CA Immo Buy (unchanged)

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1 CA Immo Buy (unchanged) 21 March 14 Price (Euro) weeks range / 8.63 Key Data ISIN AT Reuters CAIV.VI Bloomberg CAI AV Reporting standard IFRS Market Cap (Euro million) 1,101 Number of shares (million) 87.9 Free Float 82% Free Float Market Cap (Euro million) 903 CAGR pre-tax profit ('12 -'15e) 20.2% Target: Euro (unchanged) Multiples e 2015e Market Cap/ Total revenues PE-Ratio Dividend Yield 3.0% 3.2% 3.2% 4.0% Price-to-Book-Ratio P/ NAV-ratio Key Data per share (Euro) e 2015e Earnings per share (EPS) Dividend per share (DPS) Book Value per Share (BVPS) NAV per share Financial Data (Euro '000) e 2015e Total revenues incl net disposal gains 388, , , ,288 Rental income 280, , , ,235 Admin expenses -45,897-38,158-36,125-37,551 EBITDA profit (cash-driven) 245, , , ,742 Net result from revaluations -8,449-33,721 12,910 25,040 Operating profit (EBIT) 230, , , ,979 Net financial result -157, ,641-74,810-70,157 Pre-tax profit (EBT) 72,531 83,572 99, ,822 Taxation -23,970-33,185-28,857-32,852 Net profit after minorities 54,439 48,337 70,213 92,820 Shareholders' equity (Euro million) 1,816 1,865 2,011 2,064 Property assets let (Euro million) 4,391 3,108 1,715 1,730 Property assets under development RoE (pre-tax) 4.0% 4.5% 4.9% 6.1% RoE (after tax) 3.0% 2.6% 3.6% 4.6% Equity ratio 30.8% 38.0% 48.7% 50.0% Main Shareholder Bank Austria (Unicredit group) 18% Financial calendar AGM 8 May Q 2014 report 28 May Q 2014 report 27 August 2014 Analyst Internet Dipl.-Kfm. Stefan Scharff, CREA numbers with a much stronger balance sheet and a steep hike in NAV (+6%) and cash flow (+20%) Buy and Euro 15 target affirmed On 19 March, premium office properties specialist CA Immo released its 2013 annual report and hosted a conference call for analysts to give more insights. The numbers were above our expectations from the top-line of rental income up to the operating profit on the EBIT level. For this reason, we welcome the overall P & L framework and also welcome the substantial improvements in the balance sheet. The net profit was impaired by an extraordinary item in the financial result (realized swap loss of Euro 52.4m after the sale of Hesse Leo II portfolio) and a high tax rate of 40% (2012: 33%) after the very high trading volume of Euro 1.3bn which came mainly from the German portfolio (Tower 185, Leo II, Mercedes Sales Headquarters). The 2013 rental income came in at Euro 281m, unchanged to last year despite the high trading. Our forecast was only at Euro 269m. The result from trading activities was high as CA Immo sold all assets above book value at low exit yields and came out at Euro 75.5m, doubled from previous year (Euro 38.5m). Our forecast was again more conservative at only Euro 65m. With admin and personnel expenses declining by 13% (minus Euro 5.7m), the firm delivered a steep hike in cashdriven operating EBITDA profit by 20% from Euro 247m to a new record level of Euro 296m. Our forecast was again more cautious at only Euro 264m. Despite a revaluation result being more negative than we expected, at Euro -34m for value adjustments in CEE (SRC forecast at only Euro -13m), the operating profit on EBIT level was 10% above last year at Euro 255m and still above our forecast (Euro 244m). With the one off in the financial result coming from the Leo II sale as described above (the interest swap entering the P & L) and the high tax rate due to the lucrative trading in Germany, the CA Immo bottom line remained slightly behind the 2012 level at Euro 48m (2012: Euro 54m, SRC forecast: Euro 64m). The biggest achievement was at the balance where CA Immo brought down net debt by 44% and the interest bearing debt from Euro 3.4bn to 2.4bn by 28% which will translate into much lower financing costs in future as the firm repays expensive debt on group s level. The equity ratio steeply hiked from 31% to 38% at year-end and will even step above 40% in 1Q. NAV per share also hiked 6%. We maintain our Buy and our 15 target price.

