of 30. September 2020

1200

											Bank financing regular
	500									Bank financing end of maturity
1000									Corporate bond 2023
											Convertible bond 2024 as of 30 September 2020 not in the money
											Cash and cash equivalents as of 30 September 2020
800
										Undrawn revolving credit line
600	100		295		487					Corporate bond 2027 (issued after balance sheet date in October 2020)
602
400											500
				411		368
200
										321
	204	14					1				224			60
								97
	12	51	47	37			19	13
0	29	7	43
2020 (9 months)	2021	2022		2023		2024			2025	2026	2027		from 2028

	Outstanding liability in TEUR	Weighted average interest rate
	as of 30 September 2020	incl. derivatives costs in %1
Convertible bonds2	301,007.2	1.50%
Corporate bond³	491,434.2	2.63%
Bank liabilities4	1,949,929.3	1.76%
IMMOFINANZ	2,742,370.7	1.88%

1 Calculation basis: remaining debt (nominal amount) excl. mandatory convertible bond

• Convertible bond 2024 (coupon reduced by 50 basis points to 1.5% after receipt of IG rating) with MEUR 295.0 as well as future coupon payments of the mandatory convertible bond 2023 ³ Only Corporate Bond 2023 included, as Corporate Bond 2027 was issued in October 2020 and therefore after balance sheet date

• Liquidity strongly increased to MEUR
• 1. after capital measures in July
• Further financial flexibility from MEUR
• 1. credit line arranged in March
     2020 and MEUR 500 benchmark bond issue in October 2020 (7-year maturity, 2.5% fixed coupon)
• Remaining term of financing: 4.75 years after issuance of benchmark bond in October
• Financing costs (weighted average interest rate including hedging costs) at a low level of 1.88% (12/2019: 1.91%)
• Unencumbered asset pool of MEUR 1,468.8 (28.7%) / MEUR 1,920.5 (34.5%) including S IMMO shares based on EPRA NAV)

Hedging quota: 90.3% (12/2019: 90.7%)

9.7%			58.6%		31.7%
Floating	Floating rate (hedged)		Fixed rate
rate

10

4 Including IFRS 5

• Status Covid-19

11

Status Covid-19

Prompt and effective measures to minimize negative crisis effects (I)

Operating measures - acting as a strong and reliable partner for our tenants

Commercial agreements with all large retailers closed - contract extensions of 300,000 sqm in retail signed as compensation

Reduction of operating expenses by more than MEUR 2.0 in Q1-3 despite portfolio growth and prioritization of energy efficiency measures in our buildings

Rent collection improved: 83% of contractual rent paid for Q3, 11% rent reductions and 6% deferred or due

Write-off of receivables from asset management due to Covid-19 amount to MEUR -16.9 in Q1-3 to support our tenants in the crisis

Fast recovery of footfall and larger tickets per shopping trip

Strong increase in number of social media interactions and followers in retail: number of users increased by 7% to 620,000 and page views by 13% to 820,000 (Q3 vs. Q2)

Efficient back-to-office concepts and roll-out of flexible myhive

products

12

Status Covid-19

Prompt and effective measures to minimize negative crisis effects (II)

Financial measures to increase liquidity and strengthen capital

Savings of MEUR 7.2 in expenses from investment property achieved by deferral/reduction of non time-critical maintenance, marketing

MEUR

Savings of MEUR 1.1 in other operating expenses¹	17.5
Tax deferrals and savings of MEUR 9.2 in Q1-3 2020

Additional liquidity generated and secured from property sales closed in Q1-3 (MEUR 51.9 book value) and already signed (MEUR 192.9)

Revolving credit facility of MEUR 100 arranged in March 2020

Placement of shares and issuance of mandatory convertible notes raised MEUR 356 in July and placement of a benchmark bond of MEUR 500 in October 2020

