LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE. German & Austrian Corporate Conference Frankfurt am Main, 20 th 21 st May 2010
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1 LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE German & Austrian Corporate Conference Frankfurt am Main, 20 th 21 st May 2010
2 Business segments of Aareal Bank Major activities Aareal Bank The international property specialist Structured Property Financing Consulting / Services to the institutional housing sector International presence in 16 European countries, the US, China and Singapore International real estate financing in more than 25 countries Additional industry experts in hotel, shopping centre and logistics Typical deal size: > 25 mn Total back book under management: ~ 22 bn Market-leading European IT-systems for the management of residential and commercial property Market-leading integrated payment transaction systems Key market: Germany > 2,200 Customers ~ 7 mn units under management (in Germany) 1
3 Structured Property Financing
4 The Aareal Bank Network in 16 European countries, the US, China and Singapore International Property Financing in more than 25 countries 3
5 The specialist for specialists Typical deal size: > 25 mn Typical products, for example: single asset investment finance portfolio finance (local or cross-boarder) construction finance International presence in 16 European countries, the US, China and Singapore Additional industry experts in hotel, shopping centre and logistics In-depth know-how in local markets and special properties International experience with employees from 31 nations Network of regional market experts and sector specialists 4
6 Consulting / Services
7 Services provided to the institutional housing sector Strategic Management of residential portfolios Planning, Controlling, Steering Portfolio Management Our Customers: The Institutional Housing Industry Administrative Management of residential portfolios Tenant Management Flat Management Maintenance Market leading IT-system house for the institutional housing sector Highly automated ERP systems (e.g.: Blue Eagle based on SAP, GES, Wodis Sigma) for the management of property portfolios Comprehensive range of integrated Services and Consulting ~75 80% customer overlap: substantial cross-selling effects with highly integrated IT solutions Repair Refurbishments New Developments Construction Management of residential portfolios Mass payments Cash Management Creditor and Debtor Management Financial Management of residential portfolios Market-leading integrated payment transaction systems House bank for the institutional housing sector Integrated mass payment transaction systems Accounts of the integrated payment transaction system 6
8 Q results at a glance
9 Q results at a glance: In line with 2010-guidance Euro mn Q Q Q ) Q ) Q ) Comments Net interest income Back on Q level Allowance for credit losses In line with guided range Net commission income Solid Aareon development Burdened by costs for the SoFFin guarantee Net trading result Reflects volatile markets Administrative expenses High cost discipline Operating profit Solid performance Tier 1 ratio (%) (according to German Banking Act - CRSA) ) ) ) ) ) Tier 1 ratio further strengthened 8 1) Figures adapted 2) Post SoFFin capital measure in 2009
10 Structured property financing: Growing new business LLP in line mn New business by region 3M 2010 Europe West North America Europe South Commission income Net trading result Result non-trad. assets Admin expenses Others Operating profit 15% Net interest income Loan loss provision 10% 16% P&L SPF Segment 5% 18% Q Asia / Pacific % Q4 09 Europe North Europe East Q3 09 1) mn 1,500 1,250 1,000 0,750 0,500 0,250 0,0000 Q2 09 1) New business origination 3M M 2010 German International Q1 09 1) % 1,314 1, Cautiously restarting new business origination Focussing on existing client base Preferably loans eligible for Pfandbrief cover pool Unchanged focus on portfolio monitoring and active management 1) Figures adapted 9
