Investor Presentation • Sep 22, 2015
Investor Presentation
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Baader Investment Conference 2015Munich, 22 September 2015
| # | Co m p an y |
To l t ta ur no ve r ( ) €m |
Av Da i ly er ag e ( ) tu €m rn ov er |
|---|---|---|---|
| 1 | ba l-R da Un i i o mc o |
6, 0 0 1 5 |
94 3 |
| 2 | ia Vo no v |
6, 9 3 9 |
3 9. 9 |
| 3 | d La Se rit ies n cu |
6, 5 25 |
3 7. 1 |
| 4 | h L d Co Br it is an |
6, 3 0 4 |
3 6. 0 |
| 5 | lep K ier re |
9 95 4, |
2 8. 5 |
| 6 | he hn De uts W c o en |
3, 3 7 1 |
21 3 |
| 7 | Ha mm ers on |
3, 4 8 2 |
1 9. 8 |
| 8 | Sw S iss Pr im ite e |
2, 6 3 1 |
2 15 |
| 9 | ies Int Pro ert p u |
2, 25 9 |
1 2. 8 |
| 1 0 |
Le Im b i lie g mo n |
2, 1 2 2 |
1 2. 2 |
* As of August 27, 2015
Calculated based on all trading days in 2015 ytd
Sources: Bloomberg, Deutsche Börse, Kempen & Co Analysis
| 2 0 F Y 1 4 ( d j d ) T E R P- te a us |
ha C Ju ng e vs ne i da in l. Gu 2 0 1 5 nc e c Ü S D E W O |
1 Gu i da 2 0 1 5 nc e ( ) Au t g us |
|
|---|---|---|---|
| L- f- l r l g h ta t en ro w |
2. 5 % |
2. 6- 2. 8 % |
|
| Va ca nc y |
3. 4 % |
~3 % |
|
| Re l In ta co e n m |
€ 7 8 9. 3m |
€ 1, 4 0 0- 1, 4 2 0m |
|
| O F F 1 |
€ 2 8 6. 6m |
€ 6 0- 8 0m 5 5 |
|
| ( ) / ha F F O 1 Gr ou p s re |
€ 1. 0 0 |
€ 1. 2 0- 1. 2 4 |
|
| 2/ ha E P R A N A V s re |
€ 2 3. 0 4 |
€ 2 0- 2 8. 0 7. 5 5 |
|
| in Ma te na nc e |
€ 1 7 3. 8m |
€ 1 0m + |
~€ 3 4 0m |
| Mo de iza io t rn n |
€ 1 7 1. 7m |
€ 2 8 0- 3 0 0m |
|
| iv iza io ( ) Pr t t # a n |
2, 2 3 8 |
6 0 0 + |
~2 9 0 0 , |
| F M V te s p- up ( iv iza io ) Pr t t a n |
3 7. 6 % |
~3 0 % |
|
| No Co ( # ) n- re |
1, 8 4 3 |
is ic tu t op p or n |
|
| F M V te s p- up ( Co ) No n- re |
1 0. 9 % |
~0 % |
|
| 3 iv i de d / ha D n s re |
€ 0. 7 4 |
to € 0. 9 4 up |
€ 0. 9 4 |
Incl. acquisitions pro rata; per share numbers based on 466.0 million shares currently outstanding
2Incl. goodwill (guidance excl. goodwill: €22-23/share)
To be recommended to the AGM. Going forward, the stated dividend policy of ~70% of FFO1 (Group) remains unchanged
FY 2014 is TERP-adjusted (TERP factor=1.051). FY 2014 not TERP adjusted: FFO1 Group/share=€1.06, EPRA NAV/share=€24.22, Dividend/share=€0.78
Property Mgmt. Strategy
Per unit data based on average number of units over the respective periodH1 2015 include 4 months of GAGFAH
1
Property Mgmt. Strategy
1
1)Per share data based on number of shares outstanding as of 31 Dec 2012 (200.0m), 31 Dec 2013 (224.2m), 30 June 2014 (240.2m), 31 Dec 2014 (271.6m), 30 June 2015 (358.5m) 2)Per unit data based on average number of units over the respective period
H1 2015 numbers include 4 months of GAGFAH
Property Mgmt. Strategy
1
DeWAG = €11.67Vitus = €10.75
Assumption for maintenance/sqm in Business Plan:
63 64 75 75 78 76 DeWAG Vitus Before integration Business Plan H1 2015 EBITDA Rental margin (%)
Consolidated as of: DeWAG (1 April 2014), Vitus (1 Oct. 2014) Units as of 30 June 2015: DeWAG (11K), Vitus (20.5K)
Dividend policy: ~70% of FFO1
1
Property Mgmt. Strategy
FFO build-up
2015 guidance incl. pro rata contribution of acquisitions: GAGFAH (10 months), Franconia (9 months), SÜDEWO (6 months)Based on number of outstanding shares per 31 Dec. 2014 = 271.6m and current = 466.0m
Financing Strategy
2
| K | d f h f l l i i i t e e s e n e n c n g e e a g e y r v r u r r u v r |
||||||
|---|---|---|---|---|---|---|---|
| L L T T V V H H 1 1 2 0 1 5 |
l V i t o n a u a |
F i i n n n g a c |
D i l s p o s a s |
A i i i t c q u s o n s |
L T V t t a g e r |
||
| LT V los ing t c p os fun f d d ing an o GA GF AH ion tra t ns ac |
Us l in in ua cre as e lin it h r l ta e w en h t g row d d l y l d A it ion ie a ion co mp res s b le i in p os s d v lue ise ap p ra a s Ha iza ion f t rm on o GA GF AH lon a g De he uts c An nin to g n da ds |
Ap d p rov e ho riz d a d t au e n ing ita l nt t c co en ap St to ron g ac ce ss ity l l a eq as e s u w de bt l ita ca p ke ts ma r ( € 2. 2 bn ig ht s r iss ue fu l ly su cc es s lac d ) p e |
T he b ine d co m ha g rou p s a ize b le fo lio ort s a p f p riv iza ion / at t o ts no n-c ore as se Ne tra teg ic w no n-s fo lio f fer ort p o s fur he d l t isp r os a l ote nt ia p |
C los ing f o Fra ia nc on is it ion f ac q u as o Ap ri l 1 2 0 15 st, l o Po ten t ia ve r f fut it izi eq u ng o ure is it ion ac q u s ( bn € 1. 9 is it ion f ac q u o Ü ) S DE W O Gr ou p |
f Mi d- ter tar et m g o <5 0 % |
||
| L T V 5 5 6. 6. 4 4 % % : 1: 1: f f P P r r o o o o r r m m a a 5 5 0. 0. 0 0 % % |
sta n r ( € 2 3 2m ) |
0 % 5 < |
acquisition of Südewo/post rights issue
Financing Strategy
2
CMBS included at economic maturity01.0002.0003.0004.0005.0002015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 from 2027Mortgages Structured Loans Bond Hybrid Hybrid (Equity) CMBS SüDeWoMaturity Profile August 1, 2015 (€m)
Portfolio Mgmt. Strategy
Portfolio Management StrategyPortfolio Breakdown
Value-driven asset management approach in locations with above-average development potential
STRATEGIC
Operate: rent growth, vacancy reduction, effective and sustainable maintenance spending and cost savings.Upgrade buildings: comprehensive investments with a focus on energy efficiency
Optimize apartments: selective investments in individual flats (focus on senior living and high-end modernization in strong markets that allow a rental premium for fully refurbished apartments)
NON STRATEGIC
Locations and assets that do not form an integral part of Vonovia's strategy. Mostly average location and asset quality with stable cash flows. Under permanent review.
