Tag Immobilien Ag · XETR:TEG
Tag Immobilien — FY2012 Earnings Presentation
24 slides from Tag Immobilien's earnings presentation, February 2013
Slide 1: TAG Immobilien AG Q1 – Q4 2012 Preliminary Figures
TAG Immobilien AG Q1 – Q4 2012 PRELIMINARY FIGURES Q1-Q3 2011 TAG I 1
Slide 2: Content
Content I. TAG Highlights FY 2012 page 3 II. TAG Overview FY 2012: FFO, Margins, Vacancy page 4 III. TAG Portfolio including TLG Wohnen acquisition page 8 IV. TAG Financials FY 2012 page 11 V. TAG Share page 15 VI. Outlook page 17 VII. Appendix, Disclaimer page 19 TAG I 2
Slide 3: TAG Highlights FY 2012
TAG Highlights FY 2012 • Rental income of EUR 192.5m • Vacancy • residential portfolio 9.9% • Rental profit of EUR 144.5m • Salzgitter 21.3% Overview • EBT of EUR 202.6m • NAV of EUR 9.96 per share • FFO of EUR 39.6m (EUR 12.0m in Q4) • LTV of 58.9% (ex convertibles) down from 62.2% in Q3 • FFO per
Slide 4: TAG Strategic achievements Q4 2012
TAG Strategic achievements Q4 2012 • Acquisitions • TLG EUR 471m (11.1 multiple) • Erfurt EUR 29m (11.2 multiple) • Disposals • Berlin asset EUR 87m • Munich/ EUR 11m Ottobrunn • Tegernsee railway Overview • Capital measures • Capital increase of 30m shares at EUR 9.00 (highest end of bookbuilding a
Slide 5: TAG FFO FY 2012
TAG FFO FY 2012 Overview TAG I 5
Slide 6: Track record of growth and value creation 2012
TAG Track record of growth and value creation 2012 … proven by a more than quadrupled portfolio size (€m) … …and improved operational profitability Total: 3.666 Adj. EBIT and FFO Margin (in %) (1) 31,6% 49,9% 10,1% 28,0% 20,6% -11,2% -4,1% -19,1% 2009 2010 2011 2012 Total: Adj. EBIT Margin FFO Margi
Slide 7: Vacancy Q2-Q4 2012 residential portfolio
TAG Vacancy Q2-Q4 2012 residential portfolio • Proven track record of reducing vacancies rapidly and steadily in in % new acquisitions 22.5 21.7 21.3 18 21.7 15.7 Overview 15.3 13 15.0 11.3 11.4 11.0 10.9 11.1 9.9 15.7 8 11.3 4.8 3 TAG Group Salzgitter TAG Potsdam Colonia TLG Wohnen (DKBI) Q2 2012 Q
Slide 8: TAG Portfolio end of 2012
TAG Portfolio end of 2012 TAG TLG TOTAL Units 58,160 11,500 69,660 Floor Area sqm 3,848,000 712,000 4,560,000 Real Estate Volume in m 3,095 571 3,666 Rental income in m (annualised) 213,6 42,4 256,0 Vacancy % 11.3 4.8 10.3 Net Actual Rent EUR/sqm 5.21 5.24 5.22 Portfolio TAG I 8
Slide 9: TAG Portfolio residential by region
TAG Portfolio residential by region xxxxxxxxxxxxxxxxxxx x Portfolio *as of 12/31/12 by book value x Salzgitter Region 11% Hamburg 17% NRW 8% Greater Berlin 23% Thuringia/ Saxony 41% TAG I 9
Slide 10: TLG Wohnen acquisition and integration
TLG Wohnen acquisition and integration • Closing December 2012 • Purchase price EUR 471m • Multiple 11.1 • Number of units: 11,500 • Vacancy 4.8% • Rental income EUR 42m p.a. • Gains from first time consolidation EUR 49m • Integration of central functions expected until March 2013 • Refinancing of d
Slide 11: TAG Group financials (IFRS)
TAG Group financials (IFRS) Consolidated balance sheet (in EUR m) 12/31/2011 12/31/2012 219 204 3600 3600 3,797 3,797 3200 3200 Group financials 2800 2800 3,495 1,159 2,048 2,048 2400 2400 2000 2000 1,922 595 2,081 1600 1600 1200 1,208 1200 800 800 400 400 557 126 245 302 0 0 Assets Liabilities Asse
Slide 12: TAG debt structure
TAG debt structure in EUR million 500 Debt structure at Q4 2012 400 Financial structure including TLG 300 • EUR 2,227m 595 • 47 German Banks 200 326 277 • 9.2 years ø maturity 248 225 221 100 112 • Interest costs of 4.2% 99 20 73 30 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 > 2022 TAG debt
