Per-share numbers for 2013 and 2014 are TERP-adjusted. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it. 1 BRP = business risk profile. equity hybrid. one third in Austria. 4. The age structure of our societies will continue to shift towards a higher share of older people and the need to provide adequate housing in which the elderly can live independently for longer remains one of the main challenges that must be managed. Disciplined Capital Allocation Focused on Long-term Earnings and Value Creation, 70% of recurring cash earnings (FFO) paid out as dividend, We expect to continue to be able to deliver 0.95 0.67 1.00 sustainably growing dividends, Investments in modernization and new construction to hold to address the megatrends urbanization, energy efficiency and demographic change, Drives organic earnings, value growth, and overall portfolio quality, Disciplined and opportunistic approachClear set of criteria to safeguard earnings and value growth for shareholdersImpeccable track record of execution with >300k apartments acquired and integrated since IPO, Shareholder authorization in place (until 2023), General preference for allocating capital to 40, Potentially an option in case shares trade 0at steep discount to Adj. In constrained housing markets, any conversion would require prior approval from the local authorities (not applicable to rental units already converted previously), Next step: Resolution by the Bundestag (National Parliament) and Bundesrat (Federal Council) required to become law. Housing benefits "Bostadsbidrag" and "Bostadstillägg": Housing allowances aimed to people in certain groups that can't afford housing. Vonovia has developed an operating platform and a unique business model for the efficient management of large residential portfolios in regulated environments. Klick, um über Twitter zu teilen (Wird in neuem Fenster geöffnet) Klick, um auf Facebook zu teilen (Wird in neuem Fenster geöffnet) Simple addition of 2017-2020 valuation results excluding compound interest effects. Shift towards higher development-to-holdvolume particularly in Austria safeguards future rental revenue. Die Miete für Vonovia-Wohnungen erhöhte sich 2020 im Schnitt auf 7,16 Euro pro Quadratmeter - das waren 3,3 Prozent mehr als ein Jahr zuvor. 123fahrschule SE veröffentlicht Geschäftsbericht 2020 Die 123fahrschule SE hat heute ihren Geschäftsbericht für das Jahr 2020 vorgelegt. Based on female representation within overall workforce. Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected European metropolitan areas. Simple addition of 2017-2020 l-f-l valuation results excluding compound interest effects. Incremental cost per unit is ca. Net of subportfolio sold right after the acquisition. Corporate Governance - AGM, Supervisory Board, Management Board. The enterprise value is the result of a DCF valuation by an independent valuer and based on Vonovia's internal 5-year business plan, FV of intangiblesRETT and other purchaser's costs, LTV at the Lower End of the Target Range (incl. Large gap between in-place values and replacement costs2, Victoria Park3 - fair value/sqm (SEK; total lettable area) vs. construction costs, Structural supply/demand imbalance Residential completions fall short of estimated required volumes. in selected European metropolitan areas. ca. That is why Vonovia has developed its own IoT Elevator Monitoring Platform to remotely monitor and improve the servicing of its elevator fleet. Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix, LTV (net debt incl. EBITDA ca. Committed to ILO Core, Large gap between in-place values and replacement costs, (€; total lettable area) vs. construction costs, Residential completions fall short of estimated required volumes, No correlation pattern between interest rates & asset yields, such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. More scale leads to more efficiency. 1 Source: BBSR (https://gis.uba.de/maps/resources/apps/bbsr/index.html?lang=de) 2 Sources: Federal Statistics Office, German government (1.5m completions during current legislative period). market prices but on a lower cost basis due to scale and, from insourcing of services to ensure maximum process management, EBITDA contribution from different Value-add initiatives, New ideas based on relevant topics & trends that appear potentially interesting for Vonovia but that are not being actively pursued at this point, Trends & ideas that we want to pursue in the near term because they are strategically relevant, have already undergone an initial analysis during the screening of ideas or have not been reviewed yet, Thorough investigation and evaluation within the specific Vonovia context; This only includes ideas on which we actively work because we consider them relevant after an initial analysis has yielded positive results, Ideas that are being tested in a real life context, period of time in order to verify previous assumptions and to prepare a large roll-out on a small scale first; this safeguards our, and ensures we detect potential problems early enough, Ideas that are being rolled out after a successful pilot phase and that are established as new business activities including dedicated teams, processes, structures and profit-and-loss accounts, 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 treatment in the NTA calculation. 