Investor Presentation • Sep 16, 2013
Investor Presentation
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Analyst Day16. September 2013
Not for general release, general publication or general distribution in the United States, Australia, Canada or Japan.
By attending the presentation you agree to be bound by the following limitations.
This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in Germany, changes affecting the fair values of the properties held by the Company and its subsidiaries, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and the Group's ability to achieve operational synergies from past or future acquisitions. The Company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forward-looking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Consequently, the Company does not undertake any obligation to review, update or confirm investors' expectations or estimates or to release publicly any revisions to any forwardlooking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.
This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Neither this presentation nor any part or copy of it may be generally transmitted into the United States (U.S.) or distributed, directly or indirectly, in the U.S., as that term is defined in the U.S. Securities Act of 1933, as amended (the "Securities Act"). This presentation is for information purposes only, and does not constitute an offer to sell securities, or a solicitation of an offer to buy securities in or into the United States. The securities of the Company described herein that may be offered in the Offering, if made at all, have not been and will not be registered under the Securities Act. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The Company does not intend to conduct any public offering of securities in the United States.
This presentation is for information purposes only and does not constitute an offering document or an offer of securities to the public in the United Kingdom to which section 85 of the Financial Services and Markets Act 2000 of the United Kingdom applies. It is not intended to provide the basis for any evaluation of any securities and should not be considered as a recommendation that any person should subscribe for or purchase any securities. This presentation is being made, and is directed only, to: (i) persons in the European Economic Area who are qualified investors" within the meaning of Article 2(1)( e) of the Prospectus Directive 2003/EC and amendments thereto, including Directive 2010/73/EU, as implemented in the member states of the European Economic Area) ("Qualified Investors"); (ii) those persons falling within the definition of Investment Professionals (contained in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")) or within Article 49 of the Order, or other persons to whom it may lawfully be communicated in accordance with the Order; or (iii) high net worth bodies corporate, unincorporated associations and partnerships and the trustees of high value trusts, as described in Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons").
Note: all data as of 30 June 2013, unless otherwise stated
1By market cap; ² In listed German residential sector
With DeutscheAnnington since April 2013
Strategic management, investor relations, HR and communication
Engineering and Business Administration
1From 2005 to 2012 at Terra Firma
Oversees all operational aspects of the business
Managing Director at Arvato(3 yrs)
History and Sociology
Oversees all financial aspects of the business
Business Administration
WithDeutsche Annington since 20051
Capital markets, investor relations
Business Administration
Deutsche Annington: Innovation leader based on a long-term vision, operational excellence and unique financing structure
Largest player in a highly stable asset class – German residential
Industrial-like process approach to operations designed for growth
Financing strategy in line with leading European peers
Built-in growth and enhanced profitability expected to drive FFO per share and NAV per share accretion
Entrepreneurial approach to a stable and low-risk asset class
Platform for consolidation
Source: Federal Statistical Office, Euroconstruct, ifo
Source: BBSR Wohnungsmarktprognose 2009-2025. Projections based on 2009 numbers
Source: Schader Stiftung (Germany), Clameur (France), Association of Residential Letting Agents (UK)
Rent evolution for multifamily housingSource: Verband deutscher Pfandbriefbanken, Bundesbank Deutsche Annington's portfolio footprint benefits from continuing
Source: Capital Immobilienkompass
Based on average rent differential recorded between new and existing units in Germany's largest 15 cities in 2012; 2 As of 31 December 2012; 3Based on Company estimates; 4Rental growth data not available for respective states; 5 As of 31 March 2013
Source: Destatis. Rental growth data not available for Bremen, Hamburg and Schleswig-Holstein
Rental Only (81%)
Rental growth
Vacancy reduction
Effective and sustainable maintenance spent
Cost efficiency through scale
investments
retail sales
fair value
Portfolio strategy
Core95%
Noncore5%
Additional value creation through
Operational value generation through
€800m capex opportunities
Returns above cost of capital
Cost of capital lower than for acquisitive growth
Track record of c. €100m of investments since 2010 at 7% unlevered yield on average
Additional value creation through
Total of 22k apartments prepared
Insufficient medium- to long-term
Track record of selling >20% above
Portfolio split based on fair market values
growth prospects
| i i f i D A I G R d l P l t t e s e n a o r o o 3 0. 0 6. 2 0 1 3 |
||||||||
|---|---|---|---|---|---|---|---|---|
| U i t n s |
A r e a |
V a c a n c y |
I P l n- a c |
1 R t e e n |
R l- f- l t e n |
V a c a n c y |
||
| f P l i t o r o o S t e g m e n |
# | % | ( ´0 0 0 ) s q m |
% | M E U R |
€ / s q m |
Y- Y i % o- n |
Y- Y i % o- n |
| O t p e r a e |
7 8, 7 6 2 |
4 4 |
4, 9 9 9 |
3. 1 |
3 1 4 |
5. 4 0 |
1. 9 |
-0 6 |
| U d p g r a e |
4 3, 3 3 5 |
2 4 |
2, 4 6 7 |
3. 0 |
1 6 9 |
2 9 5. |
1. 8 |
-0 1 |
| O i i t p m s e |
2 1, 3 6 7 |
1 2 |
1, 3 3 5 |
2. 1 |
9 5 |
6. 0 3 |
3. 6 |
-0 1 |
| R E N T A L O N L Y |
1 4 3, 6 6 2 |
8 0 |
9, 0 7 9 |
2. 9 |
5 7 7 |
5. 4 6 |
2. 3 |
-0 4 |
| P i i t r v a s e |
2 1, 3 7 5 |
1 2 |
1, 4 9 0 |
2 5. |
9 0 |
2 8 5. |
1. 8 |
-0 4 |
| C N o n- o r e |
1 3, 9 4 3 |
8 | 8 7 8 |
1 1. 4 |
4 0 |
4. 2 7 |
0. 9 |
-2 0 |
| T O T A L |
1 7 9, 3 5 8 |
1 0 0 |
1 1, 4 4 7 |
3. 9 |
7 0 7 |
5. 3 5 |
2. 1 |
-0 6 |
1)Excluding commercial in-place-rent of €13.6m and parking & other in-place-rent of €12.6m
Significant increase in share of elderly population expected
Public subsidised funding available to support investments into apartments for elderly people
€500m investment opportunities identified
€300m investment opportunities identified1
Source: European Commission, BBSR-Bevölkerungsprognose 2030
1Including investments for senior living as well as investments in high demand markets
16.09.2013
Market Operations Financing Financials Outlook
Energy efficiency upgrades increase asset quality
| Inv € k tm t: 6 4 0 es en |
fo Be re Mo de isa ion t rn ( 2 0 0 8 ) |
fte A r Mo de isa ion t rn ( 2 0 0 9 ) |
D i f fer en ce |
|---|---|---|---|
| Gr /sq /m ( € ) t os s r en m |
5. 0 6 |
5. 8 7 |
+0 8 1 |
| Gr ( € k ) t os s r en |
2 2 0 |
2 6 1 |
+4 1 |
| fro Y ie l d t m ren |
/ 4 1 6 4 0 = 6. 4 % = |
||
| Va los P T U ca nc y s + los ba d de bt ( € k ) s + |
1 8 |
1 3 |
-5 |
| Y ie l d fro m va ca nc y |
/ = 5 6 4 0 0. 8 % = |
||
| To l Y ie l d ta |
4 6 / 6 4 0 = 7. 2 % = |
Before
After
Overview
Market Operations Financing Financials Outlook
1Includes also external management of condominiumised apartments, environment, health & safety; 2 Number of units as of 30 June 2013, in addition, approx. 24k units administered on behalf of 3rd parties; 3 Other corporate functions include accounting, capital markets, communications, IT, insurance, procurement, PR, tax, internal audit, HR
Overview
Market Operations Financing Financials Outlook
-Good price, easy installation & low maintenance cost
20
1 Like-for-like
Deutsche Annington is built to be the national consolidator beyond its internal growthDisciplined acquisition strategy focused on FFO per share and NAV per share accretion
1 Based on GDW Jahresstatistik 2011
Highly segmented market with steady flow of investment opportunities
Over 2,500 portfolios of 5,000 units or less, totalling more than 2.6m apartments1
Almost 200 portfolios of more than 5,000 units, totalling more than 2.5m apartments1
Source: Dealogic, Broker research, Verband deutscher Pfandbriefbanken (VdP), FactSet as of 14 June 2013
1Quarterly Mortgage Pfandbrief issuances for 2005-2012 allocated based on equal distribution of total annual issuances
2Pfandbrief issuances for 2013 (June) estimated based on VdP estimates for 2013, pro-rata
Source: Company information, Bloomberg
Note: Maturity and secured/unsecured ratio based on latest available reporting. For FDR, data for consolidated entity. For GAGFAH, data excluding current refinancing of GRFBased on target capital structure post listing and transition to balanced secured / unsecured financing structure
progressed
Overview
Illustrative targeted evolution of Deutsche Annington financial liability structure (€bn, nominal)
Excluding Senior mortgages
2
Refinancing of the term loan might likely be on higher rates than the 1,92% as of 31 August 2013. An increase of the term loan rate or the rate of a respective refinancing instrument by 100bps would increase the total average rate by 18 bps.