Slide 13: Financial structure – Convertible Bonds
TAG Financial structure – Convertible Bonds in EUR million EUR 8.85 TAG share price EUR 8.81 as of 22/2/2013 EUR 7.20 EUR 5.22 Financial structure 5.5% EUR 5.01 80 6.5% 85.3 70 • all 4 Convertibles are trading in or close to the 60 money 66.6 50 40 6.38% 66 • the first has been converted in July 201
Slide 14: LTV – Loan to Value in 2012
LTV – Loan to Value in 2012 47 Financial structure TAG I 14
Slide 15: TAG Stock market data Q4 2012
TAG Stock market data Q4 2012 Shareholder structure acc. to the notifications to the company High/Low (Q4 2012) EUR 9.59/EUR 5.77 Ruffer LLP, UK* 15% Number of shares 130.738m IP Concept, Flossbach von Storch SICAV, L* 12% Market capitalisation 1,240,703 EUR Taube Hodson Stonex LLP, UK* 5% Stock ind
Slide 16: NAV-Bridge Q3 – Q4 2012
NAV-Bridge Q3 – Q4 2012 TLG Wohnen first time consolidation Colonia Disposals Acquisition +0.49 in EUR share in Berlin Erfurt Dilution SWAP +0.02 capital Operational increase improvements +0.10 +0.02 -0.21 9.96 6+0.08+ NAV 9.46 NAV NAV 9/30/2012 12/31/2012 TAG I 16
Slide 17: FFO Guidance 2013
FFO Guidance 2013 in EUR m Disposals +3 -2 +5 68 Growth +15 Further improvements/ Vacancy reduction +7 TLG Outlook Wohnen 40 Synergies DKBI FFO FFO 12/31/2012 12/31/2013 TAG I 17
Slide 18: The way forward: value enhancing asset management
TAG- The way forward: value enhancing asset management Focus on residential property segment Continuously work the existing portfolio • Dispose of commercial properties • Increase rents in value maximizing manner over − Reversionary rent potential vs. in-place rent/sqm time • Decrease vacancy • Focu
Slide 19: Appendix
Appendix Markets, Commercial TAG I
Slide 20: East Germany is catching up
East Germany is catching up… …making it an attractive investment region for TAG Disposable income growth per Residential market rents GDP growth per employee (1991-2009) household (1991-2008) (€ per sqm per month) West Germany (1) (1) 4,4 8,2 + 37% West Germany + 44% (2) Berlin 3,6 6,6 East Germany
Slide 21: TAG Portfolio commercial
TAG Portfolio commercial 12/31/2009 12/31/2010 12/31/2011 12/31/2012 • sqm total 342,911 sqm 335,686 sqm 348,403 sqm 348,560 sqm • sqm rental 324,971 sqm 323,063 sqm 319,940 sqm 295,820 sqm • current rental income p.a. net of charged costs (EUR m) 26.6 26.0 28.8 26.9 • current rent net of charged co
Slide 22: TAG Management Board
TAG Management Board Rolf Elgeti, CEO TAG Immobilien AG, Management Board (since July 2009), Supervisory Board from 2008 onwards Setting up and management of various German real estate investment funds (since 2003) UBS Warburg, Commerzbank, ABN Amro: (chief) equity strategist, London (1999 – 2007) G
Slide 23: TAG Contacts
TAG Contacts TAG Immobilien AG Rolf Elgeti CEO Steckelhörn 5 Telefon: +49 40 380 32-307 20457 Hamburg Telefax: +49 40 380 32-388 ir@tag-ag.com Telefon: +49 40 380 32-0 Telefax: +49 40 380 32-388 Dominique Mann/ Britta Wöhner Appendix www.tag-ag.com Investor & Public Relations info@tag-ag.com Telefon
Slide 24: Disclaimer and Copyright
Disclaimer Disclaimer and Copyright This document (presentation) does not constitute an offer or invitation or form part of an offer or invitation to subscribe for or purchase any securities and, neither this document or anything contained herein shall form the basis of any contract of commitment wh