Adler Group Sa · XETR:ADJ
Adler Group Sa — Shareholder Meeting (June 2023)
23 slides from Adler Group Sa's shareholder meeting presentation, Jun 21, 2023
Slide 1: Annual General Meeting 2023
FY 2022 figures unaudited Annual General Meeting 2023 21 June 2023
Slide 2: Content
Content 1 Current state of affairs 2 Financial results 2022 3 Board of Directors 4 Resolutions 2 Kaiserstraße, Berlin
Slide 3: Current state of affairs
Current state of affairs 3
Slide 4: Update on Adler Group's Strategy
Update on Adler Group’s Strategy Continuous progress in all Adler Group’s strategy pillars Portfolio Berlin-anchored portfolio with Strategy limited development exposure ü Continued progress on disposal of yielding assets and development projects Asset Management Limited CAPEX policy ü Non-committed
Slide 5: Update on the Restructuring Plan
Update on the Restructuring Plan Restructuring plan in place, Group stabilisation underway Recent events Most recent progress n Restructuring plan in place: Implementation n Approval of the restructuring plan safeguards the Group’s liquidity position and ensures its of the Issuance of stabilisation
Slide 6: Key Highlights Q1 2023
Key Highlights Q1 2023 Strong operational performance and secured support via the restructuring plan PORTFOLIO FINANCIAL DISPOSALS & PERFORMANCE1 PERFORMANCE DEVELOPMENTS4 n Lower NRI and FFO 1 on the back of n Sale of Schönefeld Schule closed in Q4 2022 n 1.5% like-for-like rental growth2 decreased
Slide 7: Berlin-anchored Portfolio
Berlin-anchored Portfolio Portfolio quality remains high Standing assets as per Q1 20231 Fair value (€/sqm) 3.060 3.015 GAV 2.938 2.943 €5.2bn standing assets3 Berlin LIKE-FOR-LIKE Oberhausen FAIR VALUE Essen Duisburg Dortmund DECREASE (3.4%) Düsseldorf YoY (vs Q1 2022) Current state of affairs Stan
Slide 8: Overview of Debt KPIs as per Q1 2023
Overview of Debt KPIs as per Q1 2023 Debt KPIs for Q1 2023 Sources of funding Bond covenants Unsecured debt 67% Incurrence-based Required Total nominal interest-bearing debt (€m) 6,607 Q1 2023 FY 2022 covenants level 2% LTV EPRA LTV 75.4%1 <60% 63.3% 60.9%1,2 (Financial indebtedness / total assets)
Slide 9: Guidance: Net Rental Income for FY 2023E of €207-219m
Guidance: Net Rental Income for FY 2023E of €207-219m NRI in the range of €207-219m for existing portfolio for FY 2023E Comments 1 Sale of approximately 14,400 units in Eastern regions to Velero/KKR for €1.0bn with majority of the assets transferred in April 2022 245 233-242 2 Sale of approximately
Slide 10: Concluding Remarks
Concluding Remarks Objectives Concluding remarks Drawdown of New Money Facility and repayment of the €500m ADLER Real Estate 2018/2023 bond, covering Full-year 2023 guidance most of the Group’s 2023 maturities Launch of tender offer and consent solicitation for the €300m ADLER Real Estate 2017/2024
Slide 11: Financial results 2022
Financial results 2022 11
Slide 12: Unaudited figures for FY 2022
Unaudited figures for FY 2022 In May 2022, KPMG informed Adler Group unexpectedly that it would no longer carry out the audit of the consolidated financial statements and annual accounts of Adler Group and its group companies. Since then, Adler Group has done everything in its power to engage an aud
Slide 13: Profit and Loss Statement
FY 2022 figures unaudited Profit and Loss Statement P&L statement Comments In € million FY 2022 FY 2021 1 Compared to FY 2021, net rental income in FY 2022 has decreased to €245m mainly due to the reshaping of the yielding assets following the disposal of the Northern portfolio to LEG, Net rental in
Slide 14: Balance Sheet
FY 2022 figures unaudited Balance Sheet Balance sheet Comments In € million FY 2022 FY 2021 1 Fair value of investment properties has decreased in FY 2022 due to revaluation of the portfolio and is impacted by portfolio disposals compared to FY 2021 Investment properties including advances 6,344 1 7
Slide 15: EPRA NAV Metrics
FY 2022 figures unaudited EPRA NAV Metrics EPRA NAV metrics calculation In € million, except per share data FY 20221 FY 20211 EPRA NAV metrics NAV NRV NTA NDV NAV NRV NTA NDV Total equity attributable to owners of the Company 1,417 1,417 1,417 1,417 2,990 2,990 2,990 2,990 Revaluation of inventories
Slide 16: EPRA LTV
FY 2022 figures unaudited EPRA LTV EPRA LTV Comments In € million FY 2022 FY 2021 1 Interest-bearing debts decreased compared to FY 2021 figures on the back of the repayment of the €400m ADLER Real Estate 2019/2022 bond, the €120m convertible bond Borrowings from Financial Institutions 1,646 1 2,176
Slide 17: Board of Directors
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Slide 18: Pre-AGM composition of the Board and Senior Management
Pre-AGM composition of the Board and Senior Management* Prof. Dr. A. Stefan Kirsten Proposed amendments of the Board composition: Chairman of the Board Appointment of Thomas Echelmeyer, Dr. Heiner Chairman of the Nomination & Arnoldi and Stefan Brendgen as additional Directors / Compensation Committ
Slide 19: Resolutions
Resolutions 19
Slide 20: AGM resolutions – Financial results
AGM resolutions – Financial results Approval of the unaudited standalone annual accounts of the Company for the financial year ending 31 December 2022 Resolution I The Annual General Meeting, after having reviewed the management report of the board of directors of the Company, approves the unaudited
Slide 21: AGM resolutions – Board members
AGM resolutions – Board members Approval of the granting of discharge (quitus) to all directors who held office during the financial year ending 31 December 2021 in respect of the performance of their duties during that financial year Resolution IV The Annual General Meeting resolves to grant discha
Slide 22: AGM resolutions – Auditor and Remuneration
AGM resolutions – Auditor and Remuneration Approval of the appointment of a new approved statutory auditor / approved audit firm of the Company until the annual general meeting to take place in 2024 Resolution VIII The Annual General Meeting approves the appointment of the approved statutory auditor
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