Suspension of dividend for financial year 2019

1 excluding personnel expenses

13

Status Covid-19

Second Covid-19 wave affects retailers to different extents

CZECH REPUBLIC

Lockdown - until 12 December

• All non-essential shops closed
• F&B only for takeaway
• Night-timecurfew

AUSTRIA

Lockdown - until 6 December

• All non-essential shops closed
• F&B only for takeaway
• Curfew

POLAND

Lockdown - until 29 November

• All non-essential shops > 2,000 sqm (zoning) closed
• F&B only for takeaway

ROMANIA

Partial "soft" Lockdown

• Shops open/cinemas closed
• Retail closing on weekend (Baja Mare, Constanta)
• F&B only for takeaway in Bucarest and Cluj

HUNGARY

"Soft" Lockdown

• Shops open until 7 pm
• F&B only for takeaway
• Night-timecurfew

SLOVENIA

Lockdown (until further notice)

• Shops closed, but numerous exceptions
• F&B only for takeaway
• Night-timecurfew

	SLOVAKIA			CROATIA		SERBIA
	"Soft" Lockdown			Selective containment measures		Selective containment measures
• Shops open - temperature measurement at entry		•	Shops open		• Retail and F&B closed between 11 pm and 6 am
•	F&B only for takeaway
	•	Restaurants open
•	Cinemas closed

35% (352.000 sqm) of retail space is temporarily closed again. Reopening expected in the next weeks.

As of 23 November 2020

14

Status Covid-19

Covid-19: overview of closed retail space as of mid-November 2020

Country	AT	CZ	HU		PL		RO	SK		RS	SI	HR	Total1)
Brand
Leased area (sqm)	60,765	73,253	21,644	131,430	72,920	106,538	5,901	143,295	110,284	31,363	92,394	93,664	13,171	956,622
Closed	42,560	60,411	10,389	5,434	24,422	81,692	0	16,935	3,638	6,050	0	70,922	-	322,453
Closed in %	70%	82%	48%	4%	33%	77%	0%	12%	3%	19%	0%	76%	-	34%
Duration of	7.12.	12.12.	12.12.	10.12.	29.11.	29.11.	-	31.12.	31.12.	31.12.	-	15.12.	-
measures
Number of affected	96	111	16		135	-	75	36		-	101	-
tenants

Retail spaces in Office buildings:

Country	AT	CZ	DE	HU	PL	RO	SK	HR	Total
Leased area (sqm)	16,766	11,579	696	6,042	8,271	5,441	0	1,578	50,373
Retail areas in Office
Closed	12,863	10,839	696	2,307	1,124	1,680	-	0	29,509
Closed in %	77%	94%	100%	38%	14%	31%	-	0%	59%

Closed retail spaces in office buildings amount to 3% of overall leasable office space

As of 23 November 2020 1) Retail Other 9.677 sqm not included	15

Status Covid-19

Fast recovery in summer months, new lockdowns dampen development

portfolio YTD

Number of visitors per week since January 2020

4.500.000		Lockdown CZ
4.000.000

3.500.000

3.000.000

2.500.000

2.000.000

1.500.000

1.000.000

500.000

0

CW 1

CW 3

CW 5

CW 7

CW 9

CW 11

CW 13

CW 15

CW 17

CW 19

CW 21

CW 23

CW 25

CW 27

CW 29

CW 31

CW 33

CW 35

CW 37

CW39

CW 41

CW 43

CW 45

CW 47

portfolio YTD
Number of visitors per week since January 2020
1.200.000	Lockdown CZ

1.000.000

800.000	Reopening
VIVO! RO
600.000
400.000	Lockdown PL

200.000

0

CW 1

CW 3

CW 5

CW 7

CW 9

CW 11

CW 13

CW 15

CW 17

CW 19

CW 21

CW 23

CW 25

CW 27

CW 29

CW 31

CW 33

CW 35

CW 37

CW 39

CW 41

CW 43

CW 45

CW 47

Visitor numbers below 2019 level but higher revenues per shopping trip (larger tickets) especially in STOP SHOPs:

STOP SHOP (like for like)	Q3 20 vs. Q3 19	Q1-3 20 vs. Q1-3 19
Footfall	-5.7%	-17.4%
Sales	+5.5%	-9.4%