2 SWOT Analysis Strengths Weaknesses Opportunities Threats CA Immo is a valuable brand for sustainable and modern office space with at present about 3.8bn assets located all over Central Europe, mainly in capitals like Berlin, Vienna, Warsaw, Budapest and Prague. The total portfolio on the balance sheet will shrink under some new IFRS regulations for real estate assets held in Joint Ventures which is applicable for most of CAI s eastern European assets (total CEE Euro 2.0bn at year-end 2013). The occupancy in the investment portfolio is at a high at 88.4% (2012: 86.7%). CA Immo delivered a steep rise in adjusted pre-tax FFO from Euro 87.5m in 2012 to Euro 153.5m in Even if not all is repeatable in 2014 (as trading profit will be much lower than in the record year 2013), the firm will profit from much lower overall financing costs and from a lower cost base (property, admin and staff expenses already significantly came back in 2013). CAI presented good 2013 results. Cash-driven EBITDA + 20%, NAV +6.2%, improvements in the like-for-like portfolio as yearly rental income up +2.5%. Very high solvency of main tenants, including PWC, TOTAL, H & M, Austrian Post, IBM, Robert Bosch, Verkehrsbüro Hotellerie, Intercity Hotels. News flow about recent trading success at Tower 185, Leo II, Mercedes Sales Headquarters (all Germany) and Lipowy Office Park (Warsaw) underline the attractiveness of CAI s asset portfolio and its strength to build high-end and LEED certificated sustainable green buildings. Established player in Eastern Europe s core countries (PL, CZ, HU) with landmark properties (Warsaw Poleczki Business Park won International Property Award for best mixed use development). After Europolis purchase and recent sales in Germany > 55% of rental income will come from CEE. After German asset sales group s future P & L and earnings will depend more on the development of CEE region, where overall markets tend to be more volatile and CAI still has some logistics properties and hotels (noncore assets) which have to be sold to sharpen the profile (c. 20% of assets). Cash flows were weak in the past but the 2012 and 2013 pictures clearly improved and recurring FFO will accelerate with lower financing costs as CA Immo repays expensive debt on holding level and made a big step to restore its balance sheet (equity ratio up from 31% in 2012 to > 40%). New properties like John F. Kennedy and Monnet 4 in Berlin and Belmundo and Lavista in Dusseldorf will be completed in the next months and lift the portion of Germany in the portfolio and the overall rental income again. The management started to pay a steady dividend of 2% of NAV for 2011 and repeated 0.38 dividend for For 2013 the dividend will climb to 0.40 (dividend yield 3.2%), which rounds out the NAV accretion for investors. Larger down-valuations of properties in CEE in the 2013 annual report than we initially expected as the firm took a very cautious stance, in particular with regards to its Polish assets (Bitwie Warsawskiej, Warsaw Towers, logistics park Blonie). Without these significant CEE down-valuations (net Euro 41m), CAI would have been able to deliver a rise in the bottom line despite the one off in the financial result and the high taxation. On the other hand, the down-valuations should alleviate some non-core asset sales. If the general economic sentiment turns down again, the climate for trading or new rentals could be hurt, in particular in more shaky CEE countries. And the regional exposure has more shifted towards CEE after the recent sales. 2 2 SRC Equity Research

3 Decent results from the top-line up to the operating profit (EBIT) and also a significant NAV accretion (+6.2%) in addition to the last dividend payment for 2012 (2% of NAV) Euro million 2013 as reported Year-on-year change Key takeaways from the 2013 numbers SRC forecast (6 Jan 2014) The firm managed to beat almost all our forecasts, in particular for topline rental income, operating profits on EBIT and cash-driven EBITDA level and also regarding the hike in NAV. The firm delivered asset sales at record levels with a decent trading profit of Euro 75.5m but also managed to bring up occupancy levels in the like-for-like portfolios for all regions Germany, Austria and CEE. Furthermore, CA Immo managed to remarkably reduce its property expenses and