Corporate investment grade rating
| R i t a n g a g e n c y |
R i t a n g |
O l k t u o o |
L U d t t a s p a e |
|---|---|---|---|
| S d d & P 's t a n a r o o r |
B B B |
S b l t a e |
J l 2 3 2 0 1 3 u y |
| A t m o n u |
I P i s s e r c e u |
C o p o n u |
M i D t t t a r a e u y |
R i t a n g |
|
|---|---|---|---|---|---|
| / E B d 2 0 1 3 1 6 u r o o n |
€ 0 0 7 m |
9 9 9 3 % 7 |
2 1 2 % 5 |
2 J l 2 0 1 6 5 u y |
B B B |
| A t m o n u |
I P i s s e r c e u |
C o p o n u |
M i D t t t a r a e u y |
R i t a n g |
|
|---|---|---|---|---|---|
| 2 0 1 3 / 1 9 E B d r o o n u |
€ 6 0 0 m |
9 9 9 3 % 5 |
3 1 2 % 5 |
2 J l 2 0 1 9 5 u y |
B B B |
| Financing | ||
|---|---|---|
| Av In te st er ag e re |
De bt f a s o |
De bt M |
ity at ur |
f ile P ro |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| De bt |
( in l. Ma in ) c rg |
Au in € 13 g m |
20 13 |
20 14 |
20 15 |
20 16 |
20 17 |
20 18 |
20 19 |
20 20 |
20 21 |
20 22 |
20 23 |
To l ta |
| Co lcr d it rea e |
4. 3% |
16 4 |
15 6 |
15 6 |
||||||||||
| W 5 og e |
% 5.5 |
24 9 |
24 4 |
24 4 |
||||||||||
| PR IM A |
3. 7% |
14 6 |
12 8 |
12 8 |
||||||||||
| LB B 1.0 |
3. 1% |
65 4 |
60 8 |
60 8 |
||||||||||
| Ha rris on |
3.5 % |
39 | 35 | 35 | ||||||||||
| Ad am s |
3. 6% |
72 | 67 | 67 | ||||||||||
| Ho ov er |
3. 6% |
10 4 |
97 | 97 | ||||||||||
| Mc Ki nle 1 y |
3. 8% |
13 0 |
44 | 76 | 12 0 |
|||||||||
| LB B 2. 0 |
3.5 % |
47 0 |
42 6 |
42 6 |
||||||||||
| Ro lt os ev e |
1 3.3 % |
10 3 |
95 | 95 | ||||||||||
| W ils on |
3.2 % |
91 | 84 | 84 | ||||||||||
| Te L rm oa n |
1.9 % |
1, 00 0 |
10 00 |
1, 00 0 |
||||||||||
| Bo nd s |
2. 6% |
1, 30 0 |
70 0 |
60 0 |
1, 30 0 |
|||||||||
| Ot he r L oa ns |
3. 0% |
1, 04 9 |
70 | 36 | 13 | 13 | 14 4 |
34 | 36 | 42 | 19 | 2 | 4 | 41 4 |
| To l ta |
3. 0 % |
5, 57 1 |
70 | 3 6 |
25 7 |
1, 71 3 |
14 4 |
1, 26 9 |
6 3 6 |
5 12 |
19 | 3 6 |
8 0 |
4, 77 2 |
Refinancing of the term loan might likely be on higher rates than the 1,92% as of 31 August 2013. An increase of the term loan rate or the rate of a respective refinancing instrument by 100bps would increase the total average rate by 18 bps.
Flexibility to tap alternative sources of cost efficient financing providing stability
Dynamic balance sheet management
For unsecured instruments, no cash trapped from disposals or material restrictions to strategy
Further potential refinancings in the unsecured market may result in improved maturity profile and cost of debt
Further flexibility to finance potential acquisitions
Combination of German assets and best-in-class operations with European financing structure
Market Operations Financing Financials Outlook
16.09.2013
Revaluation preceding transfer to investment properties
Note: 2010 data restated to reflect accounting principle
| P & L |
|||
|---|---|---|---|
| ( €m ) |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
| Re fro le ing ty t t ve nu es m p ro p er |
1, 0 3 4 |
1, 0 5 9 |
1, 0 4 7 |
| Re ta l inc n om e |
7 2 4 |
7 3 1 |
7 2 9 |
| An i l lar ts c y co s |
3 1 0 |
3 2 8 |
3 1 8 |
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
| Inc fro ty t om e m p ro p er ma na g em en |
1, 0 5 4 |
1, 0 7 8 |
1, 0 6 5 |
| Inc fro le f p ies t om e m sa o ro p er |
5 2 2 |
5 2 3 |
5 3 0 |
| Ca ing f p ies l d t o t rry am ou n rop er so |
( ) 1 5 4 |
( ) 1 8 8 |
( ) 2 7 0 |
| Re lua ion f a he l d for le t ts va o ss e sa |
– | 3 | 1 7 |
| f i isp f p ies Pr t o d l o t o n os a ro p er |
7 1 |
6 8 |
5 2 |
| Ne inc fro fa ir v lue d j f inv ies t tm ts tm t p t om e m a a us en o es en rop er |
2 6 |
2 4 7 |
2 0 6 |
| C ha in lue f d ing ies tra t ng es va o p rop er |
0 | 1 2 0 5 |
– |
| Ex for i l lar ts p en se s an c y co s |
( ) 3 3 9 |
( ) 3 5 4 |
( ) 3 3 8 |
| Ex fo in ten p en se s r m a an ce |
( 1 2 6 ) |
( 1 2 9 ) |
( 1 1 5 ) |
| O he f p ha d g ds d s ice t t o r c os urc se oo an erv s |
( ) 6 0 |
( ) 6 6 |
( ) 6 7 |
| Pe l e rso nn e xp en se s |
( ) 8 3 |
( ) 9 1 |
( ) 1 1 2 |
| De ia ion d a isa ion t t t p rec an mo r |
( ) 5 |
( ) 6 |
( ) 6 |
| O he ing inc t t r o p era om e |
4 7 |
4 4 |
4 4 |
| O he ing t t r o p era ex p en se s |
( ) 8 2 |
( ) 7 1 |
( ) 8 1 |
| F ina ia l inc nc om e |
9 | 1 5 |
1 2 |
| F ina ia l e nc xp en se s |
( 3 2 ) 5 |
( 3 6 2 ) |
( 4 4 3 ) |
| Pr f i be fo t tax o re |
1 5 9 |
5 7 8 |
2 1 6 |
| Inc tax om e |
3 2 |
( 1 4 ) 5 |
( 4 4 ) |
| Cu t inc tax rre n om e |
( ) 5 |
( ) 5 |
( ) 2 |
| O he t rs |
3 7 |
( 1 4 9 ) |
( 4 2 ) |
| Pr f i fo he io d t t o r p er |
1 9 1 |
4 2 4 |
1 7 2 |
Note: Like-for-like in-place residential rents in effect in 2012
35
© Deutsche Annington Immobilien SE
16.09.2013
Revaluation preceding transfer to investment properties
Note: 2010 data restated to reflect accounting principles in effect in 2012
36
| P & L |
C t o m m e n s |
|||
|---|---|---|---|---|
| ( €m ) |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
|
| Re fro le ing ty t t ve nu es m p ro p er |
1, 0 3 4 |
1, 0 5 9 |
1, 0 4 7 |
|
| Re l inc ta n om e |
7 2 4 |
7 3 1 |
7 2 9 |
|
| An i l lar ts c y co s |
3 1 0 |
3 2 8 |
3 1 8 |
|
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
l s a e |
| Inc fro ty t om e m p ro p er ma na g em en |
1, 0 5 4 |
1, 0 7 8 |
1, 0 6 5 |
|
| Inc fro le f p ies t om e m sa o ro p er |
5 2 2 |
5 2 3 |
5 3 0 |
|
| Ca ing f p ies l d t o t rry am ou n rop er so |
( ) 1 5 4 |
( ) 1 8 8 |
( ) 2 7 0 |
|
| Re lua ion f a he l d for le t ts va o ss e sa |
– | 3 | 1 7 |
|
| Pr f i d isp l o f p ies t o t o n os a ro p er |
7 1 |
6 8 |
5 2 |
|
| Ne inc fro fa ir v lue d j f inv ies t tm ts tm t p t om e m a a us en o es en rop er |
2 6 |
2 4 7 |
2 0 6 |
|
| C ha in lue f d ing ies tra t ng es va o p rop er |
0 | 1 2 0 5 |
– | |
| Ex for i l lar ts p en se s an c y co s |
( ) 3 3 9 |
( ) 3 5 4 |
( ) 3 3 8 |
|
| Ex fo in ten p en se s r m a an ce |
( ) 1 2 6 |
