Investor Presentation • Sep 21, 2015
Investor Presentation
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Berenberg & Goldman Sachs German Corporate Conference 2015
Munich, 21 September 2015
| # | Co m p an y |
To ta l t ur no ve r ( €m ) |
Av Da i ly er ag e ( €m ) tu rn ov er |
|---|---|---|---|
| 1 | Un i ba i l-R da o mc o |
1 6, 5 0 0 |
94 3 |
| 2 | ia Vo no v |
6, 9 3 9 |
3 9. 9 |
| 3 | La d Se rit ies n cu |
6, 5 25 |
3 7. 1 |
| 4 | Br it is h L d Co an |
6, 3 4 0 |
3 6. 0 |
| 5 | K lep ier re |
4, 9 95 |
2 8. 5 |
| 6 | De he W hn uts c o en |
3, 7 3 1 |
21 3 |
| 7 | Ha mm ers on |
3, 4 8 2 |
1 9. 8 |
| 8 | Sw iss Pr im S ite e |
2, 6 1 3 |
15 2 |
| 9 | Int Pro ies ert u p |
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 1 F Y 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 n co m e |
€ 7 8 9. 3m |
€ 1, 4 0 0- 1, 4 2 0m |
|
| O 1 F F |
€ 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/ E P R A N A V ha s re |
€ 2 3. 0 4 |
€ 2 7. 5 0- 2 8. 5 0 |
|
| 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 |
0. 9 to € 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
| fa Re ta t io & Cu to Sa t is t io p n s m er n u c |
|||
|---|---|---|---|
| l a n o i it d a |
Pr ty Mg t. op er m 1 S tra te g y |
fo by Lo E B I T D A in -te ng rm cu s o n ma rg inc ing du ing du ing nt, rea s re re c va ca nc y, re c de ing int t st, te op era co a q ua ma en an ce , inc ing is fac ion sto at t rea s cu me r s |
|
| r T |
5 Ac is i io S t tra te q u n g y |
||
| 2 in in S F tra te an c g g y |
de l d l l t h le Ma int in iq i ity im i te at a a q ua u a e w im is ing f ina ing ba d o t sts n t et op nc co se arg f le d r ity i ing tu at ma r p ro an |
lec f a la b le Se ive it o i t p ur su va h o d l d it ies it isc ip ine tu op p or n w ur h fra k: ro ac me wo r |
|
| fo l Po t io Mg t. m r 3 S tra te g y |
f ion d s lec ion Fo t cu s o n c or e r eg s a n e o de iat inv in tm t p r t ap p ro p r e es en rog ram s or o he in. E B I T D A str t en g n ma rg |
ap p / ha ho Inc F F O it ut rea se s re w d lut f / ha i ion N A V o s re ba h Inc iev t to rea se as se se ac e d s le fro l ies ion t ec on om o ca m op era a |
|
| e v ti a v o n n I |
4 Ex io S te tra te ns n g y |
/ fac lue by Inc is ion sto at t rea se cu me r s va f fe ing d d it ion l se ice o r a a rv s |
ies str ate g |
Property Mgmt. Strategy
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
1
Consolidated as of: DeWAG (1 April 2014), Vitus (1 Oct. 2014) Units as of 30 June 2015: DeWAG (11K), Vitus (20.5K)
1
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 a a o n u |
F i i n a n c n g |
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 |
|||
| los LT V t c ing p os d fun d f ing an o GA GF AH tra t ion ns ac |
l in Us in ua cre as e lin h r l it ta e w en h t g row d d it ion l y ie l d A a ion co mp res s i b le in p os s ise d v lue 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 sta |
d Ap p rov e ho d a d t riz au e n l nt ing t c ita co en ap St to ron g ac ce ss ity l l a eq as e s u w de bt ita l 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 ( 9 bn € 1. is it ion f ac q u o Ü O ) S DE W Gr ou p |
d- f Mi 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 % % |
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 Strategy
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
3
| 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 |
11 .4% |
4.5 0 |
| TO TA L |
34 8, 21 6 |
21 67 7 , |
3.5 % |
5.5 8 |
* 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
