Obbligazione CAI Immobilien AG 1.875% ( AT0000A1TBC2 ) in EUR

CAI Immobilien AG

100 EUR ▼

Austria

AT0000A1TBC2 ( in EUR )

1.875% per anno ( pagato 1 volta l'anno)

22/02/2024 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione CA Immobilien Anlagen AG AT0000A1TBC2 in EUR 1.875%, scaduta

1 000 EUR

175 000 000 EUR

CA Immobilien Anlagen AG è una società immobiliare austriaca quotata in borsa specializzata in investimenti e gestione di proprietà commerciali in Europa.

The Obbligazione issued by CAI Immobilien AG ( Austria ) , in EUR, with the ISIN code AT0000A1TBC2, pays a coupon of 1.875% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 22/02/2024

PROSPECTUS

CA Immobilien Anlagen Aktiengesellschaft
(incorporated as joint stock company (Aktiengesellschaft) under the laws of the Republic of Austria, FN 75895k)
Offering of EUR [] []% Bonds due 2024
ISIN AT0000A1TBC2
Reoffer Price: [] %
This offering (the "Offering") consists of (i) an offer to the public in the Republic of Austria ("Austria") of EUR [] []%
2017-2024 bonds in bearer form with a denomination of EUR 1,000.00 each (the "Bonds") and (ii) an offering of the Bonds to
selected institutional investors outside of Austria. CA Immobilien Anlagen Aktiengesellschaft, with its business address at
Mechelgasse 1, 1030 Vienna, Republic of Austria (the "Issuer" or "CA Immo" and together with its fully consolidated
subsidiaries, the "Group") will issue the Bonds on February 22, 2017 (the "Issue Date"). The Bonds will bear interest from and
including February 22, 2017 to, but excluding, February 22, 2024 at a rate of []% per annum, payable annually in arrears on
February 22 of each year, commencing on February 22, 2018.
The reoffer price, at which institutional investors may buy the Bonds (the "Reoffer Price"), the issue price, at which retail
investors may subscribe the Bonds (the "Issue Price") and the aggregate principal amount of the Offering will be determined by
the Issuer after consultation with the Joint Lead Managers and Bookrunners (as stated below) in the course of a bookbuilding
procedure on or about February 15, 2017. The Reoffer Price of the Bonds is expected to range between 98% and 100% of the
nominal amount of the Bonds. The interest rate, the aggregate principal amount, the Reoffer Price, the Issue Price, the issue
proceeds and the yield of the issue will be included in a pricing notice, filed with the Commission de Surveillance du Secteur
Financier ("CSSF") of the Grand Duchy of Luxembourg ("Luxembourg") and published in accordance with Article 10, 16 (2)
and (3) of the Luxembourg Act dated July 10, 2005 on the prospectuses for securities (Loi du 10 juillet 2005 relative aux
prospectus pour valeurs mobilières, the "Luxembourg Prospectus Law") on the website of the Luxembourg Stock Exchange
("Luxembourg Stock Exchange") (www.bourse.lu) on or around February 16, 2017. The Bonds will be governed by the laws
of Austria.
The Bonds will be represented by a modifiable global note (global note pursuant to § 24 lit b of the Austrian Depot Act) (the
"Global Note"). This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of
Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003 (the "Prospectus Directive") as
amended from time to time. This Prospectus, any supplement thereto and all documents incorporated by reference will be
published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and of the Issuer
(www.caimmo.com).
This Prospectus was drawn up in accordance with Annexes IV, V, XXII, XIX and XXX of the Commission Regulation (EC)
No 809/2004 of April 29, 2004 as amended (the "Prospectus Regulation") and has been approved by the CSSF in its capacity
as competent authority under the Luxembourg Prospectus Law. By approving this Prospectus, CSSF gives no undertaking as to
the economic and financial soundness of the operation or the quality or solvency of the Issuer. The Issuer will prepare and make
available an appropriate supplement to this Prospectus if at any time the Issuer will be required to prepare a prospectus
supplement pursuant to Article 13 of the Luxembourg Prospectus Law. The Issuer has requested CSSF to provide the competent
authority in Austria and may request CSSF to provide competent authorities in additional host Member States within the
European Economic Area with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the
Luxembourg Prospectus Law.
Prospective investors should be aware that an investment in the Bonds involves certain risks and that, if certain risks, in
particular those described in the chapter "Risk Factors" occur, the investors may lose all or a very substantial part of
their investment.
This Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy Bonds in any jurisdiction where such
offer or solicitation is unlawful. The Bonds have not been and will not be registered under the United States Securities Act of
1933 as amended (the "Securities Act") and are subject to U.S. tax law requirements. The Bonds may not be offered, sold or
delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in the Securities Act). For a
further description of certain restrictions on the offering and sale of the Bonds and on the distribution of this document, see
"Selling Restrictions" below.
With respect to the Bonds application has been made to the Luxembourg Stock Exchange for the Bonds to be listed on the
Official List of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock
Exchange's Regulated Market, and application will be made for admission to and trading on the Second Regulated Market
(Geregelter Freiverkehr) of the Vienna Stock Exchange on or around the Issue Date. The Regulated Market of the Luxembourg
Stock Exchange and the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange are regulated
markets for the purposes of the Market and Financial Instruments Directive 2004/39/EC of the European Parliament and of the
Council of April 21, 2004 on markets in financial instruments.
Joint Lead Managers and Bookrunners
Erste Group Bank AG
Raiffeisen Bank International AG
The date of this Prospectus is February 9, 2017

