Vonovia SE · XETR:VNA
Vonovia — FY2016 Earnings Presentation
88 slides from Vonovia's earnings presentation, Mar 7, 2017
Slide 1: FY2016 Earnings Call
FY2016 Earnings Call March 7, 2017 Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO
Slide 2: Highlights
Highlights FFO Growth 2016 FFO1 per share* up 25.1%, driven by internal growth. 10% organic FFO1 growth guided for 2017 (i.e. excluding conwert). Sustainable organic FFO1 growth built in for 2018 and beyond. NAV Growth 2016 Adj. NAV per share* up 27.1%, driven by performance improvements, investment
Slide 3: Built-in Sustainable Organic FFO Growth
FFO Built-in Sustainable Organic FFO Growth FFO is expected to grow organically, as rental income and EBITDA growth continue to accelerate. Broadly stable interest rate levels would be an additional contributor to FFO growth. 2016 2015 2016 Outlook vs. 2015 Number of units (ø) '000 333 345 3.6% Pred
Slide 4: Increasing Rent Growth Momentum
FFO Increasing Rent Growth Momentum 2016 2015 Delta In-place rent l-f-l (eop) €/month/sqm 6.01 5.82 +3.3% In-place rent (eop) €/month/sqm 6.02 5.75 +4.7% 2016 2015 Rent growth driver Contribution Contribution Sitting tenants (incl. subsidized rents) 0.9% 1.1% New lettings 0.6% 0.6% Subtotal market-d
Slide 5: Stable Maintenance – Growing Modernization
FFO Stable Maintenance – Growing Modernization Stable maintenance expenses on a per sqm basis y-o-y. The maintenance capitalization ratio* is not an input factor but an outcome; i.e. what type of work is expensed vs. capitalized is determined by the accounting rules implemented as a pre-defined SAP-
Slide 6: Growing Investment Program
FFO Growing Investment Program Modernization investments and space creation are increasingly meaningful organic growth drivers. Investments in year one generally lead to rent growth in year two. Increasing investment volume for Optimize Apartments, Upgrade Buildings, New Initiatives and Space Creati
Slide 7: Increasing Organic Growth through Extension Strategy
FFO Increasing Organic Growth through Extension Strategy Extension business with increasing significance and compelling growth rates. Contribution to Adj. EBITDA Operations* expected to grow from ~5% in 2016 to ~8% in 2017. Built-in growth for future years as successful programs are applied to the e
Slide 8: Continued EBITDA Margin Expansion
FFO Continued EBITDA Margin Expansion Adj. EBITDA Operations margin* of 70.9% in 2016, up from 67.7% in 2015. Expensed vs. capitalized maintenance varies between companies and is a major discretionary factor in the EBITDA margin, which is why Vonovia reports Adj. EBITDA margins incl. and excl. maint
Slide 9: Fully-balanced Maturity Profile
FFO Fully-balanced Maturity Profile Current debt maturity profile1 (€m) 3,000 Mortgages Structured Loans Bond Debt Hybrid Equity Hybrid avg. financing cost (RHS) 4.0% 2,500 3.0% 2,000 1,500 2.0% 1,000 Current unsecured reoffer yield (7-8 years) 1.0% 500 2017 2018 2019 2020 2021 2022 2023 2024 2025 2
Slide 10: Diverse Funding Mix and Comfortable KPIs
FFO Diverse Funding Mix and Comfortable KPIs Diverse funding mix1 KPIs December 31, 2016 Target 3-4 years 1-2 years 17% LTV 41.6% Mid-to low forties Subsidized 13% Modernization Unencumbered assets1* in % 69% ≥50% Debt 5-6 years 1% 14% Debt/EBITDA* 10.5x Mortgages 7% Fixed/hedged debt ratio1 99% Ong
Slide 11: Established Player in Debt Capital Markets
FFO Established Player in Debt Capital Markets Maturity profile further smoothened through most recent bond issuances (€2.5bn unsecured corporate bonds in 2016 and €1.0bn in January 2017). Redemption of all 3 CMBS structures inherited in the Gagfah takeover now completed (early redemption of third a