Privatize/ Non-core Privatize: opportunistic retail sales at attractive premiumsabove current valuation
Non-core: portfolio optimization through sale of assets that have limited development potential in terms of condition and/or location
| i de ia l u its Re nt s n |
`00 0 s qm |
Va rat can cy e |
lac In- t ( p e r en /sq ) € m |
|
|---|---|---|---|---|
| * Op te era |
19 2, 10 6 |
11 76 2 , |
% 2.5 |
5.6 4 |
| de Up gra bu i l din gs |
49 41 1 , |
3, 09 1 |
2.6 % |
5.6 9 |
| Op tim ize art nts ap me |
36 84 9 , |
2, 37 8 |
2.5 % |
6.1 9 |
| ST RA TE GIC |
27 8, 36 6 |
17 23 1 , |
% 2.5 |
5.7 2 |
| NO N S TR AT EG IC |
31 67 6 , |
1, 95 8 |
* 6.9 % |
4.8 1 |
| Pri ize vat |
21 47 7 , |
1, 46 5 |
4.7 % |
5.6 0 |
| No n-c ore |
16 69 7 , |
1, 02 3 |
.4% 11 |
4.5 0 |
| TO TA L |
34 8, 21 6 |
21 67 7 , |
3.5 % |
5.5 8 |
3
* As of June 30, 2015, all locations and assets of the GAGFAH portfolio that are strategically relevant are included in the "Operate" category. The analysis of the investment potential of the portfolio will be completed by Q3 2015.
Portfolio Mgmt. Strategy
Investment as a Continued Focus
3
Portfolio Mgmt. Strategy
3
| iva iza io Pr t t n |
||||
|---|---|---|---|---|
| H 1 2 0 1 4 |
H 1 2 0 1 5 |
( ) ha C €m ng e |
( ) ha % C ng e |
|
| l d # i ts un so |
1, 1 9 0 |
1, 2 2 1 |
3 1. 0 |
3 % |
| fro d l f ( ) In isp ies €m t co m e m os a o p ro p er |
1 1 8. 3 |
2 3. 6 1 |
3 5. |
% 4 |
| lu d ls ( ) Fa ir isp €m va e os a |
-8 8. 6 |
-9 2. 8 |
2 -4 |
% 5 |
| d d f fro d l f ( ) j i isp ie €m A te t t us p ro m os a o p ro p er s |
2 9. 7 |
3 0. 8 |
1. 1 |
% 4 |
| lu ir Fa te va e s p- up |
3 3. 5 % |
3 3. 2 % |
-0 3p p |
|
| Ta ~3 0- 3 5 % t rg e |
Ta ~3 0 % t rg e |
|||
| d isp ls No n- co re os a |
||||
| H 1 2 0 1 4 |
H 1 2 0 1 5 |
( ) ha C €m ng e |
( ) ha C % ng e |
|
| l d # i ts un so |
7 0 2 |
2, 8 2 9 |
2, 1 2 0 7. |
3 0 3 % |
| fro d l f ( ) In isp ies €m t co m e m os a o p ro p er |
2 0. 6 |
9 7. 8 |
7 7. 2 |
% 3 7 5 |
| lu d ls ( ) ir isp €m Fa va e os a |
-1 9. 1 |
-9 7. 0 |
-7 7. 9 |
% 4 0 8 |
| f fro f ( ) d j d i d isp l ie A €m te t t us p ro m os a o p ro p er s |
1. 5 |
0. 8 |
-0 7 |
-4 7 % |
| ir lu Fa te va e s p- up |
7. 9 % |
0. 8 % |
-7 1p p |
NEW BUSINESS
PROOF OF CONCEPT
4
Extension Strategy
Acquisition Strategy
5
Organizational integration of operational units (regions, TGS etc.) on track
Headline 2Integration ahead of schedule with higher synergies and lower one-off costs than planned
| Pro rty pe Ma & nt na ge me ion Ext en s |
fts ( ) a d fur he nsi Cra TG S t xte me n n r e on / ba lco ba h-t b a d dit ion Lev t era ge ny u s ha d s S ice re erv s d p ha Inc sin rea se urc g p ow er he du Fu cti rt r v aca ncy re on lem fo lio l low for bo h o Co ies in nis ati tar ort t mp en y p s a sy ne rg rga on s ba for d r du fix d c IT Int ion sis tin ies rat ts ost eg se op era g s yn erg an e ces e s |
ie Sy ne rg s Cu nt rre € 1 3 0m % +5 5 |
|
|---|---|---|---|
| Op ing t era ies syn erg |
fo l Po io rt nt ma na ge me |
fo lio les d t l ac Op tim ise inv ica isit ion rt to est nt act po me pro gra m, sa an qu s de dri fur he h a d v du Mo rni ion cti sat to t t pr og ram me ve r g row n aca ncy re on ati fo lio dis l o f a Inn rt nt ts ov ve po ma na ge me po sa sse – |
At nt an no un ce me € 8 4m |
| he d Ov er a |
l co he d Pe st rso nn e ov er a |
Co ts s At nt an no un ce me |
|
| he Ot r |
li da f a d s les de Co tio uis itio rtm ts nso n o cq n a n a pa en |
€ 3 1 0m |
|
| F ina ing ies nc sy ne rg |
fin f c fa fin Re cin t G h de bt DA IG ina l cin at ost an g o urr en ag ma rg an g c Ov l l p lat for be fits fur he fro im d bu sin fi le d low f t st o era m ne r m pro ve ess pr o an er co l ita ca p fin Ma int ain de liq ui dit tim hi le o tim isin cin ate t a ost a qu y a ny e w p g an g c s |
-1 8 % Cu nt rre € 2 5 5m |
Acquisition Strategy
5
Acquisition Strategy
Source: CBRE Marketview 2014, Savills Marktbericht Wohnungsportfolios Deutschland 2014
5
Source: CBRE Marketview 2015
Acquisition Strategy
5