NOTICE
This Prospectus is to be read in conjunction with any supplement hereto and with all documents which are
deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Pro-
spectus should be read and construed on the basis that such documents are incorporated by reference and
form part of the Prospectus.
The Issuer has confirmed to the Joint Lead Managers and Bookrunners Erste Group Bank AG, with its
business address at Am Belvedere 1, 1100 Vienna, Austria and Raiffeisen Bank International AG, with its
business address at Am Stadtpark 9, 1030 Vienna, Austria (each a "Joint Lead Manager" and together,
the "Joint Lead Managers"), that this Prospectus contains all information which is necessary to enable
investors to make an informed assessment of the assets and liabilities, financial position, profit and losses
and prospects of the Issuer and the rights attaching to the Bonds which is material in the context of the
issue and offering of the Bonds; that the information contained in the Prospectus with respect to the Issuer
and the Bonds is accurate and complete in all material respects and is not misleading; that any opinions
and intentions expressed in the Prospectus are honestly held and based on reasonable assumptions; that
there are no other facts with respect to the Issuer or the Bonds, the omission of which would make this
Prospectus as a whole or any of such information or the expression of any such opinions or intentions
misleading; that the Issuer has made all reasonable enquiries to ascertain all facts material for the purpos-
es aforesaid.
The Issuer will supplement this Prospectus in the event of any significant new factor, material mistake or
inaccuracy relating to the information included in this Prospectus in respect of the Issuer and/or the Bonds
which is capable of affecting the assessment of the Bonds and which arises or is noted between the time
when this Prospectus has been approved and the later of the final closing of the public offer of the Bonds
or when trading of the Bonds on a regulated market begins.
No person is authorised to give any information or to make any representations other than those contained
in this Prospectus and, if given or made, such information or representations must not be relied upon as
having been authorised by or on behalf of the Issuer or the Joint Lead Managers. Neither the delivery of
this Prospectus nor any sale made hereunder shall, under any circumstances, create any implication that
there has been no change in the financial situation of the Issuer or the Group since the date of this Pro-
spectus, or, as the case may be, the date on which this Prospectus has been most recently supplemented,
or that the information herein is correct at any time since the date of this Prospectus or, as the case may
be, the date on which this Prospectus has been most recently supplemented.
Neither the Joint Lead Managers nor any other person mentioned in this Prospectus, except for the Issuer,
is responsible for the accuracy of the information and statements contained in this Prospectus or any other
document incorporated herein by reference. None of the Joint Lead Managers has independently verified
the Prospectus, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none
of them makes any representation, express or implied, or warranty or accepts any responsibility as to the
accuracy and completeness of the information contained in any of these documents. The Joint Lead Man-
agers have not independently verified any such information and accept no responsibility for the accuracy
thereof.
Each investor contemplating purchasing any of the Bonds should make its own independent investigation
of the financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This
Prospectus does not constitute an offer of Bonds or an invitation by or on behalf of the Issuer or the Joint
Lead Managers to purchase any Bonds.
Prospective investors should be aware that an investment in the Bonds involves certain risks and
that if certain risks, in particular those described under "Risk Factors", occur, the investors may
lose all or a very substantial part of their investment.
Neither this Prospectus nor any other information supplied in connection with the Bonds should be con-
sidered as a recommendation by the Issuer or the Joint Lead Managers to a recipient hereof and thereof
that such recipient should purchase any Bonds. The distribution of this Prospectus and the offering, sale
ii

