Vonovia Se · XETR:VNA
Vonovia — Investor Presentation (January 2018)
87 slides from Vonovia's investor presentation, January 2018
Slide 1: Company Presentation January 2018
Company Presentation January 2018
Slide 2: German Residential: Safe Harbor and Low Risk
German Residential Safe Harbor and Low Risk Rental regulation safeguards high degree of stability Contrary to most other jurisdictions such as the USA, rental growth in Germany is regulated and not directly linked to CPI, GDP development etc. Rents are regulated via “Mietspiegel“ (city-specific rent
Slide 3: German Residential: Supply and Demand Imbalance
German Residential Supply and Demand Imbalance New supply falls short of demand Consensus estimates see a current shortage of around 1 million apartments in urban areas. Three main constraints stand in the way of material changes in the short and even medium term: Building permits often take several
Slide 4: If You Want to Know Where Germans Live - Follow the Light
If You Want to Know Where Germans Live - Follow the Light Illustration of Germany at Night Source: www.bundeswahlleiter.de Company Presentation – January 2018 page 4
Slide 5: Strong Overlap with Vonovia Portfolio
Strong Overlap with Vonovia Portfolio Illustration of Germany at Night Source: www.bundeswahlleiter.de Note: Vonovia Strategic Portfolio High-influx cities (“Schwarmstädte”). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html Compa
Slide 6: Proven 4+1 Strategy is Evolving into 4+2 Strategy
Proven 4+1 Strategy is Evolving into 4+2 Strategy to Include European Metropolitan Areas Reputation & Customer Satisfaction Systematic optimization of operating Traditional performance and core business productivity Mergers & 5 through leveraging scaling effects Acquisitions 1 Property Management Hi
Slide 7: Track Record
Track Record Operating KPIs fully under control Steady efficiency gains 6.02 84.8% 87.0% 79.6% 82.2% 3.5% 3.4% 5.75 67.7% 70.9% 60.8% 63.8% 5.58 2.7% 5.40 2.4% 2013 2014 2015 2016 2013 2014 2015 2016 In-place rent (€/sqm) Vacancy rate (%) EBITDA margin EBITDA margin (excl. maintenance) Proof of busi
Slide 8: Accelerating Rent Growth Momentum
Accelerating Rent Growth Momentum Positive rent growth trajectory Rent growth drivers (last 12M) 9M 2017 9M 2016 Delta 2017 2018+ 2013 2014 2015 2016 (E) (E) Market driven 1.6% 1.6% 1.7% 1.5% Sitting tenants (incl. subsidized rents) 1.2% 0.9% +30 bps Modernization 0.4% 0.9% 1.2% 1.8% New lettings 0.
Slide 9: Quarterly Analysis Reveals Organic Growth Momentum
Quarterly Analysis Reveals Organic Growth Momentum Comparing this year‘s Q3 vs. Q1 emphasizes the organic growth momentum. Adj. EBITDAs and FFO are growing due to operational improvements and an increasing contribution from Value-add Business, in spite of a declining portfolio as a result of non-cor
Slide 10: Continued EBITDA Expansion
Continued EBITDA Expansion 9.0% EBITDA Rental growth translates into an EBITDA Operations growth of 10.8% y-o-y because of the growing contribution from the Value-add Business. EBITDA Operations margin expansion (excl. maintenance) continues with 200 bps ytd. Adj. EBITDA Operations margin and cost p
Slide 11: Smooth Maturity Profile with Diverse Funding Mix
Smooth Maturity Profile with Diverse Funding Mix Debt maturity profile (€m) 3,000 4.0% 2,500 3.0% 2,000 1,500 Current unsecured reoffer yield (7-8 years) 2.0% 1,000 500 1.0% 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 from 2028 -500 0.0% Mortgages Structured Loans Bond Debt Hybrid Equit