( ) 1 2 9 |
( 5 ) 1 1 |
|
| O f p he ha d g ds d s ice t t o r c os urc se oo an erv s |
( ) 6 0 |
( ) 6 6 |
( ) 6 7 |
|
| Pe l e rso nn e xp en se s |
( ) 8 3 |
( ) 9 1 |
( ) 1 1 2 |
f f t e e c s |
| De ia ion d a isa ion t t t p rec an mo r |
( ) 5 |
( ) 6 |
( ) 6 |
|
| O he ing inc t t r o p era om e |
4 7 |
4 4 |
4 4 |
|
| O t he t ing r o p era ex p en se s |
( ) 8 2 |
( ) 7 1 |
( ) 8 1 |
|
| F ina ia l inc nc om e |
9 | 1 5 |
1 2 |
|
| F ina ia l e nc xp en se s |
( 3 2 ) 5 |
( 3 6 2 ) |
( 4 4 3 ) |
|
| Pr f i be fo t tax o re |
1 5 9 |
5 7 8 |
2 1 6 |
|
| Inc tax om e |
3 2 |
( 1 4 ) 5 |
( 4 4 ) |
|
| Cu inc t tax rre n om e |
( ) 5 |
( ) 5 |
( ) 2 |
|
| O he t rs |
3 7 |
( 1 4 9 ) |
( 4 2 ) |
|
| Pr f i fo he io d t t o r p er |
1 9 1 |
4 2 4 |
1 7 2 |
© Deutsche Annington Immobilien SE
| P & L |
C t o m m e n s |
|||
|---|---|---|---|---|
| ( €m ) |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
|
| Re fro le ing ty t t ve nu es m p ro p er |
1, 0 3 4 |
1, 0 5 9 |
1, 0 4 7 |
|
| inc Re ta l n om e |
7 2 4 |
7 3 1 |
7 2 9 |
|
| An i l lar ts c y co s |
3 1 0 |
3 2 8 |
3 1 8 |
|
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
|
| fro Inc ty t om e m p ro p er ma na g em en |
1, 0 5 4 |
1, 0 7 8 |
1, 0 6 5 |
|
| Inc fro le f p ies t om e m sa o ro p er |
2 2 5 |
2 5 3 |
3 0 5 |
|
| Ca ing f p ies l d t o t rry am ou n rop er so |
( ) 1 5 4 |
( ) 1 8 8 |
( ) 2 7 0 |
|
| f a for Re lua ion he l d le t ts va o ss e sa |
– | 3 | 1 7 |
|
| f i isp f p ies Pr t o d l o t o n os a ro p er |
7 1 |
6 8 |
5 2 |
|
| Ne inc fro fa ir v lue d j f inv ies t tm ts tm t p t om e m a a us en o es en rop er |
2 6 |
2 4 7 |
2 0 6 |
|
| C ha in lue f d ing ies tra t ng es va o p rop er |
0 | 1 2 0 5 |
– | |
| Ex for i l lar ts p en se s an c y co s |
( ) 3 3 9 |
( ) 3 5 4 |
( ) 3 3 8 |
|
| Ex fo in ten p en se s r m a an ce |
( 1 2 6 ) |
( 1 2 9 ) |
( 1 1 5 ) |
|
| O he f p ha d g ds d s ice t t o r c os urc se oo an erv s |
( ) 6 0 |
( ) 6 6 |
( ) 6 7 |
|
| Pe l e rso nn e xp en se s |
( ) 8 3 |
( ) 9 1 |
( ) 1 1 2 |
|
| De ia ion d a isa ion t t t p rec an mo r |
( ) 5 |
( ) 6 |
( ) 6 |
|
| O he ing inc t t r o p era om e |
4 7 |
4 4 |
4 4 |
|
| O he ing t t r o p era ex p en se s |
( ) 8 2 |
( ) 7 1 |
( ) 8 1 |
|
| F ina ia l inc nc om e |
9 | 1 5 |
1 2 |
|
| F ina ia l e nc xp en se s |
( 3 2 ) 5 |
( 3 6 2 ) |
( 4 4 3 ) |
|
| Pr f i be fo t tax o re |
1 5 9 |
5 7 8 |
2 1 6 |
3, 8 |
| Inc tax om e |
3 2 |
( 1 4 ) 5 |
( 4 4 ) |
|
| Cu t inc tax rre n om e |
( ) 5 |
( ) 5 |
( ) 2 |
1 0, 3 |
| O he t rs |
3 7 |
( 1 4 9 ) |
( 4 2 ) |
|
| Pr f i fo he io d t t o r p er |
1 9 1 |
4 2 4 |
1 7 2 |
Note: 2010 data restated to reflect accounting principles in effect in 2012
16.09.2013
1Revaluation preceding transfer to investment properties
Revaluation preceding transfer to investment properties
Note: 2010 data restated to reflect accounting principles in effect in 2012
| P & L |
C t o m m e n s |
|||
|---|---|---|---|---|
| ( ) €m |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
|
| fro ing Re ty le t t ve nu es m p ro p er |
1, 0 3 4 |
1, 0 5 9 |
1, 0 4 7 |
|
| Re l inc ta n om e |
2 4 7 |
3 1 7 |
2 9 7 |
|
| An i l lar ts c y co s |
3 1 0 |
3 2 8 |
3 1 8 |
|
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
|
| Inc fro ty t om e m p ro p er ma na g em en |
1, 0 5 4 |
1, 0 8 7 |
1, 0 6 5 |
|
| Inc fro le f p ies t om e m sa o ro p er |
2 2 5 |
2 5 3 |
3 0 5 |
|
| Ca ing f p ies l d t o t rry am ou n rop er so |
( 1 5 4 ) |
( 1 8 8 ) |
( 2 7 0 ) |
|
| Re lua ion f a he l d for le t ts va o ss e sa |
– | 3 | 1 7 |
|
| Pr f i d isp l o f p ies t o t o n os a ro p er |
1 7 |
6 8 |
5 2 |
|
| Ne inc fro fa ir v lue d j f inv ies t tm ts tm t p t om e m a a us en o es en rop er |
2 6 |
2 4 7 |
2 0 6 |
|
| C f ha in lue d ing ies tra t ng es va o p rop er |
0 | 1 2 0 5 |
– | |
| Ex for i l lar ts p en se s an c co s y |
( 3 3 9 ) |
( 3 4 ) 5 |
( 3 3 8 ) |
|
| Ex fo in ten p en se s r m a an ce |
( 1 2 6 ) |
( 1 2 9 ) |
( 1 1 5 ) |
|
| O he f p ha d g ds d s ice t t o r c os urc se oo an erv s |
( 6 0 ) |
( 6 6 ) |
( 6 ) 7 |
|
| Pe l e rso nn e xp en se s |
( 8 3 ) |
( 9 1 ) |
( 1 1 2 ) |
|
| De ia ion d a isa ion t t t p rec an mo r |
( ) 5 |
( 6 ) |
( 6 ) |
|
| O he ing inc t t r o p era om e |
4 7 |
4 4 |
4 4 |
|
| O he ing t t r o p era ex p en se s |
( 8 2 ) |
( 1 ) 7 |
( 8 1 ) |
|
| F ina ia l inc nc om e |
9 | 1 5 |
1 2 |
|
| F ina ia l e nc xp en se s |
( ) 3 5 2 |
( ) 3 6 2 |
( ) 4 4 3 |
|
| f i fo Pr t be tax o re |
1 5 9 |
5 7 8 |
2 1 6 |
1. 1 0 0 |
| Inc tax om e |
3 2 |
( ) 1 5 4 |
( ) 4 4 |
|
| Cu inc t tax rre n om e |
( ) 5 |
( ) 5 |
( 2 ) |
|
| O he t rs |
3 7 |
( ) 1 4 9 |
( ) 4 2 |
|
| Pr f i fo he io d t t o r p er |
1 9 1 |
4 2 4 |
1 7 2 |
A 2 0 1 0 |
Note: 2010 data restated to reflect accounting principles in effect in 2012
Revaluation preceding transfer to investment properties
| P & L |
C t o m m e n s |
|||
|---|---|---|---|---|
| ( ) €m |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
|
| Re fro le ing ty t t ve nu es m p ro p er |
1, 0 3 4 |
1, 0 5 9 |
1, 0 4 7 |
|
| Re l inc ta n om e |
7 2 4 |
7 3 1 |
7 2 9 |
|
| An i l lar ts c y co s |
3 1 0 |
3 2 8 |
3 1 8 |
|
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
|
| Inc fro ty t om e m p ro p er ma na g em en |
5 1, 0 4 |
1, 0 7 8 |
5 1, 0 6 |
|
| Inc fro le f p ies t om e m sa o ro p er |
2 2 5 |
2 5 3 |
3 0 5 |
|
| Ca ing f p ies l d t o t rry am ou n rop er so |
( 1 4 ) 5 |
( 1 8 8 ) |
( 2 0 ) 7 |
|
| Re lua ion f a he l d for le t ts va o ss e sa |
– | 3 | 1 7 |
|
| Pr f i d isp l o f p ies t o t o n os a ro p er |
7 1 |
6 8 |
5 2 |
|
| fro fa f Ne t inc ir v lue d j tm ts inv tm t p t ies om e m a a us en o es en rop er |
2 6 |
2 4 7 |
2 0 6 |
|
| C ha in lue f d ing ies tra t ng es va o p rop er |
0 | 1 2 0 5 |
– | |