VIVO! (like for like)	Q3 20 vs. Q3 19 Q1-3 20 vs. Q1-3 19
Footfall	-16.6%	-28.6%
Sales	-11.8%	-29.1%

Note: CW refers to calendar week	16

Status Covid-19

Office: Covid-19 slows leasing activity and acts as catalyst for existing trends

Current situation

• Pandemic slows rental activity, but take-up still reached 106,500 sqm in Q1-3 2020 (~11% of standing office space)
• Advanced negotiations for several larger new rentals
• Office tenants are differently affected depending on industry, mainly tourism, restaurants & cafes, entertainment, fitness (Covid-19 affected sectors ~8.0% of rented space)
• Rejection of opportunistic requests for rent reductions, but provision of temporary support for affected tenants

"New Normal" in the office segment

• Covid-19acts as catalyst for digitalization and demand for flexibility
• Home office present as topic, but demand will decline significantly as personal interaction with colleagues is crucial for innovation, productivity, training of young employees and corporate culture

17

Status Covid-19

myhive prime flexible offices - the perfect solution in volatile times

Full flexibility for corporates as they …

• pay only for the space they really need and can adapt quickly to changing needs
• are not tied to long-term contracts
• can quickly move into prime office space without long planning periods
• can enjoy all-inclusive services and concentrate fully on their business
• • workspace of any size private office, room or desk
  • Lease-termsfrom 1 month
  • Workspace on demand
  • Work from any myhive
  • Fully furnished and serviced
  • All-inclusivemonthly fee

18

Status Covid-19

Cash collection¹ from contractual rent as of mid-November 2020

TOTAL

Q1

90%

94%

86%

Q2	79%	91%	64%

Q3	86%	88%	83%

Q1-3 85% 91% 78%

Q2 collection retail

63.8%

100.0%

33.4%

2.8%

Contractual rent	Paid	Rent reductions acc. to	Deferred or due,
		commercial agreements	not yet paid

Q3 collection retail

			83.2%
	100.0%
						6.1%
					10.7%
Contractual rent	Paid	Rent reductions acc. to	Deferred or due,
				commercial agreements		not yet paid

Agreements with all top retailers signed for the first lockdown and reopening period

19

1) Including operating costs

Status Covid-19

High quality and international tenant base helps to mitigate challenges

Office

• Balanced international tenants base of high creditworthiness
• No industry dependency due to diversified tenant structure - 12% public/state tenants
• Largest ten tenants represent 23% of office space
• No tenant accounts for more than 3.7% of office space

Retail

• Long-termpartnership with Europe's best retail brands
• Balanced tenant mix to ensure optimal environment for retailers and their customers
• Largest ten tenants represent 31.7% of retail space
• No tenant accounts for more than 4.0% of retail space

Selected top tenants

Selected top tenants

Industry mix	Industry mix

Due to high quality tenant base nearly no loss of tenants due to insolvency in 2020 (≤ 5,000 sqm or

0.3% of total rentable space)

20

• Portfolio

21

Portfolio

Overview - occupancy rate unchanged at high level

Portfolio value

MEUR 4,944.0

(12/2019: MEUR 5,122.1)

Standing investments

MEUR 4,466.5

(12/2019: MEUR 4,749.5)

Gross return

5.9% IFRS rent (12/2019: 6.2%)

6.1% on invoiced rent basis1

(12/2019: 6.5%)

Unexpired lease term

(weighted, average) 4.2 years

(12/2019: 4.3)

Portfolio segmentation

Portfolio allocation Office and Retail

Office	Retail	Other
64.6%	33.7%	1.7%

Solid standing investments/developments ratio

Standing investments	Development projects	Pipeline
90.3%	6.1%	3.6%

Invested in Austria, Germany and CEE

AT	DE	PL	RO	CZ	HU	SK	Other countries
17.7%	12.3%	20.3%	15.3%	10.8%	10.2%	6.5%	6.8%

Clear focus on three brands

myhive offices	STOP SHOP	VIVO!	Other offices
28.7%	26.8%	19.1%	(primarily single tenant
			buildings)
			24.9%