11 Consulting / Services: Solid in IT & volumes weak in deposit margins P&L C/S Segment (industry format) Euro mn Sales revenue Own work capital Changes in inventory Other operating income Cost of material purchased Staff expenses Excl. one-offs D, A, impairment losses Results at equity acc. investm. Other operating expenses Results from interest and similar Operating profit Income taxes Segment result Segment result attributed to minority interests Consolidated retained profit Q1 10 Q4 09 Q3 09 Q2 09 Q IT-Business (Aareon) Long term contracts generate stable revenues SAP-based product lines suffers from reduced implementation projects as anticipated New product line Wodis Sigma with over 240 contracts signed (Q1 2010: 35 contracts) Deposit taking business (Aareal Bank) House bank of the German housing sector Interest rate environment still impacts net interest income (NII) Stable deposits around 3.9 bn 10
12 Group funding position
13 Tier 1 Ratio increased to 11.2% (CRSA) Tier 1 capital (CRSA 1) / German GAAP) after SoFFin measure Leverage ratio 2) mn 3,000 2,500 2,000 1,500 1,000 Tier 1 ratio = 8.0% 1, Tier 1 ratio = 11.0% 2,415 Tier 1 ratio = 11.2% 2, Total assets/equity including Tier 1 hybrids Total assets/equity excluding Tier 1 hybrids , , SoFFin Others mn Core Tier 1 Hybrid Tier 1 Hybrid ratio Total Tier 1 Composition of Tier 1 capital , % 2, , % 2, , % 1,863 Tier 1 ratio of 11.2% (CRSA) puts Aareal in a solid position in relation to peers and market requirements Already a very low balance sheet leverage compared to peers no need for future adjustments 12 1) Credit risk standard approach 2) Gross IFRS numbers (particularly no netting of derivatives)
14 Asset- / Liability structure according to IFRS As at : 40.9 bn bn Interbank 14.0 Treasury portfolio 22.2 Real estate structured finance loan book 5.4 Interbank 8.2 Customer deposits 23.7 Long-term funds Non-interest-bearing assets Assets 3.6 Non-int.-bearing liabilities & shareholders equity Liabilities 13
15 Refinancing situation Flexible use of unsecured and secured funding bn 2,0 2.0 Total funding of 1.2 bn in Q Covered bonds: 1, bn (Q1 09: 251 mn) Senior unsecured: 0.4 bn (Q1 09: 39 mn) 1, ,4 0.4 The actual trends are generally unchanged: 0, , ,2 1.2 Higher volumes Longer maturities Tighter spreads 0,00 Covered Bonds Senior unsecured Total 14
16 Asset quality
17 Development property finance portfolio: Diversification continuously strengthened 100% 90% 80% 70% 60% Asia North America Europe East Europe North 50% 40% Europe South 30% Europe West 20% 10% Germany 0% Q Property finance under management 16
18 Total property finance portfolio: High diversification and sound asset quality North America Europe North 13% 13% by region 1) 5% Asia/Pacific 20% 18% Europe West (ex Ger) Germany by property type 1) Other / Mixed 6% Logistics 10% 32% 14% Residential Office Europe East 13% 18% Europe South Hotel 17% 21% Shopping Centre by product type 1) by LTV ranges 2) Developments Other > 80% 10% 3% 60-80% 7% 13% 87% Investment finance 80% < 60% 17 1) Total volume under management: 22.6 bn as at ) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages; values as at
19 Total property finance portfolio: Economic downturn expected to impact NPL-level LLP- and NPL development Euro mn NPL Exposure 1) Specific Allowances 1) Portfolio Allowances General General LLP Portfolio LLP As at Utilisation 3M Addition 3M As at Coverage ratio specific allowances % As at Coverage ratio incl. General LLP % 284 1) Incl. property finance portfolio still on DEPFA s balance sheet 18
20 Treasury portfolio 13.4 bn of high quality assets by asset class Public Sector Debtors by region Covered Bonds Non-US Banks ABS 4% 3% 10% 12% 71% US-Broker Public Sector Debtors Portugal: 2.7% Italy: 14.0% Ireland: 0.6% Greece: 0% Spain: 3.4% 79% Others by rating 1) BBB: 1.3% A 12.0% <BBB: 0.2% AA 24.7% 61.7% AAA 19 As at ) Fitch Rating (or Composite if no Fitch Rating available)
21 Outlook 2010: still challenging environment Outlook 2011: recovery of markets environment
22 Aareal Bank well equipped for the upcoming challenges Solid und sustainable credit policy Conservative lending policies Proactive credit management Close to customers and markets Local presence Local market know-how Own customer base Well prepared for future regulatory environment Strong capital position Moderate leverage ratio Solid refinancing situation Proactive funding Use of all funding sources Focus on Pfandbrief and private placement Matching maturities 21