Slide 12: Investment Program on an Increasingly Broader Footing
Investment Program on an Increasingly Broader Footing Neighborhood Full-scale approach to developing entire areas in a city, Investment Program Track Record (€m) Development taking economic and social criteria into account. ~1,000 Investment Program Evolution Space Creation New constructions between
Slide 13: Substantial Reduction of Portfolio Locations
Substantial Reduction of Portfolio Locations 03/2015 (incl. Südewo) 12/2016 09/20171 Strategic Portfolio 818 locations 665 locations ~560 locations <400 locations Vonovia location High-influx cities (“Schwarmstädte”). For more information: http://investoren.vonovia.de/websites/vonovia/English/4050/f
Slide 14: Growing Contribution from Value-add Business
Growing Contribution from Value-add Business Concept Economics Expansion of core business to extend the value chain by NAV does not account for Vonovia’s Value-add Business. offering additional services and products that are directly Applying the impairment test WACC1 to the 2017E Adj. linked to our
Slide 15: Attractive Dividend Policy
Attractive Dividend Policy Number of months until costs are earned by recurring Sustainable and growing cash flow with attractive pay-out income1 ratio 12 2.002 1.892 Dividend 10 (ca. 70%) 1.63 FFO 1 ~70% of FFO1 8 1.30 1.323 number of months Other 1.12 (ca. 30%) 1.00 0.95 0.94 6 Taxes 0.74 0.67 Int
Slide 16: 2018 Guidance Underlines Organic Growth Potential
2018 Guidance Underlines Organic Growth Potential 2016 2017 2018 Actuals Guidance Guidance Organic rent growth (eop) 3.3% ~4% 4.6% - 4.8% Vacancy (eop) 2.4% ~2.5% <2.5% Rental Income (€m) 1,538.1 1,660 - 1,680 1,660 - 1,680 910 - 920 FFO1 (€m) 760.8 (towards the upper end) 960 - 980 FFO1 (€/share) 1
Slide 17: Appendix
Appendix Company Presentation – January 2018 page 17
Slide 18: German Residential: Small Households and Fragmented Ownership
German Residential Small Households and Fragmented Ownership Growing number of smaller households Fragmented ownership structure While the overall population in Germany is expected to Germany is the largest housing market in Europe with slightly decline, the number of households is forecast to ~42m
Slide 19: German Residential: Urbanization and Affordability
German Residential Urbanization and Affordability Urbanization trend across Europe Increasing affordability in Germany Affordability in Germany is higher than in the UK or % of total population living in cities France. Whereas most other European countries saw an increase, 95 the share of rent-relat
Slide 20: European Metropolitan Areas: Large Markets and Low Homeownership Ratios
European Metropolitan Areas Large Markets and Low Homeownership Ratios Size of rental market (rent p.a. estimate, €bn) Large metropolitan areas with low home ownership ratios Critical mass of sizeable residential markets in Germany Low home ownership is not a phenomenon unique to just as in other Eu
Slide 21: Scalable Organization
Scalable Organization Asset Management Property Management ~350,000 apartments 34 Business Units 6 Business Units 4 Business Units 4 Business Units 7 Business Units 6 Business Units 7 Business Units Local Local property management, letting, care-taking North East South-East South Middle West 6 Regio
Slide 22: Highlights 9M2017 Results
Highlights 9M2017 Results Confirmed towards upper end Organic rent growth expected at the top end of the range with ~4%. Final Guidance 2017 FFO1 €910m - €920m (€1.88 - €1.90 per share). DPS of €1.321 (+18%). Built-in organic growth momentum continues in 9M 2017 and beyond Organic rent growth of 3.9
