Analysts` call on the 2011 Q3 figures

Transcrição

LOCAL EXPERTISE
MEETS GLOBAL EXCELLENCE
Analyst Conference Call
Q3 2011 results
November 08, 2011
Dr. Wolf Schumacher, CEO – Hermann J. Merkens, CFO
Agenda
Economic environment
Q3 2011 results at a glance
B/S structure, capital & funding position
Group figures Q3 2011
Asset quality
Outlook
Appendix
Definitions and Contacts
1
Economic environment
Aareal Bank’s point of view
Autumn 2011
Analyst conference 03/11 (expectations)
… to be continued in 2011!
EU / US
debt crisis
Volatility / uncertainties of the
financial markets
Rating agencies
Development
real economy
Mitigating growth prospects
Regulation,
authorities,
levies, etc.
Implementation issues
unsolved
Cumulated effects
unpredictable
Distortion of competition by
single nation action
Still very challenging: high market volatility, risks in the financial systems
and rising fears of a slow down of global economies
2
2010 operating profit already outperformed after 9M
Q3
2011
Q2
2011
Q1
2011
Q4
2010
Q3
2010
Comments
€ mn
Net interest income
133
134
134
139
131
Allowance for credit
losses
36
24
18
8
32
Net commission
income
38
31
30
37
24
Relief of costs for SoFFin
guarantee materialises
0
6
-8
-14
-3
Reflects volatile markets
Administrative
expenses
93
96
91
95
88
Cost discipline maintained
Operating profit
47
44
47
40
33
2010 operating profit already
outperformed after 9M
Net result from
trading- / non-trading /
hedge accounting
4
Q3 burdened by ~ € 3-4 mn
net one-off for repurchase
of 1st SoFFin Bond
LLP stays annualised at the
lower end of the given range
of € 110 mn to € 140 mn,
showing normal quarterly
variation
Structured property financing
New business with attractive risk-return profile
New business by region 9M 2011
Europe East
Europe South
New business origination
Asia
7,000
€ mn
6,172
6,000
5,000
4%2%
5%
4,074
17%
North America
54%
Europe
West
3,000
2,496
2,000
1,000
18%
3,698
1,578
0,0000
Europe North
9M 2010
Newly acquired business
P&L SPF Segment Q3 ‘11 Q2 ‘11 Q1 ‘11
Q4 ‘10 Q3 ‘10
€ mn
Net interest income
Loan loss provision
Commission income
Net trading result
Result non-trad. assets
Admin expenses
Others
Operating profit
5
2,474
4,000
123
36
4
20
-22
54
+7
42
124
24
-2
2
2
54
-7
41
125
18
-5
-8
2
51
-2
43
129
8
-1
13
-23
56
-23
31
121
32
-5
2
-4
54
0
28
9M 2011
Renewals
increased by +134%
Total new business: +52%
Focus on attractive
risk-return profile
Preferably loans for
Pfandbrief cover pool
continuously picking up
Consulting / Services
Solid in IT & volumes – weak in deposit margins
P&L C/S Segment
(industry format)
Euro mn
Sales revenue
Own work capitalised
Changes in inventory
Other operating income
Cost of material purchased
Staff expenses
D, A, impairment losses
Results at equity acc. investm.
Other operating expenses
Results from interest and similar
Result from ordinary
activities
Income taxes
Segment result
Segment result attributed to
minority interests
Segment result after
minority interests
6
Q3 ‘11 Q2 ‘11 Q1 ‘11 Q4 ‘10 Q3 ‘10
50
0
0
2
5
27
3
0
12
0
48
1
0
2
5
28
3
1
13
0
49
0
0
1
5
28
3
0
10
0
56
1
0
2
7
27
3
13
0
45
0
0
3
6
22
3
12
0
5
3
4
9
5
1
4
1
2
1
3
3
6
1
4
1
0
1
0
1
3
2
2
6
3
Deposit volume of the
housing industry with
€ 4.8 bn on a high level
Lower than originally
assumed interest
environment burdens
segments results vs. plan
SG I automatisering
will regularly enhance
Q4-results
B/S structure, capital & funding position
Strong capital ratios & stable capital structure
30.09.2011 Core Tier 1 (CT1)
and Tier 1 ratios
Core Tier 1po st right
issue CT 1
11.5%
SoFFin participation
So FFin 12/2010
(300 mn remaining)
Strong capital ratios in line with business
model, company size and capital market
expectations
2.0%
Full repayment of remaining SoFFin
silent participation possible without
further capital increase
P ro-fo rma CT1po st
CT rights
1 incl.
