Company Presentation. January 2015

Transcription

1 Company Presentation January 2015

2 Content 1) ISARIA Wohnbau AG 2) Strategy and Business Model 3) Residential Real Estate Market Munich 4) Key Financials 5) Projects and Pipeline 2

3 At a glance Founded in 1994 TOP 3 of the Munich developers for residential projects Focus on business areas construction of new residential developments and revitalization of existing buildings Long-standing track record: more than 2,400 units realised up to end of 2014 Attractive investment pipeline in the Munich housing market of multi-year revenues Listed in the Prime Standard of the Frankfurt Stock Exchange ISARIAS headquarters are placed right next to the Siegestor, in a historic building upon rented premises. 3

4 Management Michael Haupt CEO since Feb Christian Dunkelberg CIO since Dec Jan von Lewinski COO since Jan Lawyer Member of the executive board in various real estate companies Recently Managing Director of Bouwfonds Investment Management Germany Master of Business Administration (GER) Long-term experience as a manager in North America Member of the executive board in various real estate companies Banking background Member of the executive board in various real estate companies Previously manager/coo in a multinational family office in Frankfurt 4

5 All Shareholders below 11% Widespread Shareholder Structure The shareholder structure is characterised by institutional and retail investors. Helvetic Private Investment 10.05% Freefloat 64,44% Captree GmbH 8.84% aeris CAPITAL S.A. 5.26% Metzler Investment 4.74% Fidelity Investment Funds 2.88% Thomas Ermel 3.79% 5

6 Unparalleled track record with a strong and established brand and secure access to a broad target group Realised Residential Projekts Karlsfeld nido so far194 units Hirschparkterrassen 104 units BA 1 Schillerstraße 203 apartments Riem [driem] 181 units completed completed 2012 completed 2012 completed 2012 Hohenwaldeckstr. Selectio 261 units Hirschparkterrassen 206 units BA 2 Stahlstraße La Provence 55 units IsarLiving 54 units completed 2011 Completed 2011 completed 2011 completed 2010 IsarStadtPalais 144 units Giesinger Seenhäuser 48 units Le Village 94 units Vis Lapis 74 units completed 2009 completed 2007 completed 2007 completed

7 TOP 3 developer for residential projects in Munich 20 years of market experience Strategy Residential projects only Home base Munich Expansion to Hamburg 7

8 More than 350 apartments realised in former office buildings Business Model New Residential Developments APP.ARTMENTS Revitalisation Creation of new housing locations with up to 500+ units Revitalisation of former office buildings by transformation into apartments 1) vorläufiger Wert zum

9 Example for New Developments district development nido in Karlsfeld Project Development of a unique borough Start of Construction Size of plot 154,000 m 2 Sections 12 Number of units Sales volume 544 residential units 245 million Fertiggestellt 194 Im Vertrieb bzw. im Bau In Projektierung 165 9

10 Example for APP.ARTMENTS Revitalisation Project APP.ARTMENTS Vogelweidestraße 5: furnished residential apartments Project Number of apartments Completed 2014 Revitalisation of office building 167 apartments, furnished Before After revitalization Sales volume 50 Mio. Before After revitalization 10

11 Know-how and bricks are not enough to build housings One Group is our own investment platform within ISARIA Leading issuring-house for residential developments funds in Germany Currently 100 million available as equity for projects Cashinflow of investors can be adopted perfectly to repective projekt timelines Exclusive cooperation for Munich Market Key data One Group 16 employees, based in Hamburg Team with many years of experience in fund business Business relationships with more than 2,500 asset managers and financial service providers 11

12 Munich expects more than additional inhabitant until 2030 Germany s metropol regions continue to grow Munich annually grows by the population of Starnberg This exemplifies the extent of Munich s rapid growth, that is to say suggests the necessity for a residential development industry capable of realizing homes for an annual population increase comparable to the population of a minor German city of 23,000 inhabitants. 12

13 Annually 6,000 apartments are built in Munich on average significantly less than required Residential Real Estate Market Munich Munich is one of the most attractive cities within Germany as well as in Europe Population growth nationwide at the top ,050,000 Today, already some 30,000 apartments missing For demographic reasons the number of missing apartments will continue to rise By 2030, population growth of approx. 250,000 inhabitants predicted for the greater Munich area By 2030, Munich has additional demand of approx. 150,000 units , ,

