conwert company presentation + December 2015
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- Victor Marshall
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1 conwert company presentation + December 2015
2 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
3 + Highlights Q conwert with Very Strong 1-9/2015 Results + Like-for-like rent increases y-o-y - Increase of 2.4% in core portfolio - Increase of 2.6% in core residential portfolio + Vacancy rate reduced y-o-y - Overall from 10.4% to 8.7% - Residential core portfolio: from 6.0% to 4.5% + Adjusted NRI margin increased from 84.6% to 87.4% + Fair value up by 105 mn (3.8%) since 31/12/2014 on a like-for-like basis + Average financing cost lowered to 3.6% + Bridge to break swaps in place breakage during next weeks will lead to <2.6% average financing cost + FFO I up almost 50% from 25.6 mn to 38.1 mn y-o-y ( 0.31/share to 0.45/share) + EPRA NAV up 5.8% from to per share 3
4 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
5 + Operating Performance Operating Performance at a Glance 1-9/ /2014 Change NCR /sqm/m % NCR 1) like-for-like residential core /sqm/m % Vacancy rate % % Vacancy rate residential core % % FFO I 2) mn % FFO I per share /share % FFO I per avg. usable space /ø sqm % Total usable space 1,000 sqm 2,338 2, % 30/09/ /12/2014 Change Fair value 1) mn 2, , % Initial yield of portfolio % 5.9% 6.1% -3.5% Fair value 1) like-for-like mn 2, , % EPRA NAV 3) mn 1,391 1, % EPRA NAV 3) per share /share % EPRA NAV diluted post swap breakage 4) /share n/a n/a 1) incl. IFRS 5 and SELL (at fair values) 2) 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 + restructuring charges/one-off items 3) undiluted 4) considering 2016 convertible bond conversion and swap breakage pro forma based on 30/09/2015 Glossary: FV = Fair Value; NCR = Net Cold Rent 5
6 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
7 + Portfolio Strategy & Valuation 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 Commercial non-core + Locations with low development potential or locations attached to non-core commercial + Commercial units with limited upside within conwert + ND Dispose around fair value + ND Dispose around fair value 7
8 + Portfolio Strategy & Valuation Main Portfolio KPIs Portfolio segment Units 1) (No.) FV 2) ( mn) % of total FV NCR ( /sqm) l-f-l NCR growth (% yoy) Vacancy rate (%) l-f-l Vacancy dvpt 2) (% yoy) FV/NCR (x) NCR/FV (%) Premium markets 8,988 1, Core markets 10, Core assets 1, Privatisation Residential core 21,533 1, Premium commercial Core portfolio 21,918 1, Residential non-core Commercial non-core 4, , Total portfolio 29,663 2, ) 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 8
9 + Portfolio Strategy & Valuation Residential Core Portfolio Overview Top 10 Locations Location FV ( mn) Units (No.) NCR ( /sqm) FV/NCR (x) Vienna , Berlin , Leipzig , Vacancy rate (%) Portfolio segment Premium markets Privatisation Premium markets Privatisation Premium markets Core markets Potsdam , Premium markets Wuppertal , Dresden Core markets Privatisation Premium markets Privatisation Dortmund Core markets Chemnitz Core assets Erfurt Core markets Bochum Core markets Total Top 10 1, , Other locations , Residential core 1, , The top 10 locations make up almost 90% of the core residential portfolio Glossary: FV = Fair Value; NCR = Net Cold Rent 9
10 + Portfolio Strategy & Valuation Residential Core Portfolio - Overview Household Growth vs. City Occupancy Rate 15% 12% Macro potential Strong household growth Premium assets/ strong macro potential Average household growth ) 9% 6% 3% 0% (3)% (6)% (9)% Strong assets despite Macro potential (12)% weak macro High occupancy 86% 88% 90% 92% 94% 96% 98% 100% 102% Bubble size = GAV City occupancy 2) Premium markets ( 1,008 mn, 36.2%) 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 ) and Bundesinstitut für Bau-, Stadt- und Raumforschung for 2015E- 2025E (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) 10
