Investor Presentation • Aug 9, 2013
Investor Presentation
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9 August 2013
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This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of DA ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from DA's currentbusiness plan or from public sources which have not been independently verified or assessed by DA and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by DA in respect of the achievement of such forward-looking statements and assumptions.
DA accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.
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Rolf BuchCEO
Dr. Stefan KirstenCFO
Florian GoldgruberHead of IR
| K F i e y g u r e s |
|||
|---|---|---|---|
| i M i € n o. |
H 1 2 0 1 3 |
H 1 2 0 1 2 |
C h i % a n g e n |
| R i d i l U i k t t e s e n a n s |
1 9. 4 7 |
1 8 4. 9 |
-3 0 % |
| R l i t e n a n c o m e |
3 6 4. 0 |
3 6 5. 4 |
-0 4 % |
| V % t a c a n c y r a e |
3. 9 |
4. 5 |
-1 3. 3 % |
| M h l i l € / t t o n y n- p a c e r e n s q m |
3 5. 5 |
2 4 5. |
2. 1 % |
| A d j d E B I T D A R l t t s e e n a u |
2 2 2. 1 |
2 1 8. 2 |
1. 8 % |
| R l E B I T D A / i € t t e n a u n |
1, 2 3 2 |
1, 1 7 5 |
4. 9 % |
| I f d i l f i t n c o m e r o m s p o s a o p r o p e r e s |
1 6 6. 9 |
1 4 0. 3 |
1 9. 0 % |
| A d j d E B I T D A S l t u s e a e s |
1 9. 6 |
1 9. 3 |
1. 6 % |
| A d j d E B I T D A t u s e |
2 4 1. 7 |
2 3 7. 5 |
1. 8 % |
| F F O 1 |
1 0 3. 4 |
7 6. 4 |
3 5. 3 % |
| O F F 2 |
1 2 3. 0 |
9 5. 7 |
2 8. % 5 |
| O f F F 1 b i t e o r e m a n e n a n c e |
1 0. 7 5 |
1 3 9. 4 |
2 2. 3 % |
| A F F O |
9 1. 8 |
7 0. 1 |
3 1. 0 % |
| F i l k i t t a r a e m a r e p r o p e r e s v u |
1 0, 3 8 1. 8 |
9, 9 8 2. 0 |
4. 0 % |
| 1 E P R A N A V |
4, 3 5 8. 8 |
3, 4 4 8. 9 |
2 6. 4 % |
| L T V, i % n |
3. 2 5 |
8. 6 5 |
-9 2 % |
1Before IPO proceeds Action-packed H1 2013 preparing the ground for future success as a top European property company
1. Clear strategy in an attractive stable market
2. Successful listing on Frankfurt stock exchange
3. Continued strong operational performance
4. Investment grade corporate rating achieved & bonds successfully placed
5. Positive development of all key performance indicators
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
Operations Financing Financials Outlook
Operations Financing Financials Outlook
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
| I P O |
|
|---|---|
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
5%
value
9
Operations Financing Financials Outlook
Highlights
Strategy
1)Performance relative to Deutsche Annington share price
Source: Reuters
Strategy IPO
Highlights
² Based on average number of units over the period
Operations Financing Financials Outlook
| I t t n e s m e n p r o g r a m m e v |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 0 1 2 |
2 0 1 3 |
2 0 1 4 |
|||||||||
| U d Bu i l d i p g r a e n g s |
1 Co ion lum f € tru t 5 4m ns c vo e o le d te co m p Y ie l d in l ine |
€ f inv im lem d o 5 4m tm ts te o es en p en r ing ( 2. 4 k u i ) ie l d f ts t a on g o n a y o 7 % ap p rox So ion le ion in 2 0 1 4 tru t t me co ns c co m p s ly, in ly du i l to t ta on m a e re ce n ca p ha & dv he tru tu t s c re c ng es a er se w ea r d i ion t co n s |
