30 May 2016

Transcrição

30 May 2016

conwert company
presentation
1-3/2016
+ May 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 Q1 2016
+ Operating Performance
+ Portfolio Strategy & Valuation
+ Cost Reduction Programme
+ Financing
+ Financials
+ Strategy Summary, Guidance & Outlook
+ Appendix
conwert with Very Strong Q1 2016 Results
+ Like-for-like rent increases y-o-y
- Increase of 3.1% in core portfolio
- Increase of 2.9% in overall portfolio
+ Vacancy rate reduced:
- Core portfolio from 4.9% to 3.5%
- Overall from 9.4% to 7.2%
+ Adjusted NRR margin increased from 87.7% (1-3/2015) to 88.8% (1-3/2016)
+ Average financing cost lowered to 2.2%
+ LTV reduced to 47.2%
+ FFO I up 42.6% to €18.2 mn
3
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
Operating Performance at a Glance
1-3/2016
1-3/2015
Change
NCR
€/sqm/m
6.44
6.29
2.4%
NCR like-for-like residential core
€/sqm/m
5.84
5.66
3.1%
Vacancy rate
%
7.2
9.4
-23.0%
Vacancy rate residential core
%
3.5
5.0
-30.6%
FFO I1)
€ mn
18.2
12.7
42.6%
FFO I per share2)
€/share
0.20
0.15
28.6%
FFO I per avg. usable space
€/ø sqm
8.34
5.20
60.4%
Total usable space
1,000 sqm
2,164
2,409
-10.2%
31/03/2016
Fair value3)
€ mn
Initial yield of portfolio
%
Fair value3) like-for-like
€ mn
EPRA NAV
€ mn
EPRA NAV per share4)
€/share
31/12/2015
Change
2,722.5
2,735.0
-0.5%
5.9
5.9
0.6%
2,712.0
2,697.5
0.5%
1,391.3
5.1%
15.72
0.0%
1,462.5
15.72
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 - cash taxes (rental)
2) Based on average number of shares outstanding of 91.8 mn in 1-3/2016 and of 82.9 mn in 1-3/2015
3) Incl. IFRS 5 and SELL (at fair values)
4) Based on number of shares outstanding of 93.0 mn as per 31 March 2016 and 88.5 mn 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
l-f-l NCR
growth
(% yoy)
Vacancy
rate
(%)
l-f-l
Vacancy
rate dvpt
(% yoy)
Units1)
FV2)
Portfolio segment
(No.)
(€ mn)
Premium markets
8,963
1,041.30
38.2
6.59
3.6
2.7
-5.1
21.4
4.7
10,213
571.10
21.0
5.34
3.1
3.8
-42.7
13.4
7.4
1,711
74.12
2.7
5.16
-0.5
6.5
-13.8
12.5
8.0
639
99.79
3.7
4.53
6.1
2.3
71.4
33.8
3.0
21,526
1,786.31
65.6
5.83
3.1
3.5
-28.7
17.9
5.6
361
167.78
6.2
9.41
2.9
3.0
-13.8
15.8
6.3
21,887
1,954.09
71.8
6.05
3.1
3.5
-28.0
17.7
5.7
Residential
non-core
3,421
151.79
5.6
5.36
0.2
17.7
-5.9
13.2
7.6
Commercial
non-core
2,165
616.59
22.6
8.64
4.5
16.1
17.1
15.7
6.4
27,473
2,722.48
100.0
6.44
2.9
7.2
-8.3
16.9
5.9
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
% of
total FV
NCR
(€/sqm)
FV/NCR
(x)
NCR/FV
(%)
7
Residential Core Portfolio – Overview
Top 10 Locations
Location
FV
(€ mn)
Units
(No.)