Slide 23: Built-in Organic FFO1 Growth Continues in 9M
Built-in Organic FFO1 Growth Continues in 9M The average portfolio size was of a broadly similar size y-o-y. Organic rent growth, better average portfolio quality and increased contribution from Value-add Business drove Adj. EBITDA Operations growth to 10.8%. 15.4% FFO1 per share growth despite slig
Slide 24: Cyclicality of Debt Instruments Requires Diversification
Cyclicality of Debt Instruments Requires Diversification Debt-Issuances in the European Real Estate Sector 2005 – 2017 (€bn.) 3,000 2,500 37 33 33 2,000 30 1,500 24 22 EPRA index €bn volume 21 20 19 18 18 18 18 18 18 17 18 15 17 16 16 18 16 16 16 1,000 15 15 14 15 13 14 14 13 13 13 12 13 13 13 13 13
Slide 25: Vonovia's House of Debt Financing
Vonovia‘s House of Debt Financing Asset Specials Backed Securities Commercial Structured Mortgage- EMTN Bank Loans Loans Papers Unsecured Secured Instruments Instruments Development Debt Liquidity and Working Capital Facilities (WCF) Rating Business Modell, Cash Flow, Organization and Reputation Cur
Slide 26: Decision Tree Financing Sources
Decision Tree Financing Sources Volume & Financing sources Liquidity LTV Debt Equity Unencum- berance Secured Unsecured Structured Senior Syndicated Convertible Rights Mortgage Mortgage CMBS Bond Hybrid ABB Loan Bond Issue Loans Loans Suitable Not suitable Company Presentation – January 2018 page 26
Slide 27: Pro-active Portfolio Management Clustering
Pro-active Portfolio Management Clustering Non-core As the investment program continues to evolve beyond the two original Austria 1% Privatize 2% categories Optimize Apartments and Upgrade Buildings, an 5% unambiguous allocation of properties into these two clusters becomes increasingly meaningless.
Slide 28: IR Contact & Financial Calendar
IR Contact & Financial Calendar Contact Financial Calendar 2017 2018 Rene Hoffmann Jan 9-10 Commerzbank German Investment Seminar (NYC) Head of Investor Relations Jan 10 J.P.Morgan European Real Estate CEO Conference (London) Jan 15 Kepler Cheuvreux German Corporate Conference (Frankfurt) Vonovia SE
Slide 29: Final Guidance 2017 - Confirmed towards Upper End
Final Guidance 2017 - Confirmed towards Upper End 2016 2017 2017 2017 Actuals Guidance Guidance Final Guidance (March 2017, (Aug. 2017, (Nov. 2017, excl. conwert) incl. conwert) incl. conwert) Organic rent growth (eop) 3.3% 3.5% - 3.7% 3.8% - 4.0% ~4% Vacancy (eop) 2.4% <2.5% <2.5% ~2.5% Rental Inco
Slide 30: Organic Growth Drives FFO 2018
Organic Growth Drives FFO 2018 ~€55m FFO growth (+6.0%) from organic improvements in spite of €48m less FFO contribution as a result of non-core disposals. FFO Bridge 2017E to 2018E (€m) +19 970 +19 +10 +65 -10 915 -48 2017E Disposals Organic Synergies & Value-add Consolidation Interest & taxes 2018
Slide 31: LTV Well within Target Range, Debt/EBITDA Multiple of 10.9x
LTV Well within Target Range Debt/EBITDA Multiple of 10.9x LTV down to 42.4% and well within target range of 40%-45%. €m Sep. 30, 2017 Jun. 30, 2017 Mar. 31, 2017 Dec. 31, 2016 (unless indicated otherwise) Non-derivative financial liabilities 13,921.1 14,257.6 14,435.3 13,371.0 Foreign exchange rate
Slide 32: FFO1 per Share +15.4%
