Vonovia Se · XETR:VNA
Vonovia — FY2020 Earnings Presentation
85 slides from Vonovia's earnings presentation, Mar 4, 2021
Slide 1: FY 2020 Earnings Call & Investor Presentation
FY 2020 Earnings Call Presentation (pages 2-28) & Investor Presentation (pages 29-50) March 4, 2021
Slide 2: Consistent Strategy Execution since IPO
Consistent Strategy Execution since IPO Business Built for Long-term Growth IPO Today Rental & Value-add (efficient, scalable B-to-C operating business). Business Rental and condo Development (profitable business & our answer to supply/demand imbalance). Scope sales Recurring sales (track record of
Slide 3: Impeccable Track Record of Consistent & Sustainable Growth
Impeccable Track Record of Consistent & Sustainable Growth Confident to Maintain Earnings and Value Growth Going Forward FFO (€/share)1 Dividend (€/share) – 70% payout ratio from FFO +14% CAGR 2.38 2.25 +14% CAGR 2.06 1.90 1.63 1.692 1.57 1.44 1.30 1.32 1.12 0.95 1.00 0.94 0.67 0.74 2013 2014 2015 2
Slide 4: FY2020 Results
Agenda 1. FY2020 Results 2. Investor Presentation 3. Additional Information Together with renowned Fraunhofer Institutes, Vonovia is implementing a 3yr-hands-on Innovation Lab Bochum Weitmar innovation project as part of Open District Hub e. V. in our neighborhood in Bochum- Weitmar to develop and t
Slide 5: Agenda FY 2020 Results
Agenda FY 2020 Results 1. FY2020 Results 2. Investor Presentation 3. Additional Information 6 Highlights 7-14 Segment Results 15-19 NAV & Valuation 20-21 LTV & Financing 22-24 Update on Regulation 25-26 Update Sustainability 27 Guidance 2021 28 Wrap-up FY 2020 Earnings Call & Investor Presentation p
Slide 6: Highlights FY 2020
Highlights FY 2020 Another Successful Year 1. FY2020 Results 2. Investor Presentation 3. Additional Information Robustness and stability of the business model clearly proven Milestones Social responsibility and stakeholder reconciliation particularly evident during the pandemic Substantial ESG progr
Slide 7: Earnings Growth in All Four Segments
Earnings Growth in All Four Segments 1. FY2020 Results 2. Investor Presentation 3. Additional Information On the back of a ca. 3.9% larger portfolio, Vonovia delivered 6.3% Total Segment Revenue growth, 8.5% EBITDA Total growth, and 10.6% Group FFO growth (6.0% per share). €m (unless indicated other
Slide 8: Rental Segment
Rental Segment Acquisitions and Organic Growth Drive Adj. EBITDA Rental 1. FY2020 Results 2. Investor Presentation 3. Additional Information Rental revenue growth in 2020 was primarily driven Rental Segment (€m) FY 2020 FY 2019 Delta by the acquisition of Hembla plus organic rental growth. The incre
Slide 9: Rental Segment: Operating KPIs
Rental Segment Operating KPIs 1. FY2020 Results 2. Investor Presentation 3. Additional Information Organic rent growth of 3.1% year-on-year. Organic rent growth (y-o-y, %) (3.6% excluding the one-off rent reduction in Berlin) 3.9 3.1 0.5 Vacancy levels continued to trend downward as a 0.6 result of
Slide 10: Value-add Segment
Value-add Segment 1. FY2020 Results 2. Investor Presentation 3. Additional Information FY 2020 Adj. EBITDA Value-add mainly held back by Temporary effect from Covid-19 related delays in our modernization program (but higher margin on lower volume) Lower residential environment service volume due to
Slide 11: Recurring Sales Segment
Recurring Sales Segment Unbroken Demand for Individual Condos 1. FY2020 Results 2. Investor Presentation 3. Additional Information Slightly lower volume but increased Recurring Sales Segment (€m) FY 2020 FY 2019 Delta proceeds are a reflection of the ongoing positive price momentum in condominium Un
Slide 12: Development Segment
Development Segment Adj. EBITDA Development Ramp-up Continued 1. FY2020 Results 2. Investor Presentation 3. Additional Information Development to sell Development to hold Significant increase in volume and EBITDA as (by revenue) (by fair value) Sweden we continued to ramp up our development 4% Austr
Slide 13: Development Segment: Contribution towards Reducing the Housing Shortage
