Company Presentation November 2015

Transcription

1 Company Presentation November 2015

2 Content 1) ISARIA Wohnbau AG 2) Strategy and Business Model 3) Residential Real Estate Market Munich 4) Key Financials 5) Development Projects 2

3 At a glance Founded in 1994 TOP 3 of the Munich developers for residential projects Focus on business areas construction of new residential developments and revitalization of existing buildings Long-standing track record: more than 2,600 units realised Attractive investment pipeline in the Munich housing market of multi-year revenues Listed in the Prime Standard of the Frankfurt Stock Exchange ISARIA s headquarters are placed right next to the Siegestor, in a historic building upon rented premises. 3

4 Management Michael Haupt CEO since Feb Lawyer Member of the executive board in various real estate companies Recently Managing Director of Bouwfonds Investment Management Germany Jan von Lewinski COO since Jan Banking background Member of the executive board in various real estate companies Previously manager/coo in a multinational family office in Frankfurt Management: Michael Haupt (left) and Jan von Lewinski (right) 4

5 Unparalleled track record with a strong and established brand and secure access to a broad target group Realised Residential Projects Karlsfeld nido so far 395 units Vogelweidestr. 167 apartments Hirschparkterrassen 104 units BA 1 Schillerstraße 203 apartments completed completed 2012 completed 2012 completed 2012 Riem [driem] 181 units Hohenwaldeckstraße 261 units Hirschparkterrassen 206 units BA 2 Stahlstraße La Provence 55 units completed 2011 Completed 2011 completed 2011 completed 2011 IsarLiving 54 units IsarStadtPalais 144 units Giesinger Seenhäuser 48 units Le Village 94 units completed 2009 completed 2007 completed 2007 completed

6 TOP 3 developer for residential projects in Munich 20 years of market experience Strategy Residential projects only Home base Munich Expansion to Hamburg 6

7 Our targets Capital market objectives Currently the only developer for residential projects listed on the German stock exchange In 5 years: THE capital market-oriented developer for residential projects Growth strategy Currently the second-largest residential construction developer in Munich, expanding to Hamburg In 5 years: establishment of further locations through organic growth and/or takeovers/co-operations Still exclusively residential construction November 2015 Unternehmenspräsentation 7

8 More than 350 apartments realised in former office buildings Business Model New Residential Developments APP.ARTMENTS Revitalisation Creation of new housing locations with up to 500+ units Revitalisation of former office buildings by transformation into apartments 1) vorläufiger Wert zum

9 Example for New Developments District development nido in Karlsfeld Project Development of a unique borough Start of Construction Size of plot 154,000 m 2 Sections 12 Number of units Sales volume 553 residential units 259 million completed 291 under construction Poject Planning 9

10 Example for APP.ARTMENTS Revitalisation Project APP.ARTMENTS Vogelweidestraße 5: furnished residential apartments Project Number of apartments Completed 2014 Revitalisation of office building 167 apartments, furnished Before After revitalisation Sales volume 50 million Before After revitalisation 10

11 Munich expects up to 250,000 additional inhabitant until 2030 Germanyʻs metropol regions continue to grow Munich annually grows by the population of Starnberg This exemplifies the extent of Munich s rapid growth, that is to say suggests the necessity for a residential development industry capable of realizing homes for an annual population increase comparable to the population of a minor German city of 23,000 inhabitants. 11

12 Annually 6,000 apartments are built in Munich on average significantly less than required Residential Real Estate Market Munich Munich is one of the most attractive cities within Germany as well as in Europe Population growth nationwide at the top Today, already some 30,000 apartments missing For demographic reasons the number of missing apartments will continue to rise By 2030, population growth of approx. 250,000 inhabitants predicted for the greater Munich area By 2030, Munich has additional demand of approx. 100,000 units 30,000 expected lack of residental units in 2030: 100, ,050, , ,

13 Continuing price increase driven by strong demand (in /qm p.m. and % p.a.) Entwicklung Development der of Immobilienpreise Rental and im europäischen Purchasing Prices Vergleich for Flats Munich Hamburg new construction new construction existing building existing building new construction -2.8% 0% 1.4% 2.8% 2.7% 8% 9.9% 13.5% 12.9% 4.4% 4.4% (in /qm p.m. and % p.a.) new construction -0.04% 8.2% -0.9% -1.2% 11.3% 5.2% 11.7% 5.1% 1.8% 6.7% 2.5% Source: Gutachterausschuss München 2014, Immobilienscout 24, Statista 13 Dezember 2015 Unternehmenspräsentation 14

14 Development of real estate prices in Europe Metropoles Countries Index 1995 = Source: Statistisches Landesamt der jeweiligen Region Index 1995 = Source: European Central Bank (ECB) Copenhagen London Amsterdam Barcelona/Madrid Region Zürich Munich Great Britin (Existing and new buildings) France (Existing buildings) Spain (Existing and new buildings) Netherlands (Existing buildings) Paris Wien Germany (Existing and new buildings) 14