Every potential acquisition is put to the test to see if it meets the four key criteria
| i i D t e s c r p o n |
l l C i t a c u a o n |
|
|---|---|---|
| F F O 1 |
lcu lat d a he fit los for he d a dju d for les lat d, FFO 1 is rio s t t ste ca e pr o or s pe sa -re e h o lar he b le, ing im i ite . It xim ina ate s t sta no n-r ec urr , n on -ca s r s ms ap pro su h f low he be for hy bri ing tin Gr uit d to t nts to rec urr op era g c as ou p e p ay me eq y d m his de d o he ba f a fic inv ino riti T FF O1 is mi sis i est t ter n t ors an es. no ne o sp ec int ati l re rtin da d bu t is be de d a lem he tan to t t t ern on a po g s r re ga r s a su pp en o o r for dic de d i da h I he ha in mi it FR S. T FF O1 ato ter pe r ma nce rs ne n a cco r nce w pe r s re is c lcu lat d o he ba sis f a l l o din div i de d- be ari ha n t uts tan a e o g, n ng s res |
fit los for he d a dju d by IFR S p rio t ste ro or s pe the ofit los s fr les • pr or om sa eff s fr d f the hel sal ect rty • om pr ope or e cifi ffe wh ich do late th od, do late eri ing cts t re to t re • spe c e no e p ar e n on- rec urr or no of the ob jec tive th e C to om pan y the e f fa alu dju f in t in ir v rtie stm ent tm ent • ne com rom e a s o ves pr ope s, dep iati and isat ion ort • rec on am / def ed and ( e), ior inc t ta tax • err pr -ye ar cur ren xes ex pen ses om ctio tra ost • nsa n c s alt and ies itm int nt ent st pre pay me pen co mm ere • val ef fec n fi l in ion cia uat ts o str ent • nan um s the win din f d isco ing fo isio rtic ula rly sio isio unt un g o r p rov ns, pa pen n p rov ns • and her ior int ot st e • pr -ye ar ere xpe nse s inc hat is of a lo e t not ter atu • om ng- m n re |
| E P R A N A V |
V i d a n i dic f t he 's lon uit d i EP RA NA G ato ter s u se s a n r o rou p g- m eq y a n s lcu lat d a din 's B da he dju d EP RA Pr ice Re tio T to est act ste ca e cco r g co mm en ns. a he les dw l l. NA V r EP RA NA V i ts t ep res en s g oo |
( lu din dw l l ), Gr ity inc i ou p e qu g g oo de fer d t d a he l d for le ies ert ts + re axe s o n p rop an sse sa fai f fin lue de riv ati cia l in str ts + r v a o ve an um en de fer d t de fin l in riv ati cia str ts re axe s o n ve an um en - |
| L T V |
he ho he f n de bt (ex lu din hy bri d ) lue T LT V s tio ity t et to rty ws ra o c g e qu pro pe va |
(ex ) -de riv ati fin cia l lia bi liti lu din ity hy bri d + N on ve an es c g e qu f fec Fo rei ts gn cu rre ncy e - h a d c h e iva len Ca ts s n as qu - de bt = N et lue f in + F air stm t p ert va o ve en rop y lue f tr din d a he l d for le + F air ies ert ts va o a g p rop an sse sa air lue f p ies d by he G + F ert t va o rop us e rou p ir v lue = F a a |
| D A I G |
D W A G e |
V i t s u |
G A G F A H |
F i r a n c o n a |
Ü S D E W O |
|
|---|---|---|---|---|---|---|
| H 1 2 0 1 4 |
h 6 t m o n s |
h 3 t m o n s |
- | - | - | - |
| F Y 2 0 1 4 |
h 1 2 t m o n s |
h 9 t m o n s |
h 3 t m o n s |
- | - | - |
| H 1 2 0 1 5 |
6 h t m o n s |
6 h t m o n s |
6 h t m o n s |
4 h t m o n s |
3 h t m o n s |
- |
| F Y 2 0 1 5 G i d u a n c e |
1 2 h t m o n s |
1 2 h t m o n s |
1 2 h t m o n s |
1 0 h t m o n s |
9 h t m o n s |
6 h t m o n s |
| €m | H 1 2 0 1 5 |
H 1 2 0 1 4 |
( ) ha C € ng e |
( ) ha % C ng e |
|---|---|---|---|---|
| de l ( k ) Re i ia i t ts s n un |
3 4 8, 2 1 6 |
1 8 4, 6 8 2 |
1 6 3, 5 3 4 |
% 8 9 |
| l Re inc ta n om e |
6 2 8. 0 |
3 7 6. 7 |
2 5 1. 3 |
6 7 % |
| ( ) Va % te ca nc y ra |
3. 5 |
3. 8 |
- | -0 3p p |
| / h ly lac ( l ke -fo l ke ) M in- i i € t t on p e r en sq m r- , |
5. 7 3 |
5. 5 8 |
0. 1 5 |
3 % |
| d d l A j I A E B T D Re te ta us n |
4 2 6. 6 |
2 3 6. 0 |
1 9 0. 6 |
8 1 % |
| / d d l ( ) A j E B I T D A Re i € te ta t us n un |
1, 4 2 4 |
1, 3 1 7 |
1 0 0 7. |
8 % |
| fro d l o f p Inc isp ies t om e m os a ro p er |
2 2 1. 4 |
1 3 8. 9 |
8 2. 5 |
5 9 % |
| d d les A j E B I T D A Sa te us |
1 9. 5 |
2 2. 4 |
-2 9 |
3 % -1 |
| d j d A E B I T D A te us |
6. 4 4 1 |
2 8. 5 4 |
1 8 7. 7 |
7 3 % |
| F F O 1 |
2 6 4. 3 |
1 3 0. 3 |
3 0 1 4. |
0 3 % 1 |