Development Segment Vonovia‘s Contribution towards Reducing the Housing Shortage 1. FY2020 Results 2. Investor Presentation 3. Additional Information New rental apartments for our own portfolio (to hold) 1,442 units completed in FY 2020 (including floor additions). 8% Total pipeline of ca. 38k apart
Slide 14: Investment Program for Organic Growth
Investment Program for Organic Growth 1. FY2020 Results 2. Investor Presentation 3. Additional Information Three main investment categories lead to incremental rental revenue1, value appreciation and an overall improvement of our portfolio quality, including CO2 emission reductions. New Construction
Slide 15: Another Year with Strong Value Growth
Another Year with Strong Value Growth 1. FY2020 Results 2. Investor Presentation 3. Additional Information 2020 fair value evolution (€bn) 58.9 53.3 53.8 4.9 0.3 0.6 0.6 0.4 9.4% l-f-l value growth 7.5% Performance & Yield compression +9.0% (L-f-l +9.4%4) 1.9% Investments Excluding Berlin, 2020 l-f-
Slide 16: We Expect Yield Compression to Continue
We Expect Yield Compression to Continue 1. FY2020 Results 2. Investor Presentation 3. Additional Information We have no direct influence on yield compression Value growth from YC. Vonovia Germany excl. Berlin1 and cannot predict the quantum in our markets 10% going forward. 8% However, in light of t
Slide 17: EPRA NAV and Adj. NAV
EPRA NAV and Adj. NAV 1. FY2020 Results 2. Investor Presentation 3. Additional Information Adj. NAV +19.3% in absolute terms and +14.4% on a per share basis (NOSH +4.4%). €m Dec. 31, 2020 Dec. 31, 20191 Delta (unless indicated otherwise) Equity attributable to Vonovia's shareholders 23,143.8 19,308.
Slide 18: Vonovia's Application of EPRA Best Practice Recommendations
Vonovia’s Application of EPRA Best Practice Recommendations Distinction between Hold and Sales Portfolio 1. FY2020 Results 2. Investor Presentation 3. Additional Information “Companies are recommended to use the IFRS values (usually the Net Value in the Valuation Certificate, i.e. the property value
Slide 19: EPRA NTA and EPRA NRV
EPRA NTA and EPRA NRV 1. FY2020 Results 2. Investor Presentation 3. Additional Information Net Tangible Assets (NTA) – “brick and mortar” Net Reinstatement Value (NRV) – “beyond the bricks” Distinction between (i) Hold portfolio and (ii) Sales portfolio No distinction between Hold and Sales portfoli
Slide 20: LTV at the Lower End of the Target Range (incl. Hybrid)
LTV at the Lower End of the Target Range (incl. Hybrid) 1. FY2020 Results 2. Investor Presentation 3. Additional Information Based on the stable cash flows and the strong long-term fundamentals in our portfolio locations, largely driven by a structural supply/demand imbalance, we see continued upsid
Slide 21: Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix
Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix 1. FY2020 Results 2. Investor Presentation 3. Additional Information Current level KPI / criteria Dec. 31, 2020 Dec. 31, 2019 Bond covenants Required level (Dec. 31, 2020) LTV Corporate rating (Scope) A- A- <60% 38.6% (Tota
Slide 22: Update on Regulation (I)
Update on Regulation (I) 1. FY2020 Results 2. Investor Presentation 3. Additional Information As expected, the negative consequences of the legislation are obvious: fewer rental apartments, less new construction, lower investment volumes into energy efficiency and senior-friendly refurbishments Fede
Slide 23: Update on Regulation (II)
Update on Regulation (II) 1. FY2020 Results 2. Investor Presentation 3. Additional Information Draft law adopted by Federal Government in December 2020 Objective is to increase Mietspiegel reliability as well as legal certainty Mietspiegel Landlords and tenants to be required to disclose certain inf
Slide 24: Update on Regulation (III)
Update on Regulation (III) 1. FY2020 Results 2. Investor Presentation 3. Additional Information Developed by Germany’s Federal Ministry for Economic and Energy Affairs; effective on July 1, 2021 The goal was to harmonize the different subsidy regulations and combine them into one single, comprehensi
Slide 25: Sustainability Update