and delivery of Bonds in certain jurisdictions may be restricted by law. Persons into whose possession
this Prospectus comes are required to inform themselves about and observe any such restrictions. For a
further description of certain restrictions applicable in the European Economic Area in general, the United
States of America and the United Kingdom, see "Selling Restrictions" below. In particular, the Bonds
have not been and will not be registered under the Securities Act, as amended, and are subject to tax law
requirements of the United States of America; subject to certain exceptions, Bonds may not be offered,
sold or delivered within the United States of America or to U.S. persons (as defined in the Securities Act).
The legally binding language of the Prospectus is English; except for the terms and conditions of the
Bonds (the "Terms and Conditions") where the German language is legally binding. The English ver-
sion of the Terms and Conditions is shown in the Prospectus for additional information.
In this Prospectus all references to "EUR" or "Euro" are to the currency introduced at the start of the third
stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation
(EC) No. 974/98 of May 3, 1998 on the introduction of the Euro, as amended, or any other official cur-
rency in Austria at the time when the relevant payment is due.
This Prospectus may only be used for the purpose for which it has been published. This Prospectus
may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which
such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an
offer or solicitation.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. Forward-looking statements are based on analyses or
forecasts of future results and estimates of amounts not yet determinable or foreseeable. These forward-
looking statements can be identified by the use of terms and phrases such as "anticipate", "believe",
"could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and
phrases, including references and assumptions. This applies, in particular, to statements in this Prospectus
containing information on future earning capacity, plans and expectations regarding the Group's business
and management, its growth and profitability, and general economic and regulatory conditions and other
factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including the Group's financial condition
and results of operations, to differ materially from and be worse than results that have expressly or im-
plicitly been assumed or described in these forward-looking statements. The Group's business is also
subject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or
prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the
following sections of this Prospectus: "Risk Factors" and "Business Activities". These sections include
more detailed descriptions of factors that might have an impact on the Group's business and the markets
in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuer nor any of the Joint Lead Managers assume any obligation, except as
required by law, to update any forward-looking statement or to conform these forward-looking statements
to actual events or developments.
The forward-looking statements contained in this Prospectus include all matters that are not historical
facts and include statements regarding the Issuer's intentions, beliefs or current expectations concerning,
among other things, the results of operations, financial condition, liquidity, prospects, growth, strategies
and dividend policy and the industry and markets in which the Issuer operates. By their nature, forward-
looking statements involve known and unknown risks and uncertainties because they relate to events, and
depend on circumstances, that may or may not occur in the future. Forward-looking statements are not
guarantees of future performance.
iii

TABLE OF CONTENTS

NOTICE ..................................................................................................................................................... ii
FORWARD-LOOKING STATEMENTS ................................................................................................ iii
SUMMARY ............................................................................................................................................... 1
GERMAN TRANSLATION OF THE SUMMARY ............................................................................... 19
RISK FACTORS ..................................................................................................................................... 38
PRESENTATION OF SELECTED FINANCIAL AND OTHER INFORMATION ............................. 70
BUSINESS ACTIVITIES ........................................................................................................................ 72
ECONOMIC ENVIRONMENT .............................................................................................................. 82
SHAREHOLDER STRUCTURE ............................................................................................................ 85
MANAGEMENT ..................................................................................................................................... 86
GENERAL INFORMATION ON THE ISSUER .................................................................................... 93
TERMS AND CONDITIONS OF THE BONDS .................................................................................... 96
TAXATION ........................................................................................................................................... 115
SELLING RESTRICTIONS .................................................................................................................. 121
GENERAL INFORMATION ................................................................................................................ 123
OFFER, SALE AND SUBSCRIPTION OF THE BONDS ................................................................... 125
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................ 128
RESPONSIBILITY STATEMENT ....................................................................................................... 130
iv