| Ex for i l lar ts p en se s an c y co s |
( 3 3 9 ) |
( 3 4 ) 5 |
( 3 3 8 ) |
|
| Ex fo in ten p en se s r m a an ce |
( 1 2 6 ) |
( 1 2 9 ) |
( 1 1 5 ) |
|
| O he f p ha d g ds d s ice t t o r c os urc se oo an erv s |
( ) 6 0 |
( ) 6 6 |
( ) 6 7 |
|
| Pe l e rso nn e xp en se s |
( 8 3 ) |
( 9 1 ) |
( 1 1 2 ) |
|
| De ia ion d a isa ion t t t p rec an mo r |
( ) 5 |
( 6 ) |
( 6 ) |
|
| O he ing inc t t r o p era om e |
4 7 |
4 4 |
4 4 |
|
| O he ing t t r o p era ex p en se s |
( 8 2 ) |
( 1 ) 7 |
( 8 1 ) |
|
| F ina ia l inc nc om e |
9 | 1 5 |
1 2 |
|
| F ina ia l e nc xp en se s |
( ) 3 5 2 |
( ) 3 6 2 |
( ) 4 4 3 |
|
| f fo Pr i t be tax o re |
1 5 9 |
5 7 8 |
2 1 6 |
|
| Inc tax om e |
3 2 |
( 1 5 4 ) |
( 4 4 ) |
|
| Cu inc t tax rre n om e |
( ) 5 |
( ) 5 |
( ) 2 |
|
| O he t rs |
3 7 |
( ) 1 4 9 |
( ) 4 2 |
|
| f i fo io Pr t t he d o r p er |
1 9 1 |
4 2 4 |
1 7 2 |
Increase in fiscal year 2012 mainly driven by the negative effect of GRAND swap valuation (€83m) and an increase in transaction costs to €57m, mitigated by lower financial indebtedness levels
Increase in fiscal year 2011 resulting from the GRAND restructuring transaction costs of €27m incurred in fiscal year 2011
© Deutsche Annington Immobilien SE
16.09.2013
Revaluation preceding transfer to investment properties
| P & L |
C o m m e n |
|||
|---|---|---|---|---|
| ( ) €m |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
|
| fro ing Re ty le t t ve nu es m p ro p er |
1, 0 3 4 |
1, 0 5 9 |
1, 0 4 7 |
|
| Re l inc ta n om e |
2 4 7 |
3 1 7 |
2 9 7 |
|
| An i l lar ts c y co s |
3 1 0 |
3 2 8 |
3 1 8 |
|
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
|
| Inc fro ty t om e m p ro p er ma na g em en |
1, 0 5 4 |
1, 0 8 7 |
1, 0 6 5 |
|
| Inc fro le f p ies t om e m sa o ro p er |
2 2 5 |
2 5 3 |
3 0 5 |
|
| Ca ing f p ies l d t o t rry am ou n rop er so |
( 1 5 4 ) |
( 1 8 8 ) |
( 2 7 0 ) |
|
| Re lua ion f a he l d for le t ts va o ss e sa |
– | 3 | 1 7 |
|
| Pr f i d isp l o f p ies t o t o n os a ro p er |
1 7 |
6 8 |
5 2 |
|
| Ne inc fro fa ir v lue d j f inv ies t tm ts tm t p t om e m a a us en o es en rop er |
2 6 |
2 4 7 |
2 0 6 |
|
| C f ha in lue d ing ies tra t ng es va o p rop er |
0 | 1 2 0 5 |
– | |
| Ex for i l lar ts p en se s an c co s y |
( 3 3 9 ) |
( 3 4 ) 5 |
( 3 3 8 ) |
|
| Ex fo in ten p en se s r m a an ce |
( 1 2 6 ) |
( 1 2 9 ) |
( 1 1 5 ) |
|
| O he f p ha d g ds d s ice t t o r c os urc se oo an erv s |
( 6 0 ) |
( 6 6 ) |
( 6 ) 7 |
|
| Pe l e rso nn e xp en se s |
( 8 3 ) |
( 9 1 ) |
( 1 1 2 ) |
|
| De ia ion d a isa ion t t t p rec an mo r |
( ) 5 |
( 6 ) |
( 6 ) |
|
| O he ing inc t t r o p era om e |
4 7 |
4 4 |
4 4 |
|
| O he ing t t r o p era ex p en se s |
( 8 2 ) |
( 1 ) 7 |
( 8 1 ) |
|
| F ina ia l inc nc om e |
9 | 1 5 |
1 2 |
|
| F ina ia l e nc xp en se s |
( ) 3 5 2 |
( ) 3 6 2 |
( ) 4 4 3 |
|
| f i fo Pr t be tax o re |
1 5 9 |
5 7 8 |
2 1 6 |
|
| Inc tax om e |
3 2 |
( ) 1 5 4 |
( ) 4 4 |
|
| Cu inc t tax rre n om e |
( ) 5 |
( ) 5 |
( 2 ) |
|
| O he t rs |
3 7 |
( ) 1 4 9 |
( ) 4 2 |
|
| f i fo io Pr t t he d o r p er |
1 9 1 |
4 2 4 |
1 7 2 |
Overview
| Ma ke t r |
Op ion t er a s |
F ina ing nc |
in ia F ls an c |
O loo k t u |
|---|---|---|---|---|
| P & L |
C t o m m e n s |
||||
|---|---|---|---|---|---|
| C ha ng |
e | ||||
| ( ) €m |
H 1 2 0 1 3 |
H 1 2 0 1 2 |
( ) €m |
% | |
| Re fro le ing ty t t ve nu es m p ro p er |
5 2 3. 2 |
5 3 2. 0 |
8. 8 - |
1. 7 - |
|
| inc Re ta l n om e |
3 6 4. 0 |
3 6 5. 4 |
1. 4 - |
0. 4 - |
|
| An i l lar ts c y co s |
1 5 9. 2 |
1 6 6. 6 |
7. 4 - |
4. 4 - |
|
| O fro he inc t ty t r om e m p rop er ma na g em en |
9. 0 |
9. 1 |
0. 1 - |
1. 1 - |
|
| Inc fro ty t om e m p ro p er ma na g em en |
5 3 2. 2 |
5 4 1. 1 |
8. 9 - |
1. 6 - |
|
| Inc fro le f p ies t om e m sa o ro p er |
1 6 6. 9 |
1 4 0. 3 |
2 6. 6 |
1 9. 0 |
|
| Ca ing f p ies l d t o t rry am ou n rop er so |
-1 4. 0 5 |
1 2 1. 9 - |
3 2. 1 - |
2 6. 3 |
|
| Re lua ion f a he l d for le t ts va o ss e sa |
1 1. 1 |
1 2. 8 |
1. 7 - |
1 3. 3 - |
|
| Pr f i d isp l o f p ies t o t o n os a ro p er |
2 4. 0 |
3 1. 2 |
2 7. - |
2 3. 1 - |
|
| Ne inc fro fa ir v lue d j f t tm ts om e m a a us en o |
|||||
| inv ies tm t p t es en rop er |
2 3. 9 5 |
8 0. 7 |
4 4 3. 2 |
||
| Ex for i l lar ts p en se s an c y co s |
-1 5 9. 4 |
1 7 4. 8 - |
1 5. 4 |
8. 8 - |
|
| Ex for in ten p en se s m a an ce |
-5 0. 2 |
5 8. 9 - |
8. 7 |
1 4. 8 - |
|
| O f p t he t o ha d g ds d s ice r c os urc se oo an erv s |
2 7. 8 - |
3 2. 3 - |
4. 5 |
1 3. 9 - |
|
| Pe l e rso nn e xp en se s |
0. 4 -7 |
4 8. 7 - |
2 1. 7 - |
4 4. 6 |
|
| De ia ion d a isa ion t t t p rec an mo r |
-2 8 |
2. 9 - |
0. 1 |
3. 4 - |
|
| O he ing inc t t r o p era om e |
1 9. 2 |
1 4. 2 |
0 5. |
3 2 5. |
|
| O he ing t t r o p era ex p en se s |
-4 1. 9 |
3 2. 7 - |
9. 2 - |
2 8. 1 |
|
| F ina ia l inc nc om e |
1 7. |
2. 3 |
4. 8 |
||
| F ina ia l e nc xp en se s |
-1 2 8. 4 |
1 6 3. 0 - |
3 4. 6 |
2 1. 2 - |
|
| Pr f i be fo t tax o re |
6 2 5. 5 |
1 5 6. 2 |
4 6 9. 3 |
||
| Inc tax om e |
-1 8 5. 3 |
4 4. 7 - |
1 4 0. 6 - |
||
| Cu inc t tax rre n om e |
-4 0 |
3. 6 - |
0. 4 - |
1 1. 1 |
|
| O ( ) he inc l. de fer d t tax rs re |
-1 8 1. 3 |
4 1. 1 - |
1 4 0. 2 - |
||
| Pr f i fo he io d t t o r p er |
4 4 0. 2 |
1 1 1. 5 |
3 2 8. 7 |
| S b le l inc ta ta ren om e |
|---|
| Av ize f he i de ia l p fo l io he t t t t era g e s o re s n or ov er io d do fro k k a l f s les 1 8 5 to 1 7 9 t o p er wn m s a re su a |
| O f fse t by h ig he i de t ia l in- lac t p r a ve rag e r es n p e r en er ( ) h € 5. 3 5 v € 5. 2 4 d tre t sq ua re me p er mo n s. an ( ) low 3. 9 % 4. 5 % te er va ca nc y ra vs |
| S I F R Pr f i d isp l low du h ig he ing t o to o n os a er e r c arr y f p ies l d t o t am ou n rop er so |
| Ne inc fro fa ir v lue d j inc d t tm ts om e m a a us en rea se dr ive by lua ion t n va |
