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Deutsche Wohnen SE Earnings Release 2009

Mar 26, 2010

113_ip_2010-03-26_93f9cc7d-f462-48bf-833a-32db506d4cec.pdf

Earnings Release

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Deutsche Wohnen AG

» Full Year Results 2009Conference Call, 26 March 2010

» Agenda

    1. Results of the financial year 2009
    1. Financial highlights 2009
    1. Strategic objectives
    1. Forecast

Rental Business

2
0
0
9
E
U
R
m		 2
0
0
8
E
U
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m
Po
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0		 1
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7.
8
  • The result exceeded the previous year's figure by 2.2 %.
  • Given the sales in 2008/2009 and the associated loss of actual rental income, this positive development should be recognised in the amount of EUR 8.3 million.

Potential gross rent per sqm

  • In 2009, rent per sqm went up by 3.1%.
  • The growth in Berlin amounted to 4.4%.

Vacancy rate

  • The vacancy rate declined by approx. 30 % to 4.2 % YoY.
  • The core portfolio's vacancy rate as of 31 December 2009 was 2.7 %, a 40 % decline YoY.

Current gross rent per sqm

Overall portfolio

Core and development portfolio

  • In the period 31 Dec. 2007 to 31 Dec. 2009, the current gross rent in the overall portfolio rose by 8.2 % or EUR 0.38/sqm.
  • The core portfolio recorded a 8.9 % increase in rent which was predominantly due to Region East (11.6 % or EUR 0.53/sqm).

Disposal

Privatisation

2
0
0
9		 2
0
0
8
Sa
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Av
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8
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-
Gr
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%		 3
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2
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ty
tr
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4.
9		 3
9.
3

Institutional sales

2
0
0
9		 2
0
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8
Sa
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p
ro
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5
7
Av
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/s
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8
8		 7
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1
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ur
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1.
8
Un
i
ts		 8
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Sa
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5
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-
Gr
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in
%
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%		 2.
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%
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5.
8

14.536.114.524.412.921.701020304050602007 2008 2009Personnel expensesGeneral & administrationexpenses€m50,638,934,6

The restructuring has led to savings in personnel as well as general and administration expenses totalling EUR 16 million.

  • Corporate expenses in 2009:

  • Property management in the amount of EUR 18.6 million

  • Sales in the amount of EUR 4.1 million

  • Holding in the amount of EUR 11.9 million

  • Costs per unit amount to EUR 376.

Corporate expenses

9

Portfolio clustering

Re
i
de
ia
l
t
s
n		 Fa
ir
Va
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l
ip
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Un
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ts		 Re
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8
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4
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6
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6
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%		 2,
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5
0		 8
9
5		 1
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4.
2

Fair value

963 881 895

Fair value in EUR per sqm

Debt structure

  • In the years 2008/2009, the Group repayed debts in the amount of approx. EUR 380 million.
  • The target LTV corridor has been reached.

Covenants

  • 7 loans with a volume of EUR 1,247.9 million (69 % of the loan portfolio) involve financial covenants.
  • A credit volume of approx. EUR 900 million has been renegotiated in 2009, the covenants were adjusted and standardised in terms of DSCR covenants and multiples.
C
2
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1.
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–

» Financial highlights 20092

Earnings – P&L

2
0
0
8		 E
U
R
m		 2
0
0
9
3
1
5.
5
1
2		 R
e
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9
3
4
4.
3
4
4		 T
l
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3
4.
9
6
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7.
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4
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1		 T
(
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)
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2
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5.
9
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-		 N
f
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o		 1
3.
2
7
7
-
  • Operating result significantly increased by 18 % y-o-y
  • EBT positive in 2009 after substantial loss in 2008
  • 3EBT adjusted for valuation and one-offs doubled to EUR 18.5m

1

2

P&L – Segments

E
U
R
m		 2
0
0
8		 2
0
0
9
P
i
l
l
i
t
t
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8.
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3.
8
1		 9
2.
1
7
U
i
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i
(
)
t
t
t
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p
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s
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s
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y
x		 -3
4		 -6
5
C
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&
d
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c
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s
s
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q
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9		 -2
0
N
l
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t
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a
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8.
1
5		 8
1
4.
1
M
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6.
8		 -3
0.
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0
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5
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s
s		 1
3.
2		 9.
7
A
d
i
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t
t
m
n
s
r
a
o
n
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x
p
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s
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s		 -3
8.
9		 -3
4.
6
N
i
h
u
r
s
n
g
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e
s		 8.
7		 9.
1
O
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p
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s
x		 -0
2		 -1
7
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B
I
T
D
A		 1
3
0.
6		 1
3
3.
5
Y
i
l
d
b
d
F
V
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s
a
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0
0
8		 2
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0
9
C
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t
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n
g
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s
s
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n
a
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d
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y		 6.
9
%		 7.
0
%
O
A
N
I
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d
t
s
s
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y
e		 5.
3
%		 5.
5
%
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B
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4.
5
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4.
7
%
N
d
b
/
E
B
I
T
D
A
t
t
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5.
9
x		 1
3.
3
x