Se lec ion f € j t 9 0m ts o p ro ec le d te co m p Fu he ~€ 3 0m de iew t r r n r r ev u |
||||||||
| O i i t p m s e A t t p a r m e n s |
A l l i lo 4 1 p t a tm ts p ar en le d a d d o te te t co m p n re n u Y ie l d in l ine |
Fo € inv lum in i ia d t a t 1 7m t v t te re ca s es o e in 2 0 1 3, ~9 0 0 i ie l d % d ts 7 te un y ex p ec > , So ion le ion in 2 0 1 4 tru t t me co ns c co m p s ly du low d to te t tu on e er na n rn ov er a n i l s isa ion ta tru tu t ca p c re re -o rg an |
~€ de iew 4 0m u n r r ev Or isa ion l in i ia d t t te g an a ra m p- up |
||||||||
| T O T A L |
Su fu l de l ive 2 0 1 2 cc es s ry o n inv tm t ta ts es en rg e |
Y ie l d io in l in i h 7 % ta t t ex p ec n e w ta t rg e So io le io in tru t t m e c on s c n co m p ns 2 0 1 4 o ly n |
€ 1 5 0m f n j be ts to o ew p ro ec in i ia d t te ta t as p er rg e Pr k w l l o to ep ar a ry w or e n tra k c |
1)Total 2012 modernisation of €66m includes additional €11.4m of other modernisation measures, e.g. complying with the Energy Savings Ordinance
Operations Financing Financials Outlook
Operational success through new property management and value-adding service offerings
3
4
2
1
Highlights
Increase unencumbered assets
Obtain Investment Grade rating
Lower LTV into target zone
Strategy IPO
Tackle maturities between 6 and 15 months ahead of time
Keep disciplined approach throughout the whole process, by actively managing the balance sheet
Operations Financing Financials Outlook
Acquisition strategy strictly adhering to credit framework
15
Highlights
1Refinancing of the term loan will likely be on higher rates than the 1.17% as of 31 July 2013. An increase of the term loan rate or the rate of a respective refinancing instrument by 100bps will increase the total average rate by 18 bps.
| R i t a n g a g e n c y |
R i t a n g |
O l k t o o u |
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 |
2 3 J l 2 0 1 3 u y |
Highlights
| A t m o n u |
I P i s s e r c e u |
C o p o n u |
M i t t a y D u r t a e |
R i t a n g |
|
|---|---|---|---|---|---|
| 5 3 2. 1 2 % y e a r s E B d r o o n u |
€ 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 t t a r y D u t a e |
R i t a n g |
|
|---|---|---|---|---|---|
| 6 3. 1 2 5 % e a r s y E B d r o o n u |
€ 6 0 0 m |
9 9 9 3 5 % |
3 1 2 5 % |
2 5 J l 2 0 1 9 u y |
B B B |
Highlights
Strategy IPO
| C i f i f i l F Y 2 0 1 2 3 1 J l 2 0 1 3 t t o m p a r s o n o m a u r y p r o e s v s u y |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 2 8. 9 7 0. 3 |
1, 0 7 6. 3 3 6. 3 |
1, 0 0 4. 1 2 5 6. 9 |
1, 7 1 3. 1 7 0 7. 7 |
8 5 6. 2 1 4 4. 3 |
2, 5 6 8. 8 2, 0 4 5. 3 |
||||||
| 2 0 1 3 |
2 0 1 4 |
2 0 1 5 F Y 2 0 1 2 as |
2 0 1 6 Ju ly t 3 1 2 0 1 3 a |
2 0 1 7 |
b 2 0 1 8 a |
||||||
| S o u r c e s |
U s e s |
||||||||||
| B d o n s |
1, 3 0 0 |
4, 3 2 5 |
G R A N D |
||||||||
| T L e r m o a n |
1, 0 0 0 |
2 2 1 |
O G W E 4 |
||||||||
| S d R f i i e c r e e n a n c n g s u |
1, 6 6 4 |
1 1 0 |
A i i t t m o r s a o n |
||||||||
| L i i d i t q u y |
6 9 3 |
||||||||||
| T l t o a |
4, 6 5 6 |
4, 6 5 6 |
T l t o a |
Operations Financing Financials Outlook
Debt
| Av er ag e |
f as o |
