23 March 2016

Transcrição

23 March 2016

conwert company
presentation
Results 2015
+ 23 March 2016
conwert is a fully integrated
real estate company
focusing on residential
properties and apartment
buildings in Austria and
Germany. This focus is
complemented by a
commercial property
portfolio. conwert owns,
develops, lets and sells
properties in metropolitan
regions. conwert’s business
model is based on three
pillars: portfolio asset
management, the
development and sale of
properties and the property
service segment. conwert
relies on a transparent
corporate culture and a
clear strategy for the
implementation of its
objectives. A code of
conduct applicable to all
employees of the group
lays down the ethical
principles of
entrepreneurship and
governs the behaviour of
employees when dealing
with one another and with
the stakeholders.
Content
+ Highlights Q4 2015
+ Operating Performance
+ Portfolio Strategy & Valuation
+ Cost Reduction Programme
+ Financing
+ Financials
+ Strategy Summary, Guidance & Outlook
+ Appendix
conwert with Very Strong FY 2015 Results
+ Like-for-like rent increases
- Increase of 2.6% in core portfolio
- Increase of 2.5% in core residential portfolio
+ Vacancy rate reduced
- Overall from 9.0% to 6.6%
- Residential core portfolio: from 4.4% to 3.1%
+ Adjusted NRR margin increased from 85.0% to 87.2%
+ Fair value up by €129 mn (5.0%) since 31/12/2014 on a like-for-like basis
+ Average financing cost lowered to 2.3%
+ FFO I up 54% to €53.4 mn
+ Dividend will be proposed at €0.35/share which corresponds to 61% of FFO I
3
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
Operating Performance at a Glance
1-12/2015
1-12/2014
Change
NCR
€/sqm/m
6.42
6.27
2.4%
NCR like-for-like residential core
€/sqm/m
5.80
5.66
2.5%
Vacancy rate
%
6.6
9.0
-26.6%
Vacancy rate residential core
%
3.1
4.4
-29.9%
FFO I2)
€ mn
53.4
34.8
53.6%
FFO I per share
€/share
0.643)
0.42
51.8%
FFO I per avg. usable space
€/ø sqm
22.62
13.67
65.5%
Total usable space
1,000 sqm
2,176
2,473
-12.0%
31/12/2015
31/12/2014
Change
2,735.0
2,847.8
-4.0%
5.9
6.1
-4.0%
Fair value1)
€ mn
Initial yield of portfolio
%
Fair value1) like-for-like
€ mn
2,728.4
2,599.3
5.0%
EPRA NAV
€ mn
1,391
1,299
7.1%
EPRA NAV per share
€/share
15.724)
15.70
0.2%
Shares outstanding per year end
No. (mn)
88.5
82.8
6.9%
Average shares outstanding
No. (mn)
83.8
82.8
1.2%
1)
2)
incl. IFRS 5 and SELL (at fair values)
FFO I: Earnings before tax (EBT) - difference between sales and carrying amount of sold properties + operating expenses of sales income -/+ revaluation gains/losses + depreciation and value
adjustments + non-cash components of financial income and other non-cash costs not including non-controlling interests + restructuring charges/one-off items - cash taxes (rental)
3)
Based on average number of shares outstanding of 83.8 mn in 2015
4)
Based on number of shares outstanding of 88.5 mn as per 31 December 2015
Glossary: FV = Fair Value; NCR = Net Cold Rent
5
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
Main Portfolio KPIs
Vacancy
rate
(%)
l-f-l
Vacancy
rate dvpt
(% yoy)