| O 2 F F |
2 8 3. 8 |
2. 1 5 7 |
1 3 1. 1 |
8 6 % |
| be fo F F O 1 in te re m a na nc e |
3 7 1. 4 |
1 9 9. 4 |
1 7 2. 0 |
% 8 6 |
| A F F O |
2 2 4. 6 |
1 1 9. 5 |
1 0 5. 1 |
8 8 % |
| 3 lue ke Fa ir v ies t p t a m ar ro p er |
2 1, 2 9 9. 2 |
1 2, 7 5 9. 1 |
8, 5 4 0. 1 |
% 6 7 |
| 3 E P R A N A V |
1 0, 0 8 7. 5 |
6, 5 7 8. 0 |
3, 5 0 9. 5 |
5 3 % |
| 4 ( ) L T V % |
5 6. 4 |
4 9. 7 |
6. 7 |
% 1 3 |
| / ha ( ) 1 O € F F 1 s re |
0. 7 4 |
0. 5 4 |
0. 2 0 |
3 7 % |
| / 2 ha ( ) E P R A N A V € s re |
2 8. 1 4 |
2 4. 2 2 |
3. 9 2 |
% 1 6 |
Based on the number of shares as of the reporting date: 30.06.2015: 358.5m and 30.06.2014: 240.2m
2 NAV / share based on the number of outstanding shares as of the reporting date: 30.06.2015: 358.5m and 31.12.2014: 271.6m
3 30.06.2015 vs. 31.12.2014
4 LTV at 31.12.2014 adjusted for effects of capital measures
| i dg d j d Br A to te e us ( ) E B I T D A €m |
H 1 2 0 1 5 |
H 1 2 0 1 4 |
C ha e ( ng ) € |
C ha e ( ng ) % |
|---|---|---|---|---|
| fit for he rio d Pro t pe |
84 .9 |
70 .0 |
14 .9 |
21 % |
| lt Ne t in ter est re su |
23 7.1 |
14 2.6 |
94 .5 |
66 % |
| Inc e t om axe s |
59 .3 |
30 .6 |
28 .7 |
% 94 |
| De cia tio pre n |
4.8 | 3.4 | 1.4 | 41 % |
| fro fai lue Ne t in co me m r v a dju f in stm ts stm t a en o ve en rtie pro pe s |
0.0 | -20 .8 |
20 .8 |
0% -10 |
| EB ITD A I FR S |
38 6.1 |
22 5.8 |
16 0.3 |
71 % |
| No ing ite n-r ec urr ms |
60 .2 |
30 .7 |
29 .5 |
96 % |
| d a dju Pe rio stm ts en |
-0. 2 |
1.9 | -2. 1 |
1% -11 |
| d jus d E A BIT DA te |
44 6.1 |
25 8.4 |
18 7.7 |
73 % |
| dju d E l A BIT DA Re ste nta |
42 6.6 |
23 6.0 |
19 0.6 |
81 % |
| dju d E les A BIT DA Sa ste |
19 .5 |
22 .4 |
-2. 9 |
-13 % |
| l ( ) Re Se €m ta t n g m en |
H 1 2 0 1 5 |
H 1 2 0 1 4 |
Ch e ( ang €) |
Ch e ( ang %) |
|---|---|---|---|---|
| be f u nit he rio d Av r t era ge nu m r o s o ve pe |
29 9, 58 0 |
17 9, 19 8 |
12 0, 38 2 |
67 % |
| l in Re nta co me |
62 8.0 |
37 6.7 |
25 1.3 |
67 % |
| Ma int en an ce |
-10 7.1 |
-69 .1 |
-38 .0 |
55 % |
| Op tin sts era g co |
-94 .3 |
-71 .6 |
-22 .7 |
% 32 |
| d d E l A jus BIT DA Re te nta |
42 6.6 |
23 6.0 |
19 0.6 |
81 % |
| les ( ) Sa Se €m t g m en |
H 1 2 0 1 5 |
H 1 2 0 1 4 |
Ch e ( ang €) |
Ch e ( ang %) |
|---|---|---|---|---|
| be f l d Nu its m r o un so |
4, 05 0 |
1, 89 2 |
2, 15 8 |
11 4% |
| fro dis l o f p Inc ies ert om e m po sa rop |
22 1.4 |
13 8.9 |
82 .5 |
% 59 |
| f p l d Ca ing ies nt ert rry am ou o rop so |
-20 4.8 |
-12 0.9 |
-83 .9 |
69 % |
| lua tio f a he l d for le Re ts va n o sse sa |
15 .2 |
11 .3 |
3.9 | 35 % |
| fit f p ( ) Pro dis l ies IFR S ert on po sa o rop |
31 .8 |
29 .3 |
2.5 | 9% |
| lua (re lize d ) o f a he l d for le Re tio ts va n a sse sa |
-15 .2 |
-11 .3 |
-3. 9 |
% 35 |
| lua tio fro dis l o f a he l d for Re ts va n m po sa sse le sa |
15 .0 |
13 .2 |
1.8 | 14 % |
| A dju d p fit fro dis l o f p ies ste ert ro m po sa rop |
31 .6 |
31 .2 |
0.4 | 1% |
| l ling Se sts co |
-12 .1 |
-8. 8 |
-3. 3 |
% 38 |
| d jus d E les A BIT DA Sa te |
19 .5 |
22 .4 |
-2. 9 |
-13 % |
| Ac ls tu a |
C ha |
ng e |
||
|---|---|---|---|---|
| €m | H1 2 0 15 |
H1 2 0 14 |
€m | % |
| A d j d E B I T D A t u s e |
4 4 6. 1 |
2 5 8 4 |
1 8 7. 7 |
7 3 % |
| ( -) I F F O t t n e r e s e x p e n s e |
-1 5 3. 1 |
-9 8 9 |
-5 4 2 |
5 5 % |
| ( -) C i t t u r r e n n c o m e a x e s |
-9 2 |
-6 8 |
-2 4 |
3 5 % |
| ( ) F F O 2 = |
2 8 3. 8 |
1 5 2. 7 |
1 3 1. 1 |
8 6 % |
| ( -) A d j d E B I T D A S l t u s e a e s |
-1 9 5 |
-2 2. 4 |
2. 9 |
-1 3 % |
| ( ) F F O 1 = |
2 6 4 3 |
1 3 0 3 |
1 3 4 0 |
1 0 3 % |
| h f b b l h h l d i t t t t t e e o e o e o e r a r u a s a r r s |
2 5 1. 5 |
1 3 0. 3 |
1 2 1. 2 |
9 3 % |
| h f b b l h b d i i i i t t t t t t t e r e o a r u a e o e q u y y r n v e s o r s |
1 2. 8 |
- | - | - |
| ( -) l d C i i i t t a p a z e m a n e n a n c e |
-3 9 7 |
-1 0. 8 |
-2 8 9 |
2 6 8 % |
| ( ) A F F O = |
2 2 4 6 |
1 1 9 5 |
1 0 5 1 |
8 8 % |
| ( ) l d C i i i t t + a p a e m a n e n a n e z c |
3 9 7 |
1 0. 8 |
2 8 9 |
2 6 8 % |