De b Ma i Pr f i le t tu ty r o |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| De b In t te t re s Ju ( ) inc l. Ma in rg |
l 1 3 € m |
2 0 1 3 |
2 0 1 4 |
5 2 0 1 |
2 0 1 6 |
2 0 1 7 |
2 0 1 8 |
2 0 1 9 |
2 0 2 0 |
2 0 2 1 |
2 0 2 2 |
2 0 2 3 |
|
| Co lcr d i t rea e |
4. 3 % |
1 6 4 |
1 5 6 |
||||||||||
| W 5 og e |
5. 5 % |
2 4 9 |
2 4 4 |
||||||||||
| P R I M A |
3. 7 % |
1 4 6 |
1 2 8 |
||||||||||
| L B B 1 |
3. 1 % |
6 5 4 |
6 0 8 |
||||||||||
| Ha iso rr n |
3. 5 % |
3 9 |
3 5 |
||||||||||
| A da ms |
3. 6 % |
7 2 |
6 7 |
||||||||||
| Ho ove r |
3. 6 % |
1 0 4 |
9 7 |
||||||||||
| Mc K in ley 1 |
3. 8 % |
1 3 0 |
4 4 |
7 6 |
|||||||||
| L B B 2 |
3. 5 % |
4 7 0 |
4 4 3 |
||||||||||
| Ro l t os eve |
3. 3 % |
1 0 3 |
9 5 |
||||||||||
| W i lso n |
3. 2 % |
9 1 |
8 4 |
||||||||||
| 1 Te Lo rm an |
1. 2 % |
1, 0 0 0 |
1, 0 0 0 |
||||||||||
| Bo d 2 0 1 6 n |
2. 1 % |
0 0 7 |
0 0 7 |
||||||||||
| Bo d 2 0 1 9 n |
3. 1 % |
6 0 0 |
6 0 0 |
||||||||||
| O he Lo t r an s |
3. 0 % |
1, 1 0 3 |
0 7 |
3 6 |
1 3 |
1 3 |
1 4 4 |
3 4 |
3 6 |
4 2 |
1 9 |
2 | 4 |
| To l ta |
2. 8 % |
5, 6 2 6 |
7 0 |
3 6 |
2 5 7 |
1, 7 1 3 |
1 4 4 |
1, 2 6 9 |
6 3 6 |
5 2 9 |
1 9 |
3 7 |
8 0 |
1) Refinancing of the term loan w ill likely be on higher rates than the 1.17% as of 31 July 2013. An increase of the term loan rate or the rate of a respective refinancing instrument by 100bps w ill increase the total average rate by 18 bps.
Highlights
Operations Financing Financials Outlook
Highlights
Strategy IPO
| U i t n s |
A r e a |
V a c a n c y |
I P l R n- a c e e n |
R l- f- l t e n |
V a c a n c y |
||||
|---|---|---|---|---|---|---|---|---|---|
| P f l i t o r o o S t e g m e n |
# | % | ( ´0 ) 0 0 s q m |
% | € m |
€ / 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, 7 5 3 |
1 2 |
1, 4 9 0 |
5. 2 |
9 0 |
5. 2 8 |
1. 8 |
-0 4 |
|
| C N o n- o r e |
1 3, 9 4 3 |
8 | 8 8 7 |
1 1. 4 |
4 0 |
4. 2 7 |
0. 9 |
-2 0 |
|
| T O T A L |
1 9, 3 5 8 7 |
1 0 0 |
1 1, 4 4 7 |
3. 9 |
0 7 7 |
5. 3 5 |
2. 1 |
-0 6 |
DA Residential Portfolio30 Jun 2013
Note: Like-for-like in-place residential rent
Based on nominal debt amounts net of cash; 2 Excluding GRAND plc S-REF Notes of €240m
Based on average number of units over the period
Highlights
Strategy IPO
Operations Financing Financials Outlook
| 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 ) |
% | |
| fro ing Re ty le t t ve nu es m p ro p er |
5 2 3. 2 |
5 3 2. 0 |
8. 8 - |
1. 7 - |
|
| Re l inc ta n om e |
3 6 4. 0 |
3 6 5. 4 |
1. 4 - |
0. 4 - |
les sa |
| An i l lar ts c y co s |
1 5 9. 2 |
1 6 6. 6 |
7. 4 - |
4. 4 - |
|
| O he inc fro 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 f p ing ies l d t o t rry am ou n rop er so |
1 5 4. 0 - |
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 t o d isp l o f p t ies o n os a ro p er |
2 4. 0 |
3 1. 2 |
7. 2 - |
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 |
5 2 3. 9 |
8 0. 7 |
4 4 3. 2 |
||
| Ex for i l lar ts p en se s an c co s y |
-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 he f p ha d g ds d s ice t t o r c os urc se oo an erv s |
2 8 7. - |
3 2. 3 - |
4. 5 |
1 3. 9 - |
ins ing f fec ou rc e |
| Pe l e rso nn e xp en se s |
-7 0. 4 |
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 |
5. 0 |
3 5. 2 |
|