its overhead costs as reported Comments Rental income % Rental income stable on a high level but will decline in 2014 due to the very high trading activities in 4Q (66% of Tower 185, Leo II, Mercedes in Berlin, Lipowy Office in Warsaw). On a like-for-like basis rental income up 6% in Austria, 7% in Germany and 8% in CEE. Net rental income margin again sligthly climbed on reduced property expenses (-10% y-o-y) to 89% (2012: 88%). Net revaluation result Operating profit (EBIT) % % The revaluation result was Zero in Austria, Euro +8m in Germany (mainly Intercity Hotel in Berlin and Skygarden Office in Munich, Tower 185 upvaluation was already recognized in 2012) and clearly negative in Eastern Europe, Euro -41m, better than in 2012 (Euro - 56m) but more than in our expectation (c. Euro -20m). CA Immo took a very cautious view to anticipate market trends (in particular Poland with Euro -18m) and brought down values which should help to foster future trading activities in these markets, in particular for non-core assets like logistics, retail and hotels. CA Immo clearly beat our expectation due to a higher occupancy and higher cost efficiency within the entire portfolio as the cost cutting programme bears fruit. Keep in mind that the firm reached this milestone despite the negative net revaluation effect. With regards to the fully cash-driven EBITDA profit, CAI even reached record levels of Euro 296m, +20%, compared to Euro 247m in Our EBITDA forecast was only at Euro 264m. Net financial result % Financing expenses were reduced by 12% from Euro 169m to Euro 148m, coming near to our forecast. But financial result was impaired after the sale of Hesse-based Leo II portfolio as the realized interest swap moved from equity to the P & L with a negative impact of Euro 52m. Some positive market-related effects from the interest rate hedges helped to limit this negative impact but could not fully offset. Also keep in mind, that financial result of 2012 was flattered by some repurchases of project financings below the nominal value with a positive one off of Euro 20m. Net income after minorities % Net income was slightly below previous year due to a high tax rate of 40% following the record level of asset sales in Germany (Euro 1.3bn/ Euro 75m decent trading profit), will reduce to more normal levels of 25% - 30% in the following years. The second big item was the Euro 52m one-off in the financial result after the sale of Leo II portfolio as described above. Without these effects the steep hike in operating performance on EBIT and EBITDA level would have translated down to the bottom line. NAV per share (Euro) % The steep hike in NAV of 6.2% reflects the good operating performance, the lucrative trading and the superior asset quality which helped to lift occupancy levels group-wide. Another milestone was the reduction of expensive debt which will be continued in 2014 and We were optimistic about the NAV accretion with our forecast of Euro per share and CA Immo again delivered more. With regards to the dividend payment, our forecast was right that CA Immo will lift it from 38 Cents to now 40 Cents per share which means a 3.2% yield. Source: Company reports, SRC Research estimates 3 3 SRC Equity Research

4 Equity ratio climbed from 31% to more than 40%, LTV down to comfortable 46% (2012: 59%). NAV accretive loan buyback from OEVAG helps to quickly deploy the recent proceeds from trading. Even if the bottom line result was impaired by a one off effect from an interest hedge in the financial result coming to the P & L after the sale of the German Leo II portfolio (Euro -52.4m) and a quite high taxation of 40% (normal levels more between 25% and 30%), we welcome the numbers. The NAV accretion of 6.2% speaks for the overall success as well as the hike in EBITDA (+20%) and the hike in adjusted pre-tax FFO which climbed from Euro 87.5m to Euro 153.5m. The significant reduction in net debt leads to a much more robust balance sheet and a much higher equity ratio of 38% (2012: 31%). This will even increase to more than 40% in 1Q 2014 after the Euro 428m loan buyback from Austrian OEVAG bank of which the lion s share would have become due in the follwing year 2015 (Euro 352m). This transaction was NAV accretive for CA Immo, as it was resolved below the nominal value. Furthermore, it