TAG Immobilien AG · XETR:TEG

TAG Immobilien — Investor Presentation (February 2010)

23 slides from TAG Immobilien's investor presentation, February 2010

  1. Slide 1: TAG Immobilien AG February 2010 / Q1-Q3 2009

    TAG Immobilien AG February 2010/Q1-Q3 2009 February 2010/Q1-Q3 -2009 TAG I 1

  2. Slide 2: Content

    Content I. Group overview • Investment case/ Structure page 3-6 • Highlights Q3 II. Portfolio page 7-12 • Residential • Commercial • Vacancy rates Q4/2009 III. Group financials page 13-14 • Changes in rental income • Changes in segments • Consolidated balance sheet Overview IV. Financial structure p

  3. Slide 3: TAG Investment Case

    I. TAG Investment Case I. Focus: High-quality residential real estate in German metropolises such as Hamburg, Berlin and Munich II. Plus: Solid portfolio of commercial real estate with solvent tenants (56% Siemens) III. Solid financing structure (Loan to Value 67.9%) Group summary IV. Team with high

  4. Slide 4: Strategic situation of the Group

    II. Strategic situation of the Group I. Consolidation mostly completed • No more write-downs/depreciation of the properties • No refinancing issues • Significant reduction in non-property-related costs • Personnel costs cut from approx. EUR 10 million p.a. to approx. EUR 7 million (run rate) • Reduc

  5. Slide 5: Highlights Q3

    III. Highlights Q3 I. Vacancies successfully reduced – further cut in costs • EBT of EUR 3.0m recorded in the third quarter after four quarters of losses • Personell expenses trimmed to a future annual rate of just under EUR 7m compared with around EUR 10m in 2008 • Net rental income increased from

  6. Slide 6: Group Structure

    Group Structure TAG Gewerbeimmobilien-AG TAG Immobilien AG 100% Commercial real estate • Pre-REIT status • EUR 399m real estate volume  Founded in 1882  Listed in the SDAX  Holding company function Bau-Verein zu Hamburg AG Overview Residential real estate 71% • Founded 1892 • Listed in the Prime

  7. Slide 7: Portfolio residential

    Portfolio residential 12/31/2007 12/31/2008 • sqm total 306,162 382,675 • sqm rented 220,742 299,821 • current rental annualised* (EUR m) 14.5 21,5 • current rental without share of costs (EUR/sqm) 5.47 5.98 • current rental increase +9% Portfolio Real estate portfolio by region* Leipzig Schokoladen

  8. Slide 8: Portfolio commercial

    Portfolio commercial 12/31/2007 12/31/2008 • sqm total 291,911 sqm 334,239 sqm • sqm rental 270,309 sqm 313,156 sqm • current rental p.a. net of charged costs (EUR m) 23.4 24.7 • current rental net of charged costs (EUR/ sqm) 7.20 6.58 • vacancy for rent 4.9% 3.8% • vacancy for sale 2.5% 2.5% Real e

  9. Slide 9: Portfolio commercial: rental durations and top 5 tenants

    Portfolio commercial Duration of commercial rental agreements* TOP 5 tenants** in % of Unoccupied 2009 Rental p.a. annualised 6% 6% Tenants in TEUR rental 2008 2010 10% Siemens AG 13,565 56% State /City authorities 2,066 8% Federal Employment Office 367 2% Portfolio Linde 464 2% Kratzer GmbH & Co. K

  10. Slide 10: Vacancy rate reduction – Total Q4

    Portfolio – Vacancy rate reduction – Total Q4 in m² 11.3% 11.1% 100 During the second half of the year, vacancy was 90 9.7% reduced by over a third 75,212 m² 80 72,920 m² 8.5% 70 7.3% • Portfolio improved, holdings upgraded 60,648 m² Portfolio 60 52,719 m² • Maintenance costs reduced considerably 44

  11. Slide 11: Vacancy rate reduction – Residential Q4

    Portfolio – Vacancy rate reduction – Residential Q4 in m² 16.4% 15.8% 80 14.2% During the second half of the year, vacancy was 70 reduced by nearly half 12.8% 60 53,823 m² 49,709 m² 10.1% • Portfolio improved, holdings upgraded 50 Portfolio 42,178 m² • Future rental cash flows increased by €1.5 40 3