FFO1 per Share +15.4% Driven by better operational performance and lower interest expenses, FFO1 per share was up 15.4% y-o-y for eop NOSH and up 18.7% for avg. NOSH1. €m 9M 2017 9M 2016 Delta (unless indicated otherwise) Adj. EBITDA Operations 922.1 832.2 10.8% FFO interest expense -216.5 -249.1 -1
Slide 33: Adj. NAV per Share Up 9.0% YTD
Adj. NAV per Share Up 9.0% YTD Adj. NAV per share is up 9.0% in the first nine months driven by the operating performance, the inclusion of conwert and the H1 valuation and in spite of the 4.1% increase in the number of shares outstanding1 following the Gagfah cross-border merger, scrip dividend and
Slide 34: Outlook FY2017 Valuation
Outlook FY2017 Valuation €m FY2016 H1 2017 H2 2017E FY2017E Performance 862 393 550 - 750 940 - 1,140 Rental development 363 450 - 650 810 – 1,010 Investments 30 ~ 100 ~ 130 Investments 440 290 ~ 460 ~ 750 VTS margin 9 10 ~ 10 ~ 20 Investments (cash out) 431 280 ~ 450 ~ 730 Yield compression 2,470 8
Slide 35: Neighborhood Development Projects Identified and Underway
Multitude of Attractive Neighborhood Development Projects Identified and Underway Bielefeld Berlin Sennestadt Lettekiez # resi units 278 # resi units 663 Est. proj. duration 3 years Est. proj. duration 3 years Invest €13.6m Invest €35.7m Dortmund Berlin Westerfilde Nord Ziekowstr. # resi units 380 #
Slide 36: Sales – Steady Cash Flow at Attractive Margins
Sales – Steady Cash Flow at Attractive Margins Overall sales volume lower than in prior-year period mostly as a result of portfolio transaction with LEG including privatizations in 9M 2016. Non-core / Non-strategic sales include a relatively large share of commercial properties from conwert portfoli
Slide 37: Housekeeping
Housekeeping On July 12, the capital increase was entered into the commercial register, creating the new Gagfah - Vonovia shares required to exchange against the remaining outstanding shares held by cross-border Gagfah minorities, effectively closing the cross border merger and terminating Gagfah as
Slide 38: Update European Activities - Here: SNI
Update European Activities - Here: SNI Agreement on fields of cooperation, knowledge transfer and exchange of best practices. Part of Vonovia’s efforts to analyze the potential for an expansion of activities into European metropolitan areas. MoU signed This follows Vonovia’s preliminary analysis sug
Slide 39: Bonds / Rating
Bonds / Rating Corporate Investment grade rating as of 2015-09-30 Rating agency Rating Outlook Last Update Standard & Poor’s BBB+ Stable 06 Sep 2016 Bond ratings as of 2015-09-30 Name Tenor & Coupon ISIN Amount Issue price Coupon Final Maturity Date Rating Bond 002 (EUR-Bond) 6 years 3.125% DE000A1H
Slide 40: Covenants and KPIs (September 30, 2017)
Covenants and KPIs (September 30, 2017) Bond KPIs Covenant Level Sep. 30, 2017 LTV <60% 39% Total Debt / Total Assets Secured LTV <45% 9% Secured Debt / Total Assets ICR >1.80x 4.5x Last 12M EBITDA / Last 12M Interest Expenses Unencumbered Assets >125% 223% Unencumbered Assets / Unsecured Debt Ratin
Slide 41: Neighborhood Development Project Berlin Reinickendorf
Neighborhood Development Project Berlin Reinickendorf Primary school Secondary school Kindergarten Shopping Center Supermarket Public transport S-Bahn/ subway 1,107 resi units built between 1953 and 1956 ∅ in-place rent €5.96/sqm vs. market rent of ~€9.00/sqm ∅ apt. size 53 sqm Excellent infrastruct
Slide 42: Current Situation
Current Situation Company Presentation – January 2018 page 42
Slide 43: Adding 210 New Apartments through Floor Additions