23 Outlook - Aareal Bank s market expectations Expected average of market value decline across all commercial real estate property types and regions in ) North America Bottoming out: Canada Mexico USA Asia / Pacific Bottoming out: China Japan Singapore Europe - Down: Czech Republic Finland France Great Britain Italy Netherlands Spain Switzerland Europe - Bottoming out: Belgium Poland Denmark Russia Germany Sweden Norway Turkey 1) The individual market value of a single property may vary, change 2009 to
24 Outlook 2010: still challenging environment Outlook 2011: recovery of markets environment Net interest income Net loan loss provisions Net trading result / results from non-trading assets Admin expenses Operating profit 2010 Target expected to improved to mn Moderately increasing interest rate level assumed Expected to range between 117 mn to 165 mn Actual level will depend on the extend to which the additional allowance for credit losses of 48 million will, in fact, be utilised As in 2009, the bank cannot rule out additional allowances for credit losses in 2010 Unpredictable in current markets / no significant burdens from non-trading assets expected Under control around 360 mn Good potential for increasing operating profit 2011 Structured Property Financing New business Consulting / Services 4-5 bn; focusing on existing client base but relatively fewer renewals Operating profit Slightly above the clean 2009-level 23
25 Outlook 2012 ff: Normalised markets
26 Positive mega-trends still unchanged The future of real estate financing: Amelioration of energy- and environmental efficiency driving investments Growing demand for residential and commercial buildings in most regions of the world Rising efficiency requirements concerning the functionality of buildings will necessitate refurbishments and significant investments After the financial crisis real estate will become more attractive than ever as a long-term investment with attractive risk-return profiles and low volatility After bottoming out and normalisation of markets, real estate property financing faces good prospects for strong and sustainable recovery of investment and transaction volumes 25
27 Outlook - Aareal Bank s market expectations Expected average of market value changes across all commercial real estate property types and regions to ) North America Stable: Canada Mexico USA Asia / Pacific Down: China Stable: Japan Singapore Europe - Down: Great Britain Europe - Stable: Belgium Netherlands Russia Spain Europe - Up: Czech Republic Denmark Finland France Italy Poland Norway Turkey 26 1) The individual market value of a single property may vary, Index Basis 2010 Sweden Switzerland Germany
28 Mid-term Outlook Aareal Bank Group in normalised markets Structured Property Financing Consulting / Services Funding Admin expenses Growth on 3 continents Growing loan portfolio Significantly higher returns Growing deposit taking business Exploitation of new client groups (utilities) Significantly higher returns Consequent usage of all funding sources Minimisation of funding costs Maintaining high cost discipline Further improvement of efficiency Pre-tax ROE target: 12% - 13% 27
29 Appendix Group figures Q Asset quality SoFFin measures
30 Aareal Bank Group Key figures Q Profit and loss account Euro mn ) Euro mn Change Net interest income ,0% Allowance for credit losses ,5% Net interest income after allowance for credit losses ,3% Net commission income ,7% Net result on hedge accounting ,0% Net trading income / expenses ,7% Results from non-trading assets Results from companies accounted for at equity Results from investment properties Administrative expenses ,2% Net other operating income / expenses Impairment of goodwill Operating Profit ,0% Income taxes ,5% Net income / loss ,3% Allocation of results Net income / loss attributable to non-controlling interests ,0% Net income / loss attributable to shareholders of Aareal Bank AG ,3% Appropriation of profits Silent partnership contribution by SoFFin Consolidated retained profit / accumulated loss ,3% 1) Figures adapted
