SEMI-ANNUAL REPORT 2015 CPI Immobilien GmbH (formerly CPI Immobilien AG)

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1 SEMI-ANNUAL REPORT 2015 CPI Immobilien GmbH (formerly CPI Immobilien AG)

2 2

3 Interim Balance Sheet Information on including the explanatory notes, as of September 2015 Real estate market development in Vienna A stable economic climate continues to prevail in the domestic real estate market, as the results of the 2015 real estate price comparison, published annually by the Austrian Chamber of Commerce, proves. It clearly shows once again this year how stable the real estate market in Vienna is. Real estate has proven to be a stable type of investment. The purchase of a real estate for investment purposes continues to be one of the best options for the safe investment of one s money. Therefore, real estate continues to be in demand while more properties enter the market. This can be seen from the trend in prices. Even the rents have remained stable year-on-year. The Vienna apartment building market proves to be very healthy in Displaying a persistent and slightly positive price trend, the transaction volume remains at a very high level. A more upward trend is emerging for the remainder of the year. The driving force of this development are the project developers and private investors and above all institutional investors such as in particular insurance companies which are increasingly active again on the buyer side after they had sold large holdings over the previous years. This trend started in 2014 and continues even stronger today. According to reports, the share of institutional buyers is in the meantime more than twice as high as it was in The real estate experts expect a slight increase in the transaction volume for They expect an increase of up to 10 percent compared with 2014, when sales amounted to approximately EUR 1.25 billion. Business trend in 2015 As was the case in the previous year CPI has put particular emphasis on large property portfolios for international investors in the first half of CPI offers larger investors an All in Service for the Vienna Gründerzeit buildings, more apartment buildings with development potential are purchased in project companies and these are then developed and expanded. CPI is in intensive negotiations with several European fund companies for the purchase and development of entire apartment building blocks. 3

4 The balance sheet of the CPI Immobilien AG as of Compared with the annual financial statement of the following changes to the interim balance sheet can be noted for : Fixed assets decreased from 75.6 million to 72.5 million. Current assets (receivables and credits) decreased slightly to 66.4 million On the capital side, equity remains virtually unchanged at approximately 35.7 million. The bond liabilities have fallen slightly to approximately 54.9 million. We were able to significantly reduce liabilities to banks from 23.5 million to approximately 19.9 million. The development of subsidiaries progressed satisfactorily and rising profit distributions for CPI Immobilien AG can be expected for the entire fiscal year. Interim results of CPI Immobilien AG as of The interim result of CPI Immobilien AG as of is marked by substantial investments in the preparation of specific real estate projects, including planning and construction preparation and the purchase of new properties. This reduced earnings in comparison with the same period last year is due to investments in the company s infrastructure related to a strong expansion of all business segments starting with 2nd half of the year Taking into account the profit carried forward from the previous year, CPI Immobilien AG can post a net profit of 7.9 million as of

5 Real estate revenues and investments by CPI Immobilien AG CPI Immobilien AG and its subsidiaries have had a satisfactory performance in the first half of 2015 thanks to a stable market environment for Vienna Gründerzeit buildings and corresponding demand for the renovated apartment buildings and real estate investment products in central urban locations in Vienna. Our proven business sectors which have provided our Vienna Gründerzeit buildings with comprehensive support over that past 15 years are well established by now. In the 1st half of 2015, CPI Immobilien AG was able to post a net total real estate revenue of 4.7 million as well as investment income of approximately 2.6 million. This included the sale of an entire apartment building with a total of 1,258 m² floor space for a total net price of 3 million, and the sale of 7 individual apartments. At the same time, four properties with a total floor space of around 4,760 m² were purchased in project companies in the 1st half With respect to the expansion and renovation activities, Senefeldergasse 58 was successfully completed as an expansion project in the current fiscal year. Currently the following projects are under construction: Marchfeldstraße 13, Davidgasse 34, Alserstraße 72, Speckbachergasse 2 and Schwaigergasse 18. Currently, the following expansion projects are in design and permit application phase: Panikengasse 41, Rückertgasse 10, Heinzelmanngasse 7, Schelleingasse 23, Leystraße 133, Klausenburgerstraße 24, Währinger Gürtel 139, Fernkorngasse 26, Schulgasse 23, Fuchsthalergasse 20 and Hütteldorferstraße 56. 5

6 The business prospects for CPI Immobilien AG until the end of 2015 In July 2015, CPI Immobilien AG changed its legal form into a limited liability company in accordance with a separate decision after the two owners had increased their capital share to over 96%. This change in the legal form provides CPI - with unchanged capital resources - with a leaner organizational structure and more rapid decision-making processes in order to act even more efficiently and forcefully on the market. The previous board members KR Mag. Ernst Kreihsler and KR Johann Franke are now independently authorized managing directors. The significant demand for residential property in Vienna with its growing population will continue to provide CPI Immobilien Group with a positive and fruitful impetus for the development of sale and rental of apartments, so that we expect an overall good result for second half of We expect the expansion of cooperation with investors from the private sector to the institutional sector in The management expects proper financial statements at year s end. These then form the basis for a clearly growth-oriented development. Vienna, in September 2015 KR Mag. Ernst Kreihsler Management Director CPI Immobilien GmbH KR Johann Franke Management Director CPI Immobilien GmbH 6

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