11 + Portfolio Strategy & Valuation Premium Commercial Portfolio Overview Locations Units (No.) Usable space (sqm) Fair value ( mn) NCR ( /sqm) FV/NCR (x) Vienna , Vacancy rate (%) Type of assets apartment, office, retail Munich 8 13, school Leipzig 62 18, office Meitingen 19 8, retail Berlin 51 8, Magdeburg 72 10, apartment, office, retail apartment, office, retail Starnberg 8 6, office, retail Other 61 9, Total , apartment, office, retail + Strategy: Hold opportunistically very low re-letting risk and excellent locations Glossary: FV = Fair Value; NCR = Net Cold Rent 11
12 + Portfolio Strategy & Valuation Premium Commercial Impressions of Major Assets (1/2) Schulerstraße 1-3, Vienna + Excellent location opposite of St. Stephen s Cathedral + Type of use: 40% apartments, 60% mixed office/retail + Current tenants: Shops (souvenirs, toys, jeweler, clothes, books, furs) lawyers, cosmetic surgeons, architect, software companies, hairdresser + Fair value: 30 mn + NCR: 9.78/sqm + Vacancy rate: 0% Roßauerlände / Alserbachstraße 32, Vienna + Excellent location in the 9th district of Vienna with public transport (subway) in front of building + Type of use: 16% apartments, 84% mixed office/retail + Current tenants: conwert (headquarter), SPAR, rehab clinic + Fair value: 28 mn + NCR: 13.30/sqm + Vacancy rate: 8.9% (expected to be at 0% at the beginning of 2016) 12
13 + Portfolio Strategy & Valuation Premium Commercial Impressions of Major Assets (2/2) Bayerwaldstraße 8-18, Munich + Very good location in eastern part of Munich within a popular residential neighborhood + Current tenant: Private school with rental contract until Fair value: 15 mn + NCR: 8.50/sqm + Vacancy rate: 0% Hasselbachpassage, Magdeburg + Top location in the south center of Magdeburg, at one of two central public transportation hubs + Type of use: 32% apartments, 68% mixed office/retail + Current tenants: Anchor tenant McFit with contract until 2022; other tenants: Bars, restaurants, doctors, lawyers + Fair value: 13 mn + NCR: 7.45/sqm + Vacancy rate: 11% (due to refurbishing) 13
14 + Portfolio Strategy & Valuation Disposals Current Status Disposals 1-9/ /2014 Change Units sold 1) No. 1,059 1, % Sales proceeds mn % Disposal of book values mn (110.0) (61.8) 78.1% Profit from disposals mn % Book value step-up % % thereof non-core 1-9/ /2014 Change Units sold 1) No % Sales proceeds mn NM Disposal of book values mn (94.0) (29.2) NM Profit from disposals mn % Book value step-up % % + On track to achieve guidance of mn commercial disposals + Commercial disposal pipeline (to be signed this year) - Portfolio A ~ 60 mn Signing and closing expected in Q Portfolio B ~ 100 mn Signing expected in Q4 2015, closing in Q1/Q Commercial disposal pipeline (to be signed/closed next year) - Portfolio C ~ 120 mn Signing/closing expected in Q2/Q Non-core residential disposal pipeline - ~ 70 mn to be signed latest Q Commercial pipeline well filled also for ) excl. parking spaces 14
15 + Portfolio Strategy & Valuation Portfolio Valuation Overview KPI 30/09/ /12/2014 Change Absolute Like-for-Like Like-for-Like Residential FV mn 2, , % FV /sqm 1, , % FV/NCR multiple x % Initial yield % % FV mn 2, , % FV /sqm 1, , % FV/NCR multiple x % Initial yield % % FV mn 1, , % FV /sqm 1, , % FV/NCR multiple x % Initial yield % % + l-f-l increase of fair values by 3.8% or 105 mn + Value increase based on - rent increases - vacancy reduction - improved technical maintenance condition of assets - Capex - yield compression + Further yield compression expected over the next quarters in - Berlin - Potsdam - Dresden - Leipzig + Due to further expected yield compression, two valuations planned for 2016 Glossary: FV = Fair Value; NCR = Net Cold Rent 15