(incl.SoFFin
So FFin)
13.5%
Other
hybrids
Other
hybrids
3.1%
P ro-fo rma Tier 1po st
rights (incl. So
FFin1
Tier
and o ther hybrids)
16.6%
0%
8
Targeted Core Tier 1 ratio over-achieved as
of today; new business opportunities will be
captured only in accordance with achieving
this target
4%
8%
12%
16%
20%
Core Tier 1 Basel III fully loaded1)
Temporarily raised to 9% - 10%
Simulation: estimated Basel III effects per 30.09.20112)
14%
12%
11.5%
~ -0.5%
+/-%
10%-11.5%
1%-1.5%
Buffer for
e.g. rating
shifts, F/X
movements
9%-10%
Basel III
fully loaded
Target Core
Tier 1 ratio
~ -1.0%
10.0%
10%
8%
6%
4%
2%
0%
CT 1 Basel II
ratio
30.09.2011
9
Estimated effect
additional
new business
2011/2012
Estimated
effect
Basel III3)
CT 1 Basel III
Other effects
Expected
such as RWA
CT 1 ratio range
and additional
management,
as at 01.01.2013
new business
retained earnings,
2011/2012
etc.
1) ex SoFFin and ex hybrids
2) Actual figures may vary significantly from estimates
3) Estimated impact of Basel III implementation due to capital deductions and counterparty credit risk
Asset- / Liability structure according to IFRS
As at 30.09.2011: € 41.6 bn (30.06.2011: € 40.9 bn)
€ bn
45
40
35
3.2
(4.3) Interbank1)
12.3 (12.2) Treasury portfolio1)
2.1
(2.7) Interbank
9.7
(9.7) Customer deposits
30
25
20
25.5 (25.1) Long-term funds
22.9 (22.3) Real estate structured
finance loan book
15
10
5
0
3.2 (2.1) Other assets
Assets
Assets
4.3
(3.4) Other liabilities
incl. equity
Liabilities…and equity
1) Liquidity position clearly exceeds 15% of the total balance sheet. This includes unencumbered
ECB-eligible assets, available excess cash at other banks as well as highly liquid government securities
10
Refinancing situation 2011
Flexible use of unsecured and secured funding
€ bn
4.0
4,0
Total funding of € 3.7 bn in 9M 2011
3,5
3.5
Pfandbriefe:
3.0
3,0
€ 2.3 bn
thereof two € 500 mn benchmark
mortgage Pfandbriefe
1,4
1.4
2.5
2,5
Senior unsecured:
2.0
2,0
3,7
3.7
1.5
1,5
2.3
2,3
€ 1.4 bn
thereof one € 500 mn Senior
unsecured benchmark
1.0
1,0
Current developments
0.5
0,5
Continuous demand for private
placements
Funding targets 2011 already fulfilled
in mid 2011
0
0,0
Pfandbriefe
11
Senior
unsecured
Total
Prefunding 2012 successfully started
on adequate price levels
Refinancing situation
Diversified funding sources and distribution channels
Institutional clients
Housing industry
Private placement:
Pfandbriefe
Private placement:
Senior unsecured
Wholesale funding:
Pfandbriefe
Wholesale funding:
Senior unsecured
0
Aareal Bank has clearly reduced its dependency upon wholesale funding
At the beginning of 2002, long term wholesale funding accounted for 47% of overall funding
volumes - by 30.09.2011, this share had fallen to 26% (or even ~9% without Pfandbriefe)
As at 30.09.2011
12
Group figures Q3 2011
Net interest income
Burdened by one-off for repurchase of 1st SoFFin Bond
€ mn
160
139
140
131
134
134
133
Q3 2011 was burdened by net
~ € 3 - 4 mn for repurchase of
€ 800 mn of the 1st SoFFin Bond
120
Q4 2010 was boosted by € 3 - 4 mn
one-offs
100
Net interest income influenced by
80
121
129
125
124
123
60
Consulting / Services:
Low interest rate level continues
to burden the deposit taking
business
40
20
0
10
10
9
10
10
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
NII Structured Property Financing
NII Consulting / Services
14
Structured Property Financing:
Mainly results from higher margins
Loan loss provisions