Sustainability Update 1. FY2020 Results 2. Investor Presentation 3. Additional Information Sustainability Starting point established for 2020 Target set for 2021 and included in guidance Performance Guidance of 100% implies full achievement of the individual goals across the six Index (SPI) SPI cate
Slide 26: Sustainability Performance Index (SPI)
Sustainability Performance Index (SPI) 1. FY2020 Results 2. Investor Presentation 3. Additional Information Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas SPI reporting is audited by
Slide 27: 2021 Guidance
2021 Guidance 1. FY2020 Results 2. Investor Presentation 3. Additional Information 2020 2021 Mid-term Actuals Guidance Outlook Total Segment Revenue €4.370bn ~€4.9bn - ~€5.1bn growing Rental revenue €2.286bn ~€2.3bn - ~€2.4bn growing Organic rent growth (eop) 3.1% ~3.0% - ~3.8%1 stable (3.6% excl. o
Slide 28: Wrap-up
Wrap-up 1. FY2020 Results 2. Investor Presentation 3. Additional Information 2020 with earnings and value growth across the board and continuation of impeccable track record since IPO The underlying market fundamentals are fully intact, and our operating environment remains favorable. We remain conf
Slide 29: Investor Presentation
Agenda 1. FY2020 Results 2. Investor Presentation 3. Additional Information Vonovia operates more than 3,500 elevators across its portfolio. Continued operations and timely servicing are key to minimizing downtimes & operating costs and maximizing customer satisfaction. That is why Vonovia has devel
Slide 30: Agenda Investor Presentation
Agenda Investor Presentation 1. FY2020 Results 2. Investor Presentation 3. Additional Information 31 Europe’s Leading Resi Player 32 Compelling Investment Case 33 Earnings & Value Growth Across Four Segments 34 Granular B-to-C End Consumer Business 35 Robust Operating Business 36 Cost per Unit – Pee
Slide 31: Europe's Leading Residential Property Owner and Operator
Europe’s Leading Residential Property Owner and Operator 1. FY2020 Results 2. Investor Presentation 3. Additional Information We are the long-term owner and full-scale 355k apartments in 15 urban growth operator of Europe’s largest listed multifamily regions housing portfolio with ca. 416k apartment
Slide 32: Compelling Investment Case
Compelling Investment Case 1. FY2020 Results 2. Investor Presentation 3. Additional Information We are Europe’s largest residential landlord and the long-term owner and full-scale operator of a Market multifamily housing portfolio with ca. 416k apartments for small and medium incomes in metropolitan
Slide 33: Earnings and Value Growth across Four Segments
Earnings and Value Growth across Four Segments 1. FY2020 Results 2. Investor Presentation 3. Additional Information Development Rental & Value-add Recurring New construction (Operating business) Sales of apartments to Efficient property and portfolio management including ancillary Disposal of hold a
Slide 34: Granular B-to-C End Consumer Business
Granular B-to-C End Consumer Business 1. FY2020 Results 2. Investor Presentation 3. Additional Information Residential real estate is a granular mass business with large volumes that offers a competitive advantage to companies with an efficient operating platform, a high degree of standardization an
Slide 35: Robust Operating Business
Robust Operating Business 1. FY2020 Results 2. Investor Presentation 3. Additional Information Bread & butter market rent growth levered with investments Successful portfolio management has resulted in Rent growth from new construction to hold 3.6% excluding the 4.4 portfolio concentration in urban
Slide 36: Cost per Unit – Peer Comparison
Cost per Unit – Peer Comparison Residential Real Estate Is a Scalable Business 1. FY2020 Results 2. Investor Presentation 3. Additional Information Cost per unit is a simple and straight forward measure to compare efficiency: the fully loaded operating costs (property related costs plus overhead) di
Slide 37: Megatrends – Challenge & Opportunity