Occupancy rate
Overall	95.5%
12/2019	09/2020

Office93.4%

12/2019 09/2020

Retail97.6%

12/2019 09/2020

¹ Information provided for better comparability in relation to peer group

Segmentation information based on portfolio value; for brands based on Q3 rental income

22

Portfolio

Successful with brands

myhive offices	STOP SHOP retail parks	VIVO! shopping centers
Further myhive locations in Vienna, Düsseldorf	Positioned as leading retail park operator in	Convenient shopping with entertainment
and Bucharest in pipeline - more flexibility for	Europe - further growth from acquisitions and	factor. Europe's best retail brands as strong
tenants planned with myhive 2.0	developments	anchor tenants

22 properties in six countries

Rentable space	512,044 sqm
Occupancy rate	92.5%
Rental income Q3 20201	MEUR 18.8
Carrying amount	MEUR 1,461.0
Gross return IFRS	5.1%
Return invoiced rent2	5.5%

90 properties in nine countries

Rentable space	665,448 sqm
Occupancy rate	98.2%
Rental income Q3 20201	MEUR 17.6
Carrying amount	MEUR 950.6
Gross return IFRS	7.4%
Return invoiced rent2	7.5%

10 properties in four countries

Rentable space	314,095 sqm
Occupancy rate	96.4%
Rental income Q3 20201	MEUR 12.5
Carrying amount	MEUR 670.2
Gross return IFRS	7.5%
Return invoiced rent2	7.5%

¹Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; marginal deviations to P&L are therefore possible)

²Information provided for better comparability in relation to peer group; difference to return based on IFRS rent is due to accrual of rental incentives, which are accrued on a straight line basis over the contract term under IFRS but are not included in the invoiced rent

23

Portfolio

Developments - first flexible myhive successfully opened in Vienna in 10/2020

myhive Ungargasse, Vienna

(Opened in Q 4 2020)

myhive Haller Gardens, Budapest (Opening Q3 2021)

Slight delays in construction progress due to Covid-19 but no major constraints

Development	Number of	Carrying amount	Carrying amount	Outstanding construction	Rentable space	Expected fair value after	Expected rental income at	Expected yield after
projects	properties	in MEUR	in %	costs in MEUR	in sqm	completion in MEUR	full occupancy in MEUR	completion in %¹
Austria	2	91.4	33.0%	7.8	26,572	99.1	4.2	4.2%
Germany	1	84.6	30.5%	42.1	21,690	161.0	5.8	4.6%
Hungary	1	68.0	24.6%	15.0	34,218	83.0	6.3	7.5%
Romania	2	33.0	11.9%	5.3	27,956	38.3	3.6	9.4%
Active projects	6	276.9	100.0%	70.2	110,436	381.5	19.8	5.7%

In pipeline

7

24.9

IMMOFINANZ 13 301.8

Development projects: 6.1% of portfolio value with moderate costs to completion

1 Expected rental income after completion in relation to the current carrying amount including outstanding construction costs

24

Portfolio

Property sales

Property marketing and transactions continue succesfully

• Property sales with a value of MEUR 51.9 in Q1-3 2020 (asset and share deals)
• Largest transactions comprised an office building in Warsaw (buyer: CPI) and land in Romania (buyer: Kaufland)
• Sale of an office building in Düsseldorf at a level significantly above carrying amount - signing in August 2020, closing expected at year-end

Property sales 2020

MEUR 0.6

MEUR 51.9

Outlook

MEUR 192.9

approx. MEUR 250

• As of 30 September 2020, assets with a carrying amount of approximately MEUR 193.5¹ are classified as "held for sale" (IFRS 5) - mainly Polish office buildings (smaller office properties and parts of the EMPARK office location) and a German office building. Of this amount, MEUR 192.9 have already been signed

¹ Investment property and property under construction

Sales Q1-3 2020 (closed)

IFRS 5 per 30.09. (signed)

IFRS 5 per 30.09. (not signed)