NCR
(€/sqm)
FV/NCR
(x)
Vacancy rate
(%)
Vienna
410.89
2,432
6.29
28.9
3.9
Berlin
421.40
4,409
6.26
19.5
1.7
Leipzig
263.93
4,533
5.37
13.8
2.8
Potsdam
207.91
1,657
7.01
20.9
2.0
Wuppertal
99.49
2,045
5.24
11.6
1.8
Dresden
44.46
586
6.17
15.7
2.9
Dortmund
Chemnitz
Erfurt
Bochum
31.72
29.63
22.29
19.97
521
618
446
390
5.04
5.00
5.83
5.06
15.4
12.9
14.3
12.3
7.4
8.0
0.6
9.0
1,551.68
17,637
5.88
18.5
2.9
Other locations
234.63
3,889
5.60
14.5
6.1
Residential core
1,786.31
21,526
5.83
17.9
3.5
Total Top 10
Portfolio parts
Premium markets
Privatisation
Premium markets
Privatisation
Premium markets
Core markets
Premium markets
Core markets
Privatisation
Premium markets
Privatisation
Core markets
Core assets
Core markets
Core markets
+ The top 10 locations make up almost 90% of the core residential portfolio
8
Disposals – Current Status
Disposals
1-3/2016
1-3/2015
Change
+ €34.3 mn non-core assets sold in 1-3/2016
at 4.0% above book value
Units sold1)
No.
177
202
-12.4%
Sales proceeds
€ mn
38.2
50.1
-23.8%
+ Signed and closed deals in 2016 YTD
amount to approx. €145 mn
Disposal of book values
€ mn
(36.2)
(47.6)
-23.9%
+ Pipeline 2016 well filled
Profit from disposals
€ mn
2.0
2.6
-22.4%
Book value step-up
%
5.5%
5.4%
1.9%
thereof non-core
1-3/2016
1-3/2015
Change
Units sold1)
No.
144
161
-10.6%
Sales proceeds
€ mn
34.3
46.0
-25.4%
Disposal of book values
€ mn
(33.0)
(44.4)
-25.7%
Profit from disposals
€ mn
1.3
1.5
-17.0%
Book value step-up
%
3.9%
3.5%
11.7%
- Assets under exclusive negotiation amount
to more than €300 mn
+ Well on track to reach guidance
of €300-350 mn
+ Signed / closed deals in 2016 of approx. €145 mn
1) excl. parking spaces
9
Large yield compression expected in 2016
Location
31/12/2015
FV
(€ mn)
31/12/2015
FV/NCR
(x)
Management estimates
yield compression
in 2016
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
1,446.3
19.0
~80-140
+ Management sees a ~€80-140 mn 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
+ Next valuation in Q2 2016
10
Maintenance & Modernisation
Overview: maintenance and capex costs (in €/sqm)
28.85
28.78
+ 2016: conwert aims to further reduce
reactive cost for maintenance and capex
14.82
+ 2013 - 2015: Reactive maintenance and
capex decreased due to improvements in
technical quality of assets
24.96
11.62
7.26
+ Examples for large ongoing projects:
- Am Kiesteich, Berlin €15 mn
10.03
- Baumertweg, Essen €9 mn
13.42
10.85
- Gropius-Terrassen, Bochum €10 mn
5.35
7.20
2013
3.71
4.28
3.11
2014
2015
Maintenance
Capex
Q1 2016
0.79
0.85
+ 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
11
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
Adjusted Rental EBITDA margin of key competitors1)
+ Works council negotiations done
+ Individual separation discussions with employees done
2015E
Average: 65.0%
65.0%
71.0%
67.0%
66.0%
56.0%
+ Central service hub in Leipzig being set up
+ SAP RE-FX (operational module) implemented for Germany
1) Average Q2 2015 to Q1 2016
13
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
+ Financing
Financing Summary Q1 2016
+ LTV down to 47.2%
+ Further interest reduction to 2.2% by refinancing of mortgage loans – Target : ~2%
+ Average term of loans including corporate/convertible bonds increased by more than one
year (to 8,32 years)
15
+ Financing
Solid Capital Structure, Conservative Financial Policies
and IG Rating confirmed
LTV evolution (%)
50.0%
49.2%1)
47.2%
46.3%
44.3%
December 2015
March 2016
Reported
Target
Pro forma convertible conversion
Financial policies
Current maturity profile2) (€ mn)
189.3
65.0
147.2
135.2
3)
124.3
2017
Leverage policy
2
Maintain
strong liquidity
profile
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
76.8
30.6
67.2
2016
1
184.9
80.0
48.5
+ Current cash-effective interest rate of 2.22% after hedging
+ Approx. 8.32-year average term of all loans including
corporate/convertible bonds
+ Broad and long-term distribution of debt financing (with
49 financing institutions)
+ Approx. 63% of debt hedged against interest rises (77% when
forward-starting derivatives are included)
+ LTV currently at 47.2%
+ IG rating from S&P (BBB-)
2019
Bond
2020
2021
10.2
2022
2023
3
Convertible Bonds
Notes: 1) considering 2016 convertible conversion in January 2016; 2) as of 31/03/2016; 3) strike price: €11.27.