Slide 12: Substantial LTV Reduction
FFO Substantial LTV Reduction €m (unless indicated otherwise) Dec. 31, 2016 Dec. 31, 2015 Delta Non-derivative financial liabilities 13,371.0 14,939.9 -10.5% Foreign exchange rate effects -209.9 -179.4 17.0% Cash and cash equivalents -1,540.8 -3,107.9 -50.4% Net debt 11,620.3 11,652.6 -0.3% Sales re
Slide 13: 25.1% FFO1 per Share Growth
FFO 25.1% FFO1 per Share* Growth Increased Adj. EBITDA Operations* and reduced financing costs lead to 25.1% FFO1 growth. AFFO* of €689.2m is approx. 1.3x proposed dividend amount. €m (unless indicated otherwise) FY 2016 FY 2015 Delta Adj. EBITDA Operations* 1,094.0 957.6 +14.2% FFO interest expense
Slide 14: Privatization Margin Up; Record Non-core Volume
Privatization Margin Up; Record Non-core Volume Privatization volume slightly below prior year but improved margin of 36.2%. Increased non-core and non-strategic volume for a combined total of 36,125 units over last two years, actively tapping the transaction market to clean up the portfolio. €m (un
Slide 15: Estimated Value Growth Potential to be Unlocked
NAV Estimated Value Growth Potential to be Unlocked Illustrative fair value growth potential (€bn) Assumptions Rent multiple 20.9x Our portfolio management strategy of modernization +2.0x2 investments, space creation and a focus on growth 44.0 markets is expected to result in substantial value creat
Slide 16: 27.1% Adj. NAV per Share Growth
NAV 27.1% Adj. NAV per Share* Growth Valuation uplift of 16.2% contributes to 27.1% Adj. NAV per share* growth. €m (unless indicated otherwise) Dec. 31, 2016 Dec. 31, 2015 Delta Equity attributable to Vonovia's shareholders 12,467.8 10,620.5 +17.4% Deferred taxes on investment properties and assets
Slide 17: Valuation Uplift Across All Regional Markets
NAV Valuation Uplift Across All Regional Markets – But Varying Magnitudes Regional Fair value (€ million) Fair value (€/sqm) Multiple (in-place-rent) Change in value (€ million) Change in value (l-f-l in %) of which yield compression Strongest valuation uplift in Berlin, Market Munich and Freiburg.
Slide 18: Strategic Clusters – Highest Yield Compression in Modernization Clusters
NAV Strategic Clusters – Highest Yield Compression in Modernization Clusters The highest uplift from both yield compression and overall was in the two modernization clusters Upgrade buildings and Optimize apartments, confirming our modernization strategy. Yield compression also in Non-core and Non-s
Slide 19: Value Growth of Acquisition Portfolios Exceeds Goodwill
NAV Value Growth of Acquisition Portfolios Exceeds Goodwill Aggregate value growth of close to €3bn across acquisition portfolios. Acquisition premium already fully recovered through value accretion. Acquisition Fair Value at Fair value Dec. Value growth Goodwill Value growth year acquisition 31, 20
Slide 20: Goodwill – Headroom Grown, Value Up
NAV Goodwill – Headroom Grown, Value Up, Performance Assumptions Confirmed While the fair value grew across all cash generating units (CGU) in 2016, the impairment test still resulted in a 1.1% increase of the headroom for the goodwill, as most regions saw the increase in fair value supported by an
Slide 21: Modular Construction – Pilot Project Completed
NAV Modular Construction – Pilot Project Completed Pilot project in Bochum with 14 residential units. Factory-based construction of modules with construction costs of €1,800 per sqm (all-in, excl. land, which we already owned). On-site assembly of modules within only 5 days. Construction completed i
Slide 22: Pro-active Portfolio Management