| ( ) f E i t + p e n e o m n e n n e x s s r a a c |
1 0 7. 1 |
6 9 1 |
3 8 0 |
5 5 % |
| ( ) l. F F O 1 i t e c m a n e n a n c e x = |
3 7 1. 4 |
1 9 9 4 |
2. 0 1 7 |
8 6 % |
| A ls tu c a |
C h a ng e |
|||
|---|---|---|---|---|
| €m | Ju ne 3 0, 2 0 15 |
be De ce m r 3 1, 2 0 14 |
€m | % |
| Eq i i bu b le ha ho l de ty t tr ta to u a s re rs |
7, 5 2 3. 8 |
4, 9 3 2. 6 |
2, 5 9 1. 2 |
5 3 % |
| fe d / fo le De ta in tm t p ty t ie rre xe s on ve s en ro p er p ro p er s r s a |
2, 4 4 5. 5 |
8 0 1, 5 1. |
8 6 4. 5 |
% 5 5 |
| lu f de f l 1 Fa ir iv iv in ia in t tr ts va e o r a e an c s um en |
1 5 8. 9 |
8 8. 1 |
7 0. 8 |
8 0 % |
| fe d de f l De ta iv t iv in ia in tr ts rre xe s on a e an c s um en r |
0. -4 7 |
-2 3. 7 |
-1 0 7. |
2 % 7 |
| E P R A N A V |
1 0, 0 8 7. 5 |
6, 5 7 8. 0 |
3, 5 0 9. 5 |
5 3 % |
| Go dw l l i o |
-2 2 9 2. 8 , |
0 6. 0 -1 |
-2 1 8 6. 8 , |
na |
| d j d A N A V te us |
7, 7 9 4. 7 |
6, 4 7 2. 0 |
1, 3 2 2. 7 |
2 0 % |
| 2 E P R A N A V ha ( € ) p er s re |
2 8. 1 4 |
2 4. 2 2 |
3. 9 2 |
1 6 % |
| 2 d j d ha ( ) A N A V € te er re us p s |
2 1. 7 4 |
2 3. 8 3 |
0 9 -2 |
-9 % |
Adjusted for effects from cross-currency swaps
2Based on number of shares outstanding as of respective reporting dates (31 Dec. 2014: 271.6m; 30 June 2015: 358.5m)
| €m | H1 20 15 |
H1 20 14 |
( ) C ha €m ng e |
( ) C ha % ng e |
Co ts m m en |
|---|---|---|---|---|---|
| fro let Inco ting erty me m p rop |
913 .8 |
542 .3 |
371 .5 |
68. 5 |
Inc inly isit ion late d ( ide ntia l rea se ma ac qu -re res |
| Ren tal inco me |
628 .0 |
376 .7 |
251 .3 |
66. 7 |
uni ts 3 48k 18 5k) ddi tion ally in- lac nt o vs , a p e re n a like -for -lik e b asi s in d b 2.7 % |
| illar Anc sts y co |
285 .8 |
165 .6 |
120 .2 |
72. 6 |
cre ase y |
| Oth fro er i erty ent nco me m p rop ma nag em |
14.0 | 9.0 | 5.0 | 55. 6 |
Inc inly ref lec ts i ed tfol io s ize rea se ma ncr eas por , add itio nal ly v te d ed by 0.3 aca ncy ra ecr eas pp |
| fro Inco erty ent me m p rop ma nag em |
927 .8 |
551 .3 |
376 .5 |
68. 3 |
|
| Inco fro ale of p ies ert me m s rop |
221 .4 |
138 .9 |
82. 5 |
59. 4 |
Slig ht i e d to h ig her No n-C Sa les ncr eas ue ore |
| of ld Car ryin unt ties g a mo pro per so |
-20 4.8 |
120 .9 - |
83. 9 - |
69. 4 |
vol rtia lly offs et b low No n-C St um es, pa y er ore ep ups |
| alu f as s he ld f ale Rev atio set n o or s |
15. 2 |
11. 3 |
3.9 | 34. 5 |
|
| Pro fit o n d ispo sal of p ies ert rop |
31. 8 |
29. 3 |
2.5 | 8.5 | Inte l qu rly iew of fair lue of inv arte est nt rna rev va me ties did sul t in ign ifica han t re nt c pro per no an y s ges |
| inc e fr fai lue adj of i ties Net ust nts stm ent om om r va me nve pro per |
0.0 | 20. 8 |
20. 8 - |
100 - |
ed 1 D mb to 3 er 2 014 com par ece |
| ital ized l m ode Cap inte rniz atio rna n e xpe nse s |
65. 3 |
34. 2 |
31. 1 |
90. 9 |
Inc refl ect s la rtfo lio siz nd in rea se rge r po e a rcin ffec t of raft ani ion zat sou g e ou r ow n c sm en org |
| t of Cos ials ter ma |
-42 5.4 |
246 .4 - |
179 .0 - |
72. 6 |
|
| es f ncil lary Exp ts ens or a cos |
-27 9.1 |
160 .6 - |
118 .5 - |
73. 8 |
Inc inly isit ion late d rea se ma ac qu -re |
| es f Exp aint ens or m ena nce |
-10 9.2 |
61. 3 - |
47. 9 - |
78. 1 |
Ra fro m 3 283 5, 877 loy lea ds to to mp -up em p ees , inc sed l ex wh ich ima rily rea pe rso nne pen ses pr |
| Oth s of rch d g ood d se rvic ost er c pu ase s an es |
37. 1 - |
24. 5 - |
12. 6 - |
51. 4 |
GA GF TG S g ult from AH r & th res me rge row |
| Per nel son ex pen ses |
-13 8.1 |
87. 9 - |
50. 2 - |
57. 1 |
Inc inly du isit ion s (e cia lly e to rea se ma ac qu spe |
| iati and isat ion Dep ort rec on am |
-4.8 | 3.4 - |
1.4 - |
2 41. |
GA GF AH ) a nd inc sed ring inc e / t rea re cur om cos reim bur ent sem s |
| Oth atin inco er o per g me |
36. 9 |
19. 8 |
17. 1 |
86. 4 |
|
| Oth atin er o per g e xpe nse s |
-11 3.2 |
74. 9 - |
38. 3 - |
51. 1 |
Inc inly late d to ad diti l ex of rea se ma re ona pen ses uis itio ll a ulti and dit fee |
| Fina ncia l in com e |
2.7 | 2.8 | 0.1 - |