Loan loss provisions within normal quarterly variation
€ mn
Close monitoring of our loan portfolio
and successful restructuring efforts
results in only € 78 mn LLP in 9M
180
160
140
FY-guidance 2010:
€117mn - €165mn
FY-guidance 2011:
€110mn - €140mn
120
100
Q4 2010:
8
8
80
Q3 2010:
32 32
60
40
36 36
Q3 2011:
33 33
Q2 2010:
24 24
Q2 2011:
20
32 32
Q1 2010:
18 18
Q1 2011:
0
2010
FY guidance
15
2011
LLP stays annualised at the lower
end of the given range of € 110 mn to
€ 140 mn, showing normal quarterly
variation
Net commission income
Relief of costs for SoFFin guarantees materialises
€ mn
Early redemption of the 2nd SoFFin
Bond (held in own books) relieved
NCI starting in Q2 2011, full effect
showing in Q3 2011
50
40
€ 800 mn repurchase of the
1st SoFFin Bond relieved NCI
starting in Q3 2011, full effect will
show in Q4 2011
30
20
38
37
30
10
31
24
0
Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011
16
Trading, non trading and hedge accounting
Result reflects volatile markets in Q3 2011
€ mn
Trading result reflects
25
Valuation of cross-currency
basis swaps and credit derivatives
20
Non-trading result reflects
15
20
Realised losses due to active
management of Treasury portfolio
-22
10
5
0
0
2
-5
Trading
results
17
Non-trading
Hedge
results
accounting
Total
Admin expenses
High cost discipline further maintained
€ mn
120
Q3 2011-figures with € 93 mn
within full-years guidance
100
Efficiency measures still keeping
the admin expenses under control
80
Starting in 2011 admin expenses
includes addition burden from the
German bank levy (~€ 4 mn in 9M)
60
40
88
95
91
96
93
Q4 2010
Q1 2011
Q2 2011
Q3 2011
20
0
Q3 2010
18
Asset quality
Total property finance portfolio
High diversification and sound asset quality
by region1)
by property type1)
Asia
North America
3%
14%
Europe
North
Europe
East
Europe West
(ex Ger)
27%
9%
Residential
4%
33%
10%
Office
11%
12%
Europe
South
18%
22%
Hotel
15%
22%
Germany
by product type1)
Developments
> 80%
Other
94%
Shopping
Centre
by LTV ranges2)
5%1%
20
Other / Mixed
Logistics
60-80%
Investment
finance
1) Total volume under management: € 23.2 bn as at 30.09.2011
(consisting of € 22.9 bn Structured Property Financing portfolio of Aareal Bank AG
and € 0.3 bn property loans managed on behalf of Deutsche Pfandbriefbank AG)
2) Performing business only; values as at 30.09.2011
4%
10%
86%
< 60%
Total property finance portfolio
Continuing conservative approach
LLP- and NPL development
NPL
Exposure1)
Specific
Allowances1)
Portfolio
Allowances2)
Euro mn
As at 31.12.2010
791
261
94
-180
-82
-
Addition 9M 2011
299
78
-
As at 30.09.2011
910
257
94
257
94
Utilisation 9M 2011
Coverage ratio
specific allowances
As at 30.09.2011
28.2 %
910
Coverage ratio
incl. portfolio allowances
21
1) Incl. property finance portfolio still on DEPFA’s balance sheet
2) General LLP consists to a high degree of Basel II expected loss which
are allocated specific loans in most cases
351
38.6 %
Western Europe (ex Ger) credit portfolio
Total volume outstanding as at 30.09.2011: € 6.1 bn
by property type
by product type
Developments
Other
2% 0%
Other
Retail /
Shopping
Centre
5%
8%
39%
13%
Logistics
98%
Investment
finance
Office
35%
Hotel
by LTV ranges 1)
by performance
> 80%
NPLs
5%
95%
1) Performing business only
22
60-80%
Performing
2%
10%
88%
< 60%
Southern Europe credit portfolio
by property type
by product type
Other
Other
Logistics
2%
Developments
4%
15%
Hotel
6%
9%
37%
