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Financing

EXCLUDING SUBSCRIPTION RIGHTS FOR THE ISSUE OF CONVERTIBLE BONDS

Report of the Management Board of IMMOFINANZ AG on excluding subscription rights for the issue of convertible bonds, as authorised by the resolution adopted at the 22nd Annual General Meeting of IMMOFINANZ AG of 1 December 2015. Please find the details in the PDFs below:

Download: Report on excluding subscription rights for the issue of convertible bonds, 23 December 2016 (476,43 kB, PDF)
Download: Report on excluding subscription rights for the issue of convertible bonds, 20 April 2016 (136,45 kB, PDF)

Multi-stage refinancing

In January 2017, IMMOFINANZ invited the holders of the convertible bond 2018 to accept an incentivised
conversion into IMMOFINANZ shares and BUWOG shares plus a conversion premium. The bondholders had
also the option of receiving a cash settlement as an alternative to the BUWOG shares. Conversion declarations
were submitted for a total nominal value of EUR 219.8 million, or 43.4%, of the outstanding nominal value
from the convertible bond 2018. This reduced the outstanding nominal value of the convertible bond 2018 to
EUR 287.3 million.

Parallel to the incentivised conversion of the convertible bond 2018, IMMOFINANZ issued a new convertible bond
with a 2% coupon per year, a term ending in 2024 and a volume of EUR 297.2 million. The issue terms allow the
holders of the convertible bond 2024 to put their securities for premature redemption as of 24 January 2022.
As of 30 June 2017, the conversion price equalls EUR 2.2937 (initial conversion price: EUR 2.3933), which currently represents the right to conversion into 129.6 million IMMOFINANZ shares.

This combination of measures will reduce future financing costs and improve the term structure of the Group’s
financial liabilities. In addition, IMMOFINANZ placed approx. 4.5 million BUWOG shares on the capital market
through an accelerated bookbuilding at the beginning of February 2017. This transaction generated net proceeds
of roughly EUR 97.4 million. IMMOFINANZ still holds 4.7 million BUWOG shares, which are reserved for
servicing the convertible bonds 2017 and 2018.

FINANCIAL LIABILITIES

Financial liabilities, excluding the discontinued operation Russia, totalled EUR 2.7 billion as of 30 June 2017
(31 December 2016: EUR 2.8 billion). Cash and cash equivalents amounted to EUR 316.7 million incl. cash and
cash equivalents from IFRS 5 (31 December 2016: EUR 193.4 million). Net debt, i.e. debt after the deduction
of cash and cash equivalents held by the Group, equalled EUR 2.4 billion (31 December 2016: EUR 2.6 billion).
Financial liabilities attributable to the discontinued operation Russia amounted to EUR 674.7 million as of
30 June 2017 (31 December 2016: EUR 721.7 million).

IMMOFINANZ has a robust balance sheet structure with an equity ratio of 39.9% (31 December 2016: 37.8%)
and a net loan-to-value ratio (net LTV) of 46.0%, respectively 49.5% including Russia (31 December 2016:
49.0%, incl. Russia 52.2%).

COMPOSITION OF FINANCIAL LIABILITIES

The financial liabilities held by IMMOFINANZ consist of amounts due to financial institutions as well as liabilities
from convertible and corporate bonds. The composition of these liabilities as of 30 June 2017 is shown below:

Download: Financial liabilities of 30 June 2017 (154,20 kB, XLSX)

The remaining balance of the financial liabilities held by IMMOFINANZ (continuing operations) totalled
EUR 2,743.6 million as of 30 June 2017. As of that date, all of the financing was denominated in Euros.
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