History of Berlin IV and portfolio overview
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1 June 2014
2 AGENDA 1) History of Berlin IV A/S and Portfolio overview 2) Financials and outlook 3) Main drivers and risks in the Berlin real estate market 4) Reasons to invest in Berlin IV A/S 2
3 History of Berlin IV and portfolio overview 3
4 GROWING STRONGER 3,0 2,5 2,0 Changing asset managers OUT OF A CRISIS Revised focus First Privatization Settlements and clean up Share buyback 0,3 TEUR Refinancing 24 MEUR Share buyback 4 MEUR Positive Cash-flow 1,5 Investment Program 1,0 0,5 0,0 7/6/07 2/14/08 9/22/08 4/30/09 12/3/09 7/16/10 2/15/11 9/16/11 4/19/12 11/22/12 7/9/13 2/11/14 Closing price 4
5 BERLIN IV TEAM Erik Stannow - Chairman (Senior Director Product Marketing at Apple) Søren Krarup - CEO (Master of Law) Jens Hald Mortensen (Former Chairman DIP, Former VP DONG Energy) Jette Jakobsen - Vice Chairman (Lawyer/partner at Hertz- Jakobsen) Mikkel Skovlund kronborg - Controller (Msc Finance) 5 Ole E. Mortensen (CEO IEI, Former partner at Deloitte) Uwe Horn (Vice President Finance at DLG)
6 SHARE STRUCTURE 1) Listed on Nasdaq OMX Nordic Copenhagen since ) 295 mio. shares a) 25 mio. unlisted A-shares (10 votes per share) b) 270 mio. listed B-shares (1 vote per share) c) Equal economic rights 3) Listed name: Berlin IV B 4) ISIN: DK (B-shares) 6
7 SHAREHOLDER STRUCTURE % of shares % of votes SK BERLIN INVEST ApS 19,10 % SK BERLIN INVEST ApS 16,03 % Other shareholders 34,26 % Other shareholders 53,07 % IEI Portefølje A/S 17,30 % IEI Portefølje A/S 20,20 % Berlin High End A/S 4,80 % Berlin IV A/S 5,73 % Berlin IV A/S 4,10 % Berlin High End A/S 25,40 % 7 Berlin IV A/S is a member of the following indexes: - OMX Copenhagen Benchmark Cap - OMX Copenhagen Small Cap - OMX Copenhagen Real Estate
8 FOCUS ON RESIDENTIAL PorNolio usage Squaremeters Commercial 17 % Portfolio structure: 200,743 sqm 3,245 units hereof - 2,497 residential commercial mixed parking and other Other 1 % Portfolio valuation: EUR 248 mio. hereof 8,6 mio. development rights 16,87 x Net-Rent EUR/sqm ResidenTal 82 % 8
9 DIVERSIFIED ACROSS BERLIN 9 As of
10 13585 Spandau Kreuzberg GFZneu 1,17 WFL +278 m2 GFZneu 2,85 WFL +104 m Spandau GFZneu 2,83 WFL +585 m2 PORTFOLIO STRENGTH 321 GFZneu 3,98 Diversified portfolio Emser Str Neukölln WFL +153 m2 294 GFZneu 3,52 Rent potential of approx. 25 % Niemetzstr. 24/ Neukölln WFL +275 m2 291 GFZneu 4,18 Ostpreußendamm 134, 135a-d / Lichterf WFL +587 m2 Significant privatization potential approx. 30 % in progress GFZneu 0, GFZ10 neu 3,59 Additional development possibilities - approx sqm. Genter Str. 63 Pannierstr Wedding WFL m2 Graf-Haeseler-Str Reinickendorf WFL +154 m2 310 GFZneu 3, GFZneu 1, Neukölln WFL m2 Provinzstr Reinickendorf WFL +188 m2 244 GFZneu 2, GFZneu 2,32 Pannierstr. 53a Neukölln WFL +127 m2 Quitzowstr Moabit WFL +139 m2
11 11 Financials and outlook
12 SOLID GROWTH Income and operational result incl. guidance 2013/ T T Q T T T Q T / / / / / /2014 Operational result Gross Rental income Operational result 12
13 DECREASING LTV Total debt ex. swap & LTV T 79,49 % 80,00 % T 69,37 % ,00 % T T ,2 % 56,14 % LTV incl. swap 58% 51,7 % 60,00 % 50,00 % T ,00 % T 30,00 % T 20,00 % T 10,00 % 0 T 2009/ / / / Long-term debt LTV Property Value 0,00 % 13
14 SWAP IMPACT T Equity- & Swap values T T T T T T 2009/ / / / Equity Swap 14
15 OUTLOOK 2013/2014 Continued positive development Gross income from rent of approx. EUR 14,5 mio. - 4% like-forlike growth Result from operations EUR 3,75-4,25 mio % growth Continued sales of condominiums Positive cash-flow Share buy-back EUR 4 mio. incl. costs using a Dutch auction method is executed 15
16 OUTLOOK 2015/2016 Based on the following conservative assumptions, we expect an NAV pr. share in the range of DKK 2,95-3,20:! Vacancy rate remains at the current level Yearly increase in the rental income of 2% Operating costs remain at the current level SWAP values are calculated on the actual interest curve Net Rent multiplier of approx. 16,20 Development rights valued at approx. 8,6 mio. EUR 16 Predictions are of nature uncertain and thus the actual results may deviate from the expectations.