| An i l lar ts de lop in l ine i t h de ing c y co s ve w cre as |
| f u for be i log ly, i l lar ts; nu m r o n an a ou s ex p en se s an c y f f fec lec i de lop d ins ing ts t u ts t a t co s re n ve me n n ou rc e |
| Inc d p l e im i ly du he to t rea se ers on ne xp en se s p r ar e ins ing in i ia ive f c ke ( € 4. 6m ) d t t ta ou rc o are rs an f ( € 1 2. ) d L T I P ( € 4. 1m f w h ic h € tsm 5m cra en an o , 3. 4m I P O- la d ) te w ere re |
| Inc dr ive by ins ing h ig he is ion d rea se n ou rc r p rov s a n inc d a d i l fee d leg l c t, tan ts rea se u co ns u cy s a n a os |
| F ina ia l e de d s bs ia l ly by he tan t t nc xp en se s cre as e u de lev ing f fec f he G R A N D C M B S t o t era g e ing l l a low in tru tur ter t ra tes res c as w e s er es |
| Pr f i for he io d m in ly dr ive by lua ion f fec t t t ts o p er a n va e |
| M i d d i i t t a n e n a n c e a n m o e r n s a o n |
||
|---|---|---|
| H 1 2 0 1 3 |
H 1 2 0 1 2 |
|
| Sa les f f 's isa ion tm t o ow n cra en or g an |
5 6. 7 |
1 8. 5 |
| Bo h in ice t- ug se rv s |
3 2. 7 |
7 6. 7 |
| To l f de isa io d ta t t co s o m o rn n an in k te m a na nc e wo r |
8 9. 4 |
9 5. 2 |
| In f i f f 's te ts tm rco m p an p ro o ow n cra en y isa ion l im ina d in he l i da d t te t te or g an e co ns o f ina ia l ta te ts nc s me n |
-4 4 |
-1 2 |
| in | ||
| Mo de isa io d k t te rn n an m a na nc e wo r ise d in he l i da d f in ia l t te re co g n co ns o an c |
||
| ta te ts s m en |
8 5. 0 |
9 4. 0 |
| 1 he f in t te re o ma na nc e … |
6 7. 1 |
6 3. 0 |
| he f i l ise d in t ta te re o ca p ma na nc e … |
1 1. 6 |
6. 3 |
| f he de isa ion t t re o mo rn … |
6. 3 |
2 4. 7 |
Note: Rounding errors may occur
1) including cost of materials of € 50.2 million as well as personnel expenses of € 16.9 million and other costs.
| B i d A d j d E B I T D A t t r g e o u s e |
|||
|---|---|---|---|
| ( €m ) |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
| Pr f i fo he io d t t o r p er |
1 9 1 |
4 2 4 |
1 2 7 |
| In / ( inc ) ter t e es xp en se om e |
3 4 6 |
3 0 5 |
4 3 4 |
| Inc tax om e es |
( 3 2 ) |
1 4 5 |
4 4 |
| De ia ion t p rec |
5 | 6 | 6 |
| Ne inc fro fa ir v lue d j. f inv ies t tm t p t om e m a a o es en rop er |
( 2 6 ) |
( 2 4 ) 7 |
( 2 0 6 ) |
| C ha in lue f d ing ies tra t ng es va o p rop er |
( 0 ) |
1 ( 2 0 ) 5 |
0 |
| E B I T D A I F R S |
4 8 5 |
4 8 3 |
4 5 0 |
| No ing i tem n-r ec urr s |
2 3 |
1 8 |
2 1 |
| 3 A d j tm ts us en |
( ) 2 1 |
( ) 2 4 |
3 |
| 3 A d j d E B I T D A te us |
4 6 6 |
4 7 7 |
4 7 4 |
| A d j d E B I T D A Re l te ta us n |
4 2 9 |
4 4 9 |
4 3 7 |
| 3 j Sa A d te d E B I T D A les us |
3 7 |
2 9 |
3 7 |
| R l t t e n a s e g m e n |
|||
|---|---|---|---|
| ( ) €m |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
| Re l inc ta n om e |
2 4 7 |
3 1 7 |
2 9 7 |
| O he inc fro t ty t r om e m p rop er ma na g em en |
2 0 |
2 0 |
1 8 |
| 4 An i l lar t ba lan c y co s ce |
( ) 2 6 |
( ) 2 3 |
( ) 2 1 |
| O he t ty t c ts r p rop er ma na g em en os |
( 2 8 8 ) |
( 2 9 ) 7 |
( 2 8 9 ) |
| j A d te d E B I T D A Re ta l us n |
4 2 9 |
4 4 9 |
4 3 7 |
| S l t a e s s e g m e n |
|||
| ( €m ) |
A 2 0 1 0 |
A 2 0 1 1 |
A 2 0 1 2 |
| Inc fro d isp l o f p ies t om e m os a ro p er |
5 2 2 |
5 2 3 |
5 3 0 |
| Ca f p ing ies l d t o t rry am ou n rop er so |
( ) 1 5 4 |
( ) 1 8 8 |
( ) 2 7 0 |
| f a for Re lua ion he l d le t ts va o ss e sa |
0 | 3 | 1 7 |
| Pr f i d isp l o f p ies t o t o n os a ro p er |
7 1 |
6 8 |
5 2 |
| Op ing t era ex p en se s |
( 1 3 ) |
( 1 5 ) |
( 1 8 ) |
| 3 A d j tm ts us en |
( 2 1 ) |
( 2 4 ) |
3 |
| A d j d E B I T D A Sa les te us |
3 7 |
2 9 |
3 7 |
Note: 2010 data restated to reflect accounting principles in effect in 2012. 1 Revaluation preceding transfer to investment properties; 2 Unaudited; 3 Adjustment to eliminate the effect of certain reporting principles resulting in the recognition of profit on disposal of properties in periods prior to the recognition of income from the sale of such properties and the effect of the reclassification of trading properties into investment properties at the end of 2011. Reported Adjusted EBITDA was €488m in 2010, €501m in 2011 and €471m in 2012 and Reported EBITDA Sales was €58m in 2010, €52m in 2011 and €34m in 2012; 4 Inclusive of certain personnel expenses as per insourcing activities; 5 Based on average number of units over the year
| ( €m ) |
H 1 2 0 1 3 |
H 1 2 0 1 2 |
|---|---|---|
| Pr f i fo he io d t t o r p er |
4 4 0 |
1 1 2 |
| In / ( inc ) ter t e es xp en se s om e |
1 2 2 |
1 6 1 |
| Inc tax om e es |
1 8 5 |
4 5 |
| De ia ion t p rec |
3 | 3 |
| Ne inc fro fa ir v lue d j f t tm ts om e m a a us en o inv ies tm t p t es en rop er |
-5 2 4 |
8 1 - |
| S E B I T D A I F R |
2 2 6 |
2 3 9 |
| No ing i tem n-r ec urr s |
1 4 |
3 |
| Pe io d a d j tm ts r us en |
2 | 5 - |
| A d j d E B I T D A te us |
2 4 2 |
2 3 8 |
| A d j d E B I T D A Re l te ta us n |
2 2 2 |
2 1 8 |
| A d j d E B I T D A Sa les te us |
2 0 |
1 9 |
| R l t t e n a s e g m e n |
||||
|---|---|---|---|---|
| ( ) €m |
H1 20 13 |
H1 20 12 |
||
| f u ( k) Av be nit th eri od era g e n um r o s o ver e p |
179 | 186 | ||
| Re l in nta co me |
36 4 |
36 5 |
||
| 1 2 2 |
1 6 1 |
Ot he r in fro ert t co me m p rop ma na g em en y |
9 | 9 |
| An cill ba lan st ary co ce |
( ) 9 |
( ) 9 |
||
| Ot he ert t c ost r p rop y ma na g em en s |
( ) 142 |
( ) 147 |
||
| Ad j ted E BIT DA R tal us en |
22 2 |
21 8 |
||
| S l t a e s s e g m e n |
||||
| ( €m ) |
H1 20 13 |
H1 20 12 |
||
| f u Nu mb nit old er o s s |
2, 58 7 |
1, 88 6 |
||
| Inc e f di al of ies ert om rom sp os p rop |
16 7 |
14 0 |
||
| Ca ing f p ies ld nt ert rry am ou o rop so |
( ) 154 |
( ) 122 |
||
| Re lua tio f a he ld for le ts va n o sse sa |
