UBM Development AG Real Estate Developer of European Scale

Transcription

1 UBM Development AG Real Estate Developer of European Scale Company Presentation Full Year 2015 April 25, 2016

2 Disclaimer This presentation was prepared by UBM Development AG ( the Company ; UBM ) solely for use at investors meetings and is furnished to you solely for informational purposes. This presentation dates as of The facts and information contained herein might be subject to revision in the future. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting. This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Wherever external source are quoted in this presentation, such external information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes", "expects", "predicts", "intends", "projects", plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements. By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company s business. 2

3 Highlights: Full Year 2015

4 HIGHLIGHTS FULL YEAR 2015 Financials I : Significant increase of total output and EBT Total output Total output rose 2015 to mn, i.e % (YoY 2 ) Result EBT: 50.3 mn, i.e % (YoY 2 ) Total output FY 2014 FY 2015 EBT Development 2015 FY 2014 Q H Q GFJ ,7 593,3 25,2 8 15,3 24,2 50,2 FY 2014 FY 2015 FY 2014 Q H Q GFJ as of

5 HIGHLIGHTS FULL YEAR 2015 Financials II 1 Key financial indicators in mn Total assets 1, Equity Equity Ratio 28.0% 23.9% Return on equity 15.1% 13.9% Return on investment 6.8% 5.7% Net debt Income Statement in mn Total output Revenue EBITDA EBIT EBT Net profit

6 HIGHLIGHTS FULL YEAR 2015 Financials III 1 Cash Flow Statement in mn Operating cash flow 48,042 15,310 Cashflow from operating activities 14,448-25,788 Cashflow from investing activities -3,091-65,797 Cashflow from financing activities 35,571 72,290 Cash and Cash equivalents ,744 40,309 Share figures Number of shares 7, ,000,000 Closing price of share (in ) Earnings per share (in ) Dividende per share (in ) Market capitalization at proposition to the general meeting on

7 HIGHLIGHTS FULL YEAR 2015 Dividend : UBM attractive dividend yield 4,3% 1 Dividend in comparison 3 UBM Dividend Development Dividend in EUR Yield in % 4,3 + 28% 3,83 3,18 3,6 2,49 2 1,60 0,69 0,50 0,35 0,00 0,30 0 1,60 0,55 0,62 1, * Dividend expections (source: finanzen.net); 1 as of (share price: 36,49); current dividend yield at share price (34,17) Rendite: 4,6%; 2 Proposition to the annual general meeting ; 3 source: bloomberg, finanzen.net 7

8 HIGHLIGHTS FULL YEAR 2015 UBM on the Vienna Stock Exchange Strengthened capital market focus Change to the Standard Market Continuous Segment of the Vienna Stock Exchange Attractive Dividend development: Plus 28% (1,60 per share * ) Increase of trade volume on the Vienna Stock Exchange 2014 to around 1000% in

9 HIGHLIGHTS FULL YEAR 2015 UBM Capital market strategy Increased Investor Relations focus Roadshow 2015: 36 Days 206 Investors 153 Investmenthouses Capital Increase April 2015 achieved successfully Increase of free float over 50%, internationalisation of shareholder structure Capital increase: Institutional Investors % % % % % Shares: % 10.54% % DE CH AT GB Other Syndicat (Ortner&Strauss) Management & Supervisory Free Float 9

10 HIGHLIGHTS FULL YEAR 2015 UBM Portfolio Overview: An attractive mix * Portfolio-Structure Portfolio-Share: Asset Class UBM Development AG holds a total portfolio of circa 1.21 bn. 53% Standing Assets 39% in Development 8% Land Bank (Green field) The biggest share of the total portfolio of UBM is found in Austria (43.4%), followed by Germany (24.0%) and Poland (22.6%). In Other (10%) can be found CZ, HU, RO, SK and NL 7,75% 17,13% 34,20% 19,74% 21,19% Office Residential Hotel Other Land Bank Portfolio-Bridge ( bn) 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0, Standing Assets in Development Land Bank Property Portfolio * as of

11 HIGHLIGHTS FULL YEAR : Total Output 1 Total output amounts to 593,3 mn, 32,6% were generated inland and 67,4% abroad Regions Asset Class FY 2014 FY 2015 FY 2014 FY ,0 200,0 150,0 100,0 50,0 0,0 193,6 208,9 146,8 89,4 79,5 54,5 111,4 52,1 200,0 180,0 160,0 140,0 120,0 100,0 80,0 60,0 40,0 20,0 0,0 17,1 16,6 198,5 142,3 86,3 90,3 58,7 90,2 72,1 74,9 73,7 15,3 1 as of Total output includes: Revenues and revenues from at equity and associated companies as well as performance oriented communities 11