16 + Portfolio Strategy & Valuation Maintenance & Modernisation (in /sqm) /2015 Maintenance Capex Capex large projects + High capex levels strongly driven by large refurbishing projects + Examples for large ongoing projects - Am Kiesteich, Berlin 15 mn - Baumertweg, Essen 9 mn - Gropius-Terrassen, Bochum 9 mn + Many historical projects initiated to reduce high vacancy levels (e.g. Gropius-Terrassen with 47% vacancy rate) 16
17 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
18 + Cost reduction programme Restructuring of German Operations Hannover sites 2014 sites 2017 (planned) Bremen Hamburg Celle Berlin Magdeburg Potsdam Essen Braunschweig Leipzig Dresden Wuppertal Erfurt Siegen Bad Gera Hainichen Langensalza Chemnitz Glauchau Nürnberg Gelsenkirchen Bonn Lünen Wuppertal Siegen Delmenhorst Hamburg Hannover Magdeburg Erfurt = Head Office = alt+kelber = Shared Services Center = KWG = Service Hubs ( Geschäftsstelle ) = both = Service Point ( Mieterbüro ) Gera Nürnberg Leipzig Chemnitz Berlin Potsdam Dresden Hainichen Target structure + reduction of sites from 23 to 18 + clearly defined organisational structure with three levels head office / shared services centre service hubs service points + centralisation of shared services consolidation of various services teams into one shared service centre + focus on management of core units reduction of average driving time between site and managed units phasing-out management of non-coreunits either by termination of the management contracts or by thirdparty management of the objects + new organisational structure scalable for growth + Headcount reduction ~20% Including Austrian and HQ savings 8 mn run rate savings after summer
19 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
20 + Financing Financing Summary + LTV down to 50.8% + Financing cost down by 18% / approx. 80 bps since Q Financing of breakage of swaps secured by bridge facility to be executed in the next weeks, bringing financing cost down to peer level + Further continuous interest reduction by refinancing of mortgage loans + Bond issuance planned by Q if markets permit a low premium to mortgage loan financing 20
21 + Financing Financing cost down by 18% / 80 bps since Q Measures Execution of measures Impact on cash financing cost 2015 Financing cost end of Q Buy-back of debt Breakage of swaps Breakage / adjustment of strike price for swaps Adjustment of strike price for swaps 2015 Restructuring of debt Financing cost end of Q Buy-back of 34.8 mn 5.25% convertible bonds Selective buy-back of swaps with low remaining duration with nominal value of 110 mn Adjustment of strike price for swaps with nominal value of 23 mn Buyback / adjustment of strike price for swaps with nominal value of 233 mn Restructuring / repricing of existing mortgage debt with nominal value of approx. 180 mn Q Implies approx. 2 bps Q Approx. 20 bps Q Approx. 3 bps 4.32% average as per Q Q1-Q Approx. 35 bps Q1-Q Approx. 20 bps 3.55% average as per Q
22 + Financing Measures Until Q Financing cost end of Q Measures Execution of measures Impact on cash financing cost % average as per Q Bridge loan 100 mn Q Breakage / adjustment of strike price for swaps Nominal value of 500 mn Q Approx. 95 bps Financing cost 2016 interest run rate 2.6% Strategy in respect to unsecured financing + Investment grade rating achieved (BBB- S&P) + Unsecured financing a clear flexibility advantage for future acquisitions + However, bond issuance only if premium to mortgage loans not too high 22