allowed the company to quickly deploy the proceeds from the recent trading activities as CA Immo had about Euro 600m free capital. With regards to the Loan-to-Value ratio, it came significantly back from 59% at year-end 2012 to now only 46%. In future, accoording to the management in the conference call, the LTV will remain in a comfortable range between 45% and 50%, more or less unchanged. Improvements in the like-for-like portfolio in all regions It is worth to take a look at the like-for-like comparison for the group s total real estate portfolio. CA Immo managed significant improvements in the like-for-like rents and also in the occupancy levels which speak once more for the superior asset quality. Like for like Book value Rental income Gross yield Occupancy (EUR m) Austria % 5.9% 94% 94% Germany % 6.2% 92% 90% CEE 1, , % 7.5% 86% 84% Total 2, , % 6.9% 88% 86% Source: Company data The like-for-like rental income steps up significantly by 2.5% and the gross yield climbs to 7.1%. Despite the high trading the base of incomeproducing assets is still on a high level of 87% (2012: 86%). Due to higher occupancy levels and improved rental contracts the likefor-like rental income steps up by 2.5% in one year. The group s total like-for-like occupancy rate increased from 86.2% to 88.1%. And the gross yield of the LfL portfolio goes up from 6.9% to 7.1% with the biggest impact coming from Germany (up from 6.2% to 6.6%). Book values have been more or less stable. From the structural side of the asset portfolio it is worth to mention that despite the very high trading volume in 2013, the ratio of incomeproducing assets as percentage of the total asset portfolio slightly improved from 86% to 87%. 4 4 SRC Equity Research

5 Improved balance and improved risk-return profile Net debt came down by Euro 1bn in one year. This is a good base for an accelerating recurring FFO. The development pipeline will help to lift rental cash flow from Germany in the next months. The redemption of the most expensive debt (e.g. Euro 150m corporate straight bond with a 6.125% coupon to expire this year) and a general improvement of the debt maturity profile connected with a lower share of unsecured debt on the holding level (more project financing on a nonrecourse basis) should bring down the total costs of debt on the group level from c. 4.2% to c. 3.8% from 2014 on. With this improved picture on the debt side (net debt down from Euro 3.4bn to Euro 2.4bn at year-end 2013) CA Immo has now a much better position to accelerate its long-term recurring FFO results. Furthermore, with an improved balance sheet quality, the firm has a safety cushion for the case of an economic recession in its core markets and a backbone to still drive its future growth by new developments as this will be done by some lucrative German developments to come the next months, in particular in Berlin and Dusseldorf. Projects under construction Book value % Outstanding construction costs Rentable area Expected value *Adjusted for the 50% share Source: Company data Yield City Main usage Share Pre let Scheduled completion John F. Kennedy % , % Berlin Office 100% 42% 06/2015 Monnet % , % Berlin Office 100% 49% 06/2015 Belmundo % , % Duesseldorf Office 100% 74% 12/2014 Lavista 5.9 7% 5.9 4, % Duesseldorf Office 100% 9% 12/2014 Congress Center Skyline Plaza 2.0 3% 3.1 8, n.a. Frankfurt Retail 100% sold 03/2014 Kontorhaus* % , % Munich Office 50% 50% 12/2015 Avia * 2.8 4% 7.9 5, % Krakow Office 50% 27% 12/2014 Total % , % RoE target of > 7% from 2015 on (5% from the investment portfolio and > 2% from trading and development activities) New IFRS regulation for Eastern European assets held in JV will lead to lower EBIT / pre-tax results but no material change at the net profit line. For 2015 the firm gave a RoE target for the group of more than 7%, which is derived 5%-points from the standing income producing portfolio and another at least 2%-points from the development and trading activities (target 5% - 10% sale of investment portfolio each year). The yearly dividend projection is still 2% of NAV and the dividend cover should be more than 1.5x of the recurring FFO. Besides the mentioned improvements on the debt side, CAI will continue to dispose non-core assets like logistics and sell small-scale properties (below Euro 10m) to further