Office
Residential 10%
portfolios
83%
Investment
finance
NPLs
> 80%
60-80%
6%
94%
23
34%
by LTV ranges 1)
by performance
Retail /
Shopping
Centre
8%
Performing
3%
89%
< 60%
German credit portfolio
Total volume outstanding as at 30.09.2011: € 3.4 bn1)
by property type
by product type
Developments
Other
3% 1%
96%
Other
Shopping
Centre
7%
6%
Logistics
12%
Hotel
14%
Investment
finance
Residential
portfolios
20%
Office
by LTV ranges 2)
by performance
> 80%
NPLs
4%
7%
60-80%
96%
Performing
1) Including € 0.3 bn property loans managed on behalf of Deutsche Pfandbriefbank AG
24
41%
13%
80%
< 60%
Eastern Europe credit portfolio
by property type
by product type
Developments
Other
Logistics
2%
9%
Hotel
98%
1%
35%
21%
Investment
finance
Retail /
Shopping
Centre
34%
by LTV ranges 1)
by performance
NPLs
4%
25
> 80%
60-80%
96%
Office
8%
Performing
1%
91%
< 60%
Northern Europe credit portfolio
by property type
by product type
Developments
5% 0%
Other
Other
Residential
portfolios
5% 2%
9%
Hotel
36%
Office
16%
Logistics
95%
Investment
finance
Retail /
Shopping
Centre
32%
by LTV ranges 1)
by performance
> 80%
NPLs
2%
9%
60-80%
17%
98%
26
Performing
74%
< 60%
North America credit portfolio
by property type
by product type
Other
Developments
Other
Residential
portfolios
1% 5%
6% 3%
Hotel
33%
29%
94%
Investment
finance
Retail /
Shopping
Centre
29%
by LTV ranges 1)
by performance
1%
27
> 80%
60-80%
NPLs
99%
Office
9%
Performing
1%
90%
< 60%
Asia credit portfolio
by property type
by product type
Logistics
Developments
5%
0%
Office
100%
Investment
finance
24%
Hotel
NPLs
> 80%
6% 4%
0%
28
34%
60-80%
100%
Retail /
Shopping
Centre
by LTV ranges 1)
by performance
37%
Performing
90%
< 60%
Treasury portfolio
€ 11.0 bn of high quality and highly liquid assets
by rating 1)
by asset class
Others
Financials
<BBB: 1.5%
BBB: 1.6%
A
3%
11.3%
23%
AAA
42.9%
74%
42.7%
AA
Public
Sector
Debtors
As at 30.09.2011 – all figures are nominal amounts
1) Composite Rating
29
Treasury portfolio
€ 8.2 bn Public Sector Debtors
Total Public Sector Debtors
Treasury portfolio
Others
3%
Financials
23%
74%
Public
Sector
Debtors
Sub-Sovereign1)
Revaluation
reserve
2)
Hidden
reserves /
€ mn
Nominal
3)
burdens
Revaluation
reserve
2)
Hidden
reserves /
3)
burdens
Greece
-
-
-
Greece
-
-
-
Ireland
-
-
-
Ireland
-
-
-
1,624
-106
-231
Italy
-
-
-
100
-38
0
Portugal
55
-1
-17
-
-
-
Spain
337
-1
-50
Italy
Portugal
Spain
30
Nominal
% of
BS
3.9
0.4
0.8
Others
Sovereign
€ mn
GR
IR
IT
PT
ES
74%
% of
PSD
19.8
1.9
4.1
1) Incl. exposure of € 50 mn which is additionally guaranteed by the Sovereign
2) Incl. securities of the AfS- and the LaR-category after tax
3) Incl. securities of the HtM- and the LaR-category after tax
Treasury portfolio
€ 2.5 bn Financials
Financials
Treasury portfolio
Public
Sector
Debtors
74%
23%
GR
IR
IT
PT
ES
69%
Financials
3%
Senior Unsecured
Covered Bonds
Nominal
Revaluation
reserve 1)
Hidden
reserves /
€ mn
Nominal
2)
Revaluation
reserve 1)
Hidden
reserves /
Greece
-
-
-
Greece
-
-
burdens2)
-
Ireland
-
-
-
Ireland
-
-
-
Italy
70
-4
0
Italy
36
0
0
Portugal
60
-19
0
Portugal
-
-
-
616
-11
-33
Spain
-
-
-
Spain
burdens
1) Incl. securities of the AfS- and the LaR-category after tax
2) Incl. securities of the HtM- and the LaR-category after tax
31
% of
BS
0.3
0.1
1.5
Others
Others
€ mn
% of
Fin
4.3
2.4
25.0
Total Structured Property Financing Portfolio
€ 23.2 bn of high quality real estate assets
NPL
Total loan book