3.6 - |
acq ns as we s c ons ng au s GA GF for AH the r ef fec ts c ise me rge r, o om pr |
| Fina ncia l ex pen ses |
-23 8.8 |
145 .0 - |
93. 8 - |
64. 7 |
veh icle d tr lling sts wh ich inly an ave co ma inc sed du ins cin e to rea our g |
| fit b efo Pro re t ax |
144 .2 |
100 .6 |
43. 6 |
43. 3 |
|
| Inco tax me |
-59 .3 |
30. 6 - |
28. 7 - |
93. 8 |
Str ly imp ed by add itio nal fin ing act ong anc s a s a ult of a isit ion nd by ctio s fo tra ost res cqu s a nsa n c r |
| inco Cur t tax ren me |
-7.9 | 4.9 | 12. 8 - |
261 .2 - |
GA GF AH de al f ina nci ng |
| Oth er ( incl . de fer red ) tax |
-51 .4 |
35. 5 - |
15. 9 - |
44. 8 |
|
| fit f Pro he iod or t per |
84. 9 |
70. 0 |
14. 9 |
21. 3 |
Baader Investment Conference, Munich, 22 September 2015
| d d ( ) i i i € M t t a n e n a n c e a n m o e r n z a o n m |
1 2 0 1 H 5 |
1 2 0 1 H 4 |
ha ( ) C €m ng e |
ha ( ) C % ng e |
|---|---|---|---|---|
| M in te a na nc e e xp en se s |
1 0 7. 1 |
6 9. 1 |
3 8. 0 |
% 5 5 |
| l d m Ca i ize in ta te p a na nc e |
4 0. 1 |
1 1. 0 |
2 9. 1 |
2 6 5 % |
| de k iza ion M t o rn w or |
1 1 8. 0 |
6 1. 4 |
5 6. 6 |
9 2 % |
| l c f m de iza io d in To ta t o t te os o rn n a n m a na nc e |
2 6 5. 2 |
1 4 1. 5 |
1 2 3. 7 |
8 7 % |
| he f s les f o f 's T isa ion tm t re o a o w n c ra en or g an |
1 6 8. 8 |
7 8. 6 |
9 0. 2 |
1 1 5 % |
| he f bo h T in ice t- re o ug se rv s |
9 6. 4 |
6 2. 9 |
3 3. 5 |
3 % 5 |
| / de d ( ) M iza ion in € t te o rn an m a na nc e sq m |
1 4. 1 5 |
1 2. 3 6 |
1. 7 9 |
% 1 4 |
Modernization programme mainly addressing investments in buildings or apartments regarding energy efficiency, senior living and highstandard refurbishments
Compared to 6M 2014, revenuesof in-house craftsmen organisation increased significantly due to successful TGS implementation and increased portfolio size
| €m | Jun 30 20 15 , |
De c 3 1, 20 14 |
Co ts m m en |
|
|---|---|---|---|---|
| Inve stme |
ties nt Pr oper |
21,1 96.5 |
12,6 87.2 |
Inc driv by GA GF AH isit ion € 8, 184 .8m rea se en ac qu |
| Othe r non |
ent a ssets -curr |
2,58 0.4 |
292. 8 |
ll a s th e " Fra nia " ac isit ion € 29 8.1 as we nco qu m |
| l non Tota |
ent a ssets -curr |
23,7 76.9 |
12,9 80.0 |
GA GF Inc inly dr ive n b AH isit ion rea se ma y ac qu |
| Cash and |
cash ivale nts equ |
313. 6 |
1,56 4.8 |
Pre lim ina Go odw ill o f € 2, 186 .8m inc lud ed ry |
| Othe r fina |
ncial ts asse |
1.4 | 2.0 | |
| Othe r cur |
rent ts asse |
309. 7 |
212. 4 |
De ba sic ally dr ive n b ash nsi de ion GA GF AH € 2, 022 .5m rat cre ase y c co |
| l cur Tota rent |
ts asse |
624. 7 |
1,77 9.2 |
|
| l Ass Tota ets |
24,4 01.6 |
14,7 59.2 |
||
| l equ Tota |
tribu table A sh areh olde ity at to D rs |
7,52 3.8 |
4,93 2.6 |
|
| tribu Equi ty at |
table to h ybrid tal in capi vest ors |
1,02 1.4 |
1,00 1.6 |
Ca ital inc of € 2, 783 .2m inc lud ed p rea se |
| Non- cont |
rollin g int ts eres |
185. 7 |
28.0 | |
| l equ Tota ity |
8,73 0.9 |
5,96 2.2 |
Inc of olli inte t b olid atio f G AG FA H € 119 .2m ntr rea se non co ng res y c ons n o |
|
| Prov ision s |
546. 4 |
422. 1 |
||
| Trad e pay |
able s |
0.9 | 1.0 | |
| Non deriv |
fina ative ncial liab ilitie s |
12,2 03.9 |
6,53 9.5 |
|
| Deriv ative |
fina ncial liab ilitie s |
138. 0 |
54.5 | Inc driv by sol ida tion of GA GF AH rea se en con , |
| Liabi lities |
from fina nce l ease s |
98.8 | 88.1 | ll a s is sui EM TN Bo nds of € 1.0 bn as we ng |
| Liabi lities |
ollin g int to n ontr ts on-c eres |
38.4 | 46.3 | |
| Othe r liab |
ilitie s |
35.9 | 8.6 | |
| Defe rred |
tax l iabil ities |
1,62 4.9 |
1,13 2.8 |
|
| Tota l non |
ent l iabil ities -curr |
14,6 87.2 |
8,29 2.9 |
Inc ally dr ive n b GA GF AH isit ion € 45 6.5 rea se ge ner y ac qu m |
| Prov ision s |
338. 5 |
211. 3 |
||
| Trad e pay |
able s |
83.4 | 51.5 | |
| Non deriv |
ative fina ncial liab ilitie s |
266. 4 |
125. 3 |
|
| Deriv ative |
fina ncial liab ilitie s |
91.1 | 21.9 | |
| Liabi lities |
from fina nce l ease s |
4.7 | 4.4 | |
| Liabi lities |
ollin g int to n ontr ts on-c eres |