Megatrends – Challenge & Opportunity 1. FY2020 Results 2. Investor Presentation 3. Additional Information Energy Urbanization efficiency Demographic change An increasing part of the population Ca. 1/3 of greenhouse gas An increasing share of the is moving into urban areas emissions are related to re
Slide 38: Disciplined Capital Allocation
Disciplined Capital Allocation Focused on Long-term Earnings and Value Creation 1. FY2020 Results 2. Investor Presentation 3. Additional Information 2.38 2.25 70% of recurring cash earnings (FFO) paid 1.90 2.06 1.692 Organic Core Business 1.63 out as dividend 1.44 1.57 Dividend We expect to continue
Slide 39: Market Outperformance
Market Outperformance 1. FY2020 Results 2. Investor Presentation 3. Additional Information Since the IPO in 2013, Vonovia has consistently outperformed the real estate sector and the wider equity markets. 305% 131% 68% 54% 40% 33% 28% 28% 9% 6% 4% 2% Dividend Dividend -3% Dividend -4% Dividend -5% S
Slide 40: M&A Philosophy
M&A Philosophy Growing through Acquisitions Makes Sense – But Only at the Right Price 1. FY2020 Results 2. Investor Presentation 3. Additional Information Acquisition philosophy Acquisition criteria Increased scale delivers efficiencies, performance and Strategic Rationale value growth. In principle
Slide 41: Portfolio Volume More than Doubled since IPO
Portfolio Volume More than Doubled since IPO 1. FY2020 Results 2. Investor Presentation 3. Additional Information Portfolio evolution (‘000 units) Major transactions 319 416 Synergies 5 Units Strategic Target (over-) (‘000) rationale Hembla delivered Victoria Park 11 adding scale and additional expo
Slide 42: Our Business Is Deeply Rooted in ESG
Serving a Fundamental Need in a Highly Relevant Market Our Business Is Deeply Rooted in ESG 1. FY2020 Results 2. Investor Presentation 3. Additional Information We provide a home to around 1 million people from ca. 150 nations. All of our actions have more than CO2 emissions related to housing are o
Slide 43: Recognition of ESG Performance
Recognition of ESG Performance ESG Ratings and Indices 1. FY2020 Results 2. Investor Presentation 3. Additional Information ESG Ratings Upgraded in both ratings in 2020; Risk rating within 1st percentile of global rating universe ESG Risk Rating 2020 100 ESG Company Rating 83 50 52 58 7.7 50 2016 20
Slide 44: Sustainability Strategy Committed to 8 UN Sustainable Development Goals
Vonovia’s Sustainability Strategy Is Committed to 8 United Nations Sustainability Development Goals 1. FY2020 Results 2. Investor Presentation 3. Additional Information We consider 8 of the 17 United Nations Sustainability Development Goals (SDG) to be material to our business activities and aligned
Slide 45: Climate Path towards CO2 Neutrality
Vonovia’s Climate Path towards CO2 Neutrality through Continued Modernization, Renewable Energy and Sector Coupling 1. FY2020 Results 2. Investor Presentation 3. Additional Information Illustration of different climate path scenarios 2020-2050 (CO2 intensity) 1 50 Base case Increased modernization 4
Slide 46: Balanced Stakeholder Approach
Balanced Stakeholder Approach 1. FY2020 Results 2. Investor Presentation 3. Additional Information A home at a Self-imposed obligation to cap COVID-19 – special fair rent level modernization rent promise that we will Hardship case increases to max. find individual Fair rental levels for management t
Slide 47: Highly Robust Governance
Highly Robust Governance 1. FY2020 Results 2. Investor Presentation 3. Additional Information Governance Dedicated ESG Numerous policies Department reporting published (e.g. human Highly robust directly to the CEO; rights, whistleblower, governance structure The Supervisory Board tax understanding,
Slide 48: Long-term Structural Support from Residential Market Trends
Long-term Structural Support from Residential Market Trends 1. FY2020 Results 2. Investor Presentation 3. Additional Information Urbanization1 Structural supply/demand imbalance2 Growing (above average) Residential completions fall short of estimated required volumes Growing 700 Completions (`000) N
Slide 49: Stable Market Rent Growth Leveraged with Investments