2 EBITDA Operations margin (Adj. ), Equity to EPRA NRV bridge (Dec. 31, 2020; €m). Note: The 2021 guidance is based on the current legislation under which the CO, tax is part of the recoverable expenses; equally, the 2021 guidance does not include any positive impacts expected from the Federal Funding Regulation for Energy-Efficient. Impeccable Track Record of Consistent & Sustainable Growth, Confident to Maintain Earnings and Value Growth Going Forward, Dividend (€/share) - 70% payout ratio from FFO. Legislative process expected for Q2, 2021 is an important election year in Germany with federal elections plus 5 state elections, The subject of housing and how to address the supply-demand imbalance in urban areas is expected to be one of the key issues of the different political campaigns and is likely to be discussed intensively leading up to the elections, Mar 14 Baden-Wuerttemberg Mar 14 Rhineland Palatinate Jun 6 Saxony-Anhalt, Buildings ("Richtlinie für die Bundes- förderung für, Developed by Germany's Federal Ministry for Economic and Energy Affairs; effective on, The goal was to harmonize the different subsidy regulations and combine them into one single, comprehensive subsidy program for existing and new buildings, The objective is to set adequate incentives for owners to substantially increase investments in energy-efficiency and renewable energy, Subsidies are determined by the amount of energy efficiency gains and the proportion of renewable energy contribution in heating supply resulted from projects and can be as high as 45% of an investment amount up to €120k/apartment, Flexible funding format - applicants can choose between investment grants or subsidized loans, Targeted subsidy volume is €32bn p.a. EBITDA Value-add - intragroup profits) / Rental revenue. Vonovia is one of the first real estate companies to commit to a … Adjusted for effects from cross currency swaps. 2017 erarbeitete ich zusammen mit der Berichtsmanufaktur in Hamburg das Kreativkonzept für den Vonovia Geschäftsbericht 2017. two thirds in Germany and ca. The Purchaser's costs, which are deducted from the discounted rental cash flow value under IFRS, are added back to reflect the true rental fair value of the portfolio. People who, cannot participate in the labor market or society because of misfortune, illness, disability, or. We are Europe's largest residential landlord and the long-term owner and full-scale operator of a multifamily housing portfolio with ca. Source: Der Informationsdienst des Instituts der deuschen Wirtschaft: of large residential portfolios in regulated environments. Vacancy levels continued to trend downward as a result of unbroken demand for our product and strong operational performance in spite of COVID-19 restrictions. German's social market economy is based on the principle of solidarity that underpins Germany's social security systems. Bread & butter market rent growth levered with investments. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. Online-Geschäftsbericht Download PDF, 371 Seiten, 25.18 MB ... Geschäftsbericht 2008. ranted (€0.6bn), assets under construction (€0.4bn), (€0.8bn) and other (€0.3bn) and excluding €. Continued operations and timely servicing are key to minimizing downtimes & operating costs and maximizing customer satisfaction. No intention to sell (eternal owner)  Germany (excl. Value growth from YC. Low execution risk from track record of acquiring and integrating >300k apartments in eight large transactions since IPO. The benefit is limited in time. Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it. EBITDA Rental + Adj. This patented solution is independent of elevator make and model. IFRS share- holders' equity + def. In Deutschland stieg die Durchschnittsmiete um 3,7 Prozent auf 6,79 Euro pro Quadratmeter. Notes A2/C23) for further details. 1 Limited assurance. development to sell). See Vonovia's open letter at https://investors.vonovia.de/websites/vonovia/English/4080/news-detail.html?newsID=2024595&type=corporate, Constructive dialogue with GRESB to try and enable participation going forward. perpetual hybrid) Net debt/EBITDA multiple1. Total deferred taxes on investment properties €11,948m, of which €10,467m Hold portfolio and €1,481m for Sales portfolio, RETT and other purchaser's costs (Hold portf. While each project is different depending on specific local requirements and opportunities, neighborhood development projects usually include energy efficient modernization, construction of new apartments, apartment modernization and general upgrade of the urban quarter's environment. Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. of any state or other jurisdiction of the United States. Seit Start des Modernisierungsprogramms 2015 hat Vonovia das CO2-Profil des Bestands um rund 100.000 Tonnen CO2 verbessert, das entspricht 9,2 %: Ohne die energetischen Modernisierungen lägen die Emissionen 2019 nicht bei vorläufig ermittelten rund 1 Mio. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. 