(€ mn)
% of
total FV
NCR
(€/sqm)
l-f-l NCR
growth
(% yoy)
8,975
1,039.1
38.0
6.54
2.9
2.1
-17.6
21.4
4.7
10,152
563.4
20.6
5.29
2.3
3.7
-37.4
13.5
7.4
1,691
72.4
2.6
5.22
0.7
5.7
-6.0
12.2
8.2
663
100.2
3.7
4.52
2.8
2.4
-31.9
33.0
3.0
21,481
1,775.1
64.9
5.80
2.5
3.1
-29.2
17.9
5.6
384
169.1
6.2
9.29
3.8
3.1
-2.6
15.8
6.3
21,865
1,944.1
71.1
6.01
2.6
3.1
-28.0
17.7
5.7
Residential
non-core
3,317
144.4
5.3
5.40
1.0
17.4
-4.7
13.1
7.6
Commercial
non-core
2,312
646.5
23.6
8.51
-0.7
13.9
12.7
16.0
6.2
27,494
2,735.0
100.0
6.42
1.5
6.6
-8.8
17.0
5.9
Units1)
FV2)
Portfolio segment
(No.)
Premium markets
Core markets
Core assets
Privatisation
Residential core
Premium
commercial
Core portfolio
Total portfolio
1)
excl. parking spaces
2)
incl. IFRS 5 and SELL (at fair values)
Glossary: FV = Fair Value; NCR = Net Cold Rent; l-f-l = like-for-like
FV/NCR
(x)
NCR/FV
(%)
7
Residential Core Portfolio – Overview
Top 10 Locations
FV
(€ mn)
Units
(No.)
NCR
(€/sqm)
FV/NCR
(x)
Vacancy rate
(%)
Vienna
409.9
2,439
6.21
29.0
3.4
Berlin
420.4
4,423
6.24
19.4
1.3
Leipzig
263.5
4,532
5.35
13.8
2.5
Potsdam
207.5
1,657
6.96
20.7
0.7
Wuppertal
100.6
2,058
5.03
12.0
1.3
Dresden
44.4
586
6.14
15.7
2.8
Dortmund
30.6
521
5.00
15.1
8.3
Premium markets
Privatisation
Premium markets
Privatisation
Premium markets
Core markets
Premium markets
Core markets
Privatisation
Premium markets
Privatisation
Core markets
Chemnitz
28.0
598
5.12
12.5
7.1
Core assets
Erfurt
22.2
446
5.80
14.5
2.3
Core markets
Bochum
19.7
390
5.05
12.8
13.7
Core markets
1,546.7
17,650
5.84
18.6
2.6
Other locations
228.3
3,831
5.60
14.5
5.5
Residential core
1,775.1
21,481
5.80
17.9
3.1
Location
Total Top 10
Portfolio parts
+ The top 10 locations make up almost 90% of the core residential portfolio
8
Disposals – Current Status
Disposals
1-12/2015 1-12/2014
Change
Units sold1)
No.
3,266
1,711
90.9%
Sales proceeds
€ mn
272.6
133.5
104.2%
Disposal of book values
€ mn
(253.7)
(122.4)
107.2%
Profit from disposals
€ mn
18.9
11.1
71.0%
Book value step-up
%
7.5
9.0
-17.5%
1-12/2015 1-12/2014
Change
thereof non-core
Units sold1)
No.
2,969
1,107
168.2%
Sales proceeds
€ mn
235.0
78.1
200.8%
Disposal of book values
€ mn
(225.6)
(75.9)
197.3%
Profit from disposals
€ mn
9.4
2.2
318.0%
Book value step-up
%
4.2
3.0
40.6%
+ €235 mn non-core assets sold in 2015
+ Book value step-up at 4.2%
+ Assets in Czech Republic sold entirely
+ Pipeline 2016 well filled
- Closed/signed deals in 2016 YTD
amount to approx. €105 mn
- Asset under exclusive negotiation
amount to more than €300 mn
+ Non-core disposals of €235 mn in 2015 – Pipeline for 2016 well filled
1)
excl. parking spaces
9
Portfolio Valuation – Overview
KPI
31/12/2015
31/12/2014
Change
FV
€ mn
2,735.0
2,847.8
-4.0%
FV
€/sqm
1,257.0
1,151.4
9.2%
FV/NCR multiple
x
17.0
16.3
4.2%
Initial yield
%
5.9
6.1
-4.0%
FV
€ mn
2,728.4
2,599.3
5.0%
FV
€/sqm
1,257.4
1,195.1
5.2%
FV/NCR multiple
x
17.0
16.4
3.2%
Initial yield
%
5.9
6.1
-3.1%
FV
€ mn
1,768.7
1,606.0
10.1%
Like-for-Like FV
Residential
FV/NCR multiple
core
€/sqm
1,229.3
1,115.9
10.2%
x
17.9
16.9
6.1%
%
5.6
5.9
-5.8%
Absolute