SUMMARY
This summary of the Prospectus is comprised of disclosure requirements known as "elements". These
elements are numbered in Sections A E (A.1 E.7). This summary contains all of the elements which
are required to be included in a summary for securities and issuers of this kind. As some elements are
not required, there may be gaps in the numbering sequence of the elements. Even where an element is
mandatory for the summary on account of the type of securities and issuer, it is possible that no relevant
information can be given regarding the element. In this case, a short description of the element is in-
cluded in the summary together with the words "not applicable".
Section A Introduction and Warnings
A.1
Warnings ............................... The following summary should be read as an introduction to the
Prospectus. Any decision to invest in the Bonds should be based on
consideration of the Prospectus as a whole by the investor. Where a
claim relating to the information contained in the Prospectus is
brought before a court, a plaintiff investor might, under the national
legislation of the member state of the European Economic Area,
have to bear the costs of translating the Prospectus before the legal
proceedings are initiated. Civil liability attaches to those persons
who have tabled this summary, including any translation thereof,
but only if the summary is misleading, inaccurate or inconsistent
when read together with the other parts of the Prospectus or it does
not provide, when read together with the other parts of the prospec-
tus, key information in order to aid investors when considering
whether to invest in the Bonds.
A.2
Consent by the Issuer to

the use of the prospectus
by financial intermediaries ... CA Immobilien Anlagen Aktiengesellschaft (the "Issuer") gives its
express consent to the use of the Prospectus for a subsequent resale
or final placement of the Bonds in Austria, by financial intermediar-
ies between February 10, 2017 and February 21, 2017. Financial
intermediaries can make a subsequent resale or final placement of
Bonds during this period. Any financial intermediary using the Pro-
spectus has to state on its website that it uses the Prospectus in ac-
cordance with the consent and the conditions attached thereto. The
Issuer accepts responsibility for the content of the Prospectus also
with respect to a subsequent resale or final placement of securities
by any financial intermediary which was given consent to use the
Prospectus; an exceeding liability of the Issuer is excluded. No oth-
er conditions are attached to the consent which are relevant for the
use of the Prospectus. However, the Issuer may revoke or limit its
consent at any time, whereby such revocation requires a supplement
to the Prospectus. In the event of an offer being made by a finan-
cial intermediary, the financial intermediary will provide in-
formation to investors on the terms and conditions of the offer
at the time the offer is made.
Section B Issuer
B.1
Legal and commercial

name ..................................... The legal name of the Issuer is "CA Immobilien Anlagen Aktien-
gesellschaft", the commercial name is "CA Immo".
1

B.2
Domicile, legal form,

legislation, country of
incorporation ......................... The Issuer is an Austrian joint stock corporation (Aktiengesell-
schaft) incorporated in Austria, governed by Austrian law, having
its business address at Mechelgasse 1, 1030 Vienna, Austria.
B.4b Known Trends of the Is-

suer and its industries ........... Apart from other developments (like economic growth, unemploy-
ment figures and purchasing power), the developments on the most
important real estate markets, in which it operates, are relevant for
the Issuer (The sources for the information in this part of the sum-
mary are Eurostat, the ECB, IMF Deistatis, Bloomberg, The Econ-
omist, the Financial Times, the Central Statistical Offices of Po-
land, Hungary, Czechia and the National Institute of Statistics in
Romania; CBRE: European Investment Quarterly MarketView (Q3
2016); Austria Investment MarketView (Q3 2016); Germany In-
vestment MarketView (Q3 2016); Germany Office Investment Mar-
ketView (Q3 2016), Office Market View Vienna, Berlin, Frankfurt,
Munich, Budapest, Bucharest, (Q3 2016); and Jones Lang LaSalle:
Budapest, Warsaw City Report (Q3 2016).
The real estate investment market
The transaction activity on the European investment market for
commercial real estate began to develop well in 2016. Although the
investment volume of EUR 51.6 billion in the third quarter of 2016
was below the previous year's value of EUR 66.7 billion, the trans-
action level in Europe is currently in excess of the 10-year average.
Around 80% of the volume was invested in the office property sec-
tor. With the United Kingdom market highly uncertain in the wake
of the Brexit vote, Germany overtook the United Kingdom in the
third quarter of 2016 to become Europe's biggest marketplace for
real estate investments with 29% of all completed transactions.
Demand for core properties remains strong in Germany, leading to a
restricted supply and an ongoing compression of yields.
In the first three quarters of 2016, the investment volume for com-
mercial real estate in Germany was EUR 32.7 billion (-15% year-
on-year). The asset class of office properties remains the segment
with the strongest demand. The yield spread between government
bonds and peak yields remains at an all-time high; returns are con-
tinuing to diminish, albeit at a slower rate. As of the third quarter of
2016, the peak yield for offices was 4.10% for Frankfurt (second
quarter 2016: 4.20%), with Berlin currently at 3.50% (3.75%) and
Munich at 3.30% (3.60%).
The total investment volume on the Austrian commercial property
market was approximately EUR 314 million in the third quarter of
2016 (down 52% on last year). Office properties accounted for
roughly 43% of the invested volume. The peak yield in the office
sector remains under pressure at 4.75% for good locations, while
the yield for prime properties may decrease to as much as 4.05%.
In the CEE region, the pace of investment varies according to coun-
try. Transaction activity in Poland, for example, is approximately
EUR 4.6 billion in the year 2016 (up 61% year-on-year) while the
investment volume in Czechia is down by 42.8% at EUR 1.58 bil-
2