NAV Pro-active Portfolio Management Pro-active portfolio More than €1bn invested in value-enhancing Investments* management results in modernization* between 2013 and 2016. material improvements in quality of assets and Sale of ~42k Non-core and Non-strategic locations. Disposal* assets (2013-2016)
Slide 23: All Regional Markets Show Upward Potential
NAV All Regional Markets Show Upward Potential Fair Value In-place rent Average p.a. Average rent Multiple Total Residential (€/ Change rent growth Residential Living area Vacancy growth (%) Regional Markets (€ million) (€/sqm) (in-place units (‘000 sqm) (%) (p.a. (p.a. month/ like-for-like forecast
Slide 24: Standalone Guidance Confirmed
Standalone Guidance Confirmed (Vonovia excl. conwert) 2017 2015 2016 Guidance Actuals Actuals (Nov. 2016, excl. conwert) Accelerating rent growth L-f-l rent growth (eop) 2.9% 3.3% 3.5%-3.7% Vacancy (eop) 2.7% 2.4% <2.5% Stable top line inspite of ~24,000 non-core sales in 2016 Rental Income (€m) 1,4
Slide 25: First Indication for FFO1 Contribution from conwert
First Indication for FFO1 Contribution from conwert Full Vonovia guidance for 2017 including conwert will be published with Q1 2017 results on May 24. Vonovia stand-alone guidance for FFO1 is €830m - €850m. Conservative first assessment based on conwert 2016 FFO1 guidance of €80m as a starting point
Slide 26: More than just a Bond Proxy
More than just a Bond Proxy Inflation protection with additional operational uplift 3.5% Rent Growth (Germany) Rent Growth (VNA) Inflation Ø Inflation over the period = 1.4% p.a. Ø Rent Growth (Germany) over the period = 1.2% p.a. 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1998 1999 2000 2001 2002 2003 2004
Slide 27: Housekeeping
Housekeeping I Conwert update II Scrip dividend as alternative III Next portfolio valuation at the end of Q2 2017 IV Gagfah: cross-border merger V Vonovia‘s stake in Deutsche Wohnen VI CEO contract extended to Feb. 2023 FY2016 Earnings Call page 27
Slide 28: conwert Meets All Acquisition Criteria
Housekeeping I conwert Meets All Acquisition Criteria Acquisition criteria Strategic fit 84% of portfolio in top 25 locations of combined entity with majority in Dresden, Leipzig, Berlin and Potsdam FFO/share accretive Accretive from day 1 NAV/share non-dilutive Accretive from day 1 BBB+ Rat
Slide 29: Tender Offer for conwert – Residual Timeline
Housekeeping I Tender Offer for conwert – Residual Timeline Announcement of the intention to make a voluntary take-over offer Sep 5, 2016 Support from conwert board and management Commitment from Adler to tender all its conwert shares Approval from German Federal Cartel Office; Clearance from Aust
Slide 30: Choice for Shareholders – Scrip Dividend
Housekeeping II Choice for Shareholders – Scrip Dividend Scrip dividend as an alternative to cash dividends offers choice to Choice investors. Well established in many international markets like the US or UK and Increasingly best increasingly popular in Germany as well. practice E.ON, Deutsche Telek
Slide 31: NAV Guidance vs. Semi-annual Valuation
Housekeeping III NAV Guidance vs. Semi-annual Valuation Gross asset real estate value represents more than 83% of total assets. Equity capital markets continue to use the NAV as share price proxy. NAV guidance without yield compression is of limited use. Valuation So far no need to conduct more than
Slide 32: Gagfah Cross-border Merger
Housekeeping IV Gagfah Cross-border Merger Vonovia ownership Vonovia holds 93.8% of all Gagfah shares. After redeeming the last Gagfah CMBS in Feb 2017, Vonovia is currently analyzing the Redemption of final step of the integration by way of a cross-border merger of Gagfah S.A. into Vonovia CMBS com
Slide 33: Vonovia's Stake in Deutsche Wohnen