+ l-f-l increase of fair values by
5.0% or €129 mn
+ Value increase based on
- rent increases
- vacancy reduction
- improved technical
maintenance condition of
assets
Like-for-Like
Initial yield
- capex
- yield compression
+ Non-core assets fell in value
by approximately 4.2% on a
l-f-l basis - no further
devaluation expected
+ Due to further expected yield compression, two valuations planned for 2016
10
Large yield compression expected within next 12 months
Location
FV
(€ mn)
FV/NCR
(x)
Management estimate
yield compression
next 12 months
Value effect
(€ mn)
Vienna
409.9
29.0
+ 1.0-2.0
14-28
Berlin
420.4
19.4
+ 1.0-2.0
22-43
Leipzig
263.5
13.8
+ 1.5-2.5
29-48
Potsdam
207.5
20.7
+ 0.5-1.0
5-10
Wuppertal
100.6
12.0
+ 0.5-1.0
4-8
44.4
15.7
+ 1.0-2.0
3-6
Dresden
Top 6 residential locations
1,446.2
19.0
~80-140
+ Management sees a ~€80-140mm yield compression in the top 6 cities representing a 5-10%
increase over GAV in those cities
+ Additional value increase through rent increase / vacancy reduction.
+ No downward effects in non-core expected.
11
Maintenance & Modernisation
(in €/sqm)
28.78
28.85
24.96
11.62
7.26
14.82
+ Reactive maintenance and capex decreased
due to improvements in technical quality of
assets
+ Examples for large ongoing projects:
- Am Kiesteich, Berlin €15 mn
10.03
- Baumertweg, Essen €9 mn
13.42
10.85
7.20
2013
Maintenance
4.28
3.11
2014
2015
Capex
- Gropius-Terrassen, Bochum €10 mn
+ Many historical projects initiated to reduce
high vacancy levels (e.g. Gropius-Terrassen
with 47% vacancy rate, Baumertweg with
51% vacancy rate)
Capex large projects
12
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
Operational cost reduction progressing well
Ongoing restructuring measures
SG&A as % of GAV
+ Centralisation of all back-office functions (e.g. utility cost
billing, rent accounting and rent receivables management)
+ Harmonisation of organisation and processes across German
entities
3.5%
3.4%
3.7%
3.0%
2.7%
2.2%
+ Reduction of sites by 20%
+ Restructuring of Austrian operations
Status and expected results
2010
2011
2012
2013
2014
2015E
Adjusted Rental EBITDA margin of key competitors1)
+ Works council negotiations finished
+ Implementation started – expected to be finished after
summer 2016
+ Run-rate savings of € 8mn expected
69.3%
65.7%
65.4%
66.3%
Average:
65.3%
59.8%
+ NRR margin expected to improve by ~1-2%
1) FY 2015 except Buwog
14
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
+ Financing
Financing Summary
+ Adjusted LTV down to 49.2%1)
+ Financing cost down by 170 bps since Q4 2014
+ Further continuous interest reduction by refinancing of mortgage loans – Target: ~2%
+ Investment grade rating from S&P (BBB-) with stable outlook confirmed – enabling bond issuance
at any time
1)
Considering 2016 convertible conversion
16
+ Financing
Financing cost down by 170 bps since Q4 2014
Measures
Execution of measures
Impact on cash financing
cost 2015
4.03% average as per Q4 2014
Financing cost end of Q4 2014
Breakage / adjustment of strike
price for swaps
price for swaps with nominal value
of €233 mn
Q1-Q3
2015