Italy
20%
3,9%
96,1%
73%
7%
Others
Nominal
(in mn €)
Average
LTV
NPLs
(in mn €)
Greece
-
-
-
Ireland
-
-
-
3.148
59,7%
-
-
-
1.038
79,3%
65
€ mn
Italy
Portugal
Spain
32
184
Spain
Outlook
Outlook
FY operating profit 2010 already outperformed after 9M
2011
Net interest income
Target expected above 2010 level
Net loan loss provisions
Lower end of range between € 110 mn and € 140 mn1)
expected
Net trading result / results
from non-trading assets
Unpredictable in current markets / no impairments from
non-trading assets expected but we do not rule out moderate
realisation of losses
Admin expenses
Under control: slightly above 2010 level including
additional burden of German banking levy
Operating profit
9M 2011 operating profit already above FY 2010 level
Pre-tax RoE
Above 2010 level
Generally, Aareal Bank remains in a position to further exceed consolidated
operating profit of the 2010 financial year during the current year – having matched
the previous year's results after nine months already.
1) As in 2010, the bank cannot rule out additional allowances for credit losses
34
Appendix
Aareal Bank Group
Key figures Q3 2011
Quarter 3
2011
Euro mn
Quarter 3
2010
Euro mn
133
36
131
32
2%
13%
97
38
2
20
-22
3
93
2
0
99
24
-2
2
-3
0
88
1
-
-2%
58%
6%
100%
-
47
13
33
11
42%
18%
Net income / loss
34
22
55%
Allocation of results
Net income / loss attributable to non-controlling interests
Net income / loss attributable to shareholders of Aareal Bank AG
5
29
5
17
0%
71%
Appropriation of profits
Silent partnership contribution by SoFFin
Consolidated retained profit / accumulated loss
5
24
7
10
-29%
140%
Profit and loss account
Net interest income
Allowance for credit losses
Net interest income after allowance for credit losses
Net result on hedge accounting
Net trading income / expenses
Results from non-trading assets
Results from companies accounted for at equity
Results from investment properties
Administrative expenses
Net other operating income / expenses
Impairment of goodwill
Operating Profit
Income taxes
36
Change
Aareal Bank Group: Segment Reporting
Key figures Q3 2011 by operating units
Euro mn
Net interest income
Operating profit
Income taxes
Net income / loss
37
Structured
Property
Financing
Consulting /
Services
Consolidation/
Reconciliation
Aareal Bank
Group
01.07.- 01.07.30.09. 30.09.
2011
2010
01.07.- 01.07.30.09. 30.09.
2011
2010
01.07.- 01.07.30.09. 30.09.
2011
2010
01.07.- 01.07.30.09. 30.09.
2011
2010
123
36
87
4
2
20
-22
121
32
89
-5
-2
2
-4
0
0
10
10
3
54
2
0
42
12
30
0
54
2
40
0
28
10
18
4
26
4
14
133
36
97
38
2
20
-22
131
32
99
24
-2
2
-3
0
45
0
39
10
-11
10
-10
35
0
-1
0
-1
-1
0
88
1
0
3
93
2
0
47
13
34
5
1
4
5
1
4
0
0
33
11
22
0
1
3
1
3
0
0
5
29
5
17
1
Aareal Bank Group
Key figures 9M 2011
01.01.30.09.2011
Euro mn
01.01.30.09.2011
Euro mn
401
78
370
97
8%
-20%
323
99
2
14
-18
1
7
280
-10
0
273
86
2
-5
11
5
0
271
-7
0
18%
15%
-80%
3%
-
138
39
94
29
47%
34%
Net income / loss
99
65
52%
14
85
14
51
0%
67%
Appropriation of profits
Silent partnership contribution by SoFFin
Consolidated retained profit / accumulated loss
16
69
24
27
-33%
156%
Profit and loss account
Net interest income
Operating Profit
Income taxes
38
Change
Key figures 9M 2011 by operating units
Euro mn
Net interest income
Operating profit
Income taxes
Net income / loss
39
Structured
Property
Financing
Consulting /
Services
Consolidation/
Reconciliation
Aareal Bank
Group
01.01.- 01.01.30.09. 30.09.