15 Development of Prices for Building Land in Munich 500 Strong increase in value since2012 housing prices over 40 % land prices over 60 % ISARIA acquired land worth 700 million in revenues between 2008 and These plots contain sleeping assets of 90 million through price development as well as successful zoning Corresponding sales starting since 2015 Index 1980 = Prices forbuildingland Buildingcosts Consumer prices Source: Immobilienmarktbericht 2014 Gutachterausschuss 15

16 Order Situation in million 6, ,0 Currently ISARIA sells only from `the drawing board` and so has future revenues of around 40 million Euro on the books Q Q Notarised Sales Handovers Orderson hand 16

17 Order 30 Sept 2015 vs. planned Revenues 2015 Majority of planned revenues 2015 of 100 million already on the books 31% Already covered by orders 9% Open 60% Actuals 17

18 Results of Operations 9M M 2015 m 9M 2014 m Change m Revenues Total output Cost of materials Gross revenue Operating expenses Fair-value measurement of investment properties Amortisation EBIT Financial result Comprehensive income

19 Net Assets 9M /30/2015 m 12/31/2014 m Change m Non-current assets Current assets thereof properties held for sale Non-current liabilities Current liabilities Total liabilities thereof interest-bearing Equity Balance sheet total

20 Ø Interest rate of interestbearing liabilities Financial position Financial position One Group replaces the more expensive mezzanine financing ,2% ,5% ,4% 9M ,1% % External financing by banks and One Group million % 36% 12% Prepayments received from customers as a quasi-equity component Q3 Prepayments from cumstomers One Group Funding 20

21 One Group group s own financing platform Offers access to equity for project developments ProReal Deutschlands Fonds fully placed with a volume of 100 million ProReal Deutschlands Fonds 4 at present already more than 18 million placed planned issuing volume: 75 million conditions: 6,00 % p.a. in the first year (starting ) 6,25 % p.a. in the second year 6,50 % p.a. in the third year 'tailor-made' short-term project development funds (approx. 3 years) 21

22 Project finance Project financing 3-pillar-model Equity Equity substitute Debt financing ISARIA Wohnbau AG One Group ProReal Deutschland Fonds 2 4 Bank 20 30% * 70 80% * Project * idealised quota Oktober 2015 Unternehmenspräsentation 18 22

23 Project financing high volume of prefinancing required 140% 140% End End of of construction 120% 120% 100% 100% Profit Profit margin 80% 80% Start Start of of construction 60% 60% 40% 40% Land Land purchase Start Start of of sales sales 20% 20% 0% 0% Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q5 Q5 Q6 Q6 Q7 Q7 Q8 Q8 Q9 Q9 Q10 Q10 Q11 Q11 Q12 Q12 Q13 Q13 Q14 Q14 Q15 Q15 Development phase Distribution phase Construction phase Borrowed capital Equity-/mezzanine capital cash-in from from Costumers Costs Costs accumulated 23 Oktober Oktober Unternehmenspräsentation Unternehmenspräsentation 18 18

24 Equity: years with high profits expected 10 Index = 100 Share price performance in % developers margin of 1 billion project volume million Sleeping assets of the projects acquisition costs 23 million equity /share ISARIA Wohnbau AG Share EPRA Europe EPRA Germany 24

25 All Shareholders below 11% Widespread Shareholder Structure The shareholder structure is characterised by institutional and retail investors. Helvetic Private Investment 10.05% Freefloat 62.81% Captree GmbH 8.84% aeris CAPITAL S.A. 7.78% Fidelity Investment Funds 2.88% Thomas Ermel 3.79% Janus Capital 3.85% 25

26 Developments worth sales volume of average 200 million p.a. for 5 years Development Projects 2015 and beyond Project Sales Volume in million Karlsfeld 146 Elsenheimer Str. 73 Karlsfeld Elsenheimer Allach Str. Elsenheimer Str. Allach 259 Tower 179 Tübinger Straße Hansastraße 182 Tower Tübinger Straße Coming soon Kapstadtring 1 Hamburg 26 Wohnpark Nord Hamburg 150 Total Kapstadtring 1 Hamburg Wohnpark Nord Hamburg Coming soon 26

27 Contact Michael Haupt CEO Bernhard Bucher Head of Group Accounting Financial calender ISARIA Wohnbau AG Leopoldstraße Munich Tel.: Fax: m.haupt@isaria.ag ISARIA Wohnbau AG Leopoldstraße Munich Tel.: Fax: b.bucher@isaria.ag 24 November 2015 German Equity Forum 2015, Frankfurt am Main 18 March 2016 Publication Annual Financial Statements April 2016 Annual General Meeting 13 May 2016 Publication of Q1 Report 12 August 2016 Publication of Q2 Report 14 November 2016 Publication of Q3 Report 27

28 Disclaimer Forward-looking statements and forecasts This presentation contains statements referring to the future. Forward-looking statements are statements, which are not based on historical events and facts. These statements are based on assumptions, forecasts and evaluations of future developments by the Executive Board. These assumptions, forecasts and evaluations were made on the basis of all the information available at the current time. If the assumptions of future developments used in the statements and evaluations do not materialise, the actual results might deviate from the current expectations. The Executive Board and the Company do not accept any liability to continue any statements or adjust such to future events and developments over and above the legal requirement. 28