25

• Outlook

26

Outlook

Crisis-proof with strengthened equity base and liquidity

Capital measures in July 2020 - MEUR 356.0 gross proceeds

• Strengthening of capital and key figures for existing IG rating
• Diversification of financing structure through mandatory convertible notes issuance (first time in Austria) and broadening of shareholder base
• Proceeds partially used for repayment of a retail financing (MEUR 79.0)
• Reduction of net LTV and strengthening of equity ratio

Benchmark bond issuance in October 2020 - MEUR 500.0 nominal value

• Further optimization of capital structure and average debt maturity

								1,202
Equity ratio:			Net LTV:			Cash
			43.0%			available		500
		48.6%			(MEUR):
					38.4%	345
46.0%				702
								702
						345
31.12.2019	30.09.2020	31.12.2019	30.09.2020	31.12.2019	30.09.2020 (including
								credit line and
								benchmark bond issued
									in October)

Share placement details

• 11.2 million new shares and
  4.2 million treasury shares
• Gross proceeds: MEUR 236.0
• Placement without a discount to the closing price at EUR 15.31

Mandatory convertible notes

• Nominal: MEUR 120
• Convertible into ca. 7 million shares
• 3 year maturity, 4% coupon
• Recognised as equity (except coupon payments)

Benchmark bond

• Nominal: MEUR 500
• 7-yearmaturity, 2.5% coupon

27

Outlook

Strong capital structure to enable swift return to value-creating growth

Growing out of the crisis

• Return to profitable growth trajectory through acquisitions and the company's own developments, for example in the form of efficient "densification" on existing properties in Vienna, Bratislava and Bucharest

STOP SHOP retail parks

• Further growth with crisis-resistant retail parks and strengthening of leading operator position in the CEE region
• Medium-termincrease in rentable space to approximately 1 million sqm or around 140 locations
• Country focus: CEE and selectively in SEE and Western Europe

myhive offices

• Increase in number of myhive locations in capital cities of IMMOFINANZ core markets
• Focus on innovative, flexible office solutions

28

• Appendix

29

Appendix

Development of EPRA NAV and book value per share

Development of EPRA NAV per share in EUR

31.051

0.44

0.62

27.96 2

-1.54

-2.20-0.41

		(capital increase, sale of
1 Number of shares 31.12.2019		treasury shares, mandatory	² Number of shares 30.09.2020
in thousand: 114,780 (diluted)		CB and dilution of potential	in thousand: 123,294 (not diluted)
		shares from the CB 2024)
Development of book value per share in EUR
29.341	0.44	0.62
		-1.54	25.612
		-2.82	-0.43

	(from increased number of
¹ Number of shares 31.12.2019	shares: capital increase, sale	² Number of shares 30.09.2020
in thousand: 100,877	of treasury shares and	in thousand: 123,294
	mandatory CB)

EPRA NAV/share:

EUR 27.96

(-10.0%)

Book value/share:

EUR 25.61

(-12,7%)

30

Appendix

P&L - increased rental income, negative valuation effects from Covid-19

			Change	Change
Amounts in MEUR	Q1-3 2020	Q1-3 2019	absolute	in %
Rental income	215.1	203.4	11.7	5.7%
Operating costs charged to tenants	63.1	63.3	-0.2	-0.3%
Other revenues	3.2	0.8	2.4	≥ +100.0%
Revenues	281.3	267.5	13.9	5.2%
Expenses from investment property	-49.1	-38.3	-10.8	-28.2%
Operating expenses	-73.4	-75.4	2.0	2.7%
Results of asset management	158.9	153.8	5.1	3.3%
Results of property sales	9.5	3.7	5.8	≥ +100.0%
Results of property development	-21.0	9.1	-30.1	n/a
Other operating income	1.5	5.4	-3.9	-72.6%
Other operating expenses	-35.8	-32.2	-3.6	-11.1%
Results of operations	113.1	139.7	-26.7	-19.1%
Revaluation result from standing investments and goodwill	-144.8	97.4	-242.2	n/a
Operating profit (EBIT)	-31.7	237.1	-268.8	n/a
Net financing costs	-54.0	-50.6	-3.5	-6.8%
FX differences and other financial results	-15.9	-21.9	6.0	27.3%
Net profit or loss from equity-accounted investments	9.4	47.1	-37.7	-80.0%
Financial results	-60.5	-25.3	-35.2	≤ -100.0%
Earnings before tax (EBT)	-92.2	211.8	-304.0	n/a
Taxes	-6.0	-13.5	7.5	55.4%
Net profit or loss from continuing operations	-98.3	198.3	-296.6	n/a
Net profit or loss from discontinued operations	0.0	4.3	-4.3	≤ -100.0%
Net profit or loss	-98.3	202.6	-300.9	n/a