streamline its portfolio. Another point is to cut indirect expenses where the firm already did well in 2013 (about -20% in material and personnel expenses and -10% in property expenses). Another point to lift the recurring income is to further reduce vacancy rates in the investment portfolio (at present about 20% vacancy in Hungary, 15% Poland, 11% CZ). To conclude this research update there are some changes coming to the P & L from the new year 2014 on, with regards to the CEE portfolio. These Eastern European assets (c. Euro 1.2bn, mainly coming from the Europolis takeover) are held in Joint Venture partnerships with EBRD and Union Investment which hold a minority stake between 35% and 49%. As these JV partners have usual rights, the control of CA Immo as majority stakeholder is not sufficient for a full consolidation from January 2014 on under new IFRS regulations. Also affected are 50% : 50% 5 5 SRC Equity Research

6 CA Immo reacts with buying back lucrative minority shares as recently done in Warsaw with the AXA deal. partnerships which are at present proportionally consolidated (c. Euro 200m). In future these assets will be shown in a so-called one-line consolidation (included in the EBIT). The top-line results will go down under this new IFRS regulation, but the bottom line of net profit will remain largely unchanged as there are no more minorites. With this new IFRS item the visibility of operating performance in CEE countries is reduced but we assume that CA Immo will provide additional information about yields, occupancy levels and valuations in future annual and quarterly reports. And CA Immo already reacted with buying back minority shares as recently done with the AXA deal regarding the Warsaw-based P1 office portfolio of five office buildings (four of them in CBD district). Our new P & L forecast for 2014 under the new IFRS frame The portfolio size under the new IFRS regulations should decline to c. Euro 1.7bn. With the improved debt side (net debt down in 2013 by Euro 1bn and the recent loan buyback from OEVAG) and the Eastern European assets leaving the balance, we expect equity ratio to further climb to a range of about 45% to 50%. For the net profit, we expect the firm to profit from a more efficient and streamlined real estate portfolio and from some additional trading profits in a range of Euro 18m to Euro 25m, with regards to a trading volume between Euro 200m and Euro 260m. We expect the 2014 net profit to rise to a range of Euro 65m to Euro 75m, dependent on the success at the trading side and the revaluation result. All in all, we expect the 2014 net profit to rise from Euro 48m to a range of about Euro 65m to Euro 75m, dependent on the contribution from the trading side (a volume of Euro 200m or slightly above is realistic according to the management) and from the revaluation result. After the cautious stance for Eastern Europe in the 2013 P & L, we assume that these recent down-valuations could help to accelerate the future trading volume, in particular for non-core properties like Eastern European logistics and hotels, as these assets still have a share of almost 20% on the total portfolio. We leave the 2014 dividend projection unchanged at 40 Cents and lift it to 50 Cents for 2015 with a more focused portfolio and some German developments to be finished end of 2014 or at the first half of SRC Equity Research

7 with Europolis from 1Q 2011 on Assets held in JVs were shown in EBIT "as result from investments in JVs" from 1Q 2014 on 31/12 IFRS ('000) e 2015e CAGR '12 - '15e Rental income 176, , , , , , , % Proceeds from property sale (Trading Portfolio) 78, , , , , , ,000.0 Expenses from property disposal (Trading Portfolio) -68, , , , , , ,899.0 Subtotal Trading Portfolio 9, , , , , , ,101.0 sale margin (Trading Portfolio) 12.6% 26.0% 27.8% 61.7% 41.9% 10.2% 18.2% Proceeds from property sale (Hold Portfolio) 357, , , , , , ,784.0 Expenses from property disposal (Hold Portfolio) -348, , , , , , ,784.0 Subtotal Hold Portfolio 9, , , , , , ,000.0 sale margin (Hold Portfolio) 2.6% 1.7% 15.2% 13.3% 7.1% 8.6% 13.5% Operating costs passed on to tenants 29, , , , , , ,452.0 Revenues from construction 4, , , , ,500.0 Other turnover , , ,000.0 Total revenues including the net gains from disposals 229, , , , , , , % Operating expenses -36, , , , , , ,475.0 Other expenses directly related to Hold-Portfolio -19, , , , , , ,878.0 Expenses for construction , , ,142.0 Admin expenses -51, , , , , , ,551.0 Own works capitalised 12, , Other operating income 8, , , , , , ,500.0 EBITDA-profit (cash-driven operating profit) 141, , , , , , , % Gains from Fair Value Adjustments (IAS 40) 92, , , , , , ,540.0 Losses from Fair Value Adjustments (IAS 40) -221, , , , , , ,500.0 Net result from Revaluations (IAS 40) -129, , , , , , ,040.0 n.a. Depreciation and amortisation of long-term assets -1, , , , , , ,250.0 Depreciation of properties of Trading-Portfolio -8, , , , Result from investments in joint ventures , ,847.0 Operating Profit (EBIT) 3, , , , , , , % Net financial result -137, , , , , , ,157.0 Pre-tax profit (EBT) -134, , , , , , , % taxes on income , , , , , ,852.0 tax-rate 0.1% 42.2% 36.8% 33.0% 39.7% 29.1% 26.1% minorities 57, , , , , Net Profit after minorities -76, , , , , , , % number of shares ('000) 87, , , , , , ,595.1 Earnings per share (Euro) % Dividends per share (Euro) Book Value per share (Euro) % NAV per share (Euro) NNNAV per share (Euro) % Key Data Shareholders' Equity 1,559, ,659, ,809, ,815, ,865, ,010, ,064, % Property assets let 2,409,589 2,716,211 4,183,202 4,391,378 3,108,487 1,714,510 1,730,200 thereof Germany ('000) 1, , , , thereof Austria ('000) thereof CEE and SEE ('000) , , , Gross yield property assets let 6.5% 5.8% 6.3% 6.4% 7.0% 6.8% 6.6% Vacancy rate property assets let 5.9% 10.0% 12.6% 13.3% 11.6% 13.5% 12.8% Property assets under development 962, , , , , , , % RoE (pre-tax) neg. 4.6% 5.9% 4.0% 4.5% 4.9% 6.1% RoE (after tax) neg. 2.7% 3.6% 3.0% 2.6% 3.6% 4.6% Total balance sheet sum 4,310, ,379, ,916, ,888, ,910, ,125, ,125, % Equity ratio 36.2% 37.9% 30.6% 30.8% 38.0% 48.7% 50.0% 17.5% 7 SRC Equity Research 7

8 SRC Research - The Specialist for Financial and Real Estate Stocks - SRC - Scharff Research und Consulting GmbH Klingerstr. 23 D Frankfurt Germany Fon: +49 (0)69/ Mail: Internet: Rating Chronicle Date Rating former share price former target CA Immo January 6, 2014 Buy CA Immo November 27, 2013 Buy CA Immo October 15, 2013 Buy CA Immo August 29, 2013 Buy CA Immo May 29, 2013 Buy CA Immo March 21, 2013 Buy CA Immo November 22, 2012 Buy CA Immo August 22, 2012 Buy CA Immo May 22, 2012 Buy CA Immo March 19, 2012 Buy Please note: The CA Immo share price mentioned in this report is from 20 March CA Immo mandated SRC Research for covering the CA Immo share. Disclaimer 2014: This equity research report is published by: SRC-Scharff Research und Consulting GmbH, Klingerstr. 23, D Frankfurt, Germany (short name: SRC Research). All rights reserved. Although we feel sure that all information in this SRC report originates from carefully selected sources with high credibility, we cannot give any guarantee for accuracy, trueness and completeness. All opinions quoted in this report give the current judgement of the author which is not necessarily the same opinion as SRC- Scharff Research und Consulting GmbH or another staff member. All the opinions and assessment made in this report may be changed without prior notice. Within the scope of German regulative framework the author and SRC-Scharff Research und Consulting GmbH do not assume any liability for this document or its content being used. This report is solely for information purposes and does not constitute a request or an invitation or a recommendation to buy or sell any stock that is mentioned here. Private clients should obtain personal advice at their bank or investment house and should keep in mind that prices and dividends of equities can rise and fall and that nobody can give a guarantee of the future development of equities. The author of this report and the SRC-Scharff Research und Consulting GmbH commit themselves on a unsolicited basis to having no long or short-positions in equities or derivatives related to equities mentioned in this report. Reproduction, distribution or publishing this report and its content as a whole or in parts is only allowed with approval of SRC management written form. With acceptance of this document you agree with all regulations mentioned here and all general terms and conditions you will find at anytime at our website SRC Equity Research

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