Housekeeping V Vonovia’s Stake in Deutsche Wohnen Vonovia’s stake in Vonovia owns 16.8m shares in Deutsche Wohnen. This equals 4.74% based on the 354.7m Deutsche Wohnen shares outstanding. The shares were purchased at an average purchase price of €24.10 for a total consideration of Purchase price €4
Slide 34: CEO Contract Extended to 2023
Housekeeping VI CEO Contract Extended to 2023 CFO CEO COO CCO Dr. A. Stefan Kirsten Rolf Buch Klaus Freiberg Gerald Klinck Since 2011 CFO of Vonovia Since 2013 CEO of Vonovia Board member since 2010 Board member since 2012 Former CEO of Majid Al Futtaiim Former management board Responsible for the p
Slide 35: Summary
Summary Built-in sustainable organic FFO1 growth going forward. FFO1 is expected to grow organically, as rental income and EBITDA growth continue to accelerate. Broadly stable interest rate levels would be an additional contributor to FFO1 growth. Positive FFO1 trajectory even in an immediate 200bps
Slide 36: IR Contact & Financial Calendar
IR Contact & Financial Calendar Contact Financial Calendar 2017 Rene Hoffmann Mar 7 FY 2016 results Head of Investor Relations Mar 8-10 Roadshow (London, Frankfurt, Amsterdam) Vonovia SE Mar 10 Kempen European Property Seminar (New York) Mar 13 Roadshow (Paris) Philippstraße 3 Mar 22 Commerzbank Res
Slide 37: Appendix
Appendix FY2016 Earnings Call page 37
Slide 38: Growth Across All KPIs
Growth Across All KPIs 2016 2015 Delta Average number of residential sqm `000 21,509 20,773 +3.5% In-place rent (eop) €/month/sqm 6.02 5.75 +4.7% In-place rent l-f-l (eop) €/month/sqm 6.01 5.82 +3.3% Vacancy rate (eop) % 2.4% 2.7% -30bps +10.2% per avg. unit* Rental income €m 1,538.1 1,414.6 +8.7% (
Slide 39: Reconciliation IFRS Profit to FFO
Reconciliation IFRS Profit to FFO €m (unless indicated otherwise) FY 2016 FY 2015 Delta 0 Increase due to fair value PROFIT FOR THE PERIOD 2,512.9 994.7 152.6% adjustment of investment Financial result 433.0 414.0 4.6% properties vs. increase of deferred tax liabilities Income taxes 1,346.9 739.8 82
Slide 40: P&L
P&L €m (unless indicated otherwise) FY 2016 FY 2015 Delta L-f-l-rent increase of 3.3%, thereof 1.8% due to 0 modernization*. Vacancy rate Income from property letting 2,170.0 2,035.3 6.6% down from 2.7% in 2015 to 2.4% in 2016 Other income from property management 39.3 28.2 39.4% Income from propert
Slide 41: Balance Sheet (1/2 – Total Assets)
Balance Sheet (1/2 – Total Assets) €m (unless indicated otherwise) Dec. 31, 2016 Dec. 31, 2015 Delta Assets Intangible assets 2,743.1 2,724.0 0.7% Increase mainly due to revaluation Property, plant and equipment 115.7 70.7 63.6% € 3.2bn Investment properties 26,980.3 23,431.3 15.1% Increase mainly d
Slide 42: Balance Sheet (2/2 – Total Equity and Liabilities)
Balance Sheet (2/2 – Total Equity and Liabilities) €m (unless indicated otherwise) Dec. 31, 2016 Dec. 31, 2015 Delta Equity and liabilities Subscribed capital 466.0 466.0 0.0% Increase results from Capital reserves 5,334.9 5,892.5 -9.5% revaluation of Deutsche Retained earnings 6,665.4 4,309.9 54.7%
Slide 43: Additional Key Figures
Additional Key Figures FY 2016 / FY 2015 / Dec. 31, 2016 Dec. 31, 2015 Headcount (eop) 7,437 6,368 EPRA vacancy rate (eop) 2.2% 2.5% IFRS profit for the period (€/share) 4.94 2.29 Number of units acquired 2,815 168,632 Number of units sold 26,631 15,174 Total residential sqm (‘000; eop) 20,781 22,27
Slide 44: Valuation parameters and results
Valuation parameters and results Valuation parameters 2016 2015 Management costs per residential unit p.a. €255 €252 Maintenance costs (ongoing + apt. improvement per sqm) p.a. €13.66 p.a. €13.41 p.a. Discount rate 5.5% 5.8% Capitalization rate 4.3% 4.7% Market rent increase p.a. 1.2% p.a. 1.2% p.a.