14 Continuing price increase driven by strong demand Development of Rental and Purchasing Prices for Flats Decreasing dynamics, however Development in Munich Source: BulwienGesa, zuletzt Q2 2012; Gutachterausschuss München 2013 Purchase prices and increases (in /qm p.m. and % p.a.) new constructio n existing buildings Rental prices (in /qm p.m.) new constructio n existing buildings New construction +4,7% +5,3% +1,4% +1,4% -1,4% +2,8% +1,4% +1,4% +2,7% +2,6% +8,9% +19,8% +13,0% Source: Kaufpreise Immobilienmarktbericht 2013 Gutachterausschuss, Immobilienmarktbericht Aigner Immobilien

15 the increase in value since 2012 housing prices over 40 % land prices over 60 % Development of Prices for Building Land in Munich In ISARIA bought plots for 700 million of revenues, being realised starting in 2015 These contain hidden reserves of 90 million through price development as well as successful zoning Prices for building land Building costs Consumer prices Source: Immobilienmarktbericht 2013 Gutachterausschuss 15

16 Within only one year, the purchase price for an identical 130 sqm house increased by 22% Development of Purchasing Prices Exemplary case Karlsfeld (terrace house) Q Q HY Q4 2014e Notarised sale Notarised sale Revenue Revenue 437, , , ,000 16

17 Order Situation in million Currently ISARIA sells only from `the drawing board` and so has future revenues of appr. one hundred million Euro on the books Q Q Q Orders on hand Notarised Sales Handovers 17

18 Order vs. Revenues 2015 Planned revenues 2015 of 100 million already to a large extent on the books Open 14% Already covered by orders 86% 18

19 Due to consolidation of SPV Bogenhausen in 2013 operational margin only partially reflected; pro-forma EBIT-margin 15% instead of 8% Results of Operations 9M M 2014 m 9M 2013 m Change m Revenues Total output Cost of materials Gross revenue Operating expenses Amortisation EBIT Financial result Comprehensive income

20 Ø Interest Rate on Liabilities Net Assets 9M 2014 Q % Q % Q % m m Change m Non-current assets Current assets thereof properties held Non-current liabilities Current liabilities Total liabilities thereof interest-bearing Equity Balance sheet total

21 Strong equity position including hidden reserves 102, % Including hidden reserves Early purchase of attractive plots leads to high hidden reserves All projects within current assets at historical costs NAV: 4.33 per Share Including hidden reserves of 88 million 14, % Excluding hidden reserves Hidden Reserves ( k 87,486) Equity ( k) as at

22 Analysts expect sustainable profit- and revenue-growth Forecast 2014 and beyond Figures in million Company Analysts e 2014e 2015e 2016e Revenue 38 up to EBIT Net income 1.1 High single-digit million value Analysts 22

23 Pipeline worth sales volume of average 200 million p.a. for 5 years Project Pipeline 2015 and beyond Project Sales Volume in million Karlsfeld 158 Elsenheimer Str. 72 Karlsfeld Elsenheimer Allach Str. Elsenheimer Str. Allach 231 Tower 148 Tübinger Straße 161 Tower Tübinger Straße Coming soon Kapstadtring 1 Hamburg 26 Wohnpark Nord Hamburg 218 Total 1,014 Kapstadtring 1 Hamburg Wohnpark Nord Hamburg Coming soon 23

24 Contact Michael Haupt CEO ISARIA Wohnbau AG Leopoldstraße Munich Tel.: Fax: m.haupt@isaria.ag Bernhard Bucher Head of Group Accounting ISARIA Wohnbau AG Leopoldstraße Munich Tel.: Fax: b.bucher@isaria.ag Financial calender March 31, 2015 Publication of Annual Report 2014 May 15, 2015 Publication of Q1 Interim Report 2015 May 8, 2015 General Meeting August 14, 2015 Publication of Q2 Interim Report 2015 November 13, 2015 Publication of Q3 Interim Report

25 Disclaimer Forward-looking statements and forecasts This presentation contains statements referring to the future. Forward-looking statements are statements, which are not based on historical events and facts. These statements are based on assumptions, forecasts and evaluations of future developments by the Executive Board. These assumptions, forecasts and evaluations were made on the basis of all the information available at the current time. If the assumptions of future developments used in the statements and evaluations do not materialise, the actual results might deviate from the current expectations. The Executive Board and the Company do not accept any liability to continue any statements or adjust such to future events and developments over and above the legal requirement. 25