Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Q3 2012 Earnings Presentation
20 slides from Tag Immobilien's earnings presentation, November 2012
Slide 1: TAG Immobilien AG Q1 - Q3 2012
TAG Immobilien AG Q1 - Q3 2012 Q1-Q3 2011 TAG I 1
Slide 2: Content
Content I. TAG Highlights Q3 2012 page 3 II. TAG FFO, Vacancy, Achievements, Investment Case Q3 2012 page 4-7 III. TAG Portfolio Q3 2012 page 8-10 IV. TAG Financials Q3 2012 page 11-13 V. TAG Share Q3 2012 page 14 VI. Appendix, Disclaimer page 15-20 TAG I 2
Slide 3: TAG Highlights Q3 2012
TAG Highlights Q3 2012 • Vacancy • Rental income of EUR 139.8m (Q1-Q3) • residential portfolio 11.1% (11.4% in Q2) • Salzgitter 21.7% (22.5% in Q2) • Rental profit of EUR 107.5m (Q1-Q3) • East Germany 10.9% (11.4% in Q2) NAV of EUR 9.46 per share Overview • EBT of EUR 139.8m (Q1-Q3) • (post EUR 0.20
Slide 4: TAG FFO Q3 2012
TAG FFO Q3 2012 Overview • TAG well on track for target FFO of EUR 40m for 2012 • Run rate already above EUR 40m p.a. (this is largely pre synergies from DKBI acquisition) TAG I 4
Slide 5: TAG Vacancy Q3 2012 residential portfolio
TAG Vacancy Q3 2012 residential portfolio • Proven track record of reducing vacancies rapidly and steadily in in % new acquisitions 25 22.5 21.7 20 Overview 15 15.7 15.3 11.4 11.1 11.3 10.9 10 TAG Group Salzgitter TAG Potsdam Colonia (DKBI) Q2 2012 Q3 2012 TAG I 5
Slide 6: TAG Strategic achievements Q3 2012
TAG Strategic achievements Q3 2012 • Improved company structure: Bau-Verein Squeeze Out November 2012 • Further focus on residential: POLARES GmbH Management Buy Out October 2012 • TAG shares have been upgraded to MDAX since end of September 2012 Overview TAG I 6
Slide 7: TAG investment case
TAG investment case I. Focus on growth and profitability • Strategy: grow to become more efficient • TAG has grown considerably over the last 3 years – while protecting and increasing the NAV per share • Interest, costs and vacancy have been reduced at the same time • Efficiency and sustainability:
Slide 8: TAG Portfolio Q3 2012
TAG Portfolio Q3 2012 Units 57,270 Floor Area sqm 3,826,526 Real Estate Volume TEUR 3,068,415 Rental income in TEUR (annualised) 211,833 Vacancy % 10.8 Net Actual Rent EUR/sqm 5.17 Portfolio TAG I 8
Slide 9: TAG Portfolio Q3 2012
TAG Portfolio Q3 2012 Real estate volume Rental income per segment Volumen in EUR million in EUR million 200 192 3,068 55 150 140 1,053 115 1,969 37 Portfolio 100 109 1,518 318 87 1,502 978 52 770 46 50 82 499 26 318 21 479 467 458 25 26 28 28 452 21 0 12/31/09 12/31/10 12/31/11 Q3/2012 2009 2010 20
Slide 10: TAG Portfolio residential by region
TAG Portfolio residential by region xxxxxxxxxxxxxxxxxxx x Salzgitter Region 14% Hamburg 17% NRW 9% Greater Berlin 25% Portfolio Thuringia/ Saxony 35% x x *as of 9/30/12 by book value TAG I 10
Slide 11: TAG Group financials (IFRS)
TAG Group financials (IFRS) Consolidated balance sheet (in EUR m) 12/31/2011 9/30/2012 3,212 219 3,212 204 3200 3200 848 2800 2800 2,989 2,048 2,048 Group finanicals 2400 2400 1,809 2000 2000 595 1600 1,922 1600 1200 1,208 1200 800 800 400 400 555 126 245 223 0 0 Assets Liabilities Assets Liabilitie
Slide 12: TAG Financial structure - debt maturity significantly improved
TAG Financial structure - debt maturity significantly improved in EUR million 500 400 Financial structure Debt structure at Q3 2012 300 • EUR 1,979m 470 200 • 38 German Banks 278 239 247 100 174 222 • 9.39 years ø maturity 75 90 13 71 69 0 31 • Interest costs of 4.2% 2012 2013 2014 2015 2016 2017 20
Slide 13: TAG Financial structure – Convertible Bonds
TAG Financial structure – Convertible Bonds in EUR million TAG share price EUR 8.85 EUR 8.84 as of 11/6/2012 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 6.38% 66 • the first has been converted in July this y
Slide 14: TAG Stock market data Q3 2012
TAG Stock market data Q3 2012 Shareholder structure acc. to the notifications to the company High/Low (Q3 2012) EUR 8.31/EUR 5.77 Ruffer LLP, UK* 15% Number of shares 98.921m IP Concept, Flossbach von Storch SICAV, L* 10% Market capitalisation 819,068EUR m Taube Hodson Stonex LLP, UK* 5% Stock indic
Slide 15: Appendix
Appendix Markets, Commercial TAG I
Slide 16: Markets in key Eastern German cities have improved
Markets in key Eastern German cities have improved • Purchase power, population and employment have Market rents (EUR per sqm)* improved since 2006 Gera • Average population growth of 4.2% expected for Magdeburg Dresden, Erfurt, Jena, Leipzig, Potsdam and Weimar until 2025 Leipzig Appendix • Market
Slide 17: TAG Portfolio commercial
TAG Portfolio commercial 12/31/2009 12/31/2011 9/30/2012 12/31/2010 342,911 sqm 348,403 sqm 348,528 sqm • sqm total 335,686 sqm 324,971 sqm 319,940 sqm 318,719 sqm • sqm rental 323,063 sqm 26.6 28.8 28.2 • current rental income p.a. net of charged costs (EUR m) 26.0 6.81 7.51 7.38 • current rent net
Slide 18: 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
Slide 19: 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 Britta Wöhner/ Dominique Mann www.tag-ag.com Appendix Investor & Public Relations info@tag-ag.com Telefon
Slide 20: Disclaimer
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