11 | 13 | ||
| 2 2 2 |
2 1 8 |
Pro fit di al of ies ert on sp os p rop |
24 | 31 |
| 2 0 |
1 9 |
Op tin era g ex p en se s |
( ) 6 |
( 7) |
| Pe rio d a dju stm ts en |
2 | ( ) 5 |
||
| Ad j ted E BIT DA Sa les us |
20 | 19 |
Evolution of Adjusted EBITDA (€m)
| A d j te us |
d E B I T D A |
Re ta n |
l g ing row |
i t w |
h du re ce |
d fo l io t p or |
|
|---|---|---|---|---|---|---|---|
| -- | ------------------------- | --------------------------------- | --------------- | ------------------- | ------------- | --------------------- | ------------------------------------ |
Based on average number of units over the year
capex; 3 Based on average number of units over the period
Note: 2010 data restated to reflect accounting principles in effect in 2012
Overview
| F F O l i t e o o n v u |
F F O 1 d F F O 2 a n |
|||
|---|---|---|---|---|
| ( €m ) |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
F F O 1 |
| 1 A d j d E B I T D A te us |
4 6 6 |
4 7 7 |
4 7 4 |
|
| (- ) Ne h in t c ter t as es |
( ) 2 6 5 |
( ) 2 9 3 |
( ) 2 7 4 |
1 9 6 |
| (- ) Cu inc t tax rre n om e es |
( ) 5 |
( ) 5 |
( ) 2 |
3 7 |
| (= ) F F O 2 |
1 9 6 |
1 7 9 |
1 9 8 |
|
| (- ) A d j d E B I T D A Sa les te us |
( 3 ) 7 |
( 2 9 ) |
( 3 ) 7 |
|
| (= ) F F O 1 |
1 5 9 |
1 5 1 |
1 6 2 |
9 0 6 |
| 2 (- ) Ca i l ise d m in ta ten p a an ce |
( 1 1 ) |
( 1 6 ) |
( 2 4 ) |
1 9 5 |
| (= ) A F F O |
1 4 8 |
1 3 5 |
1 3 8 |
|
| 2 ( ) Ca i l ise d m in ta ten + p a an ce |
1 1 |
1 6 |
2 4 |
|
| ( ) for Ex in ten + p en se s m a an ce |
1 2 6 |
1 2 9 |
1 1 5 |
A F F O |
| ( ) Cr f 's l e tsm + a en p ers on ne xp en se s |
0 | 1 | 1 2 |
|
| (= ) F F O 1 ( l. m in ) ten ex c a an ce |
2 8 5 |
2 8 0 |
2 8 9 |
Adjusted to eliminate the effect of certain reporting principles resulting in the recognition of profit on disposal of properties in periods prior to the recognition of income from the sale of such properties and the effect of the reclassification of trading properties into investment properties at the end of 2011. Reported Adjusted EBITDA was €488m in 2010, €501m in 2011 and €471m in 2012; 2 Capitalised maintenance excluding discretionary, value-enhancing modernisation
| F F O l i t e o o n v u |
||
|---|---|---|
| ( €m ) |
H 1 2 0 1 3 |
H 1 2 0 1 2 |
| A d j d E B I T D A te us |
2 4 2 |
2 3 8 |
| (- ) Ne h in t c ter t as es |
( ) 1 1 5 |
( ) 1 3 8 |
| Cu (- ) inc t tax rre n om e es |
( 4 ) |
( 4 ) |
| (= ) F F O 2 |
1 2 3 |
9 6 |
| (- ) A d j d E B I T D A Sa les te us |
2 0 |
1 9 |
| (= ) F F O 1 |
1 0 3 |
7 6 |
| (- ) Ca i l ise d in ta ten p ma an ce |
1 2 |
6 |
| (= ) A F F O |
9 2 |
7 0 |
| ( ) Ca i l ise d in ta ten + p ma an ce |
1 2 |
6 |
| ( ) Ex for in ten + p en se s m a an ce |
6 7 |
6 3 |
| (= ) ( ) F F O 1 l. m in te ex c a na nc e |
1 7 1 |
1 3 9 |
Based on average number of units over the year
| i O v e r v e w |
|||
|---|---|---|---|
| ( ) €m |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
| Inv ies tm t p t es en rop er |
8, 4 3 7 |
9, 8 9 4 |
9, 8 4 4 |
| O he t t a ts r n on -cu rre n ss e |
7 9 |
7 8 |
1 0 3 |
| To l n ta t a ts on -cu rre n ss e |
5 8, 1 6 |
9, 9 7 2 |
9, 9 4 7 |
| Ca h a d c h e iva len ts s n as q u |
3 1 1 |
2 7 9 |
4 7 0 |
| O t he t a ts r c urr en ss e |
1, 3 5 4 |
1 3 2 |
1 9 2 |
| To ta l c t a ts ur ren ss e |
1, 6 6 5 |
4 1 1 |
6 6 2 |
| To ta l a ts ss e |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| To l e i i bu b le D A ha ho l de ta ty t tr ta to q u a s re rs |
1, 8 0 6 |
2, 2 1 6 |
2, 6 6 6 |
| No l l ing in tro ter ts n-c on es |
1 2 |
1 4 |
1 1 |
| To l e i ta ty q u |
1, 8 1 8 |
2, 2 3 0 |
2, 6 7 7 |
| O he f ina ia l l ia b i l i ies t t r nc |
6, 5 0 1 |
6, 1 4 6 |
5, 7 6 7 |
| De fer d l ia b i l i ies tax t re |
5 4 4 |
6 9 2 |
7 2 4 |
| Pr is ion for ion d s im i lar b l ig ion t ov s p en s s a n o a s |
2 5 1 |
2 5 4 |
3 1 9 |
| O he l ia b i l i ies t t t r n on -cu rre n |
1 4 7 |
1 4 5 |
1 3 1 |
| To l n l ia b i l i ies ta t t on -cu rre n |
7, 4 7 0 |
7, 2 4 6 |
6, 9 4 1 |
| O f he ina ia l l ia b i l i ies t t r nc |
6 1 2 |
6 1 9 |
6 8 4 |
| O he l ia b i l i ies t t t r c urr en |
2 8 1 |
2 8 8 |
3 0 6 |
| To l c l ia b i l i ies ta t t ur ren |
8 9 3 |
9 0 7 |
9 9 0 |
| To l l ia b i l i ies ta t |
8, 3 6 3 |
8, 1 5 3 |
9 3 1 7, |
| To l e i d l ia b i l i ies ta ty t q an u |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| O i e r e v v w |
|||
|---|---|---|---|
| ( ) €m |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
| Inv ies tm t p t es en rop er |
8, 4 3 7 |
9, 8 9 4 |
9, 8 4 4 |
| O he t t a ts r n on -cu rre n ss e |
7 9 |
7 8 |
1 0 3 |
| To ta l n t a ts on -cu rre n ss e |
8, 5 1 6 |
9, 9 7 2 |
9, 9 4 7 |
| Ca h a d c h e iva len ts s n as q u |
3 1 1 |
2 7 9 |
4 7 0 |
| O he t t a ts r c urr en ss e |
1, 3 4 5 |
1 3 2 |
1 9 2 |
| To l c ta t a ts ur re n ss e |
1, 6 6 5 |
4 1 1 |
6 6 2 |
| To l a ta ts ss e |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| To l e i i bu b le D A ha ho l de ta ty t tr ta to q u a s re rs |
1, 8 0 6 |
2, 2 1 6 |
2, 6 6 6 |
| No l l ing in tro ter ts n-c on es |
1 2 |
1 4 |
1 1 |
| To l e i ta ty q u |
1, 8 1 8 |
2, 2 3 0 |
2, 6 7 7 |
| O he f ina ia l l ia b i l i ies t t r nc |
6, 5 0 1 |
6, 1 4 6 |
5, 7 6 7 |
| De fer d l ia b i l i ies tax t re |
5 4 4 |
6 9 2 |
7 2 4 |
| for Pr is ion ion d s im i lar b l ig ion t ov s p en s s a n o a s |
2 5 1 |
2 5 4 |
3 1 9 |
| O he l ia b i l i ies t t t r n on -cu rre n |
1 4 7 |
1 4 5 |
1 3 1 |
| To l n l ia b i l i ies ta t t on -cu rre n |
4 0 7, 7 |
2 4 6 7, |
6, 9 4 1 |
| O he f ina ia l l ia b i l i ies t t r nc |
6 1 2 |
6 1 9 |
6 8 4 |
| O he l ia b i l i ies t t t r c urr en |
2 8 1 |
2 8 8 |
3 0 6 |
| To l c l ia b i l i ies ta t t ur re n |
8 9 3 |
9 0 7 |
9 9 0 |
| To l l ia b i l i ies ta t |
8, 3 6 3 |
8, 1 5 3 |
7, 9 3 1 |