12 HIGHLIGHTS FULL YEAR 2015 Portfolio-Reduction 2015/2016 launched successfully realized net cash-in ~ 170 mn Portfolio - Reduction in 2015 Objekte 2 Asset La nd Signed IQ Salzburg Office AT P P GKB Hotel Graz Hotel AT P P GKB Center Graz Office AT P P Reha Zentrum Münster Other AT P P Radisson Blu, Worclaw Hotel PL P P Closed Ramada Tivoli Innsbruck Hotel AT P P Sales price Hotel Andels Berlin Hotel DE P P Twin Yards Munich Office DE P P Trikot Office Munich* Office DE P Pending Arena Boulevard Berlin Office DE P P Wohnen am Residential DE P P Alexanderplatz Berlin Rathausviertel Guntramsdorf Office AT P P Motorway M6 Other HU P P 1 in development; sales prices may vary due to increasing rent income; 2 excl. sales of minor importance 12

13 Company Overview

14 COMPANY OVERVIEW UBM at a glance Strategy of UBM UBM Home markets and locations Diversification Balancing of market volatility by investing in several regions and asset classes Focus 3 Homemarkets: Austria, Germany, Poland 3 Asset classes: Residential, Office, Hotel Technical expertise Benchmark in architecture, planning and realization Network Experienced management with strong network for developments, financing and transactions Continuous product development and sale along the cash re-investment cycle: Consistent cycle speed and high deal flow mitigates business model risk UBM Office in the capital cities UBM Offices in urban dynamic cities 14

15 COMPANY OVERVIEW Milestones in UBM s history 1873: UBM listed on Vienna Stock Exchange : UBM enters CZ, PL and GER 2000: S+P founded, asset-light approach : UBM enters opportunistic markets with hotels (FR, NL) 2015/2016: Successful capital increase April 2015 Realization of synergies New strategy: divestment of asset management portfolio Clear dividend policy 1990: Transformation from realestate company to trade developer 2014/2015: Spin off and Merger Independent developer 2016/2017: Pure-play developer Portfolio reduction completed Goal: Prime Market at Vienna Stock Exchange Free Float 40.8 % 15 4/27/2016

16 COMPANY OVERVIEW Management Board of UBM >40 years of industry experience and group tenure >21 years of industry experience >30 years of industry experience Responsibility for: Accounting, Controlling, Audit, Tax, Compliance Heribert Smolé, CFO Responsibility for: Asset Management, Transaction, Marketing, Legal Michael Wurzinger, COO Responsibility for: Strategy, Communication, IR, Internal Audit, Risk - Management, HR, Integration Karl Bier, CEO >24 years of industry experience Responsibility for: Development in Austria, Southeastern Europe, IT, QM >10 years of industry experience Responsibility for: Development in Germany, Poland, Czech Rep., Western Europe, Hotel Management Claus Stadler, COO Martin Löcker, COO 16

17 Strategy and added value

18 Market attractiveness STRATEGY AND ADDED VALUE Strategy: Assets and Regions Portfolio share: Assets* Geographies: Targeting European metropolitan regions with high growth dynamics 7,75% Office Follow the customer" Focus on Growth 17,13% 19,74% 34,20% 21,19% Residential Hotel Other Land Bank European metropolitan regions with growth potential Focus on hotel Successful examples: Amsterdam, Paris Top metropolitan areas in Germany, such as Frankfurt, Berlin, Munich, Hamburg, Stuttgart, Cologne, and Düsseldorf plus Vienna, Warsaw, Krakow Focus on Residential: strong growth DE and AT, Expansion also to PL Hotel: Intensifying the engagement in urban cities in DE and PL Office: Expending the presence in the home markets constant: 90% of projects in the home markets, 67,4% in DE and AT No coverage Market experience Strengthen the Core Other large cities in core markets such as Graz, Salzburg (AT), Wroclaw (PL) Deepen basis *

19 STRATEGY AND ADDED VALUE Value chain of a real estate developer Development process broken down into key steps Added value potential of UBM In the current market climat an early exit is possible without any significant discounts Finalized project Marketing of property Planning Premarketing of property General Contracting Constru ction Developed Plot Development of Green field Rezoning Green Field 19

20 Portfolio Standing Assets and Development

21 PORTFOLIO UBM: Hotelsegment Longterm experience in Hotel development UBM hotel share - total portfolio (in %) Technical Hotel expertise since 25 years 7,75% Completion of first hotel in Poland (1991) Office Since 1991 UBM developed 43 hotels, around 8800 rooms Since 2000 the asset class Hotel is a vital part of UBM strategy 17,13% 19,74% 34,20% 21,19% Residential Hotel Other Land Bank 17 hotels are currently owned 2 by UBM, around 3800 rooms Hotel Pipeline until hotels ca rooms; 4 countries - in construction hotels/ca rooms - in development hotels/ca rooms 1 as of ; 2 incl. leased objects, objects with lease financing 21