23 + Financing Impact of Conversion of 2016 Convertible Bonds without conversion with conversion Deviation absolute in % Shares No. 85,359,273 94,715,015 9,355, Shares in circulation No. 83,782,809 93,138,551 9,355, Equity mn 1,106 1, Equity /share (0.21) -1.6 EPRA NAV (pro forma conversion 2016 convertible bonds) /share (0.48) -3.1 FFO I 1) (pro forma 2016 / guidance) mn FFO I 1) /share (0.03) -4.8 Dividend mn Dividend /share (0.02) -4.8 Equity ratio % Main reasons for not buying back the convertibles + Cash required for breakage of swaps + No unencumbered assets available to refinance convertible by mortgage loans + Debt-to-capital ratio without conversion would jeopardise BBB- rating 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 adjustments + non-cash components of financial income and other non-cash costs not including non-controlling interests + restructuring charges/one-off items Assumptions: Buy back of convertible assumed at 120%; Cost of new unsecured debt assumed at 3% 23
24 + Financing Solid Capital Structure, Conservative Financial Policies and IG Rating LTV evolution (%) 54.4% 53.6% 51.8% 50.8% 50.0% 47.5% 45.4% 44.5% June 2014 Dec 2014 June 2015 Sep 15 Target Reported Pro forma convertible conversion Current maturity profile¹ ( mn) + Current cash-effective interest rate of 3.55% after hedging to be reduced significantly going forward + Approx. 7.0-year average term of all loans including corporate/convertible bonds + Broad and long-term distribution of debt financing (with 51 financing institutions) + Approx. 74.9% of debt hedged against interest rises + LTV currently at 50.8% (LTV with in-the-money convertibles as equity 44.5%) Financial policies Leverage policy + EBITDA interest coverage of more than 2.0x + LTV 50% targeted ² 80.0 ³ Maintain strong liquidity profile Other + Ensure that sufficient liquidity is maintained to cover maturities in the next months + Ongoing discussions with further lenders on prolongation of mortgage loans + Hedging ratio target of c % Mortgage-backed Loans Bond Convertible Bonds + Stable dividend policy at 60% of the FFO I Note: 1 As of 30/09/2015; ² Strike price: 10.71; ³ Strike price:
25 + Financing Balance Sheet Structure as of 30 September 2015 LTV ratio further improved Balance sheet ( mn) Breakdown of financial liabilities ( mn) Others Property assets 2, ,802 2, ,265 1,201 Other liabilities HoldCo Debt Mortgage debt Equity HoldCo debt Mortgage debt 1, Share of debt of convertible bonds and retail bond 34 banks Range: < 20mn 11 banks Range: 20 50mn 6 banks Range: > 50mn Assets as of 30/09/2015 Equity and liabilities as of 30/09/ /09/2015 Balance sheet indicators 30/09/ /12/2014 Target Loan-to-value (LTV) incl. cash and cash equivalents Loan-to-value (LTV) (in-the-money convertibles as equity) 50.8% 53.6% 44.5% 47.5% 50% Equity ratio 40.6% 37.1% Equity ratio (in-the-money convertible as equity) 46.6% 43.0% 25
26 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
27 + Financials Overview of 1-9/2015 Income Statement Reflecting operational focus ( mn unless otherwise indicated) 1-9/ /2014 Change Rental income % Net proceeds on property sales % Service revenues % Net result from fair value adjustments 59.2 (6.0) NM Earnings before interest and tax (EBIT) % Net finance result (59.0) (103.3) -42.9% Earnings before tax (EBT) 83.9 (27.8) NM Profit/loss after tax 68.6 (19.9) NM Profit/loss after non-controlling interests 64.9 (23.0) NM Recurring FFO I 1) (excl. sales income) % Cash profit 2) % Net rental income (NRI) % NRI margin (in %) % NRI margin (adjusted) (in %) 3) % Comment Impact of sales programme Revaluation in Q3 Cash cost of debt significantly down Very strong Q3 result Significant growth driven by strong operational result and lower cash costs of debt NRI margin further improved 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 adjustments + non-cash components of financial income and other non-cash costs not including non-controlling interests + restructuring charges/one-off items 2) Cash profit: FFO I + difference between sales and carrying amount of sold properties deduction of operating expenses of sales result cash taxes 3) NRI margin (adjusted): NRI margin excluding operating costs charged to tenants in order to be comparable to German peers. 27