Rounding differences may result from the use of automatic data processing for the addition of rounded amounts	31

Appendix

Rental income like-for-like shows decrease of 5%

A like-for-like analysis (i.e. acquisitions, completions and sales are deducted to facilitate comparison with Q3 2019) shows a decrease of 5.1% in rental income to MEUR 57.0 million in Q3 2020.

In the retail sector, the decline is 5.8%, which is mainly due to the Covid-19 pandemic. In the office sector, the lfl rental income declined by 4.6% which was mainly attributable to the move-out of a larger office tenant and to a mixed-use office property with larger retail space.

Standing investments1	Number of	Carrying amount	Carrying amount	Rental income Q3 2020	Rental income Q3 2019	Change
as of 30.09.2020	properties	in MEUR	in %	in MEUR	in MEUR	in MEUR
Austria	23	689.7	18.0%	8.1	8.7	-0.6
Germany	4	522.7	13.6%	5.2	5.2	0.0
Poland	20	574.8	15.0%	9.5	10.4	-0.9
Czech Republic	17	453.3	11.8%	5.9	6.4	-0.5
Hungary	22	422.5	11.0%	6.8	7.2	-0.3
Romania	13	618.0	16.1%	12.5	11.9	0.5
Slovakia	20	319.6	8.3%	5.3	5.4	-0.1
Other countries	21	228.9	6.0%	3.7	4.9	-1.2
IMMOFINANZ	140	3,829.4	100,0	57.0	60.1	-3.1
Rental income from properties sold/acquired,
IFRS 15/16 adjustments and development				12,6
projects
IMMOFINANZ				69,6
Office	47	2,312.5	60.4%	28.8	30.2	-1.4
Retail	92	1,509.6	39.4%	28.1	29.8	-1.7
Other	1	7.3	0.2%	0.1	0.1	0.0
IMMOFINANZ	140	3,829.4	100.0%	57.0	60.1	-3.1

1 Calculation only includes those properties which were fully owned by IMMOFINANZ in both periods, i.e. it excludes acquisitions, completions and sales. The VIVO! Bratislava (Slovakia) und VIVO! Cluj-Napoca (Romania) shopping centers are not included in the like-for-like analysis due to their extensive modernisation in the previous year.

Rounding differences may result from the use of automatic data processing equipment for the addition of rounded amounts and percentage rates	32

Appendix

Total property portfolio

As of	Number of	Standing investments	Development projects	Pipeline projects	Property portfolio	Property portfolio
30 September 2020	properties	in MEUR	in MEUR	in MEUR1		in MEUR	in %
Austria	31	738.4	109.0	29.4	876.8	17.7%
Germany	7	522.7	85.4	0.6	608.6	12.3%
Poland	26	1,005.0	0.3	0.0	1,005.3	20.3%
Czech Republic	18	536.0	0.0	0.0	536.0	10.8%
Hungary	26	422.5	70.4	10.6	503.5	10.2%
Romania	43	618.0	33.0	106.4	757.3	15.3%
Slovakia	21	319.6	0.0	1.2	320.8	6.5%
Other countries2	36	304.3	3.7	27.6	335.6	6.8%
IMMOFINANZ	208	4,466.5	301.8	175.7	4,944.0	100.0%
		90.3%	6.1%	3.6%	100.0%

90.3%	6.1%
Standing investments	Development projects
		3.6%
		Pipeline projects

50.4%	49.6%
Developed Markets (AT, DE, PL)	Other CEE markets
according to FTSE/NAREIT classification