| 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 |
7. 1 |
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 - |
ts co s |
| Pr f i be fo t tax o re |
5. 5 6 2 |
5 1 6. 2 |
4 6 9. 3 |
||
| Inc tax om e |
-1 8 3 5. |
4 4. 7 - |
1 4 0. 6 - |
||
| Cu t inc 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 - |
||
| f i fo io Pr t t he d o r p er |
4 4 0. 2 |
1 1 1. 5 |
3 2 8. 7 |
f fec ts e |
|
| S b le l inc ta ta ren om e |
|---|
| f fo Av ize he i de ia l p l io he t t t t era g e s o re s n or ov er fro f io d do 1 8 5 k 1 7 9 k a l to t o p er wn m s a re su les sa |
| O f fse by h ig he i de ia l in- lac t t t r a ve rag e r es n p e r en h ( € 5. 3 5 v € 5. 2 4 ) tre t p er sq ua re me p er mo n s. d low ( 3. 9 % 4. 5 % ) te an er va ca nc ra vs y |
| I F R S Pr f i d isp l low du h ig he t o to o n os a er e r ing f p ies l d t o t ca rry am ou n rop er so |
| fro fa Ne inc ir v lue d j t tm ts om e m a a us en inc d dr ive by lua ion t rea se n va |
| An i l lar de lop in l ine i h de ing ts t c y co s ve w cre as be f u i log ly, for ts; nu m r o n an a ou s ex p en se s i l lar f lec i de lop d ts t u ts t a an c co s re n ve me n n y ins ing f fec t ou rc e |
| Inc d p l e im i ly du to rea se ers on ne xp en se s p r ar e he ins ing in i ia ive f c ke ( € ) t t t ta 4. 6m ou rc o are rs d c f ( € ) d L T I P ( € f tsm 1 2. 5m 4. 1m an ra en an o , h ic h € I P O- la d ) 3. 4m te w w ere re |
| Inc dr ive by ins ing h ig he is ion rea se n ou rc r p rov s fee d inc d a d i l d leg l t, tan an rea se u co ns u cy s a n a ts co s |
| F ina ia l e de d s bs tan t ia l ly by nc xp en se s cre as e u f fec f G C S he de lev ing he R A N D M B t 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 t t t o p er a n va f fec ts e |
Highlights
| 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 |
C t o m m e n s |
||
|---|---|---|---|
| H 1 2 0 1 3 |
H 1 2 0 1 2 |
Mo de isa ion d m in t ten rn an a an b j l i f fec t to ty ts su ec se as on a e f f da h ic h m ke he t-o tes t |
|
| Sa les f f 's isa ion tm t o ow n cra en or g an |
5 6. 7 |
1 8. 5 |
cu a s w fra ion f a les t c s o ea r s m ea n y |
| Bo h in ice t- ug se rv s |
3 2. 7 |
7 6. 7 |
Re f he f t tm ve nu es o ow n c ra en inc d s ig i f ica ly t rea se n n |
| f isa io To l de d ta t t co s o m o rn n an in k |
4 | ||
| te m a na nc e wo r |
8 9. |
9 5. 2 |
To l m de isa ion d m in ta t ten o rn an a l ig h ly be low iou t s p rev s y ea r |
| 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 t te t te or g an e co ns o |
|||
| d f ina ia l ta te ts nc s me n |
-4 4 |
-1 2 |
Cr f 's isa ion tm t a en org an g en era /sa f 4. 4m |
| Mo de isa io d in k t te rn n an m a na nc e wo r |
ing € v s o |
||
| ise d in he l i da d t te re co g n co ns o f in ia l ta te ts an c s m en |
8 5. 0 |
9 4. 0 |
Mo de isa t ion i t h a rn p rog ram w s l s d e d o te an nu a p en xp ec n p rev |
| 1 he f in t te re o ma na nc e … |
6 7. 1 |
6 3. 0 |
Dr ive by he d i ion t t n w ea r c on s a n i l s isa ion ta tru tur t ca p c e r eo rg an |
| f he i l ise d in t ta te re o ca p ma na nc e … |
1 1. 6 |
6. 3 |
Qu ly be lwa ter ar nu m rs are a y s s la i l i du le ion t ty to t t-o vo e co mp cu |
| 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.