8.0 | 7.5 | |
| ax lia Inco me t |
biliti es |
44.4 | 0.0 | |
| Othe r liab |
ilitie s |
147. 0 |
82.2 | |
| l cur Tota rent |
liab ilitie s |
983. 5 |
504. 1 |
|
| l liab ilitie Tota s |
15,6 70.7 |
8,79 7.0 |
||
| l equ ity a nd li abili ties Tota |
24,4 01.6 |
14,7 59.2 |
| ls Ac tu a |
||
|---|---|---|
| €m | Ju 3 0, 2 0 15 ne |
De 3 1, 2 0 14 c. |
| d i l l G D W A G o o e w |
1 0 7 |
1 0 7 |
| G d i l l i V t o o w u s |
9 3 5 |
9 3 5 |
| d i l l ( l i i ) G G A G F A H o o p e m n a w r r y |
2, 1 8 6 8 |
- |
| l G d i l l ( f i d ) T t t t o a o o w a s o r e p o r n g a e |
2, 2 9 2 8 |
0 6 0 1 |
| Ü 1 G d i l l S O ( l i i i l 3 2 2 0 ) D E W t 1. 1 1 5 o o w p r e m n a r y u n |
3 0 4 a p p r o x. |
- |
As per 8 July 2015; incl. deferred taxes of approx. €230m
| €m | €m |
|---|---|
| P l i i G d i l l M h 3 1, 2 0 1 5 t r e m n a r y o o w a s a a r c |
2, 2 0 3 4 |
| ( ) I i I A S 4 0 t t t n e s m e n p o p e e s v r r |
-2 3 2. 1 |
| l d ( S 6 ) P t t i t I A 1 r o p e r y, p a n a n e q u p m e n |
1. 4 + |
| l l b f l b l ( ) M i- i i i i V B L t t- t t t t e m p o e p o s e e m e n e n e p a n o g a o n u y r r r |
2 7. 6 + |
| f d D t e e e a e s r r x |
6 4 2 + |
| C i d i f i d h i d d f f i d d L b t t t o n s e r a o n o r a c q u r e s a r e n e x e n e o e r p e r o u e o u x e m o u r g i t t o p o e e q e m e n c r r a r u r s |
2 3 8 0 + |
| d f l l A j i i 9 3. 8 0 % t t t t t t u s m e n o r n o n- c o n r o n g n e r e s s o |
-1 1 9 2 |
| l l M i s c e a n e o s u |
3. 5 + |
| d i i d l i i d i l l I G J 3 0, 2 0 1 5 t t n c a e a n p e m n a o o a s a n e v r r y w u M t o e m e n = v |
2, 1 8 6 8 -1 6 6 |
| €m | J 3 0, u n e 2 0 1 5 |
1 f P r o o r m a J 3 0, u n e 2 0 1 5 |
D 3 1, e c. 2 0 1 4 |
|
|---|---|---|---|---|
| N d i i f i i l l i b i l i i t t o n- e r a e n a n c a a e s v v |
1 2 4 7 0. 3 , |
1 2 4 7 0. 3 , |
6, 6 6 4 8 |
|
| F i f f t o r e g n c u r r e n c y e e c s |
1 5 4 4 - |
1 5 4 4 - |
8 4 0 - |
|
| C h d h i l t a s a n c a s e q a e n s u v |
3 1 3 6 - |
3 1 3 6 - |
1, 5 6 4 8 - |
|
| 2 F d h l d f G A G F A H d F i i i i t u n s e o r a n r a n c o n a a c q u s o n s |
- | - | 1, 3 2 2 5 |
|
| N h f f f i h i t t t e c a s e e c o r g s s s e u |
- | 3 0 0. 0 - |
- | |
| Ü L i i d f d ( S D E W O ) q u u n s |
- | 1 6 7. 8 - |
- | |
| A d j d d b t t t u s e n e e |
1 2, 0 0 2. 3 |
1 1, 5 3 4. 5 |
6, 3 3 8. 5 |
|
| F i l f V i f l i t a r a e o o n o a p o r o o v u v |
2 2 9 9. 2 1, |
2 2 9 9. 2 1, |
2, 9. 1 7 5 1 |
|
| Ü F i l f S D E W O f l i t a r v a u e o p o r o o |
- | 1, 7 4 8. 0 |
- | |
| Ü S O F i l f V i D E W f l i t a r v a u e o o n o v a p o r o o + |
2 1, 2 9 9. 2 |
2 3, 0 4 7. 2 |
1 2, 7 5 9. 1 |
|
| L T V |
6. 5 4 % |
0. 0 5 % |
9. 4 7 % |
|
| ÜD 1 hts ue/ P rig iss S EW O a isit ion ost cqu 2 A dju d f ity ins ste tru nts or equ me |
Perpetual hybrid not treated as liability
| Co t ve na n |
l Le ve |
l Ac tu a |
|---|---|---|
| L T V |
||
| / l b l To De To As ta t ta ts se |
6 0 % < |
% 5 1 |
| d Se L V T cu re |
||
| / d b l Se De To As t ta ts cu re se |
4 5 % < |
3 1 % |
| I C R |
||
| 1 / L T M E B I T D A L T M In Ex te t re s p en se |
1. 8 0x > |
2. 8 1x |
| be d Un As ts en cu m re se |
||
| / be d d b Un As Un De ts t en cu m re se se cu re |
1 2 % 5 > |
2 0 % 7 |
| Ra ing K P Is t |
Co t ve na n |
l Le ve |
|---|---|---|
| b i l De Ca t to ta p |
||
| / l b l l b To De To Eq i To De ta t ta ty ta t + u |
6 0 % < |
|
| I C R |
||
| / L T M E B I T D A L T M In Ex te t re s p en se |
1. 8 0 % > |
LTM = last 12 months
Bond KPIs
Included a €700m Hybrid with 4.6% coupon to our capital structure for the 2014 acquisitions instead of Convertibles, so that FFO dilution could be avoided
We will further optimise our capital structure as well as debt profile in terms of costs and maturity. Our focus is not purely on minimising the average interest costs. We also consider the optimal product mix, the overall economic benefit and the shareholder interests to support long term growth.
