Adler Group Sa · XETR:ADJ
Adler Group Sa — Shareholder Meeting (June 2022)
23 slides from Adler Group Sa's shareholder meeting presentation, Jun 29, 2022
Slide 1: Annual General Meeting 2022
Annual General Meeting 2022 29 June 2022
Slide 2: Content
Content 1 Current state of affairs 2 Financial results 2021 3 Board of Directors 4 Resolutions 2 Braunschweiger Strasse, Berlin
Slide 3: Corporate Governance Update
Corporate Governance Update Implementation of solutions on track Recent events Most recent progress ◼ Management: Publication of the ◼ Appointment of Mr Echelmeyer as interim CFO (on a consultancy basis), started on Appointment of outcomes of the Presentation of Prof. Dr. Kirsten special The Board o
Slide 4: Key Highlights Q1 2022
Key Highlights Q1 2022 Robust operational performance, sufficient liquidity position PORTFOLIO FINANCIAL DEVELOPMENT PERFORMANCE PERFORMANCE PROGRESS ◼ +2.1% like-for-like rental growth1 ◼ Lower NRI and FFO 1 on the back of the ◼ €71m GAV condominium and forward sales disposal of non-strategic asset
Slide 5: Continuous Increase in Portfolio Quality
Continuous Increase in Portfolio Quality Post non-strategic disposals, a high-quality portfolio remains anchored in Berlin Standing assets as per Q1 20221 Fair value (€/sqm) 3,015 3,060 GAV 45 333 2,640 42 2,268 372 €5.7bn standing assets4 Berlin 1,887 LFL fair Oberhausen value growth Essen Duisburg
Slide 6: Overview of Debt KPIs as per Q1 2022
Overview of Debt KPIs as per Q1 2022 Debt KPIs for Q1 2022 Sources of funding Bond covenants Unsecured debt 65% Required Total nominal interest-bearing debt (€m) 7,640 Covenants Q1 2022 FY 2021 level 3% LTV Net LTV 52.0%1,2 (Financial indebtedness / <60% 51.3%2 54.5%2 total assets) ICR (x) 2.22 33%
Slide 7: Guidance: Net rental income for FY 2022E of €203-212m
Guidance: Net rental income for FY 2022E of €203-212m NRI in the range of €203-212m for existing portfolio for FY 2022E Comments 1 Sale of approximately 15,500 units in northern regions to 200 162 1091 LEG for €1.3bn 346 2 Sale of approximately 14,400 units in eastern regions to Velero/KKR for €1.0b
Slide 8: Guidance: FFO for FY 2022E of €73-76m
Guidance: FFO 1 for FY 2022E of €73-76m FFO 1 in the range of €73-76m for existing portfolio for FY 2022E Comments 1 Sale of approximately 15,500 units in northern regions to LEG for €1.3bn 137 2 Sale of approximately 14,400 units in eastern regions to Velero/KKR for €1.0bn. 97% of the assets have b
Slide 9: Guidance for 2022 Confirmed
Guidance for 2022 Confirmed Objectives Concluding remarks Yielding asset portfolio value increased by €79m Full-year 2022 guidance resulting in a +1.4% LFL value uplift in the first three months of 2022 on the back of a +2.1% LFL rent increase. Operational vacancy of the total portfolio at a structu
Slide 10: Content
Content 1 Current state of affairs 2 Financial results 2021 3 Board of Directors 4 Resolutions 10 Braunschweiger Strasse, Berlin
Slide 11: Profit and loss statement
Profit and loss statement P&L statement Comments In € million FY 2021 FY 20201 1 Compared to FY 2020, net rental income in FY 2021 improved to €346m mainly due to the Net rental income 346 1 293 consolidation of ADLER Real Estate into the Group as per April 2020, partly offset by various disposals t
Slide 12: Balance sheet
Balance sheet Balance sheet Comments In € million FY 2021 FY 20201 1 The fair values of the build-to-hold project developments and the yielding investment properties show Investment properties including advances 7,116 1 10,111 the impact of the disposal of the northern portfolio to LEG and the recla
Slide 13: FFO
FFO 1 and FFO 2 FFO 1 calculation FFO 2 calculation In € million, except per share data FY 2021 FY 20201 In € million, except per share data FY 2021 FY 20201 Net rental income 346 293 EBITDA total 208 1 282 Income from facility services and recharged utilities costs 149 91 Net cash interest (98) (10
Slide 14: EPRA metrics
EPRA metrics EPRA metrics calculation In € million, except per share data FY 2021 FY 20201 EPRA Metrics NAV NRV NTA NDV NAV NRV NTA NDV Total equity attributable to owners of the Company 2,990 2,990 2,990 2,990 4,122 4,122 4,122 4,122 Revaluation of inventories 8 8 8 8 52 52 52 52 Deferred tax 948 9
Slide 15: Net LTV
Net LTV LTV calculation Comments In € million FY 20211 FY 20202 1 The selected financial assets have declined to €745m and contain purchase price Corporate bonds and other loans and borrowings 7,440 7,708 receivables amongst others. They include 1) netted financial receivables (€312m) which were red
Slide 16: Content
Content 1 Current state of affairs 2 Financial results 2021 3 Board of Directors 4 Resolutions 16 Braunschweiger Strasse, Berlin
Slide 17: Overview of the Composition of the Board
Overview of the Composition of the Board Current composition of the Board Remarks Prof. Dr. A. Stefan Kirsten New division of responsibilities among Board members Director, Chairman of the Board Chairman of the Nomin. & Compen. Committee Ongoing search for permanent CFO who will be put forward for C
Slide 18: Content
Content 1 Current state of affairs 2 Financial results 2021 3 Board of Directors 4 Resolutions 18 Braunschweiger Strasse, Berlin
Slide 19: AGM resolutions – Financial results
AGM resolutions – Financial results Approval of the stand-alone annual financial statements of the Company for the financial year ending 31 December 2021 Resolution I The General Meeting, after having reviewed the management report of the board of directors of the Company and the report of the indep
Slide 20: AGM resolutions – Board members (1/2)
AGM resolutions – Board members (1/2) Acknowledgement of the resignation of Mr. Thierry Beaudemoulin as director of the Company and re-appointment of Mr. Thierry Beaudemoulin as director of the Company for a period running from the date of this AGM until the annual general meeting to take place in t
Slide 21: AGM resolutions – Board members (2/2)
AGM resolutions – Board members (2/2) Acknowledgement of the resignation of Mr. Thomas Zinnöcker as director of the Company and re-appointment of Mr. Thomas Zinnöcker as director of the Company for a period running from the date of this AGM until the annual general meeting to take place in the year
Slide 22: AGM resolutions – Remuneration
AGM resolutions – Remuneration Approval (on an advisory and non-binding basis) of the remuneration report of the Company for the financial year ending 31 December 2021 Resolution VIII The General Meeting approves on an advisory non-binding basis the remuneration report of the Company for the financi
Slide 23: Disclaimer
Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation (“Presenta