Investor Presentation • Sep 12, 2013
Investor Presentation
Open in ViewerOpens in native device viewer
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
Rolf BuchCEO
Dr. Stefan KirstenCFO
Florian GoldgruberHead of IR
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
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
Portfolio split based on fair market values
Core95%
Noncore5%
| D A I G R i d i l P f l i 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 e |
1 R t 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 E U R |
/ € s q m |
Y- Y i % o- n |
Y- Y i % o- n |
| O t p e r a e |
8, 6 2 7 7 |
4 4 |
4, 9 9 9 |
3. 1 |
3 1 4 |
4 0 5. |
1. 9 |
-0 6 |
| U d p g r a e |
4 3, 5 3 3 |
2 4 |
2, 7 4 6 |
3. 0 |
1 6 9 |
5. 2 9 |
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 a s e v |
2 1, 3 7 5 |
1 2 |
1, 4 9 0 |
2 5. |
9 0 |
2 8 5. |
1. 8 |
-0 4 |
| N C 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
12.09.2013
Energy efficiency upgrades increase asset quality
| Inv € 6 4 0 k tm t: es en |
Be fo re Mo de isa t ion rn ( ) 2 0 0 8 |
A fte r Mo de isa t ion rn ( ) 2 0 0 9 |
D i f fer en ce |
|---|---|---|---|
| Gr ( € /sq /m ) t os s r en m |
5. 0 6 |
8 5. 7 |
+0 8 1 |
| Gr ( ) € k t os s r en |
2 2 0 |
2 6 1 |
+4 1 |
| Y ie l d fro t m ren |
/ 4 1 6 4 0 = 6. 4 % = |
||
| Va los P T U ca nc s + y 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 = 2 % 7. = |
Before
After
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
Fibre to the home (FTTH)
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
Market Operations Financing Financials Outlook
Overview
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.
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
| 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 |
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
Market Operations Financing Financials Outlook
| ( €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 |
Evolution of Adjusted EBITDA (€m)
Based on average number of units over the year
| F F O l i t e v o u o n |
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 |
O F F 1 |
| 1 A d j d E B I T D A te us |
4 6 6 |
4 7 7 |
4 4 7 |
|
| (- ) Ne h in t c ter t as es |
( 2 6 5 ) |
( 2 9 3 ) |
( 2 7 4 ) |
1 9 6 |
| (- ) Cu t inc 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 |
|
| ( ) Ex for in ten + p en se s m a an ce |
1 2 6 |
1 2 9 |
1 1 5 |
O A F F |
| ( ) Cr f 's l e tsm + a en p ers on ne xp en se s |
0 | 1 | 1 2 |
|
| (= ) ( in ) F F O 1 l. m ten ex c a an ce |
2 8 5 |
2 8 0 |
2 8 9 |
Note: 2010 data restated to reflect accounting principles in effect in 2012
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 capex; 3 Based on average number of units over the period
| i F F O l t e v o u o n |
||
|---|---|---|
| ( ) €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 t inc 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 |
0 7 |
| ( ) Ca i l ise d in ta ten + p ma an ce |
1 2 |
6 |
| ( ) for Ex in ten + p en se s m a an ce |
6 7 |
6 3 |
| (= ) F F ( l. m in ) O 1 te ex c a na nc e |
1 7 1 |
1 3 9 |
Based on average number of units over the year
| K P I |
R a n g e |
|---|---|
| R l h t t e n a g r o w |
1. 8 2. 0 % – |
| i i f M d l 2 0 1 4 t o e r n s a o n o m e r o m p a v u |
€ 1 5 0 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 a r g e |
€ 2 1 0 2 2 0 m – |
| D i i d d l i e n p o c v y |
f F F O 7 0 % 1 o ~ |
Overview
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
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
| ly 2 0 3 J 1 1, 1 u |
|---|
| 6. 0 E U R 1 5 |
| 2 2 2 2, 2 4, 4 4 5 |
| 2 2 2 2, 2 E U R 4, 4 4 5 |
| D E 0 0 0 A 1 M L 7 J 1 |
| A 1 M L 7 J |
| A N N |
| 9 4 5 6 7 4 0 8 |
| 1, S D A X E P R A I d i i n c e s |
| R i d lu h t e g s e e n o- p a a e s a e s r r v r |
| 1 5. 6 % ( i l. N B k ) n c o g e s a n r |
| k fu S k h Fr t t Ex a n o c c a n g e r |
From 23 September 2013
| 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 u n |
I P i s s u e r c e |
C o u p o n |
M i D t t t a u r y a e |
R i t a n g |
|
|---|---|---|---|---|---|
| / 2 0 1 3 1 9 E B d u r o o n |
€ 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 |
| Av | In De bt f te st er ag e re a s o |
De bt M ity P f ile at ur ro |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| De bt |
( in l. Ma in ) c rg |
Au 13 in € 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, 2 77 |
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.
