Deutsche Wohnen Se · XETR:DWNI

Deutsche Wohnen — Q1 2010 Earnings Presentation

18 slides from Deutsche Wohnen's earnings presentation, May 31, 2010

  1. Slide 1: Deutsche Wohnen AG 1st Quarter 2010

    Deutsche Wohnen AG » 1st Quarter 2010 Conference Call, 31 May 2010 1

  2. Slide 2: Agenda

    » Agenda 1. Highlights 2. Operative development 3. Financials 2

  3. Slide 3: Highlights

    | Deutsche Wohnen » @ Highlights deutsche-wohnen.com

  4. Slide 4: Capitalizing on the completed restructuring

    » Capitalizing on the completed restructuring > Adjusted earnings before tax improved 86 % to EUR 9.1 million. > Earnings after taxes turn positive from EUR -2.2 million to EUR 5.2 million. > Thanks to favourable operating activities and reduced interest expenditure, FFO increased 55 % from EUR 0.11

  5. Slide 5: Operative development

    | Deutsche Wohnen » @ Operative development deutsche-wohnen.com

  6. Slide 6: Improvement of EBITDA by 5 % YoY

    » Improvement of EBITDA by 5 % YoY EUR m Q1/2010 Q1/2009 Revenues 78.7 61.5 Residential property management 48.1 47.9 Nursing and residential care homes 8.1 8.1 Disposal 22.5 5.5 Segment results 42.0 41.9 Residential property management 39.2 39.0 Nursing and residential care homes 2.2 2.3 Disposal 0

  7. Slide 7: Increase of NOI margin to 73.6 %

    » Increase of NOI margin to 73.6 % EUR m Q1/2010 Q1/2009 In-place rent 48.1 48.0 Non-recoverable expenses -1.6 -1.7 Delinquencies -0.8 -0.4 Maintenance -6.0 -6.1 Others -0.5 -0.8 Result of residential property management 39.2 39.0 Personnel and general and administration expenses -3.8 -4.5 Operative

  8. Slide 8: Proven rent potential of 16 % in core portfolio

    » Proven rent potential of 16 % in core portfolio Units Area Share In-place Market rent** Vacancy rent* Number m²k % EUR/m² EUR/m² % Core portfolio 37.278 2.246 100% 5.37 6.26 3.1% Berlin 21.699 1.298 58% 5.26 5.97 1.9% Frankfurt/Main 3.658 217 10% 6.85 8.31 2.4% Rhine-Main 3.743 224 10% 5.75 7.26 7

  9. Slide 9: No structural vacancy in the core portfolio

    » No structural vacancy in the core portfolio Vacancy Already Due to Of which Due to rented fluctuations > 12 months investments Core portfolio 1.319 337 642 115 340 Berlin 432 163 158 11 111 Frankfurt/Main 112 35 77 6 0 Rhine-Main 335 54 154 45 127 Rheintal-Süd 264 50 155 32 59 Rheintal-Nord 111 28

  10. Slide 10: Increased disposal transaction volume

    » Increased disposal transaction volume Units Sales volume Fair value Margin Number EUR m EUR m EUR m % Privatisation 253 21.4 15.8 5.6 35% Institutional sale 798 33.8 32.5 1.3 4% 1,051 55.2 48.3 6.9 14 > The sales performance in the disposals segment was increased from EUR 31.8 million to EUR 55.2

  11. Slide 11: Financials

    » © Financials deutsche-wohnen.com Deutsche Wohnen 11

  12. Slide 12: Positive Q1 result

    » Positive Q1 result EUR m Q1/2010 Q1/2009 +++Significant increase in earnings after taxes EBITDA adjusted 34.5 33.0 of EUR -2.2 million to EUR 5.2 million Depreciation -0.7 -0.5 ++ The turnaround is complete: Financial result (net) -24.6 -27.6 Through the omission of one-offs relating EBT adjusted

  13. Slide 13: Funds from Operations

    » Funds from Operations EUR m Q1/2010 Q1/2009 > FFO increased by 55 % to EUR 0.17 per Net profit 5.2 -2.2 share YoY > As early as the first quarter of 2010 the Depreciation 0.7 0.5 forecast FFO increase of EUR 0.05 was Valuation SWAP 0.4 0.0 consequently achieved. Non-cash financial expenses 3.7 3.7

  14. Slide 14: Strong cash position

    » Strong cash position EUR m 31/03/2010 31/12/2009 Unchanged valuation matrix: 896 EUR/m² Investment properties 2,811.0 2,835.5 14.2 times on in-place rent Other non current assets 21.8 22.4 Deferred tax assets 101.5 98.4 Non current assets 2,934.3 2,956.3 Land and building held for sale 17.9 18.4 R

  15. Slide 15: Stable equity position due net profit

    » Stable equity position due net profit EUR m 31/03/2010 31/12/2009 Total equity 852.5 862.0 Financial liabilities 1,783.3 1,802.7 Reduction of LTV to 60.3% Tax liabilities 80.7 84.1 Expected EK02 payments 2010: EUR 21 million Deferred tax liabilities 81.7 81.4 Derivatives 92.1 70.5 Increase through

  16. Slide 16: Reduction of LTV to 60,3 %

    » Reduction of LTV to 60,3 % Financial liabilities in EUR m DW stand alone DB 14 Total Mark-to-market 1.677 106 1.783 Debt structure LTV (%) 60.2 62.4 60.3 Nominal value 1.739 159 1.898 LTV (%) 62.5 93.5 64.3 Average interest rate: ~ 4.3% Average redemption p.a.: ~ 1.8% Debt service (excl. sales rel

  17. Slide 17: Disclaimer

    » Disclaimer This presentation contains forward-looking statements including assumptions, opinions and views of Deutsche Wohnen or quoted from third party sources. Various known and unknown risks, uncertainties and other factors could cause actual results, financial positions, development or perform

  18. Slide 18: Deutsche Wohnen AG contact details

    Deutsche Wohnen AG Head Office Berlin Office Pfaffenwiese 300 Mecklenburgische Straße 57 65929 Frankfurt am Main 14197 Berlin Telefon: 030 897 86 551 Telefax: 030 897 86 507 © 2010 Deutsche Wohnen AG 18

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