VONOVIA SE

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Vonovia : Analysten- und Investorenpräsentation 9M 2021 (englisch) Vonovia 9M-Roadshow

11/18/2021 | 05:02am

9M 2021

Earnings Call Presentation (pages 2-22) & Investor Presentation (pages 23-47)

November 4, 2021

Agenda

1.

9M 2021 Results & Business Update pages 2-22

See Page Finder on page 76 for detailed index

Nov 4, 2021

2

Agenda 9M 2021 Results and Business Update

4

Highlights

5

Deutsche Wohnen Transaction Update & Impact on 9M Financials

6-12

Segment Results

13-14

Valuation

15

EPRA NTA & NRV

16-18

LTV & Capital Structure

19

Two Agreements with Aggregate Holdings

20

Sustainability Performance Index (SPI)

21

Vonovia Stand-alone Guidance 2021

22

Wrap-up

Nov 4, 2021

9M 2021 Earnings Call & Investor Presentation

3

Highlights

  • Operating business continues to perform fully in line with expectations.
  • Market fundamentals remain highly favorable.
  • Continued focus on managing the residential megatrends with a view towards sustainability and adequate stakeholder reconciliation.

Total Segment Revenue €3,517m (+9.5% y-o-y).

Financial

Adj. EBITDA Total €1,540.9m (+7.6% y-o-y).

Performance

Group FFO €1,147.3m (+12.9%) and €1.99 per

eop share (+10.8% y-o-y).

€1.6bn (+2.6% l-f-l) value growth in Q3 (VNA

stand-alone).

€1.8bn - €2.6bn (2.8%-4.0%) value growth

Valuation

estimated for Q4 (VNA stand-alone).

EPRA NTA €70.26 per share (+12% ytd).1

EPRA NTA €60.44 per share excluding purchaser's

costs (+6.7% ytd).1

Capital

Structure

2021E

Guidance

Deutsche

Wohnen

1.

9M 2021 Results

  • 45.3% LTV incl. the perpetual hybrid and 14.0x Net debt/EBITDA multiple2 as of Sep. 30, 2021
    (excl. €10.5bn payment obligations for DWNI shares transferred after Sep. 30, 2021).1
  • Pro forma LTV below 45% when adjusted to reflect (i) €10.5bn payment obligations as of Sep 30, (ii) ca. €8bn3 rights issue, (iii) Berlin disposals and (iv) Q4 valuation estimate.
  • Vonovia-stand-aloneguidance (excl. contributions from Deutsche Wohnen)
    • Adj. EBITDA Total increased to around the upper end of the €2,055m - €2,105m range;
    • Group FFO increased to €1,520m - €1,540m.
  • Vonovia now owns 87.6% of voting rights.
  • Announced changes to Vonovia Management Board expected in Jan 2022.
  • Integration project kicked off.
  • Ca. €8bn rights issue as early as second half of
    November, subject to market conditions.3

1 Incl. Deutsche Wohnen on a fully consolidated basis as per Sep 30, 2021. This is based on 37.6% of shares (fully diluted) already paid and excluding €10.5bn payment obligations outstanding as of the end of Q3. 2 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effects. 3 Any transaction would require, inter alia, approval by the Vonovia management board and supervisory board as well as a prospectus by BaFin.

Nov 4, 2021

9M 2021 Earnings Call & Investor Presentation

4

Deutsche Wohnen

Transaction Update and Impact on Vonovia 9M Financials

Transaction update

Impact on Vonovia's financials

  • Voluntary takeover offer successfully completed with 87.6% of voting rights now held by Vonovia.
  • Deutsche Wohnen to remain a listed entity for now.
  • As previously announced, the following changes to the Vonovia Management Board are expected for Jan. 2022.
    • Helene von Roeder to assume new responsibilities within Vonovia Management Board (innovation and digitalization);
    • Michael Zahn to become Deputy CEO;
    • Philip Grosse to become CFO.
  • Integration project already kicked off.
  • Synergy target of €105m EBITDA confirmed; full run rate by 2024.
  • DWNI fully consolidated under IFRS balance sheet as of Sep. 30, 2021 ("Anticipated Acquisition Method").1 No impact on 9M Segment EBITDAs.
  • At the end of Q3, 37.6% of the shares (fully diluted) were already paid, and the remaining purchase price of €10.5bn was booked as a payment obligation (i.e. not included in the reported LTV).
  • 9M Group FFO includes at-equity contribution of €25.6m from DWNI
    (two months of Q3 FFO at a weighted average stake of 29.8%).
  • Until the integration of DWNI into Vonovia, DWNI will be reported as a separate segment.
  • FY2021 results will be including
    • DWNI at-equity contribution for 2 months (+€25.6m);
    • Q4 DWNI FFO;
    • transaction-relatedfinancing cost (-€20.5m).
  • The guidance on page 21 is Vonovia stand-alone and does not include DWNI contributions.

1 The Anticipated Acquisition Method assumes an acquisition of 100% of Deutsche Wohnen, and the purchase price allocation/calculation of goodwill is only provisional.

Nov 4, 2021

9M 2021 Earnings Call & Investor Presentation

5

Um den Rest dieser Noodl zu lesen, rufen Sie bitte die Originalversion auf, und zwar hier.

Disclaimer

Vonovia SE published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 10:01:06 UTC.

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