| ( €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 - |
| E B I T D A I F R S |
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 |
||
| Av be f u nit th eri od ( k) era g e n um r o s o ver e p |
179 | 186 | ||
| 1 2 2 |
1 6 1 |
l in Re nta co me |
36 4 |
36 5 |
| Ot he r in fro ert t co me m p rop y ma na g em en |
9 | 9 | ||
| An cill ba lan st ary co ce |
( ) 9 |
( ) 9 |
||
| Ot he ert t c ost r p rop ma na g em en s y |
( 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 |
||
| Nu mb f u nit old er o s s |
2, 58 7 |
1, 88 6 |
||
| e f di of ies Inc al 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 |
fit di of ies Pro al 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 |
| A d j d E B I T D A te us |
Re ta n |
l g ing row |
i t w |
h du re ce |
d fo l io t p or |
|
|---|---|---|---|---|---|---|
| -- | ------------------------------------------------------------ | --------------- | ------------------- | ------------- | --------------------- | ------------------------------------ |
| F F O l i t e v o u o n |
F F O b |
k d r e a o |
( € w n m |
||
|---|---|---|---|---|---|
| ( €m ) |
H 1 2 0 1 3 |
H 1 2 0 1 2 |
|||
| j A d te d E B I T D A us |
2 4 2 |
2 3 8 |
|||
| (- ) Ne h in t c ter t as es |
( 1 1 ) 5 |
( 1 3 8 ) |
2 4 2 |
||
| (- ) Cu inc t tax rre n om e es |
( ) 4 |
( ) 4 |
|||
| (= ) F F O 2 |
1 2 3 |
9 6 |
|||
| (- ) Sa A d j d E B I T D A les te us |
2 0 |
1 9 |
|||
| (= ) F F O 1 |
1 0 3 |
7 6 |
( 1 1 5 ) |
( 4 ) |
|
| (- ) 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 |
Adj ust ed |
Ne t ca sh |
Cu nt rre |
| (= ) F F O 1 ( l. m in ) te ex c a na nc e |
1 1 7 |
1 3 9 |
EB ITD A |
inte t res |
inc om e |
Strategy IPO
Highlights
Operations Financing Financials Outlook
| O i v e r v e w |
||
|---|---|---|
| ( €m ) |
H 1 2 0 1 3 |
Y E 2 0 1 2 |
| Inv 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 l n ta 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 7 0 |
| O he t t a ts r c ur re n ss e |
1 9 1 |
1 9 2 |
| To ta l c 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 u a s re rs |
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 he f ina ia l l ia b i l i ies t t r nc |
4 9 5, 5 |
6 5, 7 7 |
| De fe d l ia b i l i ies tax t rre |
9 2 0 |
7 2 4 |
| Pr is ion fo 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 f he 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 5 1 |
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 |
| ia i i ies To ta l l b l t |
7, 6 2 4 |
7, 9 3 1 |
| To l e i d l ia b i l i ies ta ty t q u a n |
1 1, 0 3 4 |
1 0, 6 0 8 |
1)Excluding deferred tax impact of external valuation
| 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 a s a o n v |
k i 2. 3 t u n s |
| F F O 1 t t |
€ 2 1 0 2 2 0 m |