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
16
+ Financing
Balance Sheet Structure as of 31 March 2016
LTV ratio further improved
Balance sheet (€ mn)
Breakdown of financial liabilities (€ mn)
2,863
Others
2,863
185
142
186
1.228
Property
assets
Other
liabilities
Bond debt
1,370
Bond debt
142
205
Bank debt
302
Bank debt
2.677
1.308
Assets as of 31/03/2016
721
Equity
Share of debt of convertible
bonds and retail bond
33 banks
Range: <€20mn
9 banks
Range: €20-50mn
7 banks
Range: >€50mn
31/03/2016
Equity and liabilities as of 31/03/2016
Balance sheet indicators
Loan-to-value (LTV)
incl. cash and cash equivalents
Loan-to-value (LTV)
(in-the-money convertibles as equity)
Equity ratio
Equity ratio
(in-the-money convertible as equity)
Notes: 1) considering 2016 convertible conversion in January 2016.
31/03/2016
31/12/2015
47.2%
49.2%1)
Target
≤50%
44.3%
46.3%
45.7%
43.8%
–
48.4%
48.2%
17
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
+ Financials
Overview of 1-3/2016 Income Statement
Reflecting operational focus
(€ mn unless otherwise indicated)
1-3/2016
1-3/2015
Change
Rental income
52,6
55.2
-4.6%
Net proceeds on property sales
2.0
2.6
-22.5%
Service revenues
1.5
1.6
-6.7%
Net result from fair value adjustments
1.3
2.9
-53.4%
Earnings before interest and tax (EBIT)
25.1
32.5
-22.9%
Net finance result
(24.7)
(25.8)
-4.2%
Earnings before tax (EBT)
0.4
6.7
nm
Profit/loss after tax
(4.0)
2.5
nm
Profit/loss after non-controlling interests
(4.8)
1.7
nm
Recurring FFO I1) (excl. sales income)
18.2
12.7
42.6%
FFO II2) (incl. sales income) excluding cash
taxes / cash profit
19.2
13.7
40.0%
Net rental result (NRR)
36.1
38.0
-4.9%
NRR margin (in %)
68.7
68.9
-0.3%
NRR margin (adjusted) (in %)3)
88.8
87.7
1.3%
Comment
Impact of sales of non-core
assets
Reflects lower sales compared
to Q1 2015
NRR margin on rental income
even improved
Despite negative non-cash
effects sharp decrease of cash
cost of debt
Significant growth driven by
strong operational result and
lower cash cost of debt
NRR margin remains stable
Increase by 1.3%
2) Cash profit: FFO I + difference between sales and carrying amount of sold properties – deduction of operating expenses of sales result – cash taxes
3) NRR margin (adjusted): NRR margin excluding operating costs charged to tenants
19
+ Appendix
FFO including Overview One-off Effects
(€ mn)
EBT
Deduction of difference between sales and carrying amount of sold properties
Operating expenses of sales result
Deduction of result from fair value adjustments of properties
Depreciation
Non-cash part of financial result and other non-cash costs
One-off charges
Acquisition due diligence costs
Restructuring costs
Provisions for legal disputes and others
EGM March 2016
FFO I1) (excl. sales income)
Difference between sales and carrying amount of sold properties
Operating expenses of sales result
FFO II2) (incl. sales income)
FFO II3) (incl. sales income) excluding cash taxes / cash profit
1-3/2016
1-3/2015
0.4
(2.0)
0.8
(1.3)
0.4
16.9
3.0
