VONOVIA SE Q1 2021 Earnings Call Presentation (pages 2-21) & Investor Presentation (pages 22-83)
May, 2021
Agenda
1. Q1 2021 Results | 2. Investor Presentation | 3. Additional Information |
1 | 2 | 3 | ||
Q1 2021 | Investor | Additional | ||
Results | Presentation | Information | ||
pages 2-21 | pages 22-49 | pages 50-83 | ||
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Q1 2021 Earnings Call & Investor Presentation | page 2 |
Agenda Q1 2021 Results
1. Q1 2021 Results2. Investor Presentation3. Additional Information
4 | Highlights |
5-12 | Segment Results |
13-14 | NTA & NRV and H1 Valuation Outlook |
15-16 | LTV & Financing |
17 | Sweden - Integration of Hembla |
18 | Berlin |
19 | Sustainability Update |
20 | Guidance 2021 |
21 | Wrap-up |
Q1 2021 Earnings Call & Investor Presentation | page 3 |
Highlights
1. Q1 2021 Results2. Investor Presentation3. Additional Information
Good Start | Off to a good start with operating business and fundamentals fully intact. | |
Business model continues to be highly resilient in spite of ongoing COVID-19 implications. | ||
into 2021 | ||
Continued focus on adequate stakeholder reconciliation. | ||
Total Segment Revenue €1,145.5m (+14.7%). | ||
Performance | Adj. EBITDA Total €506.1m (+11.0%). | |
Group FFO €382.9m (+14.1%) and €0.68 per eop share (+9.4%). | ||
"Brick and mortar" EPRA NTA €63.22 per share (+0.8% ytd). | ||
NTA, NRV | "Beyond the bricks" EPRA NRV €77.59 per share (+0.5% ytd). | |
Next valuation as per June 30 is estimated to lead to a total fair value growth between €3.5bn and | ||
& | ||
€4.5bn for the ca. three quarters of the portfolio being revalued. | ||
Valuation | ||
While there is ongoing yield compression in all of our markets, we observe less in major locations | ||
where yields have already compressed the most (e.g. Munich, Berlin). | ||
Capital | LTV 39.1% (-30bpsytd) and 40.8% incl. the perpetual hybrid. | |
Net debt/EBITDA multiple 12.0x (-30bpsytd). | ||
Structure | ||
Latest issuance: €600m green bond with 10-year maturity and 0.625% coupon. | ||
Hembla | Victoria Park and Hembla successfully integrated; full €30m synergies in 2021 with additional synergies | |
starting 2022 | ||
Integration | ||
One single system and scalable operating platform for future growth | ||
Legal certainty that a federal state cannot pass its own rental legislation, and that responsibility for rental | ||
law lies exclusively with the federal government. | ||
However, the broader picture for Berlin remains very challenging as this ruling comes at a critical time. | ||
Berlin | New Mietspiegel: City of Berlin is expected to publish a new Mietspiegel as early as May 2021. In light of | |
the unavailability of market rents due to the Rent Freeze this will most likely be an "indexation" of the | ||
2019 Mietspiegel, with the 2019 levels adjusted based on income growth. The growth potential on that | ||
basis is estimated to be slightly more than 1%. | ||
Q1 2021 Earnings Call & Investor Presentation | page 4 |
Segment Overview
Largely Unchanged Portfolio Delivers Revenue, EBITDA, and FFO Growth
1. Q1 2021 Results | 2. Investor Presentation | 3. Additional Information | ||
On the basis of a stable portfolio volume y-o-y, Vonovia delivered top- and bottom-line growth with Total Segment Revenue up 14.7%, Adj. EBITDA Rental up 5.8%, Adj. EBITDA Total up 11.0%, and Group FFO up 14.1% (9.4% per share).
€m (unless indicated otherwise) | Q1 2021 | Q1 2020 | Delta | Adj. EBITDA Total (€m) | |
Total Segment Revenue | 1,145.5 | 998.8 | 14.7% | 11.0% | |
Adj. EBITDA Rental | 403.1 | 381.1 | 5.8% | 506.1 | |
Adj. EBITDA Value-add | 45.8 | 37.2 | 23.1% | 456.1 | |
Adj. EBITDA Recurring Sales | 47.1 | 26.4 | 78.4% | ||
Adj. EBITDA Development1 | 10.1 | 11.4 | -11.4% | ||
Adj. EBITDA Total | 506.1 | 456.1 | 11.0% | ||
FFO interest expenses | -85.8 | -90.1 | -4.8% | ||
Current income taxes FFO | -20.3 | -11.8 | 72.0% | ||
Consolidation2 | -17.1 | -18.7 | -8.6% | 415 | 415 |
Group FFO | 382.9 | 335.5 | 14.1% | ||
of which Vonovia shareholders | 368.4 | 321.5 | 14.6% | ||
of which hybrid investors | 10.0 | 10.0 | 0.0% | ||
of which non-controlling interests | 4.5 | 4.0 | 12.5% | Q1 2021 | Q1 2020 |
Development | |||||
Number of shares (eop) | 565.9 | 542.3 | 4.4% | Recurring Sales | |
Value-add | |||||
Group FFO per share (eop NOSH) | 0.68 | 0.62 | 9.4% | Rental | |
Group FFO per share (avg. NOSH) | 0.68 | 0.62 | 9.4% | Residential units (`000)3 | |
1 Excl. €0.0m (Q1 2020: €0.2m) capitalized interest. 2 Consolidation in Q1 2021 (Q1 2020) comprised intragroup profits of €7.0m (€7.1m), gross profit of development to hold of €2.4m (€4.3m), and IFRS 16 effects of €7.7m (€7.3m). 3 Quarterly average.
Q1 2021 Earnings Call & Investor Presentation | page 5 |
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Vonovia SE published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 09:31:02 UTC.