22 Hotel Residential PORTFOLIO Examples project pipeline (1/3) Central Living, Frankfurt Land area 3,643 m² 78 units Hohenzollerndamm, Berliving, Berlin GFA 16,769 m² 136 units Rosenhügel, Vienna Land area 15,168 m² 205 units Completion Q Completion completion Q Q Gateway Gardens, Frankfurt Category: 3-4* Rooms: 288 Completion Q Hyatt Regency, Amsterdam Category: 5* Rooms: 211 Completion Q Holiday Inn City Centre, Warsaw Category: 4* Room: ca. 255 Completion Q Hotels in Hamburg + 1 Hotelextension in Munich + 1 Hotel in Mainz + 1 Hotel in Gdansk 22

23 PORTFOLIO Examples project pipeline (2/3) Office Zalando Headquarter, Berlin Land area: 50,000 m² Employees: 2,500 Completion: Q Leuchtenbergring, Munich Land area: 9,190 m² GFA above ground: 12,453 m² Completion: 04/2017 Poleczki Business Park, Warsaw Poleczki B2: GFA above ground 9,600 m², under construction Poleczki B3: GFA above ground 9,600 m², Completion: 04/2017 Poleczki C2: GFA. 14,600 m², Completion: 06/20180 Friedrichshain/ Kreuzberg, Berlin Leuchtenbergring 20, Munich ul. Poleczki 35, Warsaw

24 PORTFOLIO Example project pipeline City development (3/3) Quartier Belvedere Central, Vienna central station 7 construction fields m² GFA QBC 6 Living QBC 4 (already sold) Office, restaurants Ancor tenant: BDO Austria GmbH Completion 2017 Sales volume: 35,7 mn Appartments: 135 Start: 2015 Completion: 2017 QBC 5 Hotel Accor / Ibis (3*) and Novotel (4*) Start 06/2015 Completion

25 PORTFOLIO UBM in Austria: Full year 2015 UBM Portfolio-share in Austria UBM in Austria 10% Austria (43,4 %) Portfolio book value: 527,2 mn 23% 43% Germany (24,00 %) Poland (22,60 % Focus asset classes: Residential, Office, Hotel Cities: Vienna, Graz, Salzburg, Innsbruck 24% Other (10,0 %) Austria: General Data Overview Real estate market 1 FY 2015 Investment Value: 3,8 bn in 2015 Investors: For the first time in 10 years the percentage of foreign capital in the regional marekts succeded the 50% mark share was at 65%. Economic environment Growht Rate: 0,7% (January 2015) Inflation: HPVI: 0,9% (January 2015) Unemployment rate: 6,0% (February 2016) 25

26 PORTFOLIO UBM in Germany: Full year 2015 UBM Portfolio-share in Germany UBM in Germany 10% Germany (24,00 %) Portfolio book value: 291,6 mn 23% 24% 43% Austria (43,4 %) Poland (22,6 %) Focus asset classes: Hotel, Office, Residential Cities: Munich, Berlin, Frankfurt, Hamburg Expansion planned: Cologne, Dusseldorf and Stuttgart Other (10,0 %) Germany: General Data Overview Real estate market 1 FY 2015 Investment volume overall: 78,5 bn 2015 (+48% to 2014): Berlin: +120% (YoY); Frankfurt: +43% (YoY); Munich: +17% (YoY) Economic environment 2 FY 2015 Growth Rate: 1,8% (January 2015) Inflation: HPVI: 0,1% (January 2015) Unemployment Rate: 4,3% (February 2016) 26

27 PORTFOLIO UBM in Poland: Full year 2015 UBM Portfolio-share in Poland UBM in Poland Portfolio book value: 274,9 mn Focus asset classes: Office, Hotel Cities: Warsaw, Crakow and Wroclaw 10% 23% Poland: General Data 24% Overview Real Estate Market 1 FY 2015 Investment volume: 4 bn in % 57% of all transactions were made in 2015 to office investments in regional cities. Good Year for residential developers appartments were sold Poland (22,6 %) Austria (43,4 %) Germany (24,0%) Economic Overiew Growth rate: 3,5% (January 2015) Inflation: HPVI: -0,7% (January 2015) Unemploment: 6,8% (February 2016) Other (10,0 %) 27

28 Financial figures

29 FINANCIAL FIGURES Financial structure 1 Overview: Financing structure Interest structure: project financing 3 Project financing: ~ 587,7 mn 2 from banks and insurance companies 9,18% 1,10% Bonds: ~ 326,8 mn UBM 6% : 51,8 mn UBM 4.875% : 200 mn UBM 4.25% : 75 mn 23,22% 28,65% 0-1,99% 2-2,99% 3-3,99% Hybