Tag Immobilien Ag · XETR:TEG
Tag Immobilien — H1 2022 Earnings Presentation
35 slides from Tag Immobilien's earnings presentation, Aug 23, 2022
Slide 1: Conference call presentation H1 2022
Conference call presentation H1 2022
Slide 2: Content
Germany Poland Content I. TAG highlights H1 2022 3 II. TAG financials H1 2022 7 III. TAG German portfolio H1 2022 12 IV. TAG portfolio valuation H1 2022 16 V. TAG Poland portfolio H1 2022 18 VI. TAG guidance FY 2022 21 VII. Appendix 23 – 35 Income statement details Germany and Poland Balance she
Slide 3: TAG highlights H1 2022
Germany Poland 3 TAG highlights H1 2022 TAG Immobilien AG | August 2022 | 3
Slide 4: TAG highlights H1 2022 Germany
Germany TAG highlights H1 2022 Germany 44 Q2 2022 Q1 2022 H1 2022 H1 2021 FY 2021 Vacancy (residential units) 5.2% 5.7% 5.3% 5.8% 5.5%*/5.4% Vacancy (total portfolio) 5.5% 6.0% 5.5% 6.1% 5.7% Operational performance l-f-l rental growth y-o-y 1.5% 1.4% 1.5% 1.6% 1.5% German portfolio l-f-l re
Slide 5: TAG highlights H1 2022 Poland
Poland TAG highlights H1 2022 Poland 55 Q2 2022* Q1 2022* H1 2022* H1 2021 FY 2021 Revenues from sale of properties (EURm) 58.2 7.6 65.8 40.8 63.4 Result operations Poland 6.4 -1.3 5.1 4.5 6.7 Units handed over 538 61 599 390 575 Operational performance Units sold 527 68 595 267 412 Poland Build-to-
Slide 6: TAG highlights H1 2022 rights issue, financing activities and investments
Germany Poland TAG highlights H1 2022 rights issue, financing activities and investments 66 29m new shares (19.8% of existing share capital) issued in Jul-2022 to existing shareholders at subscription price of EUR 6.90/s Rights issue completed Take up ratio of 97.7%, remaining shares sold in the
Slide 7: TAG financials H1 2022
Germany Poland 7 TAG financials H1 2022 TAG Immobilien AG | August 2022 | 7
Slide 8: TAG income statement
Germany Poland TAG income statement* (in EURm) Q2 2022 Q1 2022 H1 2022 H1 2021 FY 2021 1 Slight increase in net actual rent Q-o-Q by EUR 0.5m mainly as a result of ongoing rental growth. Net actual rent** 1 84.8 84.3 169.1 166.0 333.1 2 Improved net rental income by EUR 0.2m Q-o-Q driven by higher n
Slide 9: TAG EBITDA, FFO and AFFO calculation
Germany Poland TAG EBITDA, FFO and AFFO calculation (in EURm) Q2 2022 Q1 2022 H1 2022 H1 2021 FY 2021 1 EBITDA adjusted (Germany) remains nearly unchanged Q-o-Q (EUR -0.2m) Consolidated net profit 269.5 32.3 301.8 324.1 585.6 - Net income Poland -10.9 -1.2 12.1 -7.7 -17.9 mainly as a result of highe
Slide 10: TAG EPRA NTA calculation
Germany Poland TAG EPRA NTA calculation EPRA Net Tangible Assets EPRA NTA bridge in EUR/share (in EURm) 31 Jun-2022 31 Dec-2021 Equity (without minorities) 3,183.7 3,039.7 0.37 -0.93 1.86 -1.67 + Deferred taxes on investment properties and financial 721.9 653.8 derivatives + Fair value of financial
Slide 11: TAG financing structure
Germany Poland TAG financing structure Debt structure as of 30 Jun-2022 Key financial KPIs as of 30 Jun-2022 Debt volume Ø interest rate % fixed rates Ø Maturity total financial debt 4.9 years 3% Ø Maturity bank loans 7.1 years 17% EUR 2,119m 1.73% 97% Ø Interest rate total financial debt 1.48% EUR
Slide 12: TAG German portfolio H1 2022
Germany 12 TAG German portfolio H1 2022 TAG Immobilien AG | August 2022 | 12
Slide 13: TAG portfolio at a glance