Slide 45: Y-o-y Valuation Growth
Y-o-y Valuation Growth Substantial value growth across the portfolio but yield compression clearly more pronounced in some regions than others. 2015 2016 Delta Fair Value Fair Value Fair Value Multiple Multiple Multiple Residential Residential Regional Markets (€ million) (€/sqm) (in-place units (€
Slide 46: Y-o-y Valuation Growth
Y-o-y Valuation Growth Substantial value growth across the portfolio but movements clearly more pronounced in some regions than others. Fair value €/sqm In-place rent multiple 1,282 18.2 Berlin 1,640 28% Berlin 22.6 24% 1,479 17.2 Rhine Main Area 1,695 15% Rhine Main Area 19.0 10% 1,256 16.5 Rhinela
Slide 47: Bond Overview
Bond Overview Corporate Investment grade rating as of 2015-09-30 Rating agency Rating Outlook Last Update Standard & Poor’s BBB+ Stable 06 September 2016 Bond ratings as of 2015-09-30 Name Tenor & Coupon ISIN Amount Issue price Coupon Final Maturity Date Rating Bond 002 (EUR-Bond) 6 years 3.125% DE0
Slide 48: Covenants and KPIs
Covenants and KPIs Bond KPIs Covenant Level Dec. 31, 2016 LTV* <60% 41% Total Debt / Total Assets Secured LTV* <45% 11% Secured Debt / Total Assets ICR* >1.80x 3.68x Last 12M EBITDA / Last 12M Interest Expense Unencumbered Assets* >125% 225% Unencumbered Assets / Unsecured Debt Rating KPIs Covenant
Slide 49: Gagfah Synergy Realization
Gagfah Synergy Realization Original estimate of €84m total synergies from Gagfah acquisition vs. final estimate of €137m. Synergy realization (aggregate view, €m) 137 61 93 84 38 37 76 55 17 47 5 12 2015 2016 2017E Initial expectation at announcement Operational synergies Financial synergies FY2016
Slide 50: Conservative Valuation
Conservative Valuation In-place valuations are still only half of replacement values, in spite of accelerating valuation growth in recent years. Values per sqm (€) ~2,500 ~1,800 1,264 1,054 901 964 792 812 839 VNA 2010 VNA 2011 VNA 2012 VNA 2013 VNA 2014 VNA 2015 VNA 2016(E) VNA modular Market costs
Slide 51: Substantial Reduction of Portfolio Locations
Substantial Reduction of Portfolio Locations 03/2015 (incl. Südewo) 12/2016 Strategic Portfolio 818 locations 665 locations ~400 locations Vonovia location High-influx cities (“Schwarmstädte”). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-prese
Slide 52: Acquisitions – Opportunistic but Disciplined
Acquisitions – Opportunistic but Disciplined Acquisition pipeline (‘000 units) – excl. Gagfah 220 200 200 180 175 160 140 136 120 112 100 87 79 80 71 69 66 60 44 37 40 26 23 251 20 5 0 Examined* Analyzed in more detail* Due Diligence, partly ongoing* Bids* Signed* FY 2014 FY 2015 FY 2016 1 conwert I
Slide 53: Proven and Unchanged Strategy since IPO
Proven and Unchanged Strategy since IPO Reputation & Customer Satisfaction Systematic optimization of operating performance and core business productivity Traditional through leveraging scaling effects 1 Property Management High degree of standardization and industrialization throughout the entire o
Slide 54: Vonovia at a Glance
Vonovia at a Glance Germany’s largest residential landlord with national footprint in urban regional markets Residential real estate company with B-to-C characteristics. Industrialized approach leverages economies of scale in a highly homogeneous asset class. Strong internal growth profile via susta
Slide 55: If You Want to Know Where Germans Live - Follow the Light
If You Want to Know Where Germans Live - Follow the Light Illustration of Germany at Night Source: www.bundeswahlleiter.de FY2016 Earnings Call page 55