0.2
0.2
1.3
1.4
18.2
2.0
(0.8)
19.4
19.2
6.7
(2.6)
0.8
(2.9)
0.3
9.7
0.7
12.7
2.6
(0.8)
14.5
13.7
2) FFO II: FFO I + difference between sales and carrying amount of sold properties – deduction of operating expenses of sales result
3) Cash profit: FFO I + difference between sales and carrying amount of sold properties – deduction of operating expenses of sales result – cash taxes
20
+ Financials
NAV Composition 31 March 2016
NAV/share constant despite swap breakage and convertible conversion
31/03/2016
31/12/2015
Change
€1,249 mn
€1,205 mn
3,6%
93,017
88,488
5.1%
13.43
13.63
-1.5%
Additional fair value of trading properties/share
0.49
0.35
38.7%
Fair value of financial instruments/share
0.45
0.28
57.9%
Long-term financing contribution of tenants/share
0.10
0.10
-5.9%
Deferred taxes/share
1.26
1.35
-7.1%
15.72
15.72
0.0%
-8.0
-8.0
0.0%
(€ unless otherwise indicated)
Equity (w/o non-controlling interests)
Number of shares outstanding (in thousand shares)
Equity/share
EPRA NAV/share
Discount to current share price1) (in %)
1) €14.47 on 24 May 2016
21
+ Financials
Financial Results Q1 2016
Significant decrease of cash interest cost
(€ mn)
1-3/2016
1-3/2015
Cash cost of mortgage loans, convertible bonds
and retail bond
(7.9)
(16.1)
Non-cash write-ups for convertible bonds & buyback of convertible bonds
(0.3)
(0.6)
Financial results after write-ups
(8.2)
(16.7)
∆ of value of derivatives and deduction of cash
flow hedge reserve
IFRS cash costs
Result of associates, interest paid to conwert and
others
Net finance costs
(15.5)
(9.5)
(1.0)
(1.0)
-
1.4
(24.7)
(25.8)
Comment
Significant down of cash cost
of debt following breakage and
restucturing of swops
Decrease of interest rate
landscape resulted in negative
non-cash impact in 1-3/2016
Interest cost improvement
hardly visible due to non-cash
effects
22
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+ Financing
+ Financials
+ Appendix
conwert has set itself clear targets
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
+ 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%
24
+ Kapitelüberschrift
First acquisition in Germany
Location: Duisburg in the city quarter of Mittelmeiderich
Description
+ Strategic location with fast links to Düsseldorf
Year built
+ Area with stronger household growth than the average for
the Greater Duisburg area
Year acquired
+ Good growth potential makes the area a well fit to the
existing core portfolio of conwert in Germany
+ Increases conwert´s core residential portfolio by around
5% to 22,500 units (Group´s total 28,500 units)
+ Closing of the transaction and the full-scale integration in
Q3 of 2016
# Units
# Parking spaces
Rentable space
Vacancies at acquisition
Acquisition cost
1950 - 1994
2016
1,029 resid.
117
60,388 sqm
2.0%
€46 mn
25
+ Appendix
Duisburg fits into the core markets segment
Household Growth vs. City Occupancy Rate in conwert´s core
market segments
Household growth Duisburg1)
.
DuisburgMittelmeidrich15%
9%
6%
H
3%
Mittel-/
UnterMeiderich
0%
(3)%
H
.