lion. Peak yields for offices were as follows: Warsaw 5.5%, Prague
4.75%, Budapest 6.75% and Bucharest 7.5%.
The office property markets
The good performance of the office rental market in Germany con-
tinued in the first three quarters of 2016. Lettings activity increased
while vacancy fell and rent levels rose in Berlin, Frankfurt and Mu-
nich, the core markets of CA Immo. Lettings performance in Berlin
reached a level in excess of 670,900 m², with the third quarter of
2016 accounting for 255,400 m² of this figure (up 21% year-on-
year). The vacancy rate decreased below the 6% mark for the first
time to stand at 5.5%. Floor space turnover in Frankfurt was
121,600 m² in the third quarter of 2016 (up 12% year-on-year), with
a stable vacancy rate of 11.7%. The office rental market in Munich
showed the best half-yearly result for five years, the turnover vol-
ume of 169,200 m² in the third quarter of 2016 was around 15%
below value in 2015; however, the full-year forecast for 2016 of
750,000 m² (similar to the 2015 level) is regarded as realistic. The
vacancy rate at the end of the third quarter was at an all-time low of
4.3%.
By the third quarter of 2016, lettings performance in Vienna had
more than trebled to a total of 112,000 m² (third quarter of 2015:
33,000 m²). The vacancy rate continued to decrease and stood to
stand at 5.4%. Just 16,000 m² of new office space were completed
in Vienna during the third quarter of 2016.
The office market in Warsaw continued to be characterised by ex-
tensive construction activity. Office space take-up remained at high
levels, totalling approximately 531,000 m² in the first three quarters
of 2016. A total of 378,000 m² of new office space has been com-
pleted in the first three quarters of 2016 (thereof 350,000 m² in the
first six months of 2016). The vacancy rate has decreased slightly to
14.6%. The vacancy rate in Budapest has stabilised at 10.3% with a
slightly increasing trend. Floor space turnover remained at a good
level of 308,000 m² in the first three quarters of 2016 (first half year
of 2016: approximately 214,000 m²). Lettings activity in Prague
was approximately 109,600 m² in the third quarter of 2016, of
which new lettings represented 86,300 m² (up 4% on the second
quarter of 2016). The average vacancy rate decreased to 11.7%. The
highly dynamic start to the year 2016 in Bucharest was not main-
tained, as lettings performance declined by around 12% year-on-
year in the third quarter of 2016; however, the total result of
268,300 m² (first three quarters of 2016) exceeded the value of 2015
by 11%. The vacancy rate was 12.3%.
3

B.5
Description of the Group

and the position of the

Issuer in the Group ............... The Issuer is the parent company of an international real estate
group with its registered office in Vienna. The following graphic
shows the holding structure of the Issuer as at the date of the pro-
spectus:

Source: Internal data of the Issuer, as at the date of this Prospectus.

Material Subsidiaries

Registered
Name of the company

Capital share
office
CA Immo Deutschland GmbH

Frankfurt a.M.

100%
Europolis GmbH

Vienna

100%

Source: Internal data of the Issuer, as at the date of this Prospectus.