Approx. 35 bps
Restructuring of debt
Restructuring / repricing of existing
mortgage debt with nominal value
of approx. €180 mn
Q1-Q3
2015

Approx. 20 bps
Q4 2015

Approx. 95 bps
Q4 2015

Approx. 10 bps
Q4 2015

Approx. 10 bps
price for swaps
Restructuring of debt and
bridge loan
Early conversion of c. 50% of
2016 convertible
Financing cost end of Q4 2015
price for swaps with nominal value
of €500 mn
Restructuring of existing mortgage
debt with nominal value of approx.
€80 mn and raising of bridge loan
facility
2.32% average as per Q4 2015
17
+ Financing
Solid Capital Structure, Conservative Financial Policies
and IG Rating confirmed
LTV evolution (%)
53.6%
50.0%
49.2%4)
47.5%
46.3%
Dec 2014
Dec 2015
Reported
Target
Pro forma convertible conversion
Current maturity profile¹) (€ mn)
182.4
49.82)
38.0
94.6
2016
Financial policies
200.8
65.0
1
Leverage policy
2
Maintain
strong liquidity
profile
185.0
147.6
80.0
127.4
3)
28.7
67.6
2018
Mortgage-backed loans
+ EBITDA interest coverage of more than 2.0x
+ LTV ≤50% targeted
+ Ensure that sufficient liquidity is maintained
to cover maturities in the next 12-18
months
70.6
135.8
2017
+ Current cash-effective interest rate of 2.32% after hedging
+ Approx. 7.2-year average term of all loans including
corporate/convertible bonds
+ Broad and long-term distribution of debt financing (with
51 financing institutions)
+ Approx. 62% of debt hedged against interest rises (75% when
forward-starting derivatives are included)
+ Adjusted LTV currently at 49.2%4)
+ IG rating from S&P (BBB-) – confirmed in March 2016
2019
2020
Bridge loan
2021
Bond
10.4
2022
2023
Convertible Bonds
3
Other
+ Ongoing discussions with further lenders on
prolongation of mortgage loans
+ Hedging ratio target of c. 70-80%
+ Stable dividend policy at 60% of FFO I
Notes: 1) as of 31/12/2015; ² ) thereof converted in Q1 2016: €48.5 mn; ³ ) strike price: €11.27; 4) considering 2016 convertible conversion in January 2016.
18
+ Financing
Balance Sheet Structure as of 31 December 2015
LTV ratio further improved
Balance sheet (€ mn)
Breakdown of financial liabilities (€ mn)
2,888
Others
2,888
157
191
196
1.275
Property
assets
2.692
1.265
Assets as of 31/12/2015
Other
liabilities
1,466
Bond debt
191
Bond debt
Bank debt
(mortgage
debt & bridge)
210
361
Bank debt
(mortgage
debt & bridge)
666
Equity
Share of debt of convertible
bonds and retail bond
Bridge loan €38 mn
33 banks
Range: <€20mn
11 banks
Range: €20–50mn
6 banks
Range: >€50mn
31/12/2015
Equity and liabilities as of 31/12/2015
Balance sheet indicators
Adjusted loan-to-value (LTV)
incl. cash and cash equivalents
Adjusted loan-to-value (LTV)
(in-the-money convertibles as equity)
Equity ratio
Equity ratio
(in-the-money convertible as equity)
31/12/2015
31/12/2014
49.2%
53.6%
Target
≤50%
46.3%
47.5%
43.8%
37.1%
–
48.2%
43.0%
19
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
+ Financials
Overview of FY 2015 Income Statement
Reflecting operational focus
Comment
1-12/2015
1-12/2014
Change
226.1
237.3
-4.7%
18.9
11.1
71.0%
7.7
10.5
-26.9%
Net result from fair value adjustments
66.9
15.9
NM
Earnings before interest and tax (EBIT)
181.3
121.6
49.2%
Net finance result
(80.6)
(131.5)
-38.7%
Earnings before tax (EBT)
100.7
(9.9)
NM
Profit/loss after tax
83.3
(8.9)
NM
Profit/loss after non-controlling interests
79.5
(12.0)
NM
Recurring FFO I1) (excl. sales income)
53.4
34.8
53.6%
FFO II excluding cash taxes / cash profit2)
61.9
37.9
63.5%
Significant growth driven by
strong operational result and
lower cash costs of debt
148.8
150.7
-1.2%
NRR margin further improved
NRR margin (in %)
65.8
63.5
3.7%
NRR margin (adjusted) (in %)3)
87.2
85.0
2.5%
(€ mn unless otherwise indicated)
Rental income
Net proceeds on property sales
Service revenues
Net rental result (NRR)
Impact of sales programme
Revaluation in Q3 and Q4
Cash cost of debt significantly
down as well
Very strong Q4 result
1) FFO I: Earnings before tax (EBT) - difference between sales and carrying amount of sold properties + operating expenses of sales income -/+ revaluation gains/losses + depreciation and value
2) FFO II: FFO I + difference between sales and carrying amount of sold properties – deduction of operating expenses of sales result
3) NRR margin (adjusted): NRR margin excluding operating costs charged to tenants
21
+ Financials
FFO Development in Detail
1-12/2015
1-12/2014
EBT
100.7
(9.9)
Deduction of difference between sales and carrying amount of sold properties
(18.9)
(11.1)
7.6
6.9
(66.0)
(13.0)
1.2
1.3
21.9
58.1
6.8
2.53)
FFO I1) (excl. sales income)
53.4
34.8
Difference between sales and carrying amount of sold properties
18.9
11.1
Operating expenses of sales result