  12. Slide 12: Vacancy rate reduction – Berlin Q4

    Portfolio – Vacancy rate reduction – Berlin Q4 in m² 25.6% 24.9% 40 33,653 m² 23.0% 32,216 m² 20.2% 28,459 m² 30 • Greatest operative potential lies in Berlin 24,089 m² 14.0% Portfolio • During the second half of the year, vacancy 20 16,366 m² was reduced by more than half • Rents for new leases wer

  13. Slide 13: Group financials

    Group financials Rental income per segment Rental profit per segment in EUR m incl. charged costs in EUR m 54.2 50 40 34.3 Group financials 38.2 40.5 31.4 40 24.1 24.0 25.7 30 22.7 22.8 30 18.5 20 17.0 20 22.8 17.8 15.4 10 10 10.3 7.1 7.2 0 0 Q1-3/08 2008 Q1-3/09 Q1-3/08 2008 Q1-3/09 Commercial Impr

  14. Slide 14: Group financials (IFRS): Consolidated balance sheet

    Group financials (IFRS) Consolidated balance sheet (in EUR m) 12/31/2008 09/30/2009 839 839 797 793 839 839 900 800 800 219 631 254 700 602 700 600 Group finanicals 600 410 500 500 400 420 400 300 300 200 175 200 208 100 100 195 158 0 0 Assets Liabilities Assets Liabilities Non current assets Equity

  15. Slide 15: Financial structure

    Financial structure 09/30/2009 12/31/2008 12/31/2007 Bank borrowings in TEUR 518,163 538,042 512,958 non current 417,819 407,980 295,580 current 100,344 130,062 217,378 net borrowing costs -14,640 -27,910 -19,084 Financial structure Average interest levels 09/30/2009 12/31/2008 12/31/2007 in % 4.7 5

  16. Slide 16: Financial structure: credit periods

    Financial Structure Credit periods: EUR m 2009:* 56 11% 2010: 56 11% Financial structure 2011: 40 8% 2012: 98 19% 2013: 19 4% 2014: 66 12% 2015: 0 0% 2016: 41 8% 2017: 111 21% 2018: 14 3% Until further notice: 17 3% Total 518 100% *completely prolonged Stahltwiete, Hamburg February 2010/Q1-Q3 -2009

  17. Slide 17: Share market data

    Share market data High/Low (in 2009) EUR 3.49 / EUR 1.13 Shareholder structure 09/30/2009 Number of shares 32.6 m Taube Hodson Stonex, UK*) 13% Market capitalisation EUR 101m (09/30/2009) Asset Value Investors, UK*) 6% Stock exchange SDAX Free Float * 93% IPConcept Fund Management, L*) 5% * Deutsche

  18. Slide 18: Outlook

    Outlook  Additionally strengthen operating business  Step up efforts to reduce vacancies  Vacancy costs reduced  Portfolio optimisation through selling largely completed  Further improvements to asset and rental management  Secure liquidity and stable cash flows Outlook  Selective portfolio d

  19. Slide 19: Appendix

    Appendix February 2010/Q1-Q3 -2009 TAG I 19

  20. Slide 20: LARUS Asset Management GmbH

    LARUS Asset Management GmbH  Strategic and value-oriented management of a real estate portfolio  Strengthening its service activities with a joint venture with HSH Real Estate since the end of 2007  EUR 1.9bn under management (units jointly held as well as real estate managed on behalf of third p

  21. Slide 21: TAG Gewerbeimmobilien AG

    TAG Gewerbeimmobilien AG  Pre-REIT status registered in June 2007  Focus on office real estate in urban locations with growth potential  Asset volume around EUR 384 m  Good portfolio mix Appendix  investment properties ensure stable cash flows  value growth potential tapped by means of selecti

  22. Slide 22: Management

    Management Management Board Rolf Elgeti, CEO  TAG Immobilien AG, management board (since July 2009), supervisory board from 2008 onwards  Bau-Verein zu Hamburg AG, management board (since July 2009)  Founder of Elgeti Ashdown Advisors Ltd. (2007)  Setting up and management of various German real

  23. Slide 23: Contacts

    Contacts Rolf Elgeti CEO Telefon: +49 40 380 32-307 TAG Immobilien AG Telefax: +49 40 380 32-390 ir@tag-ag.com Steckelhörn 5 20457 Hamburg Hans-Ulrich Sutter CFO Telefon: +49 40 380 32-300 Telefon: +49 40 380 32-171 Telefax: +49 40 380 32-390 Telefax: +49 40 380 32-390 ir@tag-ag.com www.tag-ag.com A

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