Interests are held in project, property and management companies
in Austria, Germany, Czechia, Slovakia, Hungary, Poland, Ukraine,
Romania, Bulgaria, Croatia, Serbia and Slovenia via the holding
companies listed above and via holding companies in Cyprus and
the Netherlands.
B.9
Profit forecasts or esti-

mates ..................................... Not applicable. No profit forecasts or estimates are made by the
Issuer.
B.10 Qualifications in the audit
report ..................................... Not applicable. The annual financial statements and the annual con-
solidated financial statements have been provided with unqualified
audit opinions.
B.12 Selected key financial

information ........................... The following selected financial information of the Group was taken
or derived from the unaudited consolidated interim financial state-
ments as of September 30, 2016 and the audited consolidated annu-
al financial statements as of December 31, 2015 of the Issuer.

As of, and for the nine
As of, and for the
months ended
fiscal year ended
September 30,
December 31,

2016
2015
2015
2014

All figures in EUR million, except explicitly
stated otherwise

unaudited
audited

Rental income ................................................................
122.6
................................
111.7
154.8 ................................
145.2
...................................................................
Net rental income ................................................................
108.8
................................
98.1
135.6 ................................
128.8
................................................................
4

As of, and for the nine
As of, and for the
months ended
fiscal year ended
September 30,
December 31,

2016
2015
2015
2014

All figures in EUR million, except explicitly
stated otherwise

unaudited
audited

Result from hotel operations ................................
0 ................................
.0
0.3
................................
0.3
1. ................................
8
................................................
Trading result ................................................................
4.8
................................
0.0
3................................
.1
8.7
.......................................................................
Income from services ................................................................
9.9
12.9 ................................
16.2
................................
16.0
.......................................................
Result from the sale of investment
properties................................................................
19.4................................

0.7
................................
36.5
29.8 ..............................................................................
Earnings before interest, taxes,
depreciation and amortization
(,,EBITDA") ................................................................
111.8
................................
80.5
14 ................................
9.0
149.1
........................................................................
Depreciation and
impairment/reversal
................................................................
-1.6
-2.1 ................................
-2.9
................................
-10.3
.......................................................
Result from revaluation ................................................................
100.3
78.5 ................................
213.8
................................
-4.2
.......................................................
Result from joint ventures(1) ................................................................
7.3
30.7
................................
43.2
8.................................
2
.................................................
Earnings before interests and taxes
(,,EBIT") ................................................................
217.8................................

187.5
................................
402.7
142.9 ..............................................................................
Financial result ................................................................
-45.2
................................
-53.0
-86. ................................
7
-58.3
.....................................................................
Earnings before taxes ................................................................
172.6
134.................................
5
316.0
................................
84.6
...........................................................
Income tax ................................................................
-46.2 ................................
-45.8
................................
-95.2
-13.8 ............................................................................
Consolidated net income ................................................................
126.4
88.7 ................................
220.8
................................
70.8
......................................................

Total assets ................................................................
4,234.5 ................................
3,932.9(2)
3,9................................
84.0
3,670.9 ...........................................................................
Shareholders' equity ................................................................
2,166.4
1,977. ................................
6(2)
2,120.5
................................
1,951.7
.............................................................
Interest-bearing liabilities ................................
1, ................................
543.3
1,427.3(2) ................................
1,404.0
1,2 ................................
29.1
.....................................................
Equity ratio (in %)(3) ................................................................
51.2
50. ................................
3(2)
53.2
................................
53.2
.............................................................

Property investments ................................................................
255.6
69................................
.0
92.5
................................
184.0
............................................................
Cashflow from operating activities ................................
82.4
................................
78.1
113................................
.2
99.6
.......................................................................
Cashflow from investing activities ................................
-14.9
................................
120.9
101................................
.5
-184.2
.......................................................................
Cashflow from financing activities ................................
16.2
................................
-194.5
-171................................
.4
-363.0
.......................................................................
Cash and cash equivalents ................................
2 ................................
89.1
163.5 ................................
207.1
16................................
3.7
....................................................

NOI margin (in %)(4) ................................................................
88.7
87................................
.9
87.6
................................
88.7
............................................................

Basic earnings per share (in EUR)................................
1.32
................................
0.90
2.................................
25
0.76
........................................................................
Diluted earnings per share (in EUR) ................................
1.32
................................
0.90
2.25................................

0.73
....................................................................
Book value per share (in EUR)(5) ................................
23.09 ................................
20.36(2)
2 ................................
1.90
19.75
..........................................................................
Operating cash flow per share (in
EUR) ................................................................................................
0.86
0.79
................................
1.16
1.................................
07
...................................................

Property assets(6) ................................................................
3,435.3
3, ................................
178.9(2)
3,206.4 ................................
2,706.6
...................................................................
thereof development assets and
undeveloped land ................................................................
459.9
375.6................................
(2)
409.0
................................
496.3
............................................................

(1)
The results of jointly controlled companies consolidated under the equity meth-
od are reported under "Results from joint ventures" in the consolidated income
statement, which is included in EBIT (and not in EBITDA).
(2)
The figures are not shown in the financial report dated September 30, 2016.
(3)
The equity ratio is the ratio of equity to total assets.
(4)
The NOI (net operating income) margin expresses the ratio of net rental income
to rental income and is an efficiency indicator for income-producing investment
properties.
(5)
Also referred to as "NAV (net asset value) (IFRS) per share"; the number corre-
sponds to equity attributable to the shareholders of the parent company divided
by the number of shares outstanding at the end of the reporting period.
(6)
Property assets on statement of financial position comprise income-producing
investment properties, investment properties under development, own used
properties as well as properties held for trading or sale.

Loan-to-value ratio
The loan-to-value ratio ("LTV Ratio") is defined as net financial
liabilities (net financial liabilities are defined as the net debt or the
long- and short-term interest bearing liabilities plus bonds less cash
and cash equivalents) divided by the value of the total real estate
5

assets (total real estate assets are defined as income-producing in-
vestment properties plus investment properties under development,
own used properties, investment properties held for sale and proper-
ties held for trading). The Issuer considers the LTV Ratio to be an
important indicator of the capital structure. The Issuer applies the
LTV Ratio to identify scope for optimizing the cost of capital, for
possible acquisitions and for necessary financial measures. The
following table sets out the calculation of the LTV Ratio as of Sep-
tember 30, 2016, and as of December 31, 2015 and 2014:

September 30,
December
December
2016
31, 2015
31, 2014

(unaudited in EUR
million, unless
(audited in EUR million,
otherwise indicated)
unless otherwise indicated)
Short-term interest-bearing
liabilities ............................................................. 249.9
353.0
199.9
Long-term interest-bearing
liabilities ............................................................. 824.7
684.5
841.9
Short-term bonds ................................................ 6.1
192.2
2.6
Long-term bonds ................................................ 462.6
174.3
184.8
Long- and short-term
interest-bearing liabilities ................................
1,543.3
1,404.0
1,229.1
Cash and cash equivalents .................................. -289.1
-207.1
-163.6
Cash and cash equivalents with
drawing restrictions ............................................ -4.3
-5.4
-4.2
Net debt .............................................................
1,249.8
1,191.4
1,061.3
Investment properties income
producing (fair value IAS 40) .............................
2,910.2
2,714.3
2,092.9
Investment properties under
development (fair value IAS 40)......................... 459.9
409.0
496.3
Hotel and other own used
properties ............................................................ 6.7
7.0
7.5
Investment properties held for
sale (fair value IFRS 5) ....................................... 28.6
54.0
91.5
Properties held for trading .................................. 29.8
22.1
18.4
Total properties ................................................
3,435.3
3,206.4
2,706.6
Loan-to-value ratio net (in
%)(1) ................................................................... 36.4%
37.2%
39.4%
Loan-to-value ratio gross (in
%)(1) ................................................................... 44.9%
43.8%
45.6%

(1) LTV Ratio calculations are based on own unaudited calculations by the Issuer.
A definition of LTV Ratio is included in the first paragraph above.

No material adverse

change statement................... There has been no material adverse change in the prospects of the
Group since December 31, 2015.

Significant changes in the
financial or trading posi-
tion of the Issuer ................... Not applicable. There were no significant changes in the financial
or trading position subsequent to September 30, 2016.
B.13 Recent events to a ma-

terial extent relevant for
the solvency of the Issuer ..... In July 2016, the management board of CA Immo ("the Manage-
ment Board") gave its consent to transfer four registered shares in
CA Immo (which grant the right to nominate up to four members of
the Issuer's supervisory board (the "Supervisory Board")) to IM-
MOFINANZ AG. In August 2016, IMMOFINANZ AG partly ex-
ercised its delegation rights pursuant to the registered shares in CA
Immo, recalled two members of the Supervisory Board and delegat-
ed two members of the management board of IMMOFINANZ AG
with immediate effect and until revocation in the Supervisory
6