| a r g e |
– |
| D i i d d l i v e n p o c y |
f F F O 7 0 % 1 o ~ |
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
Note: all data as of 30 June 2013, unless otherwise stated
1By GAV; ² In listed German residential sector
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
| 3 0 Ju 2 0 1 3 n |
||||||
|---|---|---|---|---|---|---|
| Un i ts |
Ar ea |
Va ca nc y |
In- P lac Re t e n |
|||
| ( in t ho nd usa m) sq |
( in % ) |
( in € mi llio n) |
( in € m) p er sq |
ke ( like -fo r-li €/s m/ nth ) q mo |
||
| Op te era |
7 8, 7 6 2 |
4, 9 9 8 |
3. 1 % |
3 1 4. 0 |
5. 4 0 |
5. 4 0 |
| Up de bu i l d ing g ra s |
4 3, 3 3 5 |
2, 4 6 7 |
3. 0 % |
1 6 8. 9 |
2 9 5. |
2 9 5. |
| Op im ise t tm ts ap ar en |
2 1, 3 6 7 |
1, 3 3 5 |
2. 1 % |
9 4. 5 |
6. 0 3 |
6. 0 3 |
| Re l o ly ta n n |
1 4 3, 6 6 2 |
9, 0 7 9 |
2. 9 % |
5 7 7. 3 |
5. 4 6 |
5. 4 6 |
| Pr iva ise t |
2 1, 3 7 5 |
1, 4 9 0 |
2 % 5. |
8 9. 6 |
2 8 5. |
2 8 5. |
| No n-c ore |
1 3, 9 4 3 |
8 7 8 |
1 1. 4 % |
3 9. 7 |
4. 2 7 |
4. 2 7 |
| To ta l |
1 7 9, 3 5 8 |
1 1, 4 4 7 |
3. 9 % |
7 0 6. 7 |
5. 3 5 |
5. 3 5 |
| 3 0 Ju 2 0 1 2 n |
||||||
|---|---|---|---|---|---|---|
| Un i ts |
Ar ea |
Va ca nc y |
In- P lac Re t e n |
|||
| ( in t ho nd usa m) sq |
( in % ) |
( in € mi llio n) |
( in € m) p er sq |
ke ( like -fo r-li €/s m/ ) nth q mo |
||
| Op te era |
9 7 7, 5 5 |
4, 9 1 7 |
3. % 7 |
3 0 1. 4 |
3 0 5. |
3 0 5. |
| Up de bu i l d ing g ra s |
4 6, 4 0 6 |
2, 9 2 6 |
3. 1 % |
1 7 6. 6 |
5. 1 9 |
5. 1 9 |
| Op im ise t tm ts ap ar en |
1 9, 7 4 4 |
1, 2 3 7 |
2. 1 % |
8 4. 5 |
5. 8 2 |
5. 8 2 |
| Re l o ly ta n n |
1 4 3, 7 0 9 |
9, 0 8 0 |
3. 3 % |
5 6 2. 5 |
5. 3 4 |
5. 3 4 |
| Pr iva ise t |
2 4, 6 1 5 |
1, 6 8 6 |
5. 6 % |
1 0 0. 2 |
5. 2 4 |
5. 1 9 |
| No n-c ore |
1 6, 5 9 9 |
1, 0 3 6 |
1 3. 4 % |
4 5. 4 |
4. 2 3 |
4. 2 3 |
| To l ta |
1 8 4, 9 2 3 |
1 1, 8 0 2 |
4. 5 % |
7 0 8. 1 |
5. 2 4 |
5. 2 4 |
Note: Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of 31 March 2013, before deducting non-transferable
| Re i de ia l t s n |
|||||
|---|---|---|---|---|---|
| Un i ts |
Ar ea |
Va ca nc y |
In -P lac Re t e n |
||
| ( in ho d s ) t us an q m |
( in ) % |
( in € i l l ion ) m |
( in € ) p er sq m |
||
| No dr he in- W fa len t r es |
9 5, 5 3 6 |
5, 9 8 0 |
4. 3 |
3 4 8. 1 |
5. 0 7 |
| He ss en |
2 1, 2 2 5 |
1, 3 4 4 |
1. 7 |
1 0 3. 3 |
6. 5 1 |
| Ba y er n |
1 4, 3 4 0 |
9 3 5 |
2. 1 |
6 1. 5 |
0 5. 5 |
| Be l in r |
1 2, 9 1 3 |
8 3 2 |
1. 2 |
5 6. 2 |
5. 7 0 |
| Sc h les ig- Ho ls in te w |
1 1, 2 7 6 |
7 0 3 |
4. 3 |
4 1. 2 |
5. 1 2 |
| N ie de hs rsa c en |
5, 7 1 9 |
3 8 6 |
8. 2 |
2 1. 7 |
5. 0 8 |
| R he in lan d- P fa lz |
1 8 2 5, |
3 6 9 |
2. 8 |
2 2. 1 |
1 4 5. |
| Ba de W be ür t te n- m rg |