Germany TAG portfolio at a glance Leading company in the affordable housing sector in Northern and Eastern Germany Strategy TAG is a specialist for affordable housing in Eastern and Northern Germany and among the largest owners of residential properties in Eastern Germany Fully integrated platfo
Slide 14: TAG German portfolio rental growth and capex allocation
Germany TAG German portfolio rental growth and capex allocation Rental growth achieved with moderate capex investments due to strong underlying fundamentals Rental growth achieved with moderate investments Maintenance & capex development (in EUR/sqm/year) 20.4 21.6 20.9 21.2 TAG creates attractive
Slide 15: TAG German portfolio vacancy reduction residential units
Germany TAG German portfolio vacancy reduction residential units 15 15 Strong track record of vacancy reduction; temporary increases in H1 2020 and H1 2021 as a result of the Covid-19-pandemic Acquisitions Acquisitions Acquisitions +0.8% +0.1% +0.3 5.9% Acquisitions 5.8% 5.7% 5.7% +0.1% 5.4% 5.5%* 5
Slide 16: TAG portfolio valuation H1 2022
Germany 16 TAG portfolio valuation H1 2022 TAG Immobilien AG | August 2022 | 16
Slide 17: TAG portfolio valuation overview Germany
Germany TAG portfolio valuation overview Germany Portfolio valuation result Development of gross yield H1 2022 vs. H1 2021 H1 2022 H1 2021 6.5% 6.3% 6.1% 256.5* 305.6** 5.9% in EUR m 5.7% 5.5% 5.3% semi-annual valuation uplift (w/o capex) 4.0% 5.2% 5.1% thereof from yield compression 85% 89% the
Slide 18: TAG Poland portfolio H1 2022
Poland 18 TAG Poland portfolio H1 2022 TAG Immobilien AG | August 2022 | 18
Slide 19: TAG Poland portfolio delivers strong value
Poland TAG Poland portfolio delivers strong value Addition of ROBYG – the leading player in Polish residential market - enhances TAG’s presence in Poland and adds the Warsaw market with an established local portfolio Strategy Key portfolio metrics 30 Jun-2022 Building a portfolio of residential pr
Slide 20: TAG Poland portfolio rental units on offer
Poland TAG Poland portfolio rental units on offer 20 20 First build-to-hold projects in Poland finished in Wroclaw in 2021 and Poznan in 2022 (www.vantagerent.pl) Build-to-hold projects at 30 Jun-2022 Dorzecze Legnickiej IV Buforowa 89 III Legnicka 33 Hawelanska 2 Total (Wroclaw) (Wroclaw) (Wroclaw)
Slide 21: TAG guidance FY 2022
Germany Poland 21 TAG guidance FY 2022 TAG Immobilien AG | August 2022 | 21
Slide 22: FFO and dividend guidance FY 2022
Germany Poland TAG FFO and dividend guidance FY 2022 after Capital Increase in Jul-2022 FFO I +4.5% FFO I/* -3.2% (EUR) 188-192m 1.20 vs. 2021 (EUR) vs. 2021 DPS** -13.0% (EUR) 0.81 vs. 2021 FFO II +32.5% FFO II/s* +22.5% 247-253m 1.58 (EUR) vs. 2021 (EUR) vs. 2021 *based on 158,711,763 weighted ave
Slide 23: Appendix
23 APPENDIX TAG Immobilien AG | August 2022 | 23
Slide 24: Income statement details Germany and Poland
Germany Poland TAG income statement details Germany and Poland Germany Poland Total Germany Poland Germany Poland Total (in EURm) H1 2022 APPENDIX Q2 2022 Q2 2022 Q2 2022 H1 2022 H1 2022 FY 2021 FY 2021 FY 2021 Net actual rent* 84.2 0.6 84.8 167.9 1.2 169.1 332.5 0.5 333.1 Expenses from property man
Slide 25: Balance sheet
Germany Poland TAG balance sheet (in EURm) 30 Jun-2022 31 Dec-2021 1 Increase in book value of investment property by EUR 369.6m, mainly due to revaluation in Germany (EUR 273.3m), first time consolidation of ROBYG (EUR 110.5 m), further investments in Non-current assets 7,299.8 6,659.8 Poland (EUR