Average household growth 2015–20252)
12%
(6)%
(9)%
(12)%
.
86%
> 5.0%
0.0 to 5.0%
-2.5 to 0.0%
-5.0 to -2.5%
< -5.0%
88%
90%
92%
94%
City occupancy3)
Premium markets (€1,041 mn, 38%)
Core assets (€74 mn, 3%)
96%
98%
100%
102%
Core markets (€571 mn, 21%)
Privatisation (€100 mn, 4%)
1) GfK Geomarketing 2010-14
2) Statistik Austria, Federal institute for statistics (AT; annualised household growth from 2012-2022) and Bundesinstitut für Bau-, Stadt- und Raumforschung for 2015E-2025E (GER)
3) Municipal authority of Vienna (AT) and CBRE - Empirica - Leerstandsindex (‘Marktaktiver Leerstand 2013’) (GER)
26
conwert’s increases its FFO Guidance to €70 mn
Business outlook
(in € mn)
2016e
70.0
2015
53.4
IST 2015
Portfolio change
Cost savings
Interest reduction
2016e
Comments
+ FFO I guidance 2016 lifted to €70 mn
+ Main drivers:

Reduction of operating cost

Non-core disposals – Timing to be clearer after H1 2016
- Reduction of financing cost
-
27
Guidance 2016
2015
2016
€53.4 mn
€70.0 mn
NRR margin (adjusted)2)
87.2%
~89%
LTV
51.0%
~50%
€235.0 mn
€300-350 mn
35 €c / share3)
61% of FFO
min 60% of FFO I
1)
Recurring FFO I
(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 21 March 2016
28
AGM 2016: Agenda
1. Presentation of the approved annual financial statements including notes and management report, the
Corporate Governance Report, the consolidated financial statements including notes and management
report, the report of the Administrative Board as well as the presentation of the annual report of the
Administrative Board.
2. Resolution on the appropriation of the net profit for the 2015 business year.
3. Resolution to ratify the actions of members of the Administrative Board for the 2015 business year.
4. Resolution to ratify the actions of Executive Directors for the 2015 business year.
5. Appointment of the auditor of the annual financial statements and the consolidated financial statements for
the 2016 business year.
6. Election of one member to the Administrative Board.
7. Amendment of the remuneration for the Administrative Board as of 1 January 2016.
8. Resolution on the authorisation of the Administrative Board to acquire own shares of the Company and to
determine the conditions for the buy-back (trading in own shares is excluded as purpose of the acquisition).
9. Amendment of the Articles of Association in Art. 10 Sec. 1 and 3 and Art. 14 Sec. 1.
29
real estate company
complemented by a
commercial property
management, the
principles of
the stakeholders.
Content
+
+
+
+
+
+
+
+
Operating Performance
Most recent acquisition
Portfolio Strategy & Valuation
Cost Reduction Programme
Financing
Financials
Strategy Summary, Guidance & Outlook
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. 2.16 mn sqm
- Residential core: approx. 21,500 units /
1.44 mn sqm
- Commercial core: approx. 400 units / 92 Tsqm
- Non-core: approx. 5,600 units / 0.63 mn sqm
+ By 31 March 2016, 22.1% of the portfolio were in
Austria and 76.7% were in Germany. The remaining
1.2% were located in 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)
as on 31 March 2016
based on sqm
conwert core markets
Berlin
Potsdam
Dresden
NRW
D
SK
A
HU
Vienna
Leipzig