Stable Market Rent Growth Leveraged with Investments 1. FY2020 Results 2. Investor Presentation 3. Additional Information No direct connection between Vonovia market rent growth Vonovia has three different organic rent growth drivers and inflation but over time broadly in line 3.0% New construction
Slide 50: Summary of Investment Case
Summary of Investment Case 1. FY2020 Results 2. Investor Presentation 3. Additional Information Long-term owner and full-scale operator of Europe’s largest multifamily Market housing portfolio for small and medium incomes in metropolitan growth Leader areas. Uniquely Granular operating business in a
Slide 51: Additional Information
Agenda 1. FY2020 Results 2. Investor Presentation 3. Additional Information Vonovia Service App Communication Digital postbox News Feed Micro surveys 135,000 downloads 45,000 users Self-service Online-booking of repairs Account management Document management Transparency Vonovia‘s customer service a
Slide 52: Agenda – Additional Information
Agenda – Additional Information 1. FY2020 Results 2. Investor Presentation 3. Additional Information 53-54 Megatrends 55 Vonovia in Europe 56-61 Portfolio Information 62-63 Neighborhoods / Urban Quarters 64 Investment Program Funding 65-66 M&A overview 67-68 Value-add 69-70 EPRA NAVs 71 Bond Overvie
Slide 53: Three Dominant Megatrends for Residential Real Estate
Three Dominant Megatrends for Residential Real Estate 1. FY2020 Results 2. Investor Presentation 3. Additional Information Energy Demographic Urbanization efficiency change % of population living in cities % of modernized housing units % of population above/below 65 years 87% ~3% ~3% 84% 21% 20% 31%
Slide 54: COVID-19 to Possibly Accelerate Megatrends
COVID-19 to Possibly Accelerate Megatrends that Are otherwise Fully Intact 1. FY2020 Results 2. Investor Presentation 3. Additional Information Culture, entertainment, medical infrastructure, likeminded people etc. - the appeal of a city goes beyond jobs. Less than 1/3 of the German working populati
Slide 55: Scalable B-to-C Business Beyond the Bricks
Scalable B-to-C Business Beyond the Bricks Implementation of Vonovia Business Model in Comparable Markets 1. FY2020 Results 2. Investor Presentation 3. Additional Information Vonovia has developed an operating platform and 355k apartments a unique business model for the efficient in 15 urban growth
Slide 56: Long-term Support from Megatrends
Long-term Support from Megatrends Focus on Urban Areas with Long-term Supply/Demand Imbalance 1. FY2020 Results 2. Investor Presentation 3. Additional Information ~70k non-core apartments sold since IPO in 2013 Vonovia Portfolio March 2015 Vonovia Strategic Portfolio 347k apartments in 818 locations
Slide 57: Broad-based Value Growth in 2020 across All Markets
Broad-based Value Growth in 2020 across All Markets 1. FY2020 Results 2. Investor Presentation 3. Additional Information 2020 Value growth from performance, YC and investments (l-f-l) value growth from Fair Value Performance Regional Market Invest (€m) & YC Berlin 7,815 1.6% 0.7% Rhine Main Area 4,9
Slide 58: Aggregate Total Value Growth 2017 – 2020
Aggregate Total Value Growth 2017 – 2020 1. FY2020 Results 2. Investor Presentation 3. Additional Information Total aggregate value growth1 between 2017 and 2020: 51% in Strategic locations and 8% in Non-strategic locations. Individual Regional Markets have all seen substantial value growth in a ran
Slide 59: Portfolio Cluster
Portfolio Cluster 1. FY2020 Results 2. Investor Presentation 3. Additional Information Sweden 11% 51% of German portfolio earmarked for Austria 5% investment strategy, safeguarding long-term Non-core 0% Recurring Sales 7% sustainability of our Optimize Apartment and Upgrade Building investment strat
Slide 60: Regional Markets
Regional Markets 1. FY2020 Results 2. Investor Presentation 3. Additional Information Fair value1 In-place rent Regional Markets Residential Organic rent Multiple Purchase Market rent Average rent increase growth (LTM, Residential Vacancy Total Residential power index (Dec. 31, 2020) (€m) (€/sqm) un