PrivatizationH1 2014 H1 2015 Change (€m) Change (%) # units sold 1,190 1,221 31.0 3%Income from disposal of properties (€m) 118.3 123.6 5.3 4%Fair value disposals (€m) -88.6 -92.8 -4.2 5%Adjusted profit from disposal of properties (€m) 29.7 30.8 1.1 4%Fair value step-up 33.5% 33.2% -0.3pp Target ~30-35% Target ~30%Non-core disposalsH1 2014 H1 2015 Change (€m) Change (%) # units sold 702 2,829 2,127.0 303%Income from disposal of properties (€m) 20.6 97.8 77.2 375%Fair value disposals (€m) -19.1 -97.0 -77.9 408%Adjusted profit from disposal of properties (€m) 1.5 0.8 -0.7 -47%Fair value step-up 7.9% 0.8% -7.1pp Target = 0% Target = 0%
Berenberg & Goldman Sachs German Corporate Conference, Munich, 21 September 2015 Page 13
UP AND RUNNING
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 fur he Cra TG S d nsi t xte me n n r e on ba lco / ba h-t b a d dit Lev ion t era ge ny s u 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 ies in bo h o nis ati Co tar ort t mp en y p s a sy ne rg rga on s ion ba sis for tin ies d r du fix d c IT Int rat ts ost eg se op era g s yn erg an e ces e s |
Sy ie ne rg s Cu nt rre € 1 3 0m % +5 5 At nt |
|
|---|---|---|---|
| Op ing t era ies syn erg |
fo l io Po rt nt ma na ge me |
tim ise fo lio inv les d t ica l ac isit ion Op rt to est nt act po me pro gra m, sa an qu s de rni ion dri fur he h a d v du cti Mo sat to t t pr og ram me ve r g row n aca ncy re on fo f a Inn ati lio dis l o rt nt ts ov ve po ma na ge me po sa sse – |
an no un ce me € 8 4m |
| Ov he d 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 -1 8 % |
|
| ina ing ies F nc sy ne rg |
fin f c fa h de bt l fin Re cin t G DA IG ina cin at ost an g o urr en ag ma rg an g c l l p lat for be fits fur he fro d bu fi le d low f Ov im sin t st o era m ne r m pro ve ess pr o an er co l ita ca p de liq dit hi le o fin Ma int ain ui tim tim isin cin ate t a ost a qu y a ny e w p g an g c s |
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 |
| G D A I |
G D W A e |
V i t u s |
G G A F A H |
F i r a n c o n a |
Ü S O D E W |
|
|---|---|---|---|---|---|---|
| H 1 2 0 1 4 |
6 h t m o n s |
3 h 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 |
h 6 t m o n s |
h 6 t m o n s |
h 6 t m o n s |
h 4 t m o n s |
h 3 t m o n s |
- |
| G F Y 2 0 1 5 i d a n c e u |
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 |
ha C e ( ng ) € |
ha C e ( ng ) % |
|---|---|---|---|---|
| fit for he d Pro rio 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 % |
| cia tio De 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 |
-10 0% |
| 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 |
| Pe rio d a dju stm ts en |
-0. 2 |
1.9 | -2. 1 |
-11 1% |
| 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 he d Av nit rio 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 % |
| tin Op sts era g co |
-94 .3 |
-71 .6 |
-22 .7 |
32 % |
| d jus d E l A te BIT DA Re 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 |
4% 11 |
| fro dis l o f p Inc ies ert om e m po sa rop |
22 1.4 |
13 8.9 |
82 .5 |
59 % |
| ing f p ies l d Ca nt ert rry am ou o rop so |
-20 4.8 |
-12 0.9 |
-83 .9 |
69 % |
| lua f a he l for le Re tio d ts va n o sse sa |
15 .2 |
11 .3 |
3.9 | 35 % |
| fit dis l f p ( ) Pro 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 fro l o f a he l for Re tio dis d ts va n m po sa sse le sa |
15 .0 |
13 .2 |
1.8 | % 14 |
| dju d p fit fro dis l o f p A 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 % |
| ls Ac tu a |
ha C |