10% stake in portfolio with 4k residential units, 2.6% stake in portfolio with 27k residential units. Initial increase because of projects approved in the past (prior to establishing the SPI) that will be completed in 2021. Auf Mieterhöhungen habe Vonovia wegen der Krise von März bis August 2020 verzichtet. It is the predominant aggregation level where a real estate company can make the, biggest difference and most positive contribution for inhabitants."1. 1 Excl. Approx. Based on previous income (at most SEK 20,000 p.m. before tax), or basic benefit of about SEK 8,000 p.m. if previously a full-time employee. is still in the pipeline from the investment programs 2017 to 2021 where projects are underway but not fully, completed. Stable Market Rent Growth Leveraged with Investments, Vonovia has three different organic rent growth drivers, Additional rent from new sqmIncremental rent from modernization, • energy efficiency improvements ("Upgrade Building") and, • senior-friendly apartment conversion ("Optimize Apartment"), Incremental rent from market rent adjustments (Mietspiegel) and re-lettings without investments, No direct connection between Vonovia market rent growth and inflation but over time broadly in line, Regulated environment provides stable market rent growth1, 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020, Market rent growth; quarterly development y-o-y. Notes A2/C23) for further details. Sources: Thomson Reuters, bulwiengesa. of a multifamily housing portfolio with ca. Amateur landlordsProfessional, not listedGovernment ownedCooperativesListed property companiesChurches and other. As a listed, blue-chip company we are rightfully held to a high standard. 3 Including €2.1bn for undeveloped land, inheritable building rights granted (€0.6bn), assets under construction (€0.4bn), development (€0.8bn) and other (€0.3bn) and excluding €0.3bn IFRS16 use of rights. Morgen früh (4.3.2021) wird die Vonovia SE ihren Geschäftsbericht für das Jahr 2020 veröffentlichen. 4. Note: This climate path refers to the German portfolio; we are in the process of developing separate climate paths for the portfolios in Austria and Sweden. corporate owners. Hybrid). Distribution of Construction Year Clusters, Mostly dense high riseconstructions; particularly efficient to manage. IFRS share- holders' equity + def. even accelerate; the vast majority of people coming to Germany is expected to move to the cities. market in our portfolio also for the foreseeable future we want to build on our knowledge and track record by bringing our strategy and expertise to comparable residential markets outside of Germany. Proactive Portfolio management: €3bn invested in portfolio modernization. L-f-l calculation of property portfolio excl. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions. The small stakes we own in the Dutch and in the French portfolios are less of a financial investment and more R&D to gain an even better understanding of the markets. Companies will have the option to use a transfer tax optimisation adjustment to gross-up their Net Values if they can justify this and provide sufficient disclosure. Primary contact for Sell side, Buy side +49 234 314 1629, Primary contact for Sell side, Buy side +49 234 314 2384, Primary contact for private investors, AGM, Vonovia Full-year Roadshow (self organized, no broker, virtual), Vonovia Full-year Roadshow (self organized, no broker, virtual) Vonovia Full-year Roadshow with Kempen (virtual), Commerzbank German Real Estate Forum London (Virtual), BofA EMEA Real Estate CEO Virtual Conference 2021 (Virtual), Berenberg US Conference Tarrytown (Virtual), Europe & EEMEA Property Conference, London, Societe Generale The European ESG/ SRI Conference, Paris, This presentation has been specifically prepared by Vonovia SE and/or its affiliates (, for internal use. 2.5k apartments annually at ~30% (est.) 416k apartments for small and medium incomes in metropolitan growth areas. This presentation is not an offer of securities for sale in the United States. The S&P Global Ratings requirement for replacing the equity component of the perpetual hybrid has already been resolved via the 09/2020 capital increase, giving Vonovia all options for paying back the instrument at the first call date in Q4 2021. Acquisitions are shown for all categories in the year the acquisition process started. Wir haben unsere Unternehmensstrategie konsequent weiter fortgesetzt. 1 Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. €100m in FY 2020 and ca. Vonovia's Sustainability Strategy Is Committed to 8 United Nations Sustainability Development Goals. Volume of upcoming maturities in government bonds with positive coupons issued by countries with currently negative 10-year yields (€bn)2. Our scale, sustainable business model and access to capital markets. Dem Unternehmen gehören über 400.000 Wohnungen in Deutschland, Schweden und Österreich. Germany. Ownership structure is highly fragmented and majority of owners are non-professional landlords. €250, Cost per unit is defined as (Rental revenue. human rights, whistleblower, tax understanding, etc.) Vonovia hatte im vergangenen Jahr insgesamt Mieteinnahmen von knapp 2,1 Milliarden Euro. taxes on inv. 2019 figures adjusted. Vonovia's past tax disclosures also