28 + Financials FFO Development in Detail ( mn) 1-9/ / /2013 EBT 83.9 (27.8) 36.0 Deduction of difference between sales and carrying amount of sold properties (8.9) (9.1) (18.9) Operating expenses of sales result Deduction of result from fair value adjustments of properties (57.0) Depreciation (0.3) Non-cash part of financial result and other non-cash costs One-off charges FFO I 1) (excl. sales income) Difference between sales and carrying amount of sold properties Operating expenses of sales result (3.6) (4.7) (6.6) FFO II 2) (incl. sales income) FFO II 2) (incl. sales income) excluding cash taxes / cash profit ) 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 2) FFO II: FFO I + difference between sales and carrying amount of sold properties deduction of operating expenses of sales result 28
29 + Financials NAV Composition 30 September 2015 NAV/share significantly up ( unless otherwise indicated) 30/09/ /12/2014 Change 30/09/2015 pro forma 2) Equity (w/o non-controlling interests) 1,136 mn 1,045 mn 8.7% 1,235 mn Number of shares outstanding (in thousand shares) 83,783 82, % 93,138 Equity/share % Additional fair value of trading properties/share % 0.38 Fair value of financial instruments/share % - Long-term financing contribution of tenants/share % 0.10 Deferred taxes/share % 1.32 EPRA NAV/share % Discount to current share price 1) 19.6% 14.9% 11.8% 11.3% 1) at 23 November ) including breakage of swaps and conversion of 2016 convertible bond 29
30 + Financials Financial Results 1-9/2015 Significant impact of development of interest rate landscape for ineffective swaps ( mn) 1-9/ /2014 Comment Cash cost of mortgage loans, convertible bonds and retail bond Non-cash write-ups for convertible bonds & buyback of convertible bonds (46.8) (55.6) (1.6) (2.7) Lower cash costs Reduction due to lower financial liabilities and reduced interest cost Financial results after write-ups (48.4) (58.3) of value of derivatives and deduction of cash flow hedge reserve (8.6) (43.9) Interest rate recovery resulted in balanced effect of non-cash impacts in 1-9/2015 Prepayment penalty (0.8) - IFRS cash costs (2.6) (2.5) Result of associates, interest paid to conwert and others Result significantly improved vs Q Net finance costs (59.0) (103.4) 30
31 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
32 + Strategy Summary, Guidance & Outlook Strategy Summary Strategic focus on portfolio + Focus on residential keep only premium commercial assets + Focus on Germany and Austria + Invest value-accretively in residential assets Increased efficiency and profitability in operating business + Reduce vacancies further + Continue to increase rent + Lower operating cost ~20% Strengthening and clean-up of financing structure + Reduce financing cost further + Keep at target LTV below 50% + Leverage investment grade rating received (S&P BBB-) to issue unsecured debt if differential to mortgage financing not too high Value accretive growth + Acquire undermanaged residential portfolios in good locations + Raise equity only if value accretive for shareholders 32
