Hamborner Reit Ag · XETR:HABA
Hamborner Reit — FY2012 Earnings Presentation
26 slides from Hamborner Reit's earnings presentation, Mar 27, 2013
Slide 1: Press Conference 2013
Press Conference 2013 Frankfurt am Main, 27 March 2013
Slide 2: Significant key figures 2012
Significant key figures 2012 Key figures 2012 2011 Change Rental revenues € 37.0 million € 32.2 million + 15 % Operating result € 17.5 million € 14.9 million + 18 % Net profit for the year € 7.7 million € 7.9 million ‐2% REIT equity ratio 60.3 % 55.7 % + 4.6 %‐points Loan to Value (LTV) 34.2 % 39.1
Slide 3: Financial year 2012
Financial year 2012 → Positive operational business development → 15 % increase in rents (“like for like”+ 0.7 %) → Vacancy rate 1.9 % (including income from rent guarantees 1.7 %) → Active asset management → Transfer of ownership of three objects with a volume of approx. € 75 million: Objects in Aa
Slide 4: Profit and loss account according to IFRS
Profit and loss account according to IFRS in T € 2012 2011 Net rental income 33,229 28,244 Administrative expenditure ‐993 ‐919 Personnel costs ‐2,868 ‐2,838 Depreciations ‐12,287 ‐10,523 Other operating income 1,345 1,769 Other operating expenses ‐917 ‐845 Operating results 17,509 14,888 Result fro
Slide 5: Portfolio value and overhead cost margin
Portfoliovalue and overhead cost margin 700 40% 600 580 504 30% 500 400 376 273 308 20% 300 281 186 200 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 Portfoliovalue Overhead cost margin Company presentation, 27 March 2013 5
Slide 6: TOP 10 Tenants Creditworthy tenants
TOP 10 Tenants Creditworthy tenants Top 10 tenants (31 December 2012, % of annual rent*) Tenant Sector EDEKA Discount food retail 17.4% Kaufland Group Discount food retail 11.6% OBI Retail (DIY) 7.0% AREVA Power & Utilities 2.5% SFC Energy Industrials/Energy 2.3% Telefonica O2 Telecommunication 2.0%
Slide 7: Rental agreements
Rental agreements More than 70% of the contractual rental income first expires in 2017 and later. Share of rental agreement 72% Ø Remaining terms of rental expiries in entire portfolio agreements according to type of properties 10,4 10.7 Jahre years 2017 and later 6,1 8.2 Jahre years 7,1 7.2 Jahre y
Slide 8: FFO
FFO in € thousand 31.12.2012 31.12.2011 Income from rents and leases 36,993 32,160 Income from passed‐on incidential costs to tenants 3,416 3,247 Real estate operating expenses ‐5,076 ‐4,598 Property and building maintenance ‐2,104 ‐2,565 FFO absolut Net rental income 33,229 28,244 ‐ Administrative
Slide 9: Portfolio development Fair value of the portfolio
Portfolio development Fair value of the portfolio Revaluation Purchases + € 0.7 million Portfolio value + € 79.9 million € 579.5 million Portfolio value € 504.4 million Sales ‐ € 5.5 million 31.12.2011 31.12.2012 Company presentation, 27 March 2013 9
Slide 10: Net asset value (NAV) in accordance with EPRA
Net asset value (NAV) in accordance with EPRA Discount of the XETRA‐closing price to the NAV = 8.4 % (31.12.2012) 8.17 € NAV calculation 31.12.2012 31.12.2011 in thousand € in thousand € ‐8.4% 7.48 € Non‐current assets 511 436 + Current assets 30 26 ‐ Non‐current liabilities and provisions ‐235 ‐220
Slide 11: Balance sheet in accordance with IFRS
Balance sheet in accordance with IFRS in € million 31.12.2012 31.12.2011 ASSETS Non‐current assets 511.3 435.6 Investment Properties 510.8 435.2 Other 0.5 0.4 Current assets 30.1 26.9 Trade receivables and other assets 0.8 2.7 Bank deposits and cahs‐balances 29.3 18.7 Non‐current assets held for sal
Slide 12: Stable and predictable cost of debt
Stable and predictable cost of debt Expiration of fixed interest rates (per 31 December 2012) 30% 28% 6,0% → Financial debt: € 230.7 million → Liquid funds: € 29.3 million 25% 23% 5,0% 20% 4,0% → Average maturity of fixed interest 17% 17% rates: 7.9 years 15% 3,0% 11% → Average cost of debt: 4.4% 10
Slide 13: FFO per share as key component for controlling
FFO per share as key component for controlling Income from rents and Number of shares leases in million in € million +88% +100% 37.0 45.49 32.2 22.5 25.0 34.12 19.7 22.77 22.77 22.77 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 FFO FFO per share in € million in € +11% +122% 18.9 0.47 16.0 0.42