Slide 56: Strong Overlap with Vonovia Portfolio
Strong Overlap with Vonovia Portfolio Illustration of Germany at Night Source: www.bundeswahlleiter.de FY2016 Earnings Call page 56
Slide 57: German Residential – Safe Harbor and Low Risk
Market German Residential – Safe Harbor and Low Risk German residential market: important pillar of the German economy With a GDP contribution of more than €500bn the German residential real estate industry represents more than 18% of Germany’s GDP. Germany and its resilient economy provide a compar
Slide 58: German Residential – Favorable Fundamentals
Market German Residential – Favorable Fundamentals New Supply falls short of demand After record construction volumes in the 1990s, new volumes have plummeted as Germany has reduced its building capacity. While volumes have been recovering from all-time lows in 2009 and 2010, the current levels are
Slide 59: German Residential – Favorable Fundamentals
Market German Residential – Favorable Fundamentals Low home ownership ratio – Germans prefer to rent Rental housing very affordable in Germany With the exception of Switzerland, Germany has the Affordability in Germany is higher than in the UK or lowest homeownership ratio in Europe. France. Rental
Slide 60: German Residential – Favorable Fundamentals
Market German Residential – Favorable Fundamentals Fragmented ownership structure Growing number of smaller households Germany is the largest housing market in Europe with While the overall population in Germany is expected to ~42m housing units, of which ~23m are rental units. slightly decline, the
Slide 61: No Correlation between Interest Rates and Property Values
Market No Correlation between Interest Rates and Property Values Valuation methodology for German residential properties is primarily based on market prices for assets – not on interest rates While market prices are affected by the general interest levels there is no significant correlation. Other f
Slide 62: Scalable Organization
Scalable Organization Asset Management Property Management ~333,000 apartments 38 Business Units 6 Business Units 5 Business Units 4 Business Units 8 Business Units 7 Business Units 8 Business Units Local Local property management, letting, care-taking North East South-East South Middle West 6 Regio
Slide 63: Attractive Dividend Policy
Attractive Dividend Policy Number of months until costs are earned* by recurring Sustainable and growing cash flow with attractive pay-out income1 ratio ~1.803 12 1.63 Dividend 10 (ca. 70%) 70 % 1.30 of FFO FFO 1.122 8 number of months* 1.00 Other 0.95 0.94 (ca. 30%) Taxes 0.74 6 0.67 Interest expen
Slide 64: Vonovia History
Vonovia History Seed portfolios of today‘s Vonovia have origin in public housing provided by government, large employers and similar landlords with a view towards offering affordable housing. At beginning of last decade, private equity invested in German residential on a large scale including into w
Slide 65: Liquid Large-cap Stock
Liquid Large-cap Stock Shareholder structure (as of December 31, 2016) Share information First day of trading July 11, 2013 8.3% Number of shares outstanding 466 million 7.6% Blackrock Free float based on Deutsche 92.4% Börse definition 5.4% Norges ISIN DE000A1ML7J1 3.6% Lansdowne Ticker symbol VNA
Slide 66: Three Valuation Layers with Different Volatilities