17 STRATEGY GOING FORWARD Open ended investment horizon (beyond expiration of current senior loans, which will be refinanced at expiration) Returning surplus liquidity to shareholders - in the form of dividends or share buy-backs Continued privatization (30% in progress) and sale of individual apartments Realization of the significant development potential of the current portfolio and buying and selling properties Actively seek to unify share classes 17
18 Main drivers and risks in the Berlin real estate market 18
19 STRONG DEMOGRAPHIC DEVELOPMENT 4,000,000 3,500,000 Population increase: +4.9% ( ) 3,411,900 3,252,965 3,285,032 3,218,235 3,233,055 3,529,900 3,603,000 3,644,900 3,000,000 2,500,000 2,000,000 1,666,468 Household increase: +18.3% ( ) 1,972,197 1,833,342 1,739,790 1,767,143 2,052,267 2,107,018 2,169,583 1,500, * 2020* 2025* *Projections Source: Amt für Statistik Berlin Brandenburg, JLL 19
20 A GROWING ECONOMY Unemployment rate (%) Development of employee income (%) ,000 21,000 20,000 19,000 18,000 17,000 16,000 Purchasing power per inhabitant ( ) 20,621 20,014 19,684 18,757 18,220 17, Berlin Germany Berlin Germany Berlin Germany Source: Statistische Ämter der Länder, GfK, Arbeitsagentur, Jones Lang Lasalle Strong economic growth in recent years High increase in employment and robust job market Income increases at an above average rate in Berlin, but purchasing power remains low About 25% of Berlin's population is on public welfare 20
21 LOW BUILDING ACTIVITY 35,000 30,000 30,848 25,000 20,000 16,029 15,000 10,000 10,101 5, ,205 Building permits Building completions Housing demand 2013 and 2014: approx. 6,000-7,000 completions; demand higher than projected due to population trend Source: Berlin-Brandenburg State Statistical Institute, Federal Institute for Research on building, Urban Affairs and Spatial Development, Jones Lang Lasalle 21
22 WILL BERLIN CATCH UP? /m²/month H H H H H H H H H H H H H H H H H H H H Q Munich (2.9% p.a.) Hamburg (2.5% p.a.) Berlin (3.7% p.a.) Source: Jones Lang Lasalle - Residential City Profiles 22
23 INCREASING PRICES Prices for Multi-family Houses ( /m ) 2,700 2,510 2,630 2,450 2,290 2,200 1,950 1,700 1,620 1,570 Condominiums 1,510 1,530 1,590 1,630 1,720 1,920 1,510 1,770 1,890 1,450 1, , ,110 1,280 1,200 1,170 1,290 1,300 Multi-Family Buildings Q Source: Jones Lang Lasalle - Residential City Profiles 23
24 RISKS Political interference: Mietpreisbremse Conditions on new buildings Prohibitation on condominiums Bestellerprinzip Interest rate For an in depth description of risks regarding Berlin IV A/S we refer to our annual statement. 24
25 REASONS TO INVEST IN BERLIN IV! 100% Focus on Berlin - above average potential Efficient and highly competitive setup Cost-effective investment with high liquidity Access to capital Proven Track-record Real Estate as asset class belongs in most portfolios 25
26 BERLIN IV A/S CEO: Søren Krarup Phone: Mail: Company Address: Berlin IV A/S Jens Baggesens Vej 90N 8200 Aarhus N Homepage: 26
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