show the company achieved optimal RETT structures in its transactions. Average rent growth (LTM, %) from Optimize Apartment, (%)Total (p.a., €m)Residential (p.a., €m), (€/sqm/ month)growth (y-o-y, %)Multiple (in-place rent). Total pipeline volume of ca. Distributed by Public, unedited and unaltered, on 04 March 2021 08:38:11 UTC. Less than 1/3 of the German working population would be able to work from home, With ca. yielding government bonds, though the issuing countries currently have a negative 10yr bond yield. two thirds in Germany and ca. NAV; weighted average across all capital raises for that year. Stakeholder approach on fundamental environmental and social issues. net debt quarterly average over Adj. 1 If the current Berlin-specific rent freeze regulation is in place at the end of 2021, we expect to come out towards the lower end of the range; if the legislation is no longer in place at the end of 2021, we expect to come out towards the higher end of the range. The average transfer tax achieved could then be used. Under constructionShort-term pipelineLonger-term pipeline. 9k apartments), of which ca. business model can be implemented outside of Germany, in comparable markets: large urban rental markets with a supply-demand imbalance and a regulated rental, No specific target rate or ratios in terms of German vs. non-German exposure, disciplined but highly opportunistic approach, M&A activities in European target markets are subject to the same. März 2021: Geschäftsbericht 2020 Über Vonovia Die Vonovia SE ist Europas führendes privates Wohnungsunternehmen. preparation work for the H1 2021 valuation and our observations in the market, that we will continue to see material yield compression. 2020 war Vonovia erneut auf dem Anleihenmarkt aktiv und nahm dort Kapital in Höhe von insgesamt 3,8 Mrd. A ruling by the Federal Constitutional Court is widely expected in Q2 2021. Vonovia's unchanged strategy since the IPO is to be the "eternal" owner of the Hold portfolio (no cyclical asset rotation). Note: In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. The land value refers to the share of total fair value allocated to land. • Primary home market and expected to remain dominant in the foreseeable future. Low execution risk from track record of acquiring and integrating >300k apartments in eight large transactions since IPO. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. ", "Companies are recommended to use the IFRS values (usually the Net Value in the Valuation Certificate, i.e. Source: Fraunhofer ISE modelling of Vonovia portfolio. number of units ('000)Adj. EBITDA Total (LTM), adj. 1 In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. own households or in the form of heating. M&A activities in European target markets are subject to the same criteria as in Germany. above fair market value, Segment contribution to 2020 Adj. Top 7 cities, includes projects completed between 2017 and 2024 (expected), Data source: bulwiengesa, company data. Companies also have the, option to use the optimised net property value. Berlin1. Vonovia ist ein deutscher Immobilienkonzern mit Sitz in Bochum. of units. incomes to enable people to live in adequate, family-friendly conditions. The cash proceeds from Recurring Sales are used as an equity contribution for the investment program. Track record of >300k units acquired with swift deal execution and subsequent integration; appetite for more. Three main investment categories lead to incremental rental revenue, , value appreciation and an overall improvement of our portfolio quality, including CO, Construction of apartments for our own portfolio through entirely new, buildings or floor additions to existing buildings, applying modular and conventional construction methods, 87m additional rent p.a. Primary contact for Sell side, Buy side +49 234 314 1629 rene.hoffmann@vonovia.de, Primary contact for Sell side, Buy side +49 234 314 2384 stefan.heinz@vonovia.de, Primary contact for private investors, AGM +49 234 314 1609 oliver.larmann@vonovia.de, General inquiries investorrelations@vonovia.de, Kempen NYC European Property Seminar (Virtual) Citi Global Property CEO Conference Miami (Virtual), Vonovia Full-year Roadshow (self organized, no broker, virtual) 1 Vonovia Full-year Roadshow (self organized, no broker, virtual) Vonovia Full-year Roadshow with Kempen (virtual), J.P. Morgan Global ESG Conference (Virtual), Commerzbank German Real Estate Forum London (Virtual) 1 BofA EMEA Real Estate CEO Virtual Conference 2021 (Virtual), Berenberg US Conference Tarrytown (Virtual) 1 UBS Best of Europe 1on1 (Virtual) 1, Kempen & Co. Amsterdam European Property Seminar EPRA Corporate Access Day June 2021, Exane BNP Paribas 23rd European CEO Conference (Virtual) Goldman Sachs 24th European Financials Conference, Berlin dbAccess Berlin Conference, Berlin, Morgan Stanley - Europe & EEMEA Property Conference, London, Goldman Sachs 10th German Corporate Conference, Berlin BofAML Global Real Estate Conference, New York City 10th Baader Investment Conference, Munich, Societe Generale The European ESG/ SRI Conference, Paris 1, Societe Generale Flagship Conference, Paris.
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