2011
2010
01.01.- 01.01.30.09. 30.09.
2011
2010
01.01.- 01.01.30.09. 30.09.
2011
2010
01.01.- 01.01.30.09. 30.09.
2011
2010
372
78
294
-3
2
14
-18
7
159
-11
0
126
36
90
338
97
241
-8
2
-5
10
5
0
161
-7
0
77
24
53
12
78
12
41
0
0
29
32
0
401
78
323
99
2
14
-18
1
7
280
-10
0
138
39
99
370
97
273
86
2
-5
11
5
0
271
-7
0
94
29
65
0
132
0
127
29
-30
32
-33
0
1
1
122
1
112
1
-1
0
-2
-1
12
3
9
17
5
12
0
0
0
2
7
2
10
0
0
14
85
14
51
Key figures - quarter by quarter
Euro mn
Net interest income
Net interest income after
allowance for credit losses
Results from companies
accounted for at equity
Results from investment
properties
Net other operating income /
expenses
Operating profit
Income taxes
Net income / loss
Net income / loss attributable to
non-controlling interests
Net income / loss attributable to
shareholders of Aareal Bank AG
40
Structured Property
Financing
Consulting / Services
Consolidation /
Reconciliation
Aareal Bank Group
Q3
Q2
Q1
Q4
Q3
2011 2011 2011 2010 2010
Q3
Q2
Q1
Q4
Q3
2011 2011 2011 2010 2010
Q3
Q2
Q1
Q4
Q3
2011 2011 2011 2010 2010
Q3
Q2
Q1
Q4
Q3
2011 2011 2011 2010 2010
123
36
124
24
125
18
129
8
121
32
0
0
0
0
0
10
10
9
10
10
133
36
134
24
134
18
139
8
131
32
87
100
107
121
89
0
0
0
0
0
10
10
9
10
10
97
110
116
131
99
4
2
20
-22
-2
2
2
2
-5
-2
-8
2
-1
-4
13
-23
-5
-2
2
-4
45
43
44
49
39
-11
-10
-9
-11
-10
0
1
38
2
20
-22
31
2
2
2
30
-2
-8
2
37
-4
13
-23
24
-2
2
-3
0
0
1
0
1
0
0
0
3
2
2
-17
0
3
2
2
-17
0
54
54
51
56
54
40
42
40
40
35
-1
0
0
-1
-1
93
96
91
95
88
-2
-2
2
0
1
0
0
0
0
0
0
0
-1
2
-10
-2
-2
1
0
47
13
34
0
44
14
30
47
12
35
0
40
11
29
33
11
22
5
4
5
4
5
29
26
30
25
17
2
-11
0
42
12
30
0
41
13
28
43
11
32
31
8
23
28
10
18
5
1
4
3
1
2
4
1
3
9
3
6
5
1
4
4
4
4
4
4
1
0
1
0
1
26
24
28
19
14
3
2
2
6
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Revaluation reserve
Change mainly driven by asset spreads
€ mn
150
100
50
86
6
56
70
0
-50
-106
-90
-112
-122
-132
-168
-187
-100
-110
-150
-200
2002
41
2003
2004
2005
2006
2007
2008
2009
2010 31.03.
40633 30.06.
40724 30.09.
40816
2011 2011 2011
Development property finance portfolio
Diversification continuously strengthened (in € mn)
100%
90%
550
294
1.528
581
603
1.542
3.053
2.578
2.243
80%
1.847
3.307
70%
4.909
60%
Asia
3.154
North America
2.867
Europe East
2.612
Europe North
4.183
Europe South
6.152
Europe West
3.418
Germany
4.166
50%
40%
764
5.019
15.383
30%
15.407
20%
7.114
10%
0%
1998
2003
2007
30.09.