Three Valuation Layers with Different Volatilities High degree of stability and predictability of underlying business (layer 1) and portfolio valuation (layer 2) is not reflected in share price development (layer 3), as equity markets appear to apply valuation parameters that are substantially less
Slide 67: Extension - Innovation as Growth Driver
Extension - Innovation as Growth Driver Continuous flow of innovative projects that are all immediately linked to the apartment or customer/rental contract. Digital access Upgrade buildings (energetic modernization) Safety Floor Parking additions E- Curb Energy mobili Heating appeal generation ty sy
Slide 68: Impressions
Impressions Frankfurt, Odenwaldstr. 2-4b Frankfurt, Am Lindenbaum 15-85A Frankfurt, Friedlebenstr. 32 Essen, Meistersingerstrasse 20-24C FY2016 Earnings Call page 68
Slide 69: Impressions
Impressions Dortmund, Binsengarten 8-24 A Dresden, Kipsdorfer Strasse, 123-139 Dresden, Niederseidewitzer Weg, 32-40 Dresden, Berzdorfer Str. 20-24 FY2016 Earnings Call page 69
Slide 70: Impressions
Impressions Essen, Feldwiese 16-30 Dortmund, Doerwerstr, 68-70 Dortmund, Lippmannstr. 2-14 Essen, Bonnekampstr. 18-43 B FY2016 Earnings Call page 70
Slide 71: Optimize Apartment
Optimize Apartment Before After FY2016 Earnings Call page 71
Slide 72: Optimize Apartment
Optimize Apartment Before After FY2016 Earnings Call page 72
Slide 73: Upgrade Building
Upgrade Building Before After FY2016 Earnings Call page 73
Slide 74: Upgrade Building
Upgrade Building Before After FY2016 Earnings Call page 74
Slide 75: Upgrade Building
Upgrade Building Before After FY2016 Earnings Call page 75
Slide 76: Modernization - Impressions
Modernization - Impressions Before After Addition of new floor plus modernization investment Addition of new floor plus modernization investment Upgrade Building Upgrade Building FY2016 Earnings Call page 76
Slide 77: Floor Addition
Floor Addition FY2016 Earnings Call page 77
Slide 78: Floor Addition
Floor Addition FY2016 Earnings Call page 78
Slide 79: Modular Construction
Modular Construction Pictures taken at the production site of our cooperation partner Modulbau Lingen. FY2016 Earnings Call page 79
Slide 80: Modular Construction
Modular Construction FY2016 Earnings Call page 80
Slide 81: Modular Construction
Modular Construction FY2016 Earnings Call page 81
Slide 82: Modular Construction
Modular Construction FY2016 Earnings Call page 82
Slide 83: Neighbourhood Development “Eltingviertel”
Neighbourhood Development “Eltingviertel” FY2016 Earnings Call page 83
Slide 84: TGS Van
TGS Van FY2016 Earnings Call page 84
Slide 85: Glossary / Sources
Glossary / Sources Item Comment / Description / Source Acquisition 200k units include the acquisition of Vitus (30k), Dewag (11k), Franconia (5k), Südewo (20k), and Gagfah (140k) Acquisition pipeline: "Analyzed in more detail" Generally interesting and reviewed by central Acquisitions Department Acq
Slide 86: Glossary / Sources
Glossary / Sources Item Comment / Description / Source Covenant: Secured LTV Total secured non derivative financial liabilities / total assets (as shown in the balance sheet) Covenant: Unencumbered assets Total unencumbered assets / total unsecured non derivative financial liabilities Debt/EBITDA Ne
Slide 87: Disclaimer
Disclaimer This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, “Vonovia”) for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it. This presentation has been provided for information purp
Slide 88: For Your Notes
For Your Notes FY2016 Earnings Call page 88