4, 9 5 1 |
3 4 6 |
2. 7 |
2 1. 6 |
5. 3 6 |
| Sa hs c en |
3, 3 0 2 |
2 0 6 |
1 0. 8 |
1 0. 7 |
4. 8 4 |
| Sa hs -A ha l t c en n |
1, 4 2 5 |
9 6 |
2 1. 1 |
4. 1 |
4. 4 7 |
| Ha bu m rg |
1, 1 2 2 |
6 5 |
1. 9 |
6 5. |
3 7. 5 |
| T h ing ür en |
1, 0 6 5 |
6 9 |
5. 9 |
4. 0 |
5. 1 9 |
| Me k len bu -V c rg or p om me rn |
6 4 1 |
4 9 |
2. 2 |
3. 3 |
5. 7 2 |
| Br de bu an n rg |
6 5 7 |
4 2 |
4. 0 |
2. 9 |
8 4 5. |
| Br em en |
6 6 |
5 | 3. 0 |
0. 3 |
8 3 5. |
| Sa lan d ar |
1 9 |
1 | 5. 3 |
0. 1 |
4. 7 6 |
| To l ta |
1 7 9, 3 5 8 |
1 1, 4 4 7 |
3. 9 |
7 0 6. 7 |
5. 3 5 |
Note: Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of
31 March 2013, before deducting non-transferable
| Re i de ia l t s n |
|||||
|---|---|---|---|---|---|
| Un i ts |
Ar ea |
Va ca nc y |
In -P lac |
( 1) Re t e n |
|
| ( ho d t us an ) sq m |
( % ) |
( € i l l ion ) m |
( € ) p er sq m |
||
| Do d tm r un |
1 7, 6 3 2 |
1, 0 7 5 |
2. 8 |
5 9. 7 |
4. 7 6 |
| Be l in r |
1 2, 9 1 3 |
8 3 2 |
1. 2 |
5 6. 2 |
5. 7 0 |
| Es se n |
1 0, 0 9 1 |
6 1 8 |
6. 0 |
3 6. 0 |
1 8 5, |
| Fr k fu Ma in t a an r m |
1 0, 0 2 9 |
6 2 1 |
0. 6 |
5 2. 4 |
7. 0 8 |
| Ge lse k irc he n n |
7, 8 7 2 |
4 8 2 |
6. 9 |
2 4. 7 |
4. 5 9 |
| Bo hu c m |
7, 6 3 1 |
4 4 0 |
2. 6 |
2 6. 2 |
5. 1 0 |
| Du is bu rg |
4, 7 3 8 |
2 8 2 |
4. 2 |
1 5. 9 |
4. 9 1 |
| M ün he c n |
4, 6 7 4 |
3 1 1 |
0. 6 |
2 3. 2 |
6. 2 6 |
| He rn e |
4, 8 3 5 |
2 8 1 |
4. 5 |
1 1 5. |
4. 6 9 |
| Bo nn |
4, 2 6 1 |
2 9 9 |
2. 3 |
2 1. 0 |
6. 0 0 |
| K ö ln |
4, 0 0 7 |
2 6 4 |
2. 5 |
1 9. 7 |
6. 3 5 |
| G la d be k c |
3, 2 7 2 |
2 0 0 |
3. 0 |
1 1. 4 |
4. 8 8 |
| He te r n |
2, 7 2 2 |
1 7 5 |
4. 2 |
9. 2 |
4. 5 5 |
| Ma l r |
2, 1 4 5 |
1 6 8 |
9 7. |
9. 4 |
1 0 5. |
| D l do f üs se r |
2, 4 8 9 |
1 6 3 |
2. 3 |
1 3. 2 |
6. 8 9 |
| Aa he c n |
2, 1 8 6 |
1 4 5 |
1. 7 |
9. 1 |
5. 3 5 |
| W ies ba de n |
2, 0 3 7 |
1 3 8 |
2. 0 |
1 1. 8 |
2 9 7. |
| Be ka rg me n |
2, 0 2 0 |
1 3 4 |
8. 5 |
6. 5 |
4. 4 9 |
| Ge ha h t t es c |
1, 9 9 9 |
1 1 4 |
4. 5 |
2 7. |
4 5. 5 |
| Bo t tro p |
1, 9 2 5 |
1 2 1 |
4. 1 |
1 7. |
0 6 5. |
| Ka l ss e |
1, 8 6 7 |
1 1 6 |
3. 0 |
6. 5 |
4. 8 3 |
| Ca Ra l tro s p- ux e |
1, 7 0 7 |
1 0 0 |
4. 7 |
5. 8 |
5. 1 0 |
| Re k l ing ha c us en |
1, 6 5 8 |
1 1 0 |
3. 6 |
6. 0 |
4. 7 6 |
| N ür be n rg |
1, 6 3 2 |
1 1 2 |
1. 2 |
7. 7 |
5. 8 0 |
| F len bu s rg |
1, 6 0 2 |
1 0 6 |
4. 3 |
8 5. |
4. 8 0 |
| Su b l to ta |
1 1 8, 0 9 7 |
4 0 8 7, |
3. 3 |
4 6 0 7. |
5. 4 3 |
| Re in ing ma |
6 1, 2 6 1 |
4, 0 3 9 |
5. 0 |
2 3 9. 6 |
5. 2 0 |
| To l ta |
1 7 9, 3 5 8 |
1 1, 4 4 7 |
3. 9 |
7 0 6. 7 |
5. 3 5 |
1) Residential in-place rent (per month in € per sqm) is defined as the current gross rental income per month for rented residential units as agreed in the corresponding rent agreements as of 31 March 2013, before deducting non-transferable