ng e |
||
|---|---|---|---|---|
| €m | H1 2 0 15 |
H1 2 0 14 |
€m | % |
| d j d A E B I T D A t s e u |
4 4 6. 1 |
2 5 8 4 |
8 1 7. 7 |
7 3 % |
| ( -) I F F O t t n e e s e p e n s e r x |
-1 5 3. 1 |
-9 8 9 |
-5 4 2 |
5 5 % |
| ( -) C i t t e n n o m e e u r r c a x s |
-9 2 |
-6 8 |
-2 4 |
3 5 % |
| ( ) F F O 2 = |
2 8 3. 8 |
1 5 2. 7 |
3 1 1. 1 |
8 6 % |
| ( -) d d l A j E B I T D A S t s e a e s u |
-1 9 5 |
-2 2. 4 |
2. 9 |
3 % -1 |
| ( ) 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 a a e o s a e o e s r r u r r |
2 5 1. 5 |
1 3 0. 3 |
2 2 1 1. |
9 3 % |
| h f b b l h b d i i i i t t t t t t t e e o a a e o e q n e s o s r r u u y y r v r |
1 2. 8 |
- | - | - |
| ( -) l d C i i i t t a p a e m a n e n a n c e z |
-3 9 7 |
-1 0. 8 |
-2 8 9 |
2 6 8 % |
| ( ) O A F F = |
2 2 6 4 |
9 1 1 5 |
0 1 5 1 |
8 8 % |
| ( ) l d C i i i t t + a p a e m a n e n a n c e z |
3 9 7 |
0. 8 1 |
2 8 9 |
2 6 8 % |
| ( ) f E i t + p e n s e s o m a n e n a n c e x r |
1 0 7. 1 |
6 9 1 |
3 8 0 |
% 5 5 |
| ( ) O l. F F 1 i t e x c m a n e n a n c e = |
3 7 1. 4 |
9 9 1 4 |
1 7 2. 0 |
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 |
ha ( ) C €m ng e |
ha ( % ) C ng e |
Co ts m m en |
|---|---|---|---|---|---|
| Inco fro let 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 |
| tal inco Ren me |
628 .0 |
376 .7 |
251 .3 |
66. 7 |
uni 48k 5k) ddi tion ally in- lac ts 3 18 nt o vs , a p e re n a like -for -lik e b asi s in d b 2.7 % cre ase |
| illar Anc sts y co |
285 .8 |
165 .6 |
120 .2 |
72. 6 |
y |
| fro Oth 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 |
| Inco fro erty ent me m p rop ma nag em |
927 .8 |
551 .3 |
376 .5 |
68. 3 |
|
| fro ale of p ies Inco 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 ties unt 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 |
| Rev alu atio f as s he ld f ale set n o or s |
15. 2 |
11. 3 |
3.9 | 34. 5 |
|
| fit o n d ispo sal of p ies Pro 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 |
| e fr fai lue adj of i Net inc ties ust nts stm ent om om r va me nve pro per |
0.0 | 20. 8 |
20. 8 - |
100 - |
ed to 3 1 D mb er 2 014 com par ece |
| Cap ital ized inte l m ode rniz atio rna n e xpe nse s |
65. 3 |
34. 2 |
31. 1 |
90. 9 |
Inc refl s la rtfo lio siz nd in ect rea se rge r po e a rcin ffec t of raft ani ion zat sou ou r ow n c sm en |
| Cos t of ials ter ma |
-42 5.4 |
246 .4 - |
179 .0 - |
72. 6 |
g e org |
| 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 rso nne ses |
| 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 |
pe pen pr ult from GA GF AH r & TG S g th res me rge row |
| nel Per son ex pen ses |
-13 8.1 |
87. 9 - |
50. 2 - |
57. 1 |
Inc inly du e to isit ion s (e cia lly rea se ma ac qu spe |
| iati and isat ion Dep ort rec on am |
-4.8 | 3.4 - |
1.4 - |
41. 2 |
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 for GA GF AH the r ef fec ise ts c me rge r, o om pr |
| l ex Fina ncia pen ses |
-23 8.8 |
145 .0 - |
93. 8 - |
64. 7 |
veh icle d tr lling wh ich inly sts an ave co ma inc sed du ins cin e to rea our g |
| Pro fit b efo 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 |
| Cur inco t tax ren me |
-7.9 | 4.9 | 12. 8 - |
261 .2 - |
GA GF AH de al f ina nci ng |
| er ( fer ) Oth incl . de red tax |
-51 .4 |
35. 5 - |
15. 9 - |
44. 8 |
|
| fit f he iod Pro or t per |
84. 9 |
70. 0 |
14. 9 |
21. 3 |
Berenberg & Goldman Sachs German Corporate Conference, Munich, 21 September 2015 Page 29
| ( ) i d d i i M € t t a n e n a n c e a n m o e r n a o n m z |
H 1 2 0 1 5 |