Slide 61: Distribution of Construction Year Clusters
Distribution of Construction Year Clusters 1. FY2020 Results 2. Investor Presentation 3. Additional Information <1919 4% 1919-1948 11% Typical post WWII 1949-1959 30% constructions with mostly up to 5 floors in larger clusters; key focus for 1960-1969 neighborhood development 21% investment activiti
Slide 62: Neighborhoods / Urban Quarters
Neighborhoods / Urban Quarters 1. FY2020 Results 2. Investor Presentation 3. Additional Information “In residential real estate, a neighborhood, or urban quarter, is usually defined as a cohesive urban structure that is considered by its inhabitants as a self-contained area. It is the predominant ag
Slide 63: Neighborhood Development Projects
Neighborhood Development Projects 1. FY2020 Results 2. Investor Presentation 3. Additional Information While each project is different depending on specific local requirements and opportunities, neighborhood development projects usually include energy efficient modernization, construction of new apa
Slide 64: Illustrative Overview of Investment Program Funding
Illustrative Overview of Investment Program Funding 1. FY2020 Results 2. Investor Presentation 3. Additional Information Rental revenue Comprehensive investment program to drive - Maintenance expenses - Operating expenses organic growth and portfolio improvements + Adj. EBITDA Value-add Size of inve
Slide 65: Acquisitions – Opportunistic and Disciplined
Acquisitions – Opportunistic and Disciplined 1. FY2020 Results 2. Investor Presentation 3. Additional Information Acquisition pipeline (‘000 units) 340 2013: Dewag+ Vitus (~41 k)1 2015: Gagfah (~145 k) 1 2015: Südewo (~19 k) 1 2016: conwert (~23 k) 1 2017: Buwog (~48 k) 1 252 240 2018: Victoria Park
Slide 66: Acquisition Track Record
Acquisition Track Record 1. FY2020 Results 2. Investor Presentation 3. Additional Information Larger acquisitions Fair Value per sqm Year Deal Residential units # TOP Locations @ Acquisition Dec. 31, 2020 ∆ Berlin, Hamburg, Cologne, DEWAG 11,300 € 1,344 € 2,733 103% Frankfurt 2014 VITUS1 20,500 Brem
Slide 67: Scalable B-to-C Business Beyond the Bricks
Scalable B-to-C Business Beyond the Bricks Leveraging the End-consumer Relation of Our Business 1. FY2020 Results 2. Investor Presentation 3. Additional Information Value-add: lower cost & higher revenue Evolution of Value-add segment (Adj. EBITDA, €m) 146.3 152.3 Savings from Additional 121.2 insou
Slide 68: Vonovia Innovation Lab – Value-add Business Innovation Funnel
Vonovia Innovation Lab – Value-add Business Innovation Funnel Extensive Testing and Measured Rollout to Minimize Risk 1. FY2020 Results 2. Investor Presentation 3. Additional Information IDEA Stage- Stage- Stage- Stage- Stage- Gate Gate Gate Gate Gate POOL OF IDEAS ANALYSIS DETAILED ANALYSIS PROOF O
Slide 69: EPRA NTA – Distinction between Hold and Sales Portfolio
EPRA NTA – Distinction between Hold and Sales Portfolio 1. FY2020 Results 2. Investor Presentation 3. Additional Information EPRA BPR (10/2019) pg. 15 EPRA’s Best Practice Recommendations call for the separation of the total portfolio into a Hold portfolio and a Sales portfolio for the deferred tax
Slide 70: Overview of EPRA NAVs
Overview of EPRA NAVs 1. FY2020 Results 2. Investor Presentation 3. Additional Information Dec. 31, 2020 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NAV Adj. NAV EPRA NNNAV IFRS Equity attributable to shareholders 23,143.8 23,143.8 23,143.8 23,143.8 23,143.8 23,143.8 Deferred tax in relation to FV gains of
Slide 71: Bonds and Ratings
Bonds and Ratings 1. FY2020 Results 2. Investor Presentation 3. Additional Information Corporate Investment grade rating as of 2018-08-02 Rating agency Rating Outlook Last Update July 22: S&P‘s updated Vonovia’s business risk profile Scope A- Stable 17 Aug 2020 from “strong” to “excellent” Standard
Slide 72: History of Vonovia
History of Vonovia 1. FY2020 Results 2. Investor Presentation 3. Additional Information We built the German leader with the potential and ambition to become a unique European champion 2020 2013 2018 Climate path for until CO2 neutrality 2018 by 2050 Opportunistic IPO expansion into selected Vonovia