H1
2011
2011
Property finance under management
42
From asset to risk weighted asset (RWA)
Essential factors affecting volume of RWA
Effective date 30/09/2011
RWA
Loans
outstanding
€ 8.3 bn
RWA
RE Structured
Finance
€ 11.2 bn
x
Undrawn loans
€ 5.3 bn
x
Retail
€ 0.1 bn
Sovereign
€ 0.0 bn2)
Banks
€ 0.6 bn
43
Total loan volume available
to be drawn as per effective
date
Depending on: type of collateral
geographic location of mortgaged
properties, arrears, type of loan
Multiplier
0.56
Corporate (non-core RE portfolio)
€ 1.2 bn
1) Excl. of market risk
2) Exposure to Sovereigns amounts to € 17 mn
3) Exposure to investment shares amounts to € 4 mn
Undrawn loans in
loan currency
FX
x
+
Total loan volume drawn
as per effective date
Depending on: type of collateral,
geographic location of mortgaged
properties, arrears, type of loan
Multiplier
0.43
+
RWA
Others
€ 3.8 bn
Loans outstanding
in loan currency
FX
x
+
RWA
Undrawn
volume
€ 2.9 bn
RWA
Aareal Group1)
€ 15.0 bn
Loans outstanding
€ 19.4 bn
Financial interest
€ 0.5 bn
Investment shares
€ 0.0 bn3)
Others (tangible assets etc.)
€ 0.2 bn
Securitisation (ABS Investments)
€ 0.1 bn
Operational Risk
€ 1.1 bn
SoFFin support measures
Demonstration of strength and soundness
€ mn
600
Aareal Bank was the first bank to
start the repayment of the capital
support provided by SoFFin
500
First tranche amounts
to € 150 mn
150
400
Second tranche amounts
to € 75 mn
75
300
Manageable size of remaining
€ 300 mn SoFFin participation
525
200
375
300
100
0
31.12.09
45
Repayment 31.12.10
1. Tranche
(28.06.2010)
Repayment 30.09.11
2. Tranche
(28.04.2011)
Key terms
Silent participation
46
Volume1): € 300 mn in one tranche
Coupon: 9% (tax deductible)
Term: perpetual
Fully recognised as Tier 1 capital
Call rights: by Aareal Bank only, acc. to
sec. 10(4)3 German Banking Law (KWG)
No dividend payments during 2009 and
2010 for preceding years
Additional remuneration: coupon increases
on a pro rata basis by 0.5 pp for each
~0.18 € DpS2)
Subordination in case of liquidation and
insolvency: junior to existing and future Tier
2 instruments (incl. Genussrechte/-scheine)
and other debt; pari passu with existing tier
1 hybrids and future tier 1 hybrid offerings;
senior to shareholders
Loss sharing: pari passu with all other
instruments with loss participation; no
dividend payment until full compensation
of shared losses
1) Original volume: € 525 mn, first repayment tranche of € 150 mn in July 2010,
second repayment tranche of € 75 mn in April 2011
2) Adjusted relative to the capital increase
3) After early redemption of second bond and partial repurchase of first bond
remaining volume down from € 4 bn
Government guarantee facility
Volume3): € 1,2 bn
Term: ≤ 36 months
Guaranteed obligations: bearer bonds
Drawdown period expired 31.12.2010
First bond:
€ 2 bn fully placed in 03/2009,
€ 800 mn partially tendered in 07/2011
remaining € 1.2 bn maturing 26.03.2012
Second bond:
€ 2 bn onto own book 07/2010
early redemption 04/2011
(originally maturing 05.06.2013)
Commitment fee: 10 bp
(for undrawn guarantee)
Drawdown fee:
≤ 12 months: 50 bp p.a.
> 12 months: 94.8 bp p.a.
Capital increase
Successfully completed rights issue
Gross proceeds of € 269.6 mn
Key dates
48
Thu, 14 April 2011
Aareal Bank AG resolved on capital increase
Thu, 14 April 2011
Aareal Holding successfully completed pre-placement
of new shares
Mon, 2 May 2011
Aareal Bank AG successfully completed capital increase.
99.73 per cent of subscription rights have been exercised.