| ( €m ) Re fro ty le t t ing ve nu es m p ro p er Re l inc ta n om e An i l lar ts c co s y O he inc fro t ty t r om e m p rop er ma na g em en Inc fro ty t om e m p ro p er ma na g em en Inc fro le f p ies t om e m sa o ro p er Ca ing f p ies l d t o t rry am ou n rop er so |
C t o m m e n s |
||||
|---|---|---|---|---|---|
| C ha ng |
e | ||||
| H 1 2 0 1 3 |
H 1 2 0 1 2 |
( €m ) |
% | ||
| 5 2 3. 2 |
5 3 2. 0 |
8. 8 - |
1. 7 - |
||
| 3 6 4. 0 |
3 6 5. 4 |
1. 4 - |
0. 4 - |
||
| 1 5 9. 2 |
1 6 6. 6 |
7. 4 - |
4. 4 - |
||
| 9. 0 |
9. 1 |
0. 1 - |
1. 1 - |
||
| 5 3 2. 2 |
5 4 1. 1 |
8. 9 - |
1. 6 - |
||
| 1 6 6. 9 |
1 4 0. 3 |
2 6. 6 |
1 9. 0 |
||
| -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 d isp l o f p ies t o t o n os a ro p er |
2 4. 0 |
3 1. 2 |
7. 2 - |
2 3. 1 - |
|
| fro fa f Ne t inc ir v lue d j 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 9. 4 5 |
1 4. 8 7 - |
1 4 5. |
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 - |
|
| 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 - |
|
| f i fo Pr t be 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 fro f s io d do 1 8 5 k to 1 7 9 k a l t o les p er wn m s a re su a |
| O f fse by h ig he i de ia l in- lac t t 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 de lop in l ine i h de ing ts t 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 l e im i du he |
| d p ly 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 ) t t ta ou rc o are rs an |
| € d 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 fee inc d a d i t, l tan d leg l c 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 er a n va e |
| p |
| i i i M d d 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 f f 's les 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 te k m a na nc e wo r |
8 9. 4 |
9 5. 2 |
| f f f In i 's te ts tm rco m p an y p ro o ow n cra en |
||
| 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 |
| Mo de isa io d in 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 |
5. 8 0 |
9 4. 0 |
| he f in 1 t te re o ma na nc e … |
6 1 7. |
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 |
| he f 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.
1)Excluding deferred tax impact of external valuation
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 h i 1. 5 i i b l i h f h f f i i h t t t t t t t t e m a n a g e m e n 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 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 i i f i i i f f i i i h l d d l h d h t t t t t t a o n g p e r o n e e n o e r r e s p e c e e r m s n o c e a a m n m m u v u |
|||||
|---|---|---|---|---|---|
| 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 |
I l 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 Ta l ly by Su is Bo d d ts t rg e a nn a s e p e rv o ry a r a n u d c a p p e Cu b d: t ta ts rre n rg e a s e h iev f A F F O 4 0 % t o ta ts o n a c e m e n rg e 5 A d j d E B I T D A S le 1 % t ta ts s e a s o n u rg e C S ( fa ) 1 5 % I is io in d to to t t ta ts cu s m e r s a c n ex rg e 3 0 % in d iv i du l ta ts o n a rg e |
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 le d 5- 2 0 % t t y e a r p n w c e s o p e r c a n a r e a r y Am f s ha ive d d d t o ou n re s re c e ev e ry e a r e p e n s o n y -d f 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 3 3 % To l S ha ho l d 's Re ( t tu o n a re e r rn vs S f G T R l is d De he te ts av e ra g e o e rm a n p e e rs u c – W hn G S W L E G G A G F A H d T A G ) o e n, a n , , E P R A N A V ha h ( 3 3 % t o n p e r s re g ro w vs N A V h f l is d G ) t te av e ra g e g ro o e rm a n p e e rs w |
S T I P |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.