Adding 210 New Apartments through Floor Additions 3 floors 4 floors Floor additions 21 buildings with 3 floors: ~8.5k sqm new living space across 120 apartments 13 buildings with 4 floors: ~6.0k sqm new living space across 90 apartments Company Presentation – January 2018 page 43
Slide 44: Adding 150 New Apartments through In-fill Construction
Adding 150 New Apartments through In-fill Construction In-fill construction 14 buildings with 150 apartments ~10.0k additional sqm Company Presentation – January 2018 page 44
Slide 45: Indicative Timeline
Indicative Timeline 2017 2018 2019 2020 2021 2022 Total Construction plan for modular Modular construction & floor additions ≈ €45m construction and floor additions ~150 flats in 2019/ 2020 (mod. constr.); ~210 flats 2019-2022 via floor additions Modernization of Upgrade buildings ≈ €35m high rise M
Slide 46: Innovation Example: Residential Environment Services
Innovation Example: Residential Environment Services Innovative approach to a traditional residential business: residential environment services (mowing lawns, trimming trees and bushes, etc.), which form part of the tenants’ recoverable expenses. Insourcing of capacities for improved quality contro
Slide 47: Improvements Across All KPIs
Improvements Across All KPIs 9M 2017 9M 2016 Delta Average number of residential sqm `000 22,134 21,685 +2.1% In-place rent (eop) €/month/sqm 6.19 5.94 +4.2% Organic rent growth % 3.9 2.8 +1.1pp Vacancy rate (eop) % 2.9 2.8 +0.1pp Rental income €m 1,249.4 1,156.1 +8.1% Cost per average unit € 381 40
Slide 48: All Strategic Markets Show Upward Potential
All Strategic Markets Show Upward Potential Fair value In-place rent Average rent Average rent Organic rent Regional Market (€m) (€/sqm) Residential Living area Vacancy Total Residential Residential growth Multiple growth forecast growth (%) from units ('000 sqm) (%) (p.a., €m) (p.a., €m) (€/sqm/mon
Slide 49: Maintenance
Maintenance €m 9M 2017 9M 2016 Delta €11.03/sqm (unless indicated otherwise) €10.70/sqm 2.35 2.21 Expenses for maintenance 192.2 184.1 4.4% 8.68 8.49 Capitalized maintenance 52.0 48.0 8.3% Total 244.2 232.1 5.2% Maintenance capitalization 9M 2017 9M 2016 21% 21% ratio Expenses for maintenance Capita
Slide 50: Reconciliation IFRS Profit to FFO
Reconciliation IFRS Profit to FFO €m (unless indicated otherwise) 9M 2017 9M 2016 Delta IFRS PROFIT FOR THE PERIOD 1,205.2 278.3 >100% Financial result 1 218.2 354.1 -38.4% Income taxes 663.8 177.1 >100% Depreciation and amortization 23.0 16.4 +40.2% Income from fair value adjustments of investment
Slide 51: IFRS P&L
IFRS P&L €m (unless indicated otherwise) 9M 2017 9M 2016 Delta Income from property letting 1,753.9 1,640.3 +6.9% Other income from property management 34.0 29.1 +16.8% Income from property management 1,787.9 1,669.4 +7.1% Income from disposal of properties 951.2 988.2 -3.7% Carrying amount of prope
Slide 52: IFRS Balance Sheet (1/2 – Total Assets)
IFRS Balance Sheet (1/2 – Total Assets) €m (unless indicated otherwise) Sep. 30, 2017 Dec. 31, 2016 Delta Assets Intangible assets 2,956.5 2,743.1 +7.8% Property, plant and equipment 145.3 115.7 +25.6% Investment properties 30,760.2 26,980.3 +14.0% Financial assets 665.3 585.9 +13.6% Other assets 21
Slide 53: IFRS Balance Sheet (2/2 – Total Equity and Liabilities)
IFRS Balance Sheet (2/2 – Total Equity and Liabilities) €m (unless indicated otherwise) Sep. 30, 2017 Dec. 31, 2016 Delta Equity and liabilities Subscribed capital 485.1 466.0 +4.1% Capital reserves 5,965.1 5,334.9 +11.8% Retained earnings 7,212.8 6,665.4 +8.2% Other reserves 121.0 1.5 >100% Total e