Slide 14: Conclusion and outlook
Conclusion and outlook 1. Conclusion Successful business year 2012 Positive development of all operational figures Capital increase as base for further growth Portfolio 31.12.2012 value approx. € 580 million 2. Outlook Further increase of rental income in 2013 expected (+ 20 %) Further c
Slide 15: Dividend proposal to the AGM
Dividend proposal to the AGM 40 Cent dividend per share 0,45 € Dividend‐proposal 0,40 € AGM 07 May 2013 0,35 € Return on dividend 5.3% corresponding 0,30 € to share price at 31.12.2012 0,25 € 0,20 € 0,15 € 0,10 € 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 Dividend Bonus Div
Slide 16: Strategy
Strategy Value‐creating growth through continuous expansion of portfolio Strategic prime objectives: Measures: Yield‐oriented expansion of existing Improving cost‐yield structures commercial property portfolio through buying larger properties and selling smaller properties Retention of the inves
Slide 17: Development of the portfolio on object level
Development of the portfolio on object level Strategy : Improving cost‐yield structures through buying larger properties Portfolio: object value 2006 Portfolio: object value 2012 4% 14% 23% < 3< Mio € 10% < 3< Mio € € 3 million € 3 million 3‐5 Miomillion € 3‐5 € 3‐5 Miomillion € 3‐5 € 5‐10 Miomillio
Slide 18: Balanced portfolio with 100% German focus
Balanced portfolio with 100% German focus Geographical portfolio spread Diversification of asset types (per 31. Dec 2012) Portfolio until 2009 Schleswig‐ → 69 properties in 53 cities in Germany, focus on West and Mecklenburg‐ Transferred after 2010 Holstein Western Pomerania Contract signed, South B
Slide 19: Development of the HAMBORNER portfolio value
Development of the HAMBORNER portfolio value Change of strategy e Company presentation, 27 March 2013 19
Slide 20: Investments – transfer of possession in 2012
Investments – transfer of possession in 2012 Aachen, Tübingen, E‐Center Karlsruhe, Debyestraße 20 (rebuilding in 2013) Rüppurrer Straße Built 2012 1977/89 2002 Main Tenant OBI EDEKA (as yet Marktkauf, from 2013 E‐Center) EDEKA, Brandmaker Leased Area approx. 11,400 sqm approx. 13,000 sqm approx. 15,
Slide 21: Investments – transfer of possession 2013
Investments – transfer of possession 2013 Munich, Berlin, EUREF – Hamburg, OBI NuOffice Torgauer Straße Sander Damm (under construction) Built 2012 2012/2013 2013 Esteé Lauder, McLaren, Armani, Schneider Electric GmbH, Arcadis,... OBI Main Tenant Milon… Leased Area approx. 12,000 sqm approx. 12,700
Slide 22: Growing market capitalization and increasing free float…
Growing market capitalization and increasing free float… Overview events Historic market cap (€ million) → 2007: Start of new strategy → 2010: Achievement of G‐REIT status and change of company name to HAMBORNER REIT AG → October 2010: Successful Capital Increase – net proceeds of approx. € 76 milli
Slide 23: … resulting in increased liquidity
… resulting in increased liquidity Share price development 2012 until now Average turnover per day since 2009 (# shares) 4.000 8,00 € 3.000 7,50 € 2.000 7,00 € 1.000 6,50 € Remarks → Share price performance 2012: 0 6,00 € Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb → HAMBORNER: 17% 12 12
Slide 24: Financial Calendar 2013
Financial Calendar 2013 HAMBORNER REIT AG Annual report for 2012 27 March 2013 Interim report for 1st quarter 2013 6 May 2013 Annual general meeting 2013 7 May 2013 Interim report for 1st half 2013 8 August 2013 Interim report for 3rd quarter 2013 12 November 2013 Many thanks for your attention! Com
Slide 25: Contact
Contact Dr. Rüdiger Mrotzek ‐ Vorstand T +49 (0)203 / 54405‐55 M [email protected] Hans Richard Schmitz ‐ Vorstand T +49 (0)203 / 54405‐21 M [email protected] Sybille Schlinge ‐ Investor Relations T +49 (0)203 / 54405‐32 M [email protected] Company presentation, 27 March 2013 25
Slide 26: Disclaimer
Disclaimer This presentation was exclusively prepared for the addresses specified on the title page and/or the participants at the mentioned event. The information in this presentation is based on both public information and documents as well as information which was made available to HAMBORNER REIT