| i ia i i ies To ta l e ty d l b l t q u an |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| O i v e r v e w |
|||
|---|---|---|---|
| ( €m ) |
A 2 0 1 0 |
A 2 0 1 1 |
A 2 0 1 2 |
| Inv ies tm t p t es en rop er |
8, 4 3 7 |
9, 8 9 4 |
9, 8 4 4 |
| O he t t a ts r n on -cu rre n ss e |
9 7 |
8 7 |
1 0 3 |
| To l n ta t a ts on -cu rre n ss e |
8, 5 1 6 |
9, 9 2 7 |
9, 9 4 7 |
| Ca h a d c h e iva len ts s n as q u |
3 1 1 |
2 7 9 |
4 7 0 |
| O he t t a ts r c urr en ss e |
1, 3 5 4 |
1 3 2 |
1 9 2 |
| To l c ta t a ts ur re n ss e |
1, 6 6 5 |
4 1 1 |
6 6 2 |
| To l a ta ts ss e |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| To l e i i bu b le D A ha ho l de ta ty t tr ta to q a s re rs u |
1, 8 0 6 |
2, 2 1 6 |
2, 6 6 6 |
| No l l ing in tro ter ts n-c on es |
1 2 |
1 4 |
1 1 |
| i To ta l e ty q u |
1, 8 1 8 |
2, 2 3 0 |
2, 6 7 7 |
| O f t he ina ia l l ia b i l i t ies r nc |
6, 5 0 1 |
6, 1 4 6 |
5, 7 6 7 |
| De fer d l ia b i l i ies tax t re |
5 4 4 |
6 9 2 |
7 2 4 |
| Pr is ion for ion d s im i lar b l ig ion t ov s p en s s a n o a s |
2 5 1 |
2 5 4 |
3 1 9 |
| O he l ia b i l i ies t t t r n on -cu rre n |
1 7 4 |
1 5 4 |
1 3 1 |
| To l n l ia b i l i ies ta t t on -cu rre n |
7, 4 7 0 |
7, 2 4 6 |
6, 9 4 1 |
| O he f ina ia l l ia b i l i ies t t r nc |
6 1 2 |
6 1 9 |
6 8 4 |
| O he l ia b i l i ies t t t r c urr en |
2 8 1 |
2 8 8 |
3 0 6 |
| ia i i ies To ta l c t l b l t ur re n |
8 9 3 |
9 0 7 |
9 9 0 |
| ia i i ies To ta l l b l t |
8, 3 6 3 |
8, 1 5 3 |
7, 9 3 1 |
| To l e i d l ia b i l i ies ta ty t q u an |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| O i v e r v e w |
|||
|---|---|---|---|
| ( €m ) |
2 0 1 0 A |
2 0 1 1 A |
2 0 1 2 A |
| Inv ies tm t p t es en rop er |
8, 4 3 7 |
9, 8 9 4 |
9, 8 4 4 |
| O he t t a ts r n on -cu rre n ss e |
7 9 |
7 8 |
1 0 3 |
| To l n ta t a ts on -cu rre n ss e |
8, 5 1 6 |
9, 9 7 2 |
9, 9 4 7 |
| Ca h a d c h e iva len ts s n as q u |
3 1 1 |
2 9 7 |
4 0 7 |
| O he t t a ts r c urr en ss e |
1, 3 5 4 |
1 3 2 |
1 9 2 |
| To l c ta t a ts ur re n ss e |
1, 6 6 5 |
4 1 1 |
6 6 2 |
| To l a ta ts ss e |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| To l e i i bu b le D A ha ho l de ta ty t tr ta to q u a s re rs |
1, 8 0 6 |
2, 2 1 6 |
2, 6 6 6 |
| No l l ing in tro ter ts n-c on es |
1 2 |
1 4 |
1 1 |
| To l e i ta ty q u |
1, 8 1 8 |
2, 2 3 0 |
2, 6 7 7 |
| O he f ina ia l l ia b i l i ies t t r nc |
6, 5 0 1 |
6, 1 4 6 |
5, 7 6 7 |
| fer De d l ia b i l i ies tax t re |
5 4 4 |
6 9 2 |
7 2 4 |
| Pr is ion for ion d s im i lar b l ig ion t ov s p en s s a n o a s |
2 1 5 |
2 4 5 |
3 1 9 |
| O he l ia b i l i ies t t t r n on -cu rre n |
1 7 4 |
1 5 4 |
1 3 1 |
| To l n l ia b i l i ies ta t t on -cu rre n |
7, 4 7 0 |
7, 2 4 6 |
6, 9 4 1 |
| O f he ina ia l l ia b i l i ies t t r nc |
6 1 2 |
6 1 9 |
6 8 4 |
| O he l ia b i l i ies t t t r c urr en |
2 8 1 |
2 8 8 |
3 0 6 |
| To l c l ia b i l i ies ta t t ur re n |
8 9 3 |
9 0 7 |
9 9 0 |
| To l l ia b i l i ies ta t |
8, 3 6 3 |
8, 1 5 3 |
9 3 1 7, |
| To l e i d l ia b i l i ies ta ty t q an u |
1 0, 1 8 1 |
1 0, 3 8 3 |
1 0, 6 0 8 |
| O i e r e v v w |
||
|---|---|---|
| €m ) |
H 1 2 0 1 3 |
Y E 2 0 1 2 |
| ies tm t p t es en ro p er |
1 0, 2 7 9 |
9, 8 4 4 |
| O he t t a ts r n on -c ur re n ss e |
3 4 2 |
1 0 3 |
| To ta l n t a ts on -c ur re n ss e |
1 0, 6 2 1 |
9, 9 4 7 |
| Ca h a d c h e iva len ts s n as q u |
2 2 2 |
4 0 7 |
| O he t t a ts r c ur re n ss e |
1 9 1 |
1 9 2 |
| To l c ta t a ts ur re n ss e |
4 1 3 |
6 6 2 |
| To l a ta ts ss e |
1 1, 0 3 4 |
1 0, 6 0 8 |
| To l e i i bu b le D A ha ho l de ta ty t tr ta to q a s re rs u |
3, 3 9 6 |
2, 6 6 6 |
| No l l ing in tro te ts n- co n re s |
1 4 |
1 1 |
| To l e i ta ty q u |
3, 4 1 0 |
2, 6 7 7 |
| O f he ina ia l l ia b i l i ies t t r nc |
5, 5 4 9 |
5, 7 6 7 |
| De fe d l ia b i l i ies tax t rre |
9 2 0 |
2 4 7 |
| fo Pr is ion ion d s im i lar b l ig ion t ov s r p en s s a n o a s |
2 9 2 |
3 1 9 |
| O he l ia b i l i ies t t t r n on -c ur re n |
1 3 2 |
1 3 1 |
| To l n l ia b i l i ies ta t t on -c ur re n |
6, 8 9 3 |
6, 9 4 1 |
| O he f ina ia l l ia b i l i ies t t r nc |
4 8 1 |
6 8 4 |
| O he l ia b i l i ies t t t r c ur re n |
2 1 5 |
3 0 6 |
| To l c l ia b i l i ies ta t t ur re n |
7 3 2 |
9 9 0 |
| To l l ia b i l i ies ta t |
6 2 4 7, |
9 3 1 7, |
| To l e i d l ia b i l i ies ta ty t q a n u |
1 1, 0 3 4 |
1 0, 6 0 8 |
1 Based on nominal amount; excluding derivative financial liabilities and net of cashNote: 2010 data restated to reflect accounting principles in effect in 2012
1)Excluding deferred tax impact of external valuation
| ( ) €m |
20 10 A |
20 11 A |
20 12 A |
|---|---|---|---|
| Ca h f low fro /us d in o ing iv it ies t t s m e p era ac |
47 7 |
5 85 |
3 8 6 |
| Ca /us h f low fro d in inv ing iv it ies t t s m e es ac |
43 | 8 8 |
19 5 |
| Ca f fro /us f h low d in ina ing t iv it ies s m e nc ac |
( ) 48 4 |
( ) 70 5 |
( ) 3 8 8 |
| O S f w h ic h c h p ds fro D A E as roc ee m ha ho l de s re r |
- | 0 | 3 3 4 |
| in iva Ne t c ha h a d c h e len ts ng es ca s n as q u |
3 5 |
( ) 3 2 |
19 2 |
| Ca h a d c h e iva len be inn ing f p io d ts at s n as q u g o er |
27 6 |
3 11 |
27 9 |
| Ca h a d c h e iva len d o f p io d ts at s n as q en er u |
3 11 |
27 9 |
47 0 |
| C h F l S t t t a s o w a e m e n |
C t o m m e n s |
|||
|---|---|---|---|---|
| ( €m ) Ca h f low fro /us d in o ing iv it ies t t s m e p era ac |
A 20 10 47 7 |
A 20 11 5 85 |
A 20 12 3 8 6 |
|
| Ca h f low fro /us d in inv ing iv it ies t t s m e es ac |
43 | 8 8 |
19 5 |
|
| Ca h f low fro /us d in f ina ing iv it ies t s m e nc ac |
( 48 4 ) |
( 70 ) 5 |
( 3 8 8 ) |
|
| O f w h ic h c h p ds fro D A S E as roc ee m ha ho l de s re r |
- | 0 | 3 3 4 |
|
| Ne ha in h a d c h e iva len t c ts ng es ca s n as q u |
3 5 |
( 3 2 ) |
19 2 |