¹Including real estate inventories (Cologne and Adama) totalling MEUR 0.9

²In declining order based on the carrying amount: Slovenia, Serbia, Croatia, Turkey and Bulgaria

Rounding differences may result from the use of automatic data processing for the addition of rounded amounts and percentages

33

Appendix

Office standing portfolio

GERMANY	18.2%	POLAND	25.3%
Number of properties	3	Number of properties	10
Carrying amount in MEUR	515.4	Carrying amount in MEUR	716.6
Rentable space in sqm	94,059	Rentable space in sqm	232,718
Occupancy rate	99.0%	Occupancy rate	96.0%
Rental income Q3 2020 (MEUR)1	5.1	Rental income Q3 2020 (MEUR)1	9.9
Gross return	3.9%	Gross return	5.5%

AUSTRIA	21.5%	CZECH REPUBLIC	14.0 %
Number of properties	11	Number of properties	7
Carrying amount in MEUR	605.7	Carrying amount in MEUR	395.1
Rentable space in sqm	175,640	Rentable space in sqm	122,509
Occupancy rate	89.1%	Occupancy rate	93.9%
Rental income Q3 2020 (MEUR)1	6.2	Rental income Q3 2020 (MEUR)1	4.2
Gross return	4.1%	Gross return	4.2%

18.2%

GERMANY

14.0%

CZECH REPUBLIC

21.5%

AUSTRIA

IMMOFINANZ	100.0%
Number of properties	50
Carrying amount in MEUR	2,827.6
Rentable space in sqm	973,397
Occupancy rate	93.4%
Rental income Q3 2020 (MEUR)1	35.1
Gross return	5.0%

25.3%

POLAND

2.1%

SLOVAKIA

7.8%

HUNGARY

10.2%

ROMANIA

SLOVAKIA	2.1%	HUNGARY	7.8%	ROMANIA	10.2%	OTHER COUNTRIES2	0.9%
Number of properties	2	Number of properties	8	Number of properties	8	Number of properties	1
Carrying amount in MEUR	59.6	Carrying amount in MEUR	219.4	Carrying amount in MEUR	289.1	Carrying amount in MEUR	26.8
Rentable space in sqm	35,592	Rentable space in sqm	114,897	Rentable space in sqm	181,988	Rentable space in sqm	15,995
Occupancy rate	90.5%	Occupancy rate	95.2%	Occupancy rate	89.7%	Occupancy rate	99.0%
Rental income Q3 2020 (MEUR)1	0.6	Rental income Q3 2020 (MEUR)1	3.4	Rental income Q3 2020 (MEUR)1	5.3	Rental income Q3 2020 (MEUR)1	0.4
Gross return	4.0%	Gross return	6.1%	Gross return	7.4%	Gross return	6.3%

Data as of 30 September 2020

¹Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; deviations to P&L are therefore possible) ²Croatia

34

Appendix

Retail standing portfolio

CZECH REPUBLIC	8.6%	POLAND	17.7%
Number of properties	11	Number of properties	14
Carrying amount in MEUR	141.0	Carrying amount in MEUR	288.4
Rentable space in sqm	96,195	Rentable space in sqm	185,575
Occupancy rate	98.7%	Occupancy rate	96.7%
Rental income Q3 2020 (MEUR) 1	2.6	Rental income Q3 2020 (MEUR) 1	5.8
Gross return	7.4%	Gross return	8.0%

AUSTRIA	8.1%	SLOVAKIA	15.9%
Number of properties	14	Number of properties	18
Carrying amount in MEUR	132.7	Carrying amount in MEUR	260.0
Rentable space in sqm	67,076	Rentable space in sqm	152,474
Occupancy rate	99.3%	Occupancy rate	95.4%
Rental income Q3 2020 (MEUR) 1	2.3	Rental income Q3 2020 (MEUR) 1	4.7
Gross return	7.0%	Gross return	7.2%

8.6%

CZECH REPUBLIC

8.1%

AUSTRIA

IMMOFINANZ	100.0%
Number of properties	102
Carrying amount in MEUR	1,631.6
Rentable space in sqm	989,826
Occupancy rate	97.6%
Rental income Q3 2020 (MEUR) 1	30.3
Gross return	7.4%