| 3 2. 1 2 5 % E B d e a r s r o o n y u |
6 3. 1 2 5 % E B d e a r s r o o n y u |
|
|---|---|---|
| Iss ue r: |
De he An ing F ina B. V. * tsc ton u n nc e |
De he An ing F ina B. V. * tsc ton u n nc e |
| Tr de Da te a : |
1 7 Ju ly 2 0 1 3 |
1 7 Ju ly 2 0 1 3 |
| I S I N: |
D E 0 0 0 A 1 H N T J 5 |
D E 0 0 0 A 1 H N W 2 5 |
| W K N: |
A 1 H N T J |
A 1 H N W 5 |
| L is ing t : |
Un la d o ke ( Fre ive ke hr ) f he Fra k fur te t s t t t reg u p en -m ar eg me n r o n |
Un la d o ke ( Fre ive ke hr ) f he Fra k fur te t s t t t reg u p en -m ar eg me n r o n |
| S k Ex ha toc c ng e |
S k Ex ha toc c ng e |
|
| ion No t l Am t: a ou n |
E U R 7 0 0, 0 0 0, 0 0 0 |
E U R 6 0 0, 0 0 0, 0 0 0 |
| De ina ion t no m s: |
E U R 1 0 0, 0 0 0 p No te er |
E U R 1 0 0, 0 0 0 p No te er |
| ice Iss Pr ue : |
9 9. 7 9 3 % |
9 9. 9 3 5 % |
| Co up on : |
( b le l ly ) 2. 1 2 5 % p ay a an nu a |
( b le l ly ) 3. 1 2 5 % p ay a an nu a |
| irs Co F t t: up on p ay me n |
2 5 Ju ly 2 0 1 4 |
2 5 Ju ly 2 0 1 4 |
| Ma i Da tur ty te : |
Ju ly 2 5 2 0 1 6 |
Ju ly 2 5 2 0 1 9 |
| Co ts: ve na n |
To l De b / To l As 6 0 %; ta t ta ts se <= |
To l De b / To l As 6 0 %; ta t ta ts se <= |
| Se / d De b To l As 4 5 % t ta ts cu re se <= ; |
Se / d De b To l As 4 5 %; t ta ts cu re se <= |
|
| Co ( In Ra io L T M A d j d E B I T D A L T M In ter t t te to ter t es ve rag e us es |
Co ( In Ra io L T M A d j d E B I T D A L T M In ter t t te to ter t es ve rag e us es |
|
| ) Se Ex 1. 4x i l 3 0- 1 3 a d 1. 8x he f t t ter p en se un p- n rea >= ; |
) Se Ex 1. 4x i l 3 0- 1 3 a d 1. 8x he f t t ter p en se un p- n rea >= ; |
|
| / To l Un be d As Un d De b 1 2 5 % ta ts t > en cu m re se se cu re = |
/ To l Un be d As Un d De b 1 2 5 % ta ts t > en cu m re se se cu re = |
|
| Ra ing t : |
B B B |
B B B |
*The bonds are guaranteed by Deutsche Annington Immobilien SE.
| K h i f i t e y s a r e n o r m a o n |
||||
|---|---|---|---|---|
| irs da f d ing F t tra y o : |
Ju ly 11 20 13 , |
|||
| Is ice su e p r : |
EU R 1 6.5 0 |
|||
| l n be f s ha d ing To ta ts ta um r o re s o u n : |
22 4, 24 2, 42 5 |
|||
| Is d s ha i l: ta su e re ca p |
EU R 2 24 24 2, 42 5 , |
|||
| S I I N: |
DE 0 0 0A 1M L7J 1 |
|||
| W K N: |
A1 ML 7J |
|||
| ic ke bo l: T r s y m |
AN N |
|||
| Co de mm on co : |
94 5 67 40 8 |
|||
| f s ha Ty p e o re s: |
Re iste d n lue ha g re o-p ar va s res |
|||
| Fr f loa t: ee |
15 .5 % ( inc l. N Ba k ) org es n |
|||
| k e ha S to c xc ng e: |
Fra k fur t S k E ha toc n xc ng e |
|||
| ke Ma t s t: r eg me n |
Pri St da d me an r |
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