H 1 2 0 1 4 |
( ) ha C €m ng e |
( ) ha % C ng e |
|---|---|---|---|---|
| in M te a na nc e e xp en se s |
1 0 1 7. |
6 9. 1 |
3 8. 0 |
5 5 % |
| i l ize d m in Ca ta te p a na nc e |
4 0. 1 |
1 1. 0 |
2 9. 1 |
2 6 5 % |
| de iza ion k 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 |
2 3. 1 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 |
5 3 % |
| de d / ( ) iza ion in € M 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 |
|
|---|---|---|---|---|
| ties Inve stme 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 ent a ssets r non -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 |
|
| Othe r fina ncial ts asse |
1.4 | 2.0 | ry | |
| Othe rent ts r cur 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 tribu table A sh Tota ity at to D |
areh olde rs |
7,52 3.8 |
4,93 2.6 |
|
| tribu table to h ybrid Equi ty at capi |
tal in vest ors |
1,02 1.4 |
1,00 1.6 |
Ca ital inc of € 2, 783 .2m inc lud ed p rea se |
| rollin Non- cont 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 able e pay s |
0.9 | 1.0 | ||
| fina Non deriv 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 , |
|
| from fina Liabi lities 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 on-c |
ts 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 able e pay 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 on-c |
ts eres |
8.0 | 7.5 | |
| ax lia biliti Inco me t es |
44.4 | 0.0 | ||
| Othe r liab ilitie s |
147. 0 |
82.2 | ||
| l cur liab ilitie Tota rent 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 |
Berenberg & Goldman Sachs German Corporate Conference, Munich, 21 September 2015 Page 32
| Ac tu |
ls 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 |
|---|---|
| l i i d i l l h P G M 3 1, 2 0 1 5 t e m n a o o a s a a c r r y w r |
2, 2 0 3 4 |
| ( S 0 ) I t t t i I A 4 n v e s m e n p r o p e r e s |
-2 3 2. 1 |
| P l d i ( I A S 1 6 ) t t t 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 t i- t- t i t i t i t i V B L u e m p o y e r p o s r e r e m e n e n e p a n o g a o n |
2 6 7. + |
| f d D t e e e a e s r r x |
2 6 4 + |
| d f d h d d f f d d b C i i i i i L t t t o n s e a o n o a q e s a e n e e n e o e p e o e o e m o g r r c u r r x r r u u x u r i t t c o p o a e e q e m e n s r r r u r |
2 3 8 0 + |
| d f l l A j i i 9 3. 8 0 % t t t t t t s m e n o n o n- c o n o n g n e e s s o u r r r |
-1 1 9 2 |
| i l l M s c e a n e o u s |
3. 5 + |
| d i i d l i i d i l l I t G t J 3 0, 2 0 1 5 n c a e a n p r e m n a r o o a s a n e v y w u M t o v e m e n = |
8 8 2, 1 6 6 6 -1 |
| €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 r r e n c e e c s u y |
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 u v a e n s |
3 1 3 6 - |
3 1 3 6 - |
1, 5 6 4 8 - |
| 2 G G F d h l d f A F A H d F i i i i t n s e o r a n r a n c o n a a c q s o n s u u |
- | - | 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 u e |
- | 3 0 0. 0 - |
- |
| Ü S O L i i d f d ( D E W ) q n s u u |
- | 1 6 7. 8 - |
- |
| A d j d d b t t t s e n e e u |
2, 0 0 2. 3 1 |
3 1 1, 5 4. 5 |
6, 3 3 8. 5 |
| F i l f V i 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 1, 2 9 9. 2 |
1 2, 7 5 9. 1 |
| Ü F i l f S D E W O f l i t a r a e o p o r o o v u |
- | 8. 0 1, 7 4 |
- |
| Ü F i l f V i S D E W O f l i t a r v a u e o o n o v a p o r o o + |
2 2 9 9. 2 1, |
2 3, 0 2 4 7. |
2, 9. 1 7 5 1 |
| L T V |
6. 5 4 % |
0. 0 5 % |
9. 4 7 % |
| ÜD 1 ue/ hts 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 V T |
||
| / l b l To De To As ta t ta ts se |