(7.6)
(6.9)
FFO II2) (incl. sales income)
64.8
39.0
FFO II2) (incl. sales income) excluding cash taxes / cash profit
61.9
37.9
(€ mn)
Deduction of result from fair value adjustments of properties
Depreciation
Non-cash part of financial result and other non-cash costs
One-off charges
3) Reflected as non-cash operating income and expenses in the annual report
22
+ Financials
NAV Composition 31 December 2015
NAV/share significantly up
31/12/2015
31/12/2014
Change
31/12/2015
pro forma2)
€1,206 mn
€1,045 mn
15.4%
€1,254 mn
88,489
82,783
6.9%
93,017
13.63
12.63
7.9%
13.49
Additional fair value of trading properties/share
0.35
0.33
7.1%
0.34
Fair value of financial instruments/share
0.28
1.38
-79.5%
0.27
Long-term financing contribution of tenants/share
0.10
0.12
-11.5%
0.10
Deferred taxes/share
1.35
1.24
8.9%
1.29
EPRA NAV/share
15.72
15.70
0.2%
15.48
Discount to current share price1)
12.2%
12.1%
0.1%
10.9%
(€ unless otherwise indicated)
Equity (w/o non-controlling interests)
Number of shares outstanding (in thousand shares)
Equity/share
1) €13.80 at 21 March 2016
2) including 2016 convertible bond conversion
23
+ Financials
Financial Results 2015
Significant impact of development of interest rate landscape for ineffective swaps
(€ mn)
2015
2014
Comment
Cash cost of mortgage loans, convertible bonds
and retail bond
(58.1)
(73.8)
Non-cash write-ups for convertible bonds & buyback of convertible bonds
(1.8)
(4.8)
Financial results after write-ups
(59.9)
(78.6)
∆ of value of derivatives and deduction of cash
flow hedge reserve
(16.2)
(50.6)
Prepayment penalty
(0.8)
-
IFRS cash costs
(4.9)
(2.5)
1.2
1.2
(80.6)
(131.5)
Result of associates, interest paid to conwert and
others
Net finance costs
Lower cash costs – Reduction
due to lower financial
liabilities and reduced interest
cost
Interest rate recovery and
breakage of swaps resulted in
significantly lower non-cash
effects of derivatives
Result significantly improved
vs 2014
24
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
conwert’s management has continued to deliver on its strategic
targets communicated to market
Portfolio strategy
1
2
Financing
strategy
Operational
efficiency
3
Current portfolio
strategy
Non-core asset
disposals and
acquisitions
Improvement of rent
and vacancy
+ Focus on residential assets in Germany and Austria
+ New portfolio structure: €1.0 bn of premium, €0.6 bn of core markets and core assets,
€0.1 bn of privatisation, €0.2 bn of commercial core, €0.8 bn non-core portfolio
+
+
+
+
€235 mn of non-core disposals in FY 2015
Target of €300-350 mn of non-core sales in FY 2016
Re-invest disposal proceeds in locations with positive household growth
Temporary re-levering of up to 55% LTV possible – Mid-term LTV target remains at 50%
+ Increase rent l-f-l mid-term to ~3% p.a. and reduce vacancy to
below 3% in core portfolio short-term
4
Cost rationalization
+ Achieve overall cost reduction of 20% - run rate €8 mn after summer 2016
5
Capital structure
+ Lower average financing costs to just above 2%
26
conwert’s criteria on value accretive acquisitions
+ Focus on A and B locations – share below 30% in top micro locations in C cities initially acceptable
Acquisition
criteria:
Strategic
+ Positive household growth dynamics
+ New locations only added if acquisition greater than 500 units; new regions only possible in case of
significantly larger acquisitions
 Focus on fundamental growth and portfolio quality
Acquisition
criteria:
Financial
Acquisition
financing
+ FFO-accretive in the short to medium term including any potential synergies
+ NAV neutral in short to medium-term
 Focus on value accretive transaction
+ Current firepower of >€300 mn – Including disposals, up to €500 mn short term
+ Committed to maintain LTV target in the medium-term
 Focus on re-allocation of disposal cash
+ Appreciable growth possible with a limited number of small acquisitions
conwert size
advantage
+ Smaller acquisitions around €50-150 mn less competitive than larger tickets:
- Less risk of over-paying
- Higher probability to find assets in core regions / selected growth regions
- However: Larger acquisitions possible in case of good fit
 Targeted approach to acquisitions allows stronger value accretion
+ conwert is well positioned to re-start its value accretive growth strategy post successful
deleveraging over last few years
27
conwert’s FFO Guidance for 2016
Business outlook providing for strong FFO I growth
(in € mn)
2016e
2015
65+
53.4
2015
Portfolio change
Cost savings
Interest reduction
2016e
Comments
+ FFO I guidance 2016 of €65+ mn confirmed – update after Q1 2016, depending on status of non-core disposals
+ Main drivers:

Reduction of operating cost

Non-core disposals – Timing to be clearer after Q1 2016
- Reduction of financing cost
-
28
Guidance 2016 and Dividend proposal at the AGM in June 2016
Dividend proposal will be 35 €c/share – FFO I guidance with positive momentum
1-12/2015
2016
€53.4 mn
€65+ mn
NRR margin (adjusted)2)
87.2%
~89%
LTV
51.0%
~50%
€235.0 mn
€300-350 mn
35 €c / share3)
61% of FFO I
min 60% of FFO I
Recurring FFO I1)
(excl. sales income)
Non core sales volume
Dividend proposal
2) NRR margin (adjusted): NRR margin excluding operating costs charged to tenants
3) €32.6 mn divided by current number of shares outstanding of 93.0 mn as per 21March 2016
29
conwert’s Current Administrative Board
Mandates
Term
Barry Gilbertson
Chair
Alexander Proschofsky
Deputy Chair
Peter Hohlbein
Second Deputy Chair
Erich Kandler
Member
Dirk Hoffmann
Member
+ Chair of the
Administrative Board of
conwert
+ Independent
Non-Executive Director,
Chairman of
Compensation
Committee, Granite REIT
+ Senior Independent
Director, non-executive,
Custodian REIT plc
+ 15 years as a partner at
PWC specializing in
corporate restructuring,
real estate and corporate
finance
+ More than 40 years
experience in real estate
and construction
+ Specialises in strategic
solutions for real estate
in a business context
+ Member of the
conwert
+ Managing Director, Cube
Invest GmbH
+ Shareholder activist
+ Received award for
substantial contributions
to the Austrian capital
markets culture (i.e.
DAVID award by IVA
(Austrian shareholder
association))
+ Successful entrepreneur
+ Member of the
conwert
+ Associated Partner /
Roever Broenner Susat
Mazars GmbH & Co. KG
+ Managing Partner /
Management Consultant
PHC Hohlbein & Cie.
Consulting
+ Over 30 years of
experience in the real
estate sector (incl. CEO of
Berliner Immobilien
Holding GmbH)
+ Extensive experience in
the financial sector and 7
years in banking with
focus on real estate
financing
+ Member of the
conwert
+ Managing Director, EKWP
Wirtschaftsprüfungs
GmbH
+ Board Member,
Flughafen Wien
Mitarbeiterbeteiligungs
Privatstiftung
+ Director, Mag. Erich
Kandler Grundstücksverwaltungs KG
+ Austria and US certified
accountant , longstanding adviser to
Austrian real estate
companies, court
appointed expert
+ Member of the
conwert
+ Chairman of Supervisory
Board of ADLER Real
Estate AG
+ Chairman of the
Supervisory Board of
Aggregate Holding S.A.
+ Chairman of the
Supervisory Board
SQUADRA Immobilien
GmbH & Co. KGaA
+ Vice Chairman of
Supervisory Board of
ACCENTRO AG
+ Member of Supervisory
Board of Dexia
Kommunalbank
Deutschland AG
+ Board of Deutscher
Freundes- und
Fördererkreis der
Universitäten in
Innsbruck e.V.
Term ends in 2020
Term ends in 2019
Term ends in 2019
Term ends in 2020
Term ends in 2021
30
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
+ Appendix
conwert at a Glance1)
Long-term development of residential properties in Germany and Austria
Overview
+ conwert is one of the largest managers and
developers of residential properties in Germany and
Austria
+ The portfolio is comprised of approx. 27,500 units
with a usable space of approx. 2.18 mn sqm
- Residential core: approx. 21,500 units /
1.44 mn sqm
- Commercial core: approx. 400 units / 95 Tsqm
- Non-core: approx. 5,600 units / 0.64 mn sqm
+ By the end of 2015, 22.7% of the portfolio were in
Austria and 76.0% were in Germany. The remaining
1.3% are in the other countries2)
+ The conwert business model is mainly based on
generating income from managing and developing
residential properties and is supplemented by
providing property services to third parties
1)
2)
3)
as at 31 December 2015
based on sqm
considering 2016 convertible conversion
conwert core markets
Berlin
Potsdam
Dresden
NRW