| i R t a n g a g e n c y |
i R t a n g |
l k O t u o o |
d L U t t a s p a e |
|---|---|---|---|
| d d & 's S P t a n a r o o r |
B B B + |
b l S t a e |
1 0 M 2 0 1 5 a r |
| Am t ou n A t m ou n |
ice Iss Pr ue Is ic su e p r e |
Co up on C ou p on |
in l i F M Da tu ty te a a r F in l M i tu ty a a r Da te |
in Ra t g Ra in t g |
|
|---|---|---|---|---|---|
| 3 2. 1 2 5 % y ea rs |
€ 7 0 0m |
9 9. 7 9 3 % |
2. 1 2 5 % |
Ju ly 2 5 2 0 1 6 |
B B B+ |
| Eu Bo d ro n |
|||||
| 6 3. 1 2 5 % y ea rs |
€ 6 0 0m |
9 9. 9 3 5 % |
3. 1 2 5 % |
Ju ly 2 5 2 0 1 9 |
B B B+ |
| Eu Bo d ro n |
|||||
| 4 3. 2 0 0 % ea rs y |
S U D 7 5 0m |
1 0 0. 0 0 0 % |
3. 2 0 0 % |
O 2 2 0 1 7 t c |
B B B+ |
| Ya ke Bo d n e n |
( 2. 9 7 0 % ) * |
||||
| 1 0 5. 0 0 0 % y ea rs |
U S D 2 5 0m |
9 8. 9 9 3 % |
5. 0 0 0 % |
O 2 t 2 0 2 3 c |
B B B+ |
| Ya ke Bo d n e n |
( 4. 5 8 0 % ) * |
||||
| 8 3. 6 2 5 % y ea rs |
€ 5 0 0m |
9 9. 8 4 3 % |
3. 6 2 5 % |
O 8 2 0 2 1 t |
B B B+ |
| E M T N ( Se ies No ) 1 r |
c | ||||
| 6 0 4. 6 2 5 % ea rs y |
7 2 % |
4. 6 2 5 % |
8 A 2 0 7 4 |
B B B- |
|
| Hy br i d Bo d n |
€ 7 0 0m |
9 9. 8 |
p r |
||
| 8 2. 1 2 5 % y ea rs |
€ 5 0 0m |
2. 1 2 |
9 Ju 2 0 2 2 |
||
| E M T N ( Se ies No 2 ) r |
9 9. 4 1 2 % |
5 % |
ly | B B B+ |
|
| l 4 % tu p er p e a |
€ 0 0 0m |
1 0 0. 0 0 0 % |
l | B B B- |
|
| Hy br i d Bo d n |
1, | 4. 0 0 0 % |
tu p er p e a |
||
| 5 0. 8 7 5 % ea rs y |
2 | 7 | M 2 2 |
B B B+ |
|
| E M T N ( Se ies No ) 3 r |
€ 5 0 0m |
9 9. 6 3 % |
0. 8 5 % |
3 0 0 0 ar |
|
| 1 0 1. 5 0 0 % y ea rs |
|||||
| E M T N ( Se ies No 4 ) r |
€ 5 0 0m |
9 8. 4 5 5 % |
1. 5 0 0 0 % |
3 1 M 2 0 2 5 ar |
B B B+ |
| *EU len -of fer ield R-e iva t re qu y |
Baader Investment Conference, Munich, 22 September 2015
| Na m e |
Am t ou n |
Co up on |
l F in M i tu ty a a r Da te |
|---|---|---|---|
| de l d d Ge Re i ia Fu in 2 0 1 3- 1 L im i t te rm an s n n g |
€ 1, 8 7 4m |
2. 8 0 % |
Au 2 7, 2 0 1 8 g |
| i de ia l d in im i d Ge Re Fu 2 0 1 3- 2 L t te rm an s n n g |
€ 6 8 3m |
% 2. 6 8 |
No 2 7, 2 0 1 8 v. |
| ( ) Ta 2 0 1 3 G M F 1 P L C ur us |
€ 1, 0 3 8m |
% 3. 3 5 |
M 2 1, 2 0 1 8 ay |
Economic downturns do not impact rental growth
The net asset value of residential buildings is more than €4.2 trillion (valued at replacement costs)
Company rent growth: Since DA IPOed in 2013, the data up until and including 2011 relates to GAGFAH
Continuous trend of migration to the cities
Baader Investment Conference, Munich, 22 September 2015
Baader Investment Conference, Munich, 22 September 2015
| C t t o n a c |
F i i l C l d n a n c a a e n a r |
||
|---|---|---|---|
| l I R i t t n e s o e a o n s v r V i S E o n o v a h l 3 P i i t p p s r. 8 0 3 h 4 4 B o c u m G e m n r a y 4 9 2 3 4 3 1 4 1 6 0 9 + l d i i @ i t t n v e s o r r e a o n s v o n o v a e d i w w w v o n o v a e |
2 0 1 5 M h 5 a r c A 3 0 p r J 0 1 n u A 1 9 u g N 3 o v |
F l l l 2 0 1 4 t u y e a r r e s u s A l G l M i t n n a e n e r a e e n g u Q I i 1 2 0 1 5 t t n e r m r e p o r I i H 1 2 0 1 5 t t n e r m r e p o r I i M 9 2 0 1 5 t t n e r m r e p o r |
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| 2 0 6 1 |
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| M h 3 a r c |
F l l l 2 0 1 5 t e a r r e s s u y u |
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| M 1 2 a y |
G A l l M i t n n u a e n e r a e e n g |
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| M 1 2 a y |
I i Q 1 2 0 1 6 t t n e r m r e p o r |
Aug 2 Interim report H1 2016
Nov 3 Interim report 9M 2016
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