Slide 26: EPRA NAV calculations
Germany Poland TAG EPRA NAV calculations PRO FORMA NTA EPRA NRV EPRA NTA EPRA NDV Net reinstatement Net disposal APPENDIX after Capital Increase Net tangible assets value value (in EURm) 30 Jun-2022 30 Jun-2022 30 Jun-2022 30 Jun-2022 Equity (before minorities) 3,377.3 3,183.7 3,183.7 3,183.7 Differ
Slide 27: Cost of debt and LTV
Germany Poland TAG cost of debt and LTV Cost of debt Ø in % LTV in % APPENDIX 47.3% 44.8% 45.1% 47.0% 43.2% 44.5% 1.92% 1.73% 1.49% 1.39% 1.48% 31 Dec-2018 31 Dec-2019 31 Dec-2020 31 Dec-2021 30 Jun-2022 Pro Forma after Capital increase 2018 2019 2020 2021 H1 2022 LTV reduction over the last years
Slide 28: Other financing metrics
Germany Poland TAG other financing metrics ICR Net financial debt/ EBITDA adjusted Net financial debt in EUR/ sqm APPENDIX 633 14.1 599 6.5 13.4 504 5.6 12.7 460 479 5.2 449 4.2 11.6 3.8 11.2 10.9 2018 2019 2020 2021 H1 2022 2018 2019 2020 2021 H1 2022 PRO FORMA 2018 2019 2020 2021 H1 2022 PRO FORMA
Slide 29: LTV calculation
Germany Poland TAG LTV calculation PRO FORMA APPENDIX (in EURm) after Capital Increase 30 Jun-2022 31 Mar-2022 31 Dec-2021 31 Dec-2020 Jul-2022 Non-current and current liabilities to banks 2,758.2 2,758.2 2,669.5 2,066.5 1,977.9 Non-current and current liabilities from corporate bonds and other loan
Slide 30: Net financial result calculation
Germany Poland TAG net financial result calculation (in EURm) Q2 2022 Q1 2022 H1 2022 H1 2021 FY 2021 APPENDIX + Interest income 12.6 0.4 13.0 0.6 4.3 - Interest expenses -11.5 -11.7 -23.2 -30.4 -50.7 + Other financial result 0.5 -0.1 0.3 0.7 3.1 = Net financial result 1.6 -11.5 -9.9 -29.1 -43.3 + F
Slide 31: TAG German portfolio details by region
Germany TAG German portfolio details by region Region Units Rentable IFRS BV Gross Vacancy Vacancy Net actual Re-letting l-f-l rental l-f-l rental growth Mainte- Capex # area EURm yield Jun- Dec- rent rent growth y-o-y incl. nance EUR/sqm sqm Jun- 2022 2021* EUR/ EUR/ y-o-y vacancy EUR/sqm APPENDIX
Slide 32: TAG German portfolio vacancy reduction and rental growth
Germany TAG German portfolio vacancy reduction and rental growth Vacancy development 6M 2022* l-f-l rental growth (y-o-y) 6M 2022 APPENDIX Leipzig 3.4% 1.5% Salzgitter from 6.4% to 5.5% -0.9% Dresden 3.2% 2.8% Gera from 6.9% to 6.1% -0.8% Rostock 2.2% from 9.3% to 8.5% -0.8% 1.7% Leipzig Berlin 2.0%
Slide 33: TAG German portfolio valuation details
Germany TAG German portfolio valuation details APPENDIX Jun-2022 Jun-2022 Share of operational Dec-2021 Dec-2021 Dec-2021 Region Jun-2022 YTD 2022 Share of yield Fair value Implied performance/ other Fair value Fair value Implied (in EURm) Fair value (IFRS) Valuation result compression (EUR/sqm) mul
Slide 34: Share data
Germany Poland TAG share data Shareholder structure as of 31 Jul-2022 Share information as of 31 Jul-2022 APPENDIX 9.9% MFS (Massachusetts Financial Services Company), USA Market cap in EUR bn EUR 1.9 9.9% NOSH issued 175.5m 7.3% BlackRock Inc., USA 7.3% NOSH outstanding 175.4m 5.1% Flossbach von St
Slide 35: TAG contacts
TAG contacts Martin Thiel Dominique Mann TAG Immobilien AG CFO Head of Investor & Public Relations Steckelhörn 5 Phone: +49 40 380 32-305 Phone: +49 40 380 32-305 20457 Hamburg Fax: +49 40 380 32-388 Fax: +49 40 380 32-388 Phone: +49 40 380 32-0 Fax: +49 40 380 32-388 ir@tag-ag.com ir@tag-ag.com www