17.7%

POLAND

15.9%

SLOVAKIA

12.5%

HUNGARY20.2% ROMANIA

HUNGARY

12.5% ROMANIA

20.2% OTHER COUNTRIES2

17.0%

Number of properties	14	Number of properties	5
Carrying amount in MEUR	203.2	Carrying amount in MEUR	328.8
Rentable space in sqm	135,335	Rentable space in sqm	151,906
Occupancy rate	97.1%	Occupancy rate	98.2%
Rental income Q3 2020 (MEUR) 1	3.5	Rental income Q3 2020 (MEUR) 1	7.1
Gross return	6.8%	Gross return	8.7%

Number of properties	26
Carrying amount in MEUR	277.5
Rentable space in sqm	201,265
Occupancy rate	99.0%
Rental income Q3 2020 (MEUR) 1	4.3
Gross return	6.2%

Data as of 30 September 2020

1 Rental income on basis of primary usage of the property (rental income in P&L is according to actual usage of the property; deviations to P&L are therefore possible)

2 Slovenia, Serbia and Croatia

35

Appendix

Key figures

Asset data 30 September 2020

Balance sheet total	in MEUR	6,450.3
Equity as % of balance sheet total	in %	48.6%
Net financial liabilities	in MEUR	2,140.5
Cash and cash equivalents	in MEUR	601.9
Loan to value ratio (net)	in %	38.4%
Gearing	in %	70.8%
Total average interest rate including
costs for derivatives	in %	1.9%
Average term of financial liabilities	in years	3.5

EPRA indicators 30 September 2020

EPRA net asset value	in MEUR	3,447.3
EPRA net asset value per share	in EUR	27.96
EPRA triple net asset value	in MEUR	3,403.4
EPRA triple net asset value per share	in EUR	27.60
EPRA vacancy rate	in %	4.4%
Q1-3 2020
EPRA earnings	in MEUR	40.8
EPRA earnings per share	in EUR	0.38
EPRA earnings after company-specific adjustments	in MEUR	46.4
EPRA earnings per share after company-specific		0.43
adjustments	in EUR
EPRA net initial yield	in %	5.9%

Stock exchange data 30 September 2020

Book value per share	in EUR	25.61
Share price at end of period	in EUR	13.51
Discount of share price to NAV per share	in %	51.7%
Total number of shares		130,292,023
thereof number of treasury shares		6,998,228
Market capitalisation at end of period	in MEUR	1,760.2

Q1-3 2020

Earnings per share (undiluted)in EUR-0.91

Earnings data Q1-3 2020

Rental income	in MEUR	215.1
Results of asset management	in MEUR	158.9
Results of property sales	in MEUR	9.5
Results of property development	in MEUR	-21.0
Results of operations	in MEUR	113.1
Revaluations	in MEUR	-153.7
EBIT	in MEUR	-31.7
Financial results	in MEUR	-60.5
EBT	in MEUR	-92.2
Net profit for the period	in MEUR	-98.3
FFO 1 before tax	in MEUR	89.2
FFO 1 before tax per share	in EUR	0.83

36

Contact

Contact and financial calendar

Investor Relations
Bettina Schragl	Simone Korbelius
Tel: [phone]	Tel: [phone]
E-mail: [e-mail]	E-mail: [e-mail]

Financial calendar

Ticker symbols

Publication of Annual Results 2020	21.04.2021
Annual Report 2020	22.04.2021
Q1	Results 2021	31.05.20211
Q1	Report 2021	01.06.2021
28th Annual General Meeting	18.06.2021
Q1-2	Results 2021	30.08.20211
Q1-2	Report 2021	31.08.2021
Q1-3 Results 2021	29.11.20211
Q1-3	Report 2021	30.11.2021

Vienna Stock Exchange	IIA
Warsaw Stock Exchange	IIA
ISIN	AT0000A21KS2
Reuters	IMFI.VI
Bloomberg	IIA AV

1 Publication after close of trading on the Vienna Stock Exchange

37