33 + Strategy Summary, Guidance & Outlook conwert s FFO Guidance for 2015 and 2016 Business outlook providing for strong FFO I growth (in mn) 2015e 2016e e Portfolio change Cost savings Interest reduction Other 2016e Comments + FFO I guidance 2016 raised to 65 mn despite accelerated non-core disposals + Main drivers: - Reduction of financing cost - Reduction of operating cost Note: others primarily include loss of rent as a result of reduction in lettable space 33
34 + Strategy Summary, Guidance & Outlook Guidance 2015 and 2016 FFO I guidance lifted despite accelerated non-core disposals 1-9/ e 2016e Recurring FFO I 1) (excl. sales income) 38.1 mn 48 mn 65 mn NRI margin (adjusted) 2) 87.4% ~87.5% ~89% LTV 50.8% ~50% <50% Non core sales volume 97.5 mn mn mn 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 adjustments + non-cash components of financial income and other non-cash costs + restructuring charges/one-off items 2) NRI margin (adjusted): NRI margin excluding operating costs charged to tenants 34
35 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 Q Operating Performance + Portfolio Strategy & Valuation + Cost Reduction Programme + Financing + Financials + Strategy Summary, Guidance & Outlook + Appendix
36 + Appendix Fair Value > Book Value Bridge (in mn) 2, , , , , ,620.5 Book Value Assets held for sale Total book value Hold Sell Fair Value reserve SELL Total Fair Value 36
37 + Appendix conwert at a Glance 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 residential portfolio is comprised of approx. 26,500 units with a usable space of 1.8 mn sqm + In addition, conwert owns approx. 3,100 commercial units with usable space of 0.6 mn sqm + By beginning 2016, conwert targets both the share of residential properties as well as the share of the German portfolio to be increased to approx. 80% 1) + 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) based on sqm 2) annualised 1-9/2015 rental income conwert core markets Potsdam Berlin NRW Dresden D CZ SK A Vienna HU Leipzig Core markets Regional markets Advanced negotiations for sale of regional portfolios + Portfolio value: 2.8 bn (30 September 2015) + Rental income² ) : approx. 227 mn + LTV: 50.8% (30 September 2015) 37
38 + Appendix Valuation of conwert Share Still trading at a significant discount to NAV Performance of the conwert share Despite outperforming ATX, discount to NAV much higher than peers in residential segment 15.06/share 11.3% discount to NAV 13.36/share Analyst research 4 8 analysts in total Buy 4 Hold Bank Recommendation Target Baader/Helvea Hold Deutsche Bank Hold Erste Group Accumulate HSBC Buy Kepler Cheuvreux Buy Oddo Seydler Neutral RCB Hold SRC Research Buy EPRA NAV 1) Average target price Current share price 2) Outstanding shares 3) Treasury shares mn 1.58 mn conwert ATX NAV conwert Treasury shares in % of issued shares 3) 1.8% of o/s 1) pro forma; including breakage of swaps and conversion of 2016 convertible bond 2) as of 15 December ) as of 11 December
39 + Appendix Portfolio by Region Detailed overview as per 30 September 2015 Austria Germany Other 1) Total Total conwert Group Residential Commercial Residential Commercial Residential Commercial Residential Commercial Number of rental units 2,538 1,884 23, ,540 3,123 29,663 Number of parking spaces 783 3,489 5,684 1, ,658 5,688 12,346 Total usable space (in 1,000 sqm) 2) , ,338 Vacancies 4.6% 13.9% 7.0% 8.8% 29.8% 34.7% 7.0% 13.8% 8.7% of which strategic vacancies 0.7% 4.4% 0.6% 2.1% 6.5% 0.6% 0.7% 3.2% 1.4% Change in vacancies from 1-9/ % -13.7% -19.5% -10.2% 24.2% -7.0% -18.6% -8.6% -16.3% Initial yield 3.9% 5.6% 6.6% 6.9% 5.8% 7.2% 6.1% 6.1% 6.1% Change in initial yield from 1-9/ % 1.6% -5.2% -0.4% 0.5% 11.9% -5.5% 1.3% -3.0% Property assets ( mn) , , ,802.2 Average rent ( /sqm) ) Czech Republic, Slovakia, Hungary, Ukraine, Luxembourg 2) excl. parking spaces 39
40 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.
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