Based on FV of total protfolio + KATHARINENHOF®

1

P&L

*
E
U
R
m		 2
0
0
8		 2
0
0
9
E
B
I
T
D
A		 1
3
0.
6		 1
3
3.
5
F
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7
6.
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0
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7.
7
-		 3
0.
1
7
S
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2.
2
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2
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-
P
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o
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-		 7.
8
-
E
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T		 3
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8.
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-		 3.
4
T
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s		 5
6.
5		 1
6.
6
-
I
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4		 0.
0
N
i
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n
c
o
m
e		 2
5
5.
9
-		 1
3.
3
-
F
F
O		 2
6.
1		 3
4.
8
F
F
O
h
(
2
6.
0
)
4
p
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r
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r
e
m		 0.
9
9		 1.
3
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F
F
O
h
(
8
8
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1.
4
p
e
r
s
a
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3
2		 0.
4
3
E
P
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h
(
8
8
)
1.
4
p
e
r
s
a
r
e
m		 3.
1
3
-		 0.
1
6
-
F
i
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t
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a
n
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s
u
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H
i
h
a
n
c
a
g		 l
i
h
2
0
t
g
s		 0
9		 O
i
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O
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* Except per share data

Significant improvement of FFO

* Based on 26.40m shares outstanding before capital increase

Balance sheet – assets

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ies
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Balance sheet – liabilities

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∆
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1
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9.
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S
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Co
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2
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1
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Financial position

F
i
i
l
l
i
n
a
n
c
a
a		 b
i
l
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E
U
t
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m		 W
d
l
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n
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e		 T
l
t
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D
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t
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k-
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1
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8
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T
V
(
)
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6
2.
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1.
5
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i
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m
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5
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1
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9
1
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6
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T
V
(
)
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3.		 7
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3.
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5.
5
D
b
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t
e
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e
r
v
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,0
153
160
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140
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120
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m
100
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U
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80,
0
In
60,
0
40,
0
20,
0
0,0
Tot		 ,9
104
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49,
2
200
8
al d
ebt
rvic
Net
int
se
e		 139
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96,
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42,
7
200
9
Am
orti
st p
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v
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(
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n
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~
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t
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t
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1
0		 2
0
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1		 2
0
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2		 2
0
1
3		 2
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2
0
1
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€
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3		 €
4
2
6.
8
m		 €
2
6.
7
m		 €
1
4
9.
8
m		 €
1,
1
6
1.
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m

» Strategic objectives3

» Strategic objectives

  • Following the completion of its restructuring project, Deutsche Wohnen is one of the most modern housing corporations in Germany with high capital market viability.
  • The business model of Deutsche Wohnen proved its worth during the financial crisis. In the context of our corporate strategy, we focus on long-term decisions and solid financing that make us less dependent on the volatility of the market.
  • It is our aim to permanently establish the company as the market leader. This depends on two central factors:
  • -Growth
  • -Sustainability of dividends
  • -Listing in the MDAX

» Strategic objectives – MDAX

Criteria

1. Market capitalisation

31 Aug. 2009 (before capital increase) Deutsche Wohnen (EUR 222.01 m) in 53rd place

28 Feb. 2010 (after capital increase) Deutsche Wohnen (EUR 462.51 m) in 43rd place

  • Deutsche Wohnen is a definite MDAX candidate.
  • Inclusion was recently (March 2010) refusedfor two reasons:
    1. Index continuity
    1. No candidates with fast exit criterias

28 Feb. 2010 (after capital increase) Deutsche Wohnen (EUR 336.18 m) in 47th place

Expected changes in SDAX composition

Source: Commerzbank Corporates & Markets

» Forecast4

» Forecast 2010*

  • Property management: rising rental income and lower vacancy charge largely compensate rental shortfall of sales
  • Sale: Privatisation target of 500 residential units still valid
  • Significant reduction of interest charge due to effects of loan repayments
  • Expectation of a positive overall result due to absence of further restructuring expenses
  • Increase of FFO by more than 10 % from currently EUR 0.43 per share to approx. EUR 0.48 per share

* Not included: contributions to operating income from valuation, bloc sales and/or acquisitions.

» Disclaimer

This presentation contains forward-looking statements including assumptions, opinions and views of Deutsche Wohnen or quoted from third party sources. Various known and unknown risks, uncertainties and other factors could cause actual results, financial positions, development or performance of the company to differ materially from the estimations expressed or implied herein. The company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, none of the company or any of its parent or subsidiary undertakings or any of such person´s officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Deutsche Wohnen does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation.

Deutsche Wohnen AG

Head OfficePfaffenwiese 30065929 Frankfurt am Main Berlin OfficeMecklenburgische Straße 5714197 BerlinTelefon: 030 897 86 501Telefax: 030 897 86 519

© 2010 Deutsche Wohnen AG

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