|
| Ca h a d c h e iva len be inn ing f p io d ts at s n as q u g o er |
27 6 |
3 11 |
27 9 |
|
| Ca h a d c h e iva len d o f p io d ts at s n as q u en er |
3 11 |
27 9 |
47 0 |
|
| C S h F l t t t a s o w a e m e n |
C t o m m e n s |
|||
|---|---|---|---|---|
| ( €m ) |
A 20 10 |
A 20 11 |
A 20 12 |
|
| Ca h f low fro /us d in o ing iv it ies t t s m e p era ac |
47 7 |
85 5 |
3 8 6 |
|
| Ca f fro /us h low d in inv t ing t iv it ies s m e es ac |
43 | 8 8 |
19 5 |
|
| Ca h f low fro /us d in f ina ing iv it ies t s m e nc ac |
( ) 48 4 |
( ) 70 5 |
( ) 3 8 8 |
|
| O f w fro S h ic h c h p ds D A E as roc ee m ha ho l de s re r |
- | 0 | 3 3 4 |
|
| Ne ha in h a d c h e iva len t c ts ng es ca s n as q u |
3 5 |
( 3 2 ) |
19 2 |
|
| Ca h a d c h e iva len be inn ing f p io d ts at s n as q g o er u |
27 6 |
3 11 |
27 9 |
|
| Ca h a d c h e iva len d o f p io d ts at s n as q u en er |
3 11 |
27 9 |
47 0 |
| Ca h f lo ta te t s s m en w |
C t o m m e n s |
||
|---|---|---|---|
| ( €m ) |
H 1 2 0 1 3 |
H 1 2 0 1 2 |
be inc lu de € f p les fro inv ies 2 0 1 2 3 8m ty to nu m r s o ro p er sa m en r |
| Ca h f low fro /us d in ing iv i ies t t t s m e op era ac |
1 5 2 |
2 1 7 |
|
| Ca h f low fro /us d in inv ing iv i ies t t t s m e es ac |
1 2 7 |
8 4 |
S h i f ing les f inv ies in t to tm t p t sa o es en ro p er |
| Ca h f low fro /us d in f ina ing iv i ies t t s m e nc ac |
5 2 6 - |
3 7 1 - |
2 0 1 3 w h ic h is dr iv ing he inc in h f low t re as e ca s |
| O f w h ic h c h p ds fro D A S E s ha ho l de as roc ee m re r |
- | - | |
| in iva Ne t c ha h a d c h e len ts ng es ca s n as q u |
2 4 8 - |
7 1 - |
Re ing f G R A N D is he in dr ive f tru tu t s c r o m a r o f f he ina ing iv i ies h low t t t nc a c ca s |
| Ca h a d c h e iva len be inn ing f p io d ts t s n as q a g o er u |
4 7 0 |
2 7 9 |
|
| Ca h a d c h e iva len d o f p io d ts t e s n as q u a n er |
2 2 2 |
2 0 8 |
| K P I |
R a n g e |
|---|---|
| R l h t t e n a g r o w |
1. 8 2. 0 % – |
| M d i i l f 2 0 1 4 t o e r n s a o n o m e r o m p a v u |
€ 1 0 5 m |
| P l d d i l ( i i i ) t t a n n e s p o s a s p r v a s a o n |
2. 3 k i t u n s |
| F F O 1 t t a r g e |
€ 2 1 0 2 2 0 m – |
| D i i d d l i v e n p o c y |
f F F O 7 0 % 1 o ~ |
operational excellence and unique financing structure
Largest player in a highly stable asset class – German residential
Industrial-like process approach to operations designed for growth
Financing strategy in line with leading European peers
Built-in growth and enhanced profitability expected to drive FFO per share and NAV per share accretion
Entrepreneurial approach to a stable and low-risk asset class
Platform for consolidation
Overview
Florian Goldgruber, CFAHead of Capital Markets & Investor Relations [email protected]
Deutsche Annington Immobilien SEPhilippstraße 3D-44803 BochumGERMANYTel.: +49 234 314 1761
http://www.deutsche-annington.comRegistered office: Düsseldorf , HRB 68115, court of registration: Düsseldorf Executives: Rolf Buch, Klaus Freiberg, Dr. A. Stefan KirstenHead of Supervisory Board: Dr. Wulf H. Bernotat
| i d f d i F t t s a o a n g r y r : |
ly J 1 1, 2 0 1 3 u |
|---|---|
| I i s s u e p r c e : |
E U R 1 6. 5 0 |
| l b f h d i T t t t o a n m e o s a e s o s a n n g u r r u : |
2 2 4, 2 4 2, 4 2 5 |
| I d h i l t s s u e s a r e c a p a : |
E U R 2 2 4, 2 4 2, 4 2 5 |
| S I I N : |
D E 0 0 0 A 1 M L 7 J 1 |
| W K N : |
1 A M L 7 J |
| i k b l T c e r s y m o : |
A N N |
| C d o m m o n c o e : |
9 6 0 8 4 5 7 4 |
| d b h i I M n e e m e r s p x |
1, S d D A X E P R A I i i n c e s |
| f h T p e o s a e s y r : |
d lu h R i t e g s e r e n o- p a r v a e s a r e s |
| f l F t e e o a r : |
6 % ( l. k ) 1 5. i N B n c o r g e s a n |
| k h S t o c e c a n g e x : |
k fu k h Fr t S t Ex a n r o c c a n g e |
From 23 September 2013
De-staggered Supervisory Board consisting of 9 members – 5 representatives of MHI and 4 independent members The number of independent members is expected to increase to 5 as soon as Terra Firma's stake in DA falls below 50%All subcommittees will be chaired by independent members
| T h t e m a n a g e m e n |
h i 1. 5 i i b l i t t t t e a m a s n v e s c. m e s s g r o s s a s e s a a r y h l d i i d i l h d f h i i t t t t t a o n g p e r o u n e e n o e r r e s p e c v e e |
h f h f f i i h t t t n s a r e s o e c o m p a n y a o e r p r c e, w i f f i i i t r m s n o c e a a m n m u m |
|---|---|---|
| S h t- t o r e r m i iv l t n c e n e p a n ( S T I P ) |
Bo lev ls d d in d K P Is t o ta nu s e e p e n e n n c e r p re -a g re e Su Ta l ly by is Bo d d ts t rg e a nn u a s e p e rv o ry a r a n d c a p p e Cu b d: t ta ts rre n rg e a s e 4 0 % h iev f A F F O t o ta ts o n a c e m e n rg e 1 5 % A d j d E B I T D A S le t ta ts o n u s e a s rg e 1 5 % C S I ( is fa io in d ) to to t t ta ts cu s m e r s a c n ex rg e in iv i 3 0 % d du l ta ts o n a rg e |
I l lu ive l i f m io tra t t o t r t s s p an ag em en em un er a n F i d e x L T I P |
| L -t o n g e r m i iv l t n c e n e p a n ( L T I P ) |
la i h l i f f v ing f 2 0 % le d 5- t t e a r p n c e s o p e r c a n a r y w y e a r Am f s ha ive d d d t o ou n re s re c e ev e ry y e a r e p e n s o n f -d ine d K P I ta ts p re e rg e : ( 3 3 % A F F O d lo in l t te o n ev e p m e n vs rn a bu ine la ) s s s p n S ( 3 3 % To l ha ho l d 's Re t tu o n a re e r rn vs T S R f l is d G De he te ts av e ra g e o e rm a n p e e rs c u – W hn G S W L E G G A G F A H d T A G ) o e n, a n , , 3 3 % E P R A N A V ha h ( t o n p e r s re g ro w vs G ) N A V h f l is d t te av e ra g e g ro w o e rm a n p e e rs |
S T I P |
Source: Company Information. Q1 2013 for DA, 2012 data for peers, except for Deutsche Wohnen (estimated post acquisition of BauBeCon)
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