31 Aareal Bank Group: Segment Reporting Key figures Q Structured Property Financing ) Consulting / Services Consolidation/ Reconciliation/ Other ) Aareal Bank Group ) Euro mn Net interest income Allowance for credit losses Net interest income after allowance for credit losses Net commission income Net result on hedge accounting Net trading income / expenses Results from non-trading assets Results from companies accounted for at equity Results from investment properties Administrative expenses Net other operating income / expenses Impairment of goodwill 0 0 Operating profit Income taxes Net income / loss Allocation of results Net income / loss attributable to non-controlling interests Net income / loss attributable to shareholders of Aareal Bank AG Allocated equity 1,456 1, ,949 1,659 Cost/income ratio in % RoE after taxes in % 2) ) Figures adapted 2) On an annualised basis
32 Aareal Bank Group: Segment Reporting Key figures Q and 2009 quarter by quarter Q Q Q3 Q2 Q1 Q ) ) ) 2010 Q Q Q Q Q Q Q Q Q Q Q Q3 Q2 Q ) ) ) Euro mn Net interest income Allowance for credit losses Net interest income after allowance for credit losses Net commission income Net result on hedge accounting Net trading income / expenses Results from non-trading assets Results from companies accounted for at equity Results from investment properties Administrative expenses Net other operating income / expenses Impairment of goodwill Operating profit Income taxes Net income / loss Allocation of results Net income / loss attributable to non-controlling interests Net income / loss attributable to shareholders of Aareal Bank AG Structured Property Financing Consulting / Services Consolidation / Reconciliation / Other Aareal Bank Group ) Figures adapted
33 Net interest income: Still reflecting conservative liquidity-, capital position mn Q Q Q Q Q NII Structured Property Financing NII Consulting / Services 1) Figures adapted FY 09: 460mn - FY 10p: 460mn - 480mn ) 1) 1) Net interest income Q1 2010: 117 mn Back on Q level Q1 net interest income influenced by SPF-business: Results of higher margins in the SPF-business and a slowly reduction of the high liquidity position held throughout 2009 Consulting / Services: Historically low interest rate level still burdens the deposit taking business Q1 SoFFin burden of 5 mn guarantee fees in commission income Net 8 mn SoFFin coupon shown as appropriation of profits 32
34 Loan loss provisions: In line with guided range mn FY 09: 150mn - FY 10p: 117mn - 165mn Loan loss provisions stays in the given range for 2010 although they may vary quarter by quarter 32 mn in Q1 reflects the close monitoring and management of our loan portfolio 48 mn General Portfolio LLP still untouched LLP outlook confirmed with a range of 117 mn to 165 mn for Q Q Q Q Q
35 Net commission income: Burdened by SoFFin guarantee mn Net commission income of 30 mn including (or 35 mn without) costs of the SoFFin guarantee facility in Q is a good performance regarding the challenging environment Q4 includes seasonal effects, especially in the IT-business Q Q Q Q Q
36 Net trading income Q1 2010: Reflecting volatile derivative markets mn FX CDS Others Total 35
37 Admin expenses: Strict cost discipline maintained mn 120 FY 09: 361mn - FY 10p: ~ 360mn Q figures with 91 mn are below the Q level of 94 mn Measures to raise efficiency still paying off and keeping the admin expenses continuously stable year on year Administrative expenses of 91 mn in Q1 are within the range for 2010 which is expected to be around the 2009-level ) 1) 1) Q Q Q Q Q ) Figures adapted 36
38 Appendix Group figures Q Asset quality SoFFin measures
39 Western Europe (ex Ger) credit portfolio Total volume outstanding as at : 4.5 bn Developments NPLs by product type 3% 2% 95% 1% Other Investment finance Retail / Shopping Centre Logistics 17% Hotel by property type 11% 7% 21% by performance by LTV ranges 1) 60-80% Other 14% 6% 44% > 80% Office 99% Performing 80% < 60% 38 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages
40 German credit portfolio Total volume outstanding as at : 4.1 bn by product type by property type Developments 6% 1% Other Shopping Centre 6% 10% Other Hotel 9% 93% Investment finance Logistics 11% 11% Office 53% Residential by performance by LTV ranges 1) NPLs 6% > 80% 13% 60-80% 15% 94% Performing 72% < 60% 39 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages
41 Southern Europe credit portfolio Total volume outstanding as at : 4.0 bn by product type by property type Other Other Developments 23% 4% Hotel 8% 12% 37% Office Residential portfolios 10% 73% Investment finance Retail / Shopping Centre 33% NPLs by performance by LTV ranges 1) 60-80% 4% 4% 9% > 80% 96% Performing 87% < 60% 40 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages
42 Eastern Europe credit portfolio Total volume outstanding as at : 3.1 bn Developments by product type 4% 0% Other Logistics Hotel 25% by property type 11% 1% 32% Other Retail / Shopping Centre 96% Investment finance 31% Office by performance by LTV ranges 1) NPLs 60-80% > 80% 3% 14% 5% 97% Performing 81% < 60% 41 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages
43 North America credit portfolio Total volume outstanding as at : 3.0 bn by product type by property type Developments Other 10% 9% Other Residential portfolios 8% 7% 33% Hotel 81% Investment finance Retail / Shopping Centre 25% 27% Office NPLs by performance by LTV ranges 1) 60-80% 4% 2% 10% > 80% 96% Performing 88% < 60% 42 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages
44 Northern Europe credit portfolio Total volume outstanding as at : 2.8 bn by product type by property type Developments 9% 0% Other Residential portfolios Hotel 6% 4% 10% Other 35% Office Logistics 15% 91% Investment finance 30% Retail / Shopping Centre by performance by LTV ranges 1) NPLs > 80% 3% 60-80% 15% 10% 97% Performing 75% < 60% 43 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages
45 Asia credit portfolio Total volume outstanding as at : 1.1 bn by product type by property type Developments 10% Retail / Shopping Centre 3% 11% Logistics 90% Investment - / Share finance Hotel 24% 62% Office by performance by LTV ranges 1) NPLs 0% 60-80% 9% 4% > 80% 100% Performing 87% < 60% 44 1) Chinese portfolio includes other collateral than mortgages. Rest of Asia: mortgage collateralised performing business only; value does not take into account any collateral other than mortgages.
46 Revaluation reserve: Change mainly driven by asset spreads mn Q ) Figures adapted 45 1)
47 From asset to risk weighted asset (RWA): Essential factors affecting volume of RWA Effective date 31/03/2010 RWA Aareal Group 1) 21.5 bn + RWA RE Structured Finance 17.4 bn RWA Others 4.1 bn RWA Loans outstanding 16.8 bn x Loans outstanding 20.3 bn Multiplier Undrawn loans RWA 1.3 bn Undrawn volume x 0.6 bn Multiplier Corporate (non-core RE portfolio) 1.7 bn Retail 0.1 bn Sovereign 0.0 bn 2) Banks 0.8 bn x x Loans outstanding in loan currency FX Undrawn loans in loan currency FX Financial interest 0.3 bn Investment shares 0.0 bn 3) Others (tangible assets etc.) 0.2 bn Securitisation (ABS Investments) 0.1 bn Operational Risk 0.9 bn Total loan volume drawn as per effective date Depending on: type of collateral, geographic location of mortgaged properties, arrears, type of loan Total loan volume available to be drawn as per effective date Depending on: type of collateral geographic location of mortgaged properties, arrears, type of loan 46 1) Excl. of market risk 2) Exposure to sovereign governments amounts to 11 mn 3) Exposure to investment shares amounts to 26 mn
48 Appendix Group figures Q Asset quality SoFFin measures
49 SoFFin support measures: Key terms Silent participation Volume: 525 mn in one tranche Coupon: 9% (tax deductible) Term: perpetual Redemption: at nominal value Fully recognised as Tier 1 capital Call rights: by Aareal Bank only, acc. to para. 10,4,3 German Banking Law No dividend payments during 2009 and 2010 for preceding years Additional remuneration: coupon increases on a pro rata basis by 0.5 pp for each 0.25 DpS Subordination in case of liquidation and insolvency: junior to existing and future Tier 2 instruments (incl. Genussrechte / -scheine) and other debt; pari passu with existing tier 1 hybrids and future tier 1 hybrid offerings; senior to shareholders Loss sharing: pari passu with all other instruments with loss participation; no dividend payment until full compensation of shared losses Government guarantee facility Volume: 4 bn Term: 36 months Guaranteed obligations: bearer bonds Drawdown period: until Commitment fee: 10 bp (for undrawn guarantee) Drawdown fee: 12 months: 50 bp p.a. > 12 months: 94.8 bp p.a. 48