Slide 54: Cash Flow
Cash Flow €m 9M 2017 9M 2016 Delta Cash flow from operating activities 719.0 636.7 12.9% Cash flow from investing activities -1,165.2 326.5 >-100% Cash flow from financing activities -754.8 -2,953.0 -74.4% Net changes in cash and cash equivalents -1,201.0 -1,989.8 -39.6% Cash and cash equivalents at
Slide 55: Maintenance and Modernization
Maintenance and Modernization €m 9M 2017 9M 2016 Delta (unless indicated otherwise) Expenses for maintenance 192.2 184.1 4.4% Capitalized maintenance 52.0 48.0 8.3% Modernization work 508.6 284.6 78.7% Maintenance and modernization total1 752.8 516.7 45.7% 1 Incl. intra-Group profits for 9M 2017: €5
Slide 56: Income from Property Management
Income from Property Management €m 9M 2017 9M 2016 Delta (unless indicated otherwise) Rental income 1,252.5 1,159.3 8.0% Ancillary cost 501.4 481.0 4.2% Income from Property Letting 1,753.9 1,640.3 6.9% Other income from property management 34.0 29.1 16.8% Income from property management 1,787.9 1,6
Slide 57: Cost of Materials
Cost of Materials €m 9M 2017 9M 2016 Delta (unless indicated otherwise) Expenses for ancillary costs 472.0 461.8 +2.2% Expenses for maintenance 322.0 266.4 +20.9% Other cost of purchased goods and services 72.8 62.4 +16.7% Total cost of materials 866.8 790.6 +9.6% Company Presentation – January 2018
Slide 58: Conservative Valuation
Conservative Valuation In-place values are still less than half of replacement values, in spite of accelerating valuation growth in recent years. Vonovia – fair value per sqm (€) Values incl. land (land is ca. 25% of FV) excl. land 2,500 1,800 1,355 1,264 1,054 901 964 792 812 839 2010 2011 2012 201
Slide 59: Acquisitions – Opportunistic but Disciplined
Acquisitions – Opportunistic but Disciplined Acquisition pipeline (‘000 units) – excl. Gagfah Acquisition criteria No quantitative acquisition target. 167 No management incentive for external growth. Any potential acquisition must meet all four stringent 143 acquisition criteria assuming a 50/50 equ
Slide 60: Historical Key Figures (1/2)
Historical Key Figures (1/2) Financial Key Figures (€m, unless stated otherwise) 9M2017 2016 2015 2014 2013 Rental income 1,249.4 1,538.1 1,414.6 789.3 728.0 Adjusted EBITDA Operations 922.1 1,094.0 957.6 503.4 442.4 Adjusted EBITDA Rental 865.9 1,046.2 924.4 482.6 433.0 Adjusted EBITDA Value-add Bu
Slide 61: Historical Key Figures (2/2)
Historical Key Figures (2/2) Key Balance Sheet Figures (€m, unless stated otherwise) Sep. 30, 2017 Dec. 31, 2016 Dec. 31, 2015 Dec 31, Dec 31, 2014 2013 Fair value of real estate portfolio 30,948.1 27,115.6 24,157.7 12,759.1 10,326.7 Adjusted NAV 16,263.5 14,328.2 11,273.5 6,472.0 5,123.4 Adjusted N
Slide 62: Vacancy Rates – Quarterly Comparison
Vacancy Rates – Quarterly Comparison Q1 to Q4 development 2012 – 2017 5% 2012 4.5% 2013 4.4% 4.4% 2014 2015 2016 4.0% 2017 3.9% 3.9% 3.9% 4% 3.8% 3.7% 3.6% 3.5% 3.5% 3.4% 3.4% 3.4% 2.9% 2.9% 3% 2.8% 2.8% 2.8% 2.7% 2.7% 2.4% 2% Q1 Q2 Q3 Q4 Company Presentation – January 2018 page 62
Slide 63: Vonovia History: Share Price and Market Capitalization
Vonovia History Seed portfolios of today‘s Vonovia have origin in public housing provided by government, large employers and similar landlords with a view towards offering affordable housing. At beginning of last decade, private equity invested in German residential on a large scale including into w
Slide 64: Liquid Large-cap Stock