6 0 % < |
5 1 % |
| d Se L T V cu re |
||
| b / l Se d 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 % |
| ing Ra K P Is t |
Co t ve na n |
l Le ve |
|---|---|---|
| b l De Ca i 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 I A L In T M E B T D T M 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 |
|---|---|---|---|
| 's d d & 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 |
Iss ice Pr ue Is ic su e p r e |
Co up on C ou p on |
l in i F M Da tu ty te a a r F in l M i tu ty a a r |
in Ra t g Ra in t g |
|
|---|---|---|---|---|---|
| Da te |
|||||
| 3 2. 1 2 5 % y ea rs Eu Bo d ro n |
€ 7 0 0m |
9 9. 7 9 3 % |
2. 1 2 5 % |
2 5 Ju ly 2 0 1 6 |
B B B+ |
| 6 3. 1 2 5 % ea rs y Eu Bo d ro n |
€ 6 0 0m |
9 9. 9 3 5 % |
3. 1 2 5 % |
2 5 Ju ly 2 0 1 9 |
B B B+ |
| 4 3. 2 0 0 % y ea rs Ya ke Bo d n e n |
U S D 7 5 0m |
1 0 0. 0 0 0 % |
3. 2 0 0 % ( 2. 9 7 0 % ) * |
O 2 t 2 0 1 7 c |
B B B+ |
| 1 0 5. 0 0 0 % y ea rs Ya ke Bo d n e n |
U S D 2 5 0m |
9 8. 9 9 3 % |
5. 0 0 0 % ( ) * 4. 5 8 0 % |
O 2 2 0 2 3 t c |
B B B+ |
| 8 3. 6 2 5 % ea rs y E M T N Se ( ies No 1 ) r |
€ 5 0 0m |
9 9. 8 4 3 % |
3. 6 2 5 % |
O 8 2 0 2 1 t c |
B B B+ |
| 6 0 4. 6 2 5 % y ea rs Hy br i d Bo d n |
€ 7 0 0m |
9 9. 7 8 2 % |
4. 6 2 5 % |
8 A 2 0 7 4 p r |
B B B- |
| 8 2. 1 2 5 % y ea rs E M T N ( Se ies No ) 2 r |
€ 5 0 0m |
9 9. 4 1 2 % |
2. 1 2 5 % |
Ju ly 9 2 0 2 2 |
B B B+ |
| l tu 4 % p er p e a Hy br i d Bo d n |
€ 1, 0 0 0m |
1 0 0. 0 0 0 % |
4. 0 0 0 % |
l tu p er p e a |
B B B- |
| 5 0. 8 7 5 % y ea rs E M T N ( Se ies No 3 ) r |
€ 5 0 0m |
9 9. 2 6 3 % |
0. 8 7 5 % |
3 0 M 2 0 2 0 ar |
B B B+ |
| 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 % |
M 3 1 2 0 2 5 ar |
B B B+ |
| *EU len -of fer ield R-e iva t re qu y |
| Na m e |
Am t ou n |
Co up on |
in l i F M tu ty a a r Da te |
|---|---|---|---|
| i de ia l d in im i d Ge Re Fu 2 0 1 3- 1 L t te rm an s n n g |
€ 1, 8 7 4m |
% 2. 8 0 |
Au 2 7, 2 0 1 8 g |
| de l d d Ge i ia in 2 0 1 3- 2 L im i Re Fu t te rm an s n n g |
€ 6 8 3m |
2. 6 8 % |
No 2 2 0 1 8 7, v. |
| ( ) 2 0 1 3 G 1 L C Ta M F P ur us |
€ 1, 0 3 8m |
3. 3 % 5 |
2 1, 2 0 1 8 M 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
4%10% 11% 12% 13% 15% 16% 16% 17% 20%23%
Continuous trend of migration to the cities
Dusseldorf
Berlin
Frankfurt
Hamburg
Leipzig
Dresden
Munich
Stuttgart
2%
Essen
Dortmund
Sources: Federal Statistics Office, IW Köln
Bremen
Cologne
15,4
ca. 3% oftotal rentalmarket
Tremendous growth in recent years…
Berenberg & Goldman Sachs German Corporate Conference, Munich, 21 September 2015 Page 44
… on 3 November 2015
| C t t o n a c |
C F i i l l d n a n c a a e n a r |
|
|---|---|---|
| l I R i t t n v e s o r e a o n s S V i E o n o v a h i l i 3 P t p p s r. h 4 4 8 0 3 B o c m u G e m a n r y 9 2 3 3 6 0 9 4 4 1 4 1 + l @ d i t t i i n v e s o r r e a o n s v o n o v a e i d 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 g u 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 u a e n e r a e e n g I i Q 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 9 M 2 0 1 5 t t n e r m r e p o r |
| 2 0 1 6 |
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| M h 3 a r c |
F l l l 2 0 1 5 t u y e a r r e s u s |
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| M 1 2 a y |
A l G l M i t n n a e n e r a e e n g u |
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| M 1 2 a y |
Q I i 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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