D
SK
A
HU
Vienna
Leipzig
Core markets
Regional markets
+ Portfolio value: €2.7 bn
+ Rental income: €226 mn
+ adjusted LTV: 49.2%3)
32
+ Appendix
New Portfolio Strategy – Overview
Portfolio segment
Segment characteristics
Main locations
Strategy
Premium markets
+ Strong household growth forecast
+ Low city vacancy rate
+
+
+
+
Berlin
Vienna
Potsdam
Dresden
Keep / invest
Core markets
+ Either good household growth or high
occupancy markets
+ Leipzig
+ Wuppertal
+ Dortmund
Keep / invest
Core assets
+ Good micro locations
+ Chemnitz
Keep / invest selectively
Privatisation
+ Residential assets prepared for disposal of
individual units
+ Vienna
+ Berlin
Realise attractive margin
on disposal
Premium commercial
+ Commercial assets in top locations with
excellent re-letting potential
+ Vienna
+ Munich
+ Leipzig
Hold opportunistically
Residential non-core
+ Locations with low development potential or
locations attached to non-core commercial
+ ND
Dispose around fair value
Commercial non-core
+ Commercial units with limited upside within
conwert
+ ND
Dispose around fair value
33
+ Appendix
Residential Core Portfolio - Overview
Household Growth vs. City Occupancy Rate
15%
Average household growth 2015–20251)
12%
Macro potential –
Strong household
growth
Premium assets/
strong macro
potential
9%
6%
3%
0%
(3)%
(6)%
(9)%
(12)%
Strong assets despite
weak macro
86%
88%
Macro potential –
High occupancy
90%
92%
94%
City
Bubble size = GAV
Premium markets (€1,008 mn, 36.2%)
96%
98%
100%
102%
occupancy2)
Core markets (€540 mn, 19.4%)
Core assets (€75 mn, 2.7%)
Privatisation (€112 mn, 4.0%)
Sources: Company Information
1) based on data of Statistik Austria, Federal institute for statistics (Austria; based on annualised household growth from 2012-2022) and Bundesinstitut für Bau-, Stadt- und Raumforschung for 2015E2025E (Germany; household growth per city = population growth in the city’s Kreis adjusted by the delta between population and household growth per Raumordnungsregion)
2) based on data of Municipal authority of Vienna (Austria) and CBRE - Empirica - Leerstandsindex (refers to ‘Marktaktiver Leerstand 2013’) (Germany)
34
Premium Commercial Portfolio Overview
Locations
Units Usable space
(No.)
(sqm)
Fair value
(€ mn)
NCR
(€/sqm)
FV/NCR
(x)
Vacancy rate
(%)
Type of assets
Vienna
104
18,423
54.4
11.1
21.3
0.4
apartment, office,
retail
Munich
8
13,371
27.8
11.9
14.3
0.0
school
Leipzig
62
18,600
19.5
6.2
12.9
2.1
office
Meitingen
19
8,948
17.1
11.0
15.6
7.3
retail
Berlin
51
8,810
13.1
8.4
14.6
0.4
apartment, office,
retail
Magdeburg
72
10,051
13.0
7.5
14.7
10.3
apartment, office,
retail
8
6,413
12.1
11.9
12.3
0.0
office, retail
Other
60
9,886
12.1
7.2
14.2
8.0
apartment, office,
retail
Total
384
94,502
169.1
9.3
15.8
3.1
Starnberg
+ Strategy: Hold opportunistically – very low re-letting risk and excellent locations
35
+ Appendix
Valuation of conwert Share
Still trading at a significant discount to NAV
Performance of the conwert share
Analyst research
17
9 analysts in total
16
€15.48/share1)
15
14
13
10.9% discount
to NAV
Despite outperforming ATX, discount to
NAV much higher than peers in residential
segment
6
3
€13.80/share2)
12
Buy
Hold
11
10
Bank
Recommendation
Target
Baader/Helvea
Hold
13.50
BoAML
Buy
14.20
Deutsche Bank
Hold
13.00
Erste Group
Accumulate
13.50
HSBC
Buy
16.10
Kepler Cheuvreux
Buy
14.75
Oddo Seydler
Buy
14.50
RCB
Hold
13.90
SRC Research
Buy
15.00
EPRA NAV1)
€15.48
9
Average target price
€14.27
8
Current share price2)
€13.80
7
Outstanding shares2)
93.017 mn
05/2013
11/2013
05/2014
conwert
11/2014
ATX
05/2015
11/2015
NAV conwert
Treasury shares
Treasury shares in % of issued shares2)
1.58 mn
1.7% of o/s
1) pro forma; including breakage of swaps and conversion of 2016 convertible bond