Core markets
Regional markets
+ Portfolio value: €2.7 bn
+ Rental income: €52.6 mn
+ LTV: 47.2%
31
+ 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
32
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
33
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
54.54
11.48
21.0
1.3
apartment, office,
retail
Munich
5
13,371
27.85
11.42
14.8
0.0
school
Leipzig
61
18,600
19.54
6.24
12.8
1.6
office
Meitingen
19
8,948
17.09
10.90
15.7
7.3
retail
Berlin
51
8,810
13.10
8.47
14.5
0.8
apartment, office,
retail
Magdeburg
72
10.051
13.02
7.46
14.6
9.6
apartment, office,
retail
8
6,413
12.08
11.91
12.3
0.0
office, retail
Other
41
7,622
10.56
8.17
14.1
7.3
apartment, office,
retail
Total
361
92,238
167.78
9.41
15.8
3.0
Starnberg
+ Strategy: Hold opportunistically – very low re-letting risk and excellent locations
34
+ Appendix
Valuation of conwert Share
Discount to NAV significantly reduced
Performance of the conwert share
Analyst research
17
9 analysts in total
€15.72/share1)
16
7.0%
discount
to NAV
15
14
13
Despite outperforming ATX, discount to
NAV much higher than peers in residential
segment
7
2
€14.40/share1)
12
Hold
11
10
9
conwert
ATX
05/2015
11/2015
05/2016
NAV conwert
Hold
13.50
BoAML
Buy
14.20
Deutsche Bank
Buy
17.50
Erste Group
Accumulate
13.50
HSBC
Buy
16.10
Kepler Cheuvreux
Buy
15.50
Oddo Seydler
Buy
15.70
RCB
Hold
14.70
SRC Research
Buy
15.00
€15.08
Current share price3)
€14.47
Treasury shares
11/2014
Baader/Helvea
Average target price
7
05/2014
Target
€15.72
Outstanding shares
11/2013
Recommendation
EPRA NAV2)
8
05/2013
Buy
Bank
Treasury shares in % of issued shares
93.017 mn
1.58 mn
1.7% of o/s
1) As of 18 May 2016
2) Pro forma; including breakage of swaps and conversion of 2016 convertible bond
3) As of 24 May 2016
35
+ Appendix
Portfolio by Region
Detailed overview as per 31 March 2016
Units
(No)
Parking
spaces
(No)
Usable
space2)
(T sqm)
Vacancy
(%)
of which
strategic
vacancies
(%)
% change of
vacancies
(%)
FV Yield
(%)
Change in
yield
(%)
Property
assets
(T€)
NCR
(€/sqm)
Austria
Residential core
2,521
785
197.0
4.3
0.8
-9.3
3.5
-3.9
400,872
6.28
104
124
18.4
1.3
-
-79.9
4.8
6.1
54.536
11.48
Non-core
1,543
2,992
262.5
15.7
3.4
5.6
6.1
7.1
395,587
8.39
SUBTOT Austria
4,168
3,901
477.9
10.5
2.2
-2.2
4.8
0.4
850,995
7.59
19,005
4,122
1,251.6
3.3
0.1
-33.8
6.3
-4.8
1,350,266
5.77
257
889
73.8
3.4
0.4
27.2
7.1
2.9
113,243
8.89
3,848
1,985
334.1
15.3
0.0
-8.1
7.2
2.6
324,559
6.69
23,110
6,996
1,659.5
5.8
0.1
-28.1
6.5
-3.3
1,788,068
6.07
195
302
27.0
6.3
-3.1
38,152
21,526
4,907
1,448.5
3.5
0.2
-30.6
5.6
-4.1
1,751.138
5.83
361
1,013
92.2
3.0
0.3
-13.8
6.3
6.3
167,780
9.41
21,887
5,920
1,540.8
3.5
0.2
-29.9
5.7
-3.5
1,918,917
6.05
5,586
5,279
623.6
16.6
1.5
-5.2
6.6
4.0
758,298
7.55
Commercial core
Germany
Residential core
Commercial core
Non-core
SUBTOT Germany
OTHER1)
Residential core
Commercial core
SUBTOTAL core
Non-core
TOTAL
conwert Group
27,473
11,199
2,164.4
40.7
7.2
1.6
0.5
-20.7
-23.0
5.9
-1.8
2,677,215
11.16
6.44
1) Slovakia, Hungary, Ukraine, Luxembourg 2) excl. parking spaces
36
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.

30 May 2016

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