Liquid Large-cap Stock Shareholder Structure (September 30, 2017) Share Information First day of trading July 11, 2013 8,3% Number of shares outstanding 485.1 million 7,3% Free float based on Deutsche Börse 92.7% Blackrock definition 5,2% Norges ISIN DE000A1ML7J1 4,0% Lansdowne Ticker symbol VNA 3,0
Slide 65: Reconciliation of Shares Outstanding
Reconciliation of Shares Outstanding Date NOSH Comment (million) December 31, 2016 466.0 March 31, 2017 468.8 conwert acquisition June 30, 2017 476.5 Scrip dividend September 30, 2017 485.1 Gagfah cross-border merger The number of outstanding shares is always available at http://investoren.vonovia.d
Slide 66: No Correlation between Interest Rates and Asset Yields
No Correlation between Interest Rates and Asset Yields Valuation methodology for German residential properties is primarily based on market prices for assets – not on interest rates While market prices are affected by general interest rate levels, there is no significant correlation. Other factors s
Slide 67: Three Valuation Layers with Different Volatilities
Three Valuation Layers with Different Volatilities High degree of stability and predictability of underlying business (layer 1) and portfolio valuation (layer 2) is not reflected in share price development (layer 3), as equity markets appear to apply valuation parameters that are substantially less
Slide 68: Wrap-up
Wrap-up 2017 guidance confirmed towards upper end. Built-in organic growth momentum continues in 9M 2017 and beyond. First indication for full-year valuation shows positive fundamentals remain in place. €4.0bn - €4.5bn value uplift expected for the full year. Investment Program on a broad footing su
Slide 69: Impressions
Impressions Dresden Leverkusen Berlin Nuremberg Company Presentation – January 2018 page 69
Slide 70: Impressions
Impressions Dortmund Bremen Frankfurt Essen Company Presentation – January 2018 page 70
Slide 71: Impressions
Impressions Berlin Berlin Company Presentation – January 2018 page 71
Slide 72: Optimize Apartment
Optimize Apartment Company Presentation – January 2018 page 72
Slide 73: Optimize Apartment
Optimize Apartment Company Presentation – January 2018 page 73
Slide 74: Upgrade Building
Upgrade Building Dortmund Company Presentation – January 2018 page 74
Slide 75: Upgrade Building
Upgrade Building Hamburg Company Presentation – January 2018 page 75
Slide 76: Upgrade Building
Upgrade Building Company Presentation – January 2018 page 76
Slide 77: Floor Addition
Floor Addition Company Presentation – January 2018 page 77
Slide 78: Modular Construction
Modular Construction Company Presentation – January 2018 page 78
Slide 79: Modular Construction
Modular Construction Dortmund Company Presentation – January 2018 page 79
Slide 80: Modular Construction
Modular Construction Dortmund Company Presentation – January 2018 page 80
Slide 81: Modular Construction
Modular Construction Dortmund Company Presentation – January 2018 page 81
Slide 82: Neighborhood Development
Neighborhood Development Company Presentation – January 2018 page 82
Slide 83: VTS
VTS Company Presentation – January 2018 page 83
Slide 84: Disclaimer
Disclaimer 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 might use it. This presentation has been provided for information purp
Slide 85: For Your Notes
For Your Notes Company Presentation – January 2018 page 85
Slide 86: For Your Notes
For Your Notes Company Presentation – January 2018 page 86
Slide 87: For Your Notes
For Your Notes Company Presentation – January 2018 page 87