2) as of 21 March 2016
36
+ Appendix
Portfolio by Region
Detailed overview as per 31 December 2015
Vacancy
(%)
of which
strategic
vacancies
(%)
% change of
vacancies
(%)
198.0
3.9
0.8
124
18.4
0.4
1,647
3,260
278.5
4,284
4,170
18,948
Units
(No)
Parking
spaces
(No)
Usable
space2)
(T sqm)
FV Yield
(%)
Change in
yield
(%)
Property
assets
(T€)
NCR
(€/sqm)
2,533
786
-10.5%
3.5
-4.6%
401,004
6.20
104
-
-88.8%
4.7
20.1%
54,400
11.14
Non-core
12.4
3.8
-17.0%
6.0
2.4%
424,368
8.37
SUBTOT Austria
494.9
8.5
2.4
-19.6%
4.8
-1.7%
879,772
7.57
4,051
1246.7
3.0
0.2
-32.9%
6.2
-5.8%
1,340,990
5.73
280
906
76.1
3.8
0.4
22.2%
7.1
0.4%
114,680
8.83
3,773
1,957
329.8
14.7
2.8
-4.9%
7.2
-2.2%
318,004
6.68
23,001
6,914
1652.6
5.4
0.7
-28.2%
6.5
-5.4%
1,773,675
6.05
209
302
28.3
44.0
1.8
29.4%
5.8
-10.2%
38,862
10.42
21,481
4,837
1444.8
3.1
0.3
-29.9%
5.6
-5.1%
1,741,994
5.80
384
1,030
94.5
3.1
0.3
-2.6%
6.3
4.1%
169,080
9.29
21,865
5,867
1539.3
3.1
0.3
-28.7%
5.7
-4.3%
1,911,074
6.01
5,629
5,519
636.6
15.0
3.2
-10.5%
6.5
-1.0%
781,234
7.55
27,494
11,386
2175.9
6.6
1.1
-26.6%
5.9
-4.0%
2,692,309
6.42
Austria
Residential core
Commercial core
Germany
Residential core
Commercial core
Non-core
SUBTOT Germany
OTHER1)
Residential core
Commercial core
SUBTOTAL core
Non-core
TOTAL
conwert Group
1) Slovakia, Hungary, Ukraine, Luxembourg 2) excl. parking spaces
37
+ Appendix
FFO including Overview One-off Effects
(€ mn)
EBT
Deduction of difference between sales and carrying amount of sold properties
Deduction of result from fair value adjustments of properties
Depreciation
Non-cash part of financial result and other non-cash costs
One-off charges
thereof defense against Deutsche Wohnen takeover bid
thereof acquisition due diligence costs
thereof restructuring costs
thereof debt capital market preparation
thereof enforcement audit
thereof provisions for legal disputes and others
FFO I1) (excl. sales income)
Difference between sales and carrying amount of sold properties
FFO II2) (incl. sales income)
FFO II2) (incl. sales income) excluding cash taxes / cash profit
1-12/2015
1-12/2014
100.7
(18.9)
7.6
(66.0)
1.2
21.9
6.8
0.7
2.4
2.8
0.8
0.1
53.4
18.9
(7.6)
64.8
61.9
(9.9)
(11.1)
6.9
(13.0)
1.3
58.1
2.5
2.53)
34.8
11.1
(6.9)
39.0
37.9
3) Reflected as non-cash operating income and expenses in the annual report.
38
Disclaimer
This presentation includes various
forecasts and expectations as well as
statements concerning the future
development of the conwert Group.
These statements are based on
assumptions and estimates, and may be
connected with known and/or unknown
risks and uncertainties. Actual
developments and results as well as the
financial, earnings and asset position of
the Group may therefore differ materially
from these expectations and
assumptions. The reasons for such
variances may include market
fluctuations, the development of
property prices and rents as well as
financial markets and foreign exchange
rates, changes in national or international
laws and regulations or fundamental
changes in the economic and political
environment. For this reason, futureoriented statements are only related to
the day on which they are made. conwert
will accept no obligation to revise or
adjust such statements to reflect new
information or future results.

23 March 2016

Transcrição

Documentos relacionados

30 May 2016

Oi S.A. Corporate Taxpayers` Registry (CNPJ/MF) No. 76.535.764

Residential Property Market Overview

Ao 421 error

Imob wall street

WEIVES WEIVESDOWNLOAD THUYET MINH TRUYEN MA

Automation of Kitchen Chemical in the Textile Industry

"Turfgrass – Towards sustainability and perfection for aesthetic

embumna embumnacan dogs eat chipshandicap symbol free hack

Office clerk