Slide 73: Corporate Governance – AGM, Supervisory Board, Management Board
Corporate Governance – AGM, Supervisory Board, Management Board 1. FY2020 Results 2. Investor Presentation 3. Additional Information The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. In addition,
Slide 74: Germany's Social Security System
Germany’s Tried and Tested Social Security System Ensures That No One Has to Lose A Roof Over Their Head In Case of Financial Distress 1. FY2020 Results 2. Investor Presentation 3. Additional Information “The Federal Republic of Germany is a democratic and social federal state.” § Article 20(1) of t
Slide 75: Residential Market Fundamentals (Germany)
Residential Market Fundamentals (Germany) Household Sizes and Ownership Structure 1. FY2020 Results 2. Investor Presentation 3. Additional Information Growing number of smaller households Fragmented ownership structure While the overall population in Germany is expected to Germany is the largest hou
Slide 76: New Construction – Largest Homebuilders in Germany
The Most Efficient Solution to the Consequences of Germany’s Housing Shortage in Urban Areas is New Construction - Vonovia Leads by Example 1. FY2020 Results 2. Investor Presentation 3. Additional Information Largest homebuilders in Germany1 Majority of newly built apartments is to hold, substantial
Slide 77: Sweden's Social Security and Welfare System
Sweden's Social Security and Welfare System Ensures That Citizens in Need Can Rely on Comprehensive Public Support 1. FY2020 Results 2. Investor Presentation 3. Additional Information “The personal, economic and cultural welfare of the individual shall be fundamental aims of public activity. In part
Slide 78: Long-term Structural Support from Residential Market Trends (Sweden)
Long-term Structural Support from Fundamental Residential Market Trends (Sweden) 1. FY2020 Results 2. Investor Presentation 3. Additional Information Robust rent growth in regulated environments1 Rent growth in regulated markets follows a sustainable upward trajectory and is largely The market funda
Slide 79: Liquid Large-cap Stock
Liquid Large-cap Stock 1. FY2020 Results 2. Investor Presentation 3. Additional Information EuroStoxx 50 35 Stoxx 600 M-DAX S-DAX 30 DAX 380 25 Share price (rebased to 100) Vonovia market cap (€bn) +263% 20 280 15 +69% +36% 10 180 +35% 5 80 0 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 J
Slide 80: Vonovia Shares – Basic Data and NOSH Evolution
Vonovia Shares – Basic Data and NOSH Evolution 1. FY2020 Results 2. Investor Presentation 3. Additional Information Blackrock 7.3% First day of trading July 11, 2013 Norges 6.3% No. of shares outstanding 565.9 million Free float 93.7% FMR 3.3% APG 3.0% ISIN DE000A1ML7J1 Ticker symbol VNA Share class
Slide 81: IR Contact & Financial Calendar
IR Contact & Financial Calendar 1. FY2020 Results 2. Investor Presentation 3. Additional Information Contact Financial Calendar Rene Hoffmann (Head of IR) Mar 4 Full-year results 2020 Primary contact for Sell side, Buy side Mar 5 Kempen NYC European Property Seminar (Virtual) +49 234 314 1629 Mar 8-
Slide 82: Disclaimer
Disclaimer 1. FY2020 Results 2. Investor Presentation 3. Additional Information This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, “Vonovia”) for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party m
Slide 83: For Your Notes
For Your Notes 1. FY2020 Results 2. Investor Presentation 3. Additional Information FY 2020 Earnings Call & Investor Presentation page 83
Slide 84: For Your Notes
For Your Notes 1. FY2020 Results 2. Investor Presentation 3. Additional Information FY 2020 Earnings Call & Investor Presentation page 84
Slide 85: Page Finder
1. FY2020 Results 2. Investor Presentation 3. Additional Information FY 2020 Results Investor Presentation Additional Information 2 IPO to Today - Strategy Execution 29 Agenda 51 Agenda 3 Impeccable KPI Track Record 30 Agenda Investor Presentation 52 Agenda - Additional Information 4 Agenda 31 Vonov