50 As a fundamentally sound bank, consequences from SoFFin measures are manageable 1) Aareal Bank profile unchanged Interest payments manageable Conditions market standard Exit determined by Aareal Bank Aareal Bank s business model will remain unchanged No state influence on current business model and corporate governance Fundamentally sound bank; no request for restructuring plan expected Holding remains anchor investor and retains its current shares Voting agreement in order to maintain Aareal Holding s blocking minority to be concluded Interest payments on silent participation are economically reasonable Economic costs roughly equal the dividend payments 2007 Flexible funding at attractive costs compared to senior unsecured Aareal Bank has agreed to pay no dividend during 2009 and 2010 Cash compensation for management board is capped in 2009 and 2010 No further conditions exceeding German Financial Market Stabilisation Act Aareal Bank committed to repaying silent participation midterm, given sound capitalisation Aareal Bank can determine the date of repayment (BaFin approval required) Aareal Bank has a variety of options to repay the silent participation 1) Subject to standard EU Commission proceedings 49
51 Definitions and contacts
52 Definitions Property Financing Portfolio Paid-out financings on balance sheet Incl. remaining property loans on DEPFA books New Business Newly acquired business incl. renewals (excl. interest rate extensions) Contract is signed by costumer Fixed loan value and margin Net RoE = Group net income after minority interests Allocated (average) equity Allocated Equity Average of: Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin) start of period less dividends and Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin) end of period less expected dividends CIR = Admin expenses Net income Net Income net interest income +net commission income + net result from hedge accounting + net trading income + results from non-trading assets + results from investments accounted for at equity + results from investment properties + net other operating income 51
53 Contacts Jürgen Junginger Managing Director Investor Relations Phone: Alexandra Beust Director Investor Relations Phone: Sebastian Götzken Senior Manager Investor Relations Phone:
54 Disclaimer 2010 Aareal Bank AG. All rights reserved. This document has been prepared by Aareal Bank AG, exclusively for the purposes of a corporate presentation by Aareal Bank AG. The presentation is intended for professional and institutional customers only. It must not be modified or disclosed to third parties without the explicit permission of Aareal Bank AG. Any persons who may come into possession of this information and these documents must inform themselves of the relevant legal provisions applicable to the receipt and disclosure of such information, and must comply with such provisions. This presentation may not be distributed in or into any jurisdiction where such distribution would be restricted by law. This presentation is provided for general information purposes only. It does not constitute an offer to enter into a contract on the provision of advisory services or an offer to purchase securities. Aareal Bank AG has merely compiled the information on which this document is based from sources considered to be reliable without, however, having verified it. Therefore, Aareal Bank AG does not give any warranty, and makes no representation as to the completeness or correctness of any information or opinion contained herein. Aareal Bank AG accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. This presentation may contain forward-looking statements of future expectations and other forward-looking statements or trend information that are based on current plans, views and/or assumptions and subject to known and unknown risks and uncertainties, most of them being difficult to predict and generally beyond Aareal Bank AG s control. This could lead to material differences between the actual future results, performance and/or events and those expressed or implied by such statements. Aareal Bank AG assumes no obligation to update any forward-looking statement or any other information contained herein. 53
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