Tue, 3 May 2011
Settlement of new shares subscribed
Details on successfully completed rights issue
terms
Terms of the offering
Company
Number of shares
Subscription ratio
Subscription price
Gross proceeds
Pre-placement of
Aareal Holding
Use of proceeds
Offer structure
Lock-up
49
Aareal Bank AG (“Aareal Bank” or the “Company”)
17.102.062 new shares by way of subscription offer to the existing
shareholders
2 for 5 (i.e. 2 new for 5 existing shares)
€ 15.75 per share
€ 269.6 mn
Aareal Holding participates via tail swallowing, i.e. upfront
placement of 4.99 mn new shares to exercise its remaining
subscription rights for new shares
Shareholding post offering of 28.9%
Expanding profitable new business opportunities
Strengthening the regulatory capital base
Further partial repayment of € 75 mn of
SoFFin Silent Participation
Public offering in Germany and Luxembourg
Private placement to international institutional investors outside
the US in accordance with Regulation S
9 months for Company; 6 months for Aareal Holding
Shareholder structure
17 mn new shares guarantee a higher free float
Structure before capital increase
Total number of shares: 42,755,159
37.2%
8.9%
8.9%
6.7%
6.1%
3.4%
1.8%
1.4%
62.8%
Structure after capital increase
Total number of shares: 59,857,221
6.9%
6.9%
5.2%
28.9%
4.7%
2.7%
1.4%
71.1%
Free float
Aareal Holding Verwaltungsgesellschaft mbH
50
1.1%
Bayerische Beamten
Lebensversicherung a.G.
Swiss Life AG
Versorgungsanstalt des
Bundes und der Länder
Dr. August Oetker KG
Deutscher Ring Lebensversicherungs-AG
und Deutscher Ring Sachversicherungs-AG
Deutscher Ring
Krankenversicherungsverein a.G.
Condor Lebensversicherung AG
Bayerische Beamten
Lebensversicherung a.G.
Swiss Life AG
Versorgungsanstalt des
Bundes und der Länder
Dr. August Oetker KG
Deutscher Ring Lebensversicherungs-AG
und Deutscher Ring Sachversicherungs-AG
Deutscher Ring
Krankenversicherungsverein a.G.
Condor Lebensversicherung AG
Definitions and contacts
Definitions
Structured Property Financing Portfolio
Paid-out financings on balance sheet
Incl. remaining property loans on DEPFA books
New Business
Newly acquired business incl. renewals
Contract is signed by customer
Fixed loan value and margin
Core Tier I Ratio = Tier 1 capital ./. hybrids ./. SoFFin silent participation
Risk weighted assets
Operating
profit
./.
Net
income/loss attributable to non-controlling interests
Pre tax RoE =
Allocated (average) equity
Allocated Equity
Average of:
Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin)
start of period less dividends and
Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin)
end of period less expected dividends
Admin expenses
CIR =
Net income
Net income
net interest income + net commission income + net result on hedge accounting + net trading income +
results from non-trading assets + results from investments accounted for at equity +
results from investment properties + net other operating income
52
Contacts
Jürgen Junginger
Managing Director Investor Relations
Phone: +49 611 348 2636
[email protected]
Alexandra Beust
Director Investor Relations
Phone: +49 611 348 3053
[email protected]
Sebastian Götzken
Senior Manager Investor Relations
Phone: +49 611 348 3337
[email protected]
53
Disclaimer
© 2011 Aareal Bank AG. All rights reserved.
This document has been prepared by Aareal Bank AG, exclusively for the purposes of a corporate presentation
by Aareal Bank AG. The presentation is intended for professional and institutional customers only.
It must not be modified or disclosed to third parties without the explicit permission of Aareal Bank AG. Any
persons who may come into possession of this information and these documents must inform themselves of
the relevant legal provisions applicable to the receipt and disclosure of such information, and must comply with
such provisions. This presentation may not be distributed in or into any jurisdiction where such distribution
would be restricted by law.
This presentation is provided for general information purposes only. It does not constitute an offer to enter into
a contract on the provision of advisory services or an offer to purchase securities. Aareal Bank AG has merely
compiled the information on which this document is based from sources considered to be reliable – without,
however, having verified it. Therefore, Aareal Bank AG does not give any warranty, and makes no
representation as to the completeness or correctness of any information or opinion contained herein. Aareal
Bank AG accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in
any way connected with, the use of all or any part of this presentation.
This presentation may contain forward-looking statements of future expectations and other forward-looking
statements or trend information that are based on current plans, views and/or assumptions and subject to
known and unknown risks and uncertainties, most of them being difficult to predict and generally beyond Aareal
Bank AG´s control. This could lead to material differences between the actual future results, performance
and/or events and those expressed or implied by such statements.
Aareal Bank AG assumes no obligation to update any forward-looking statement or any other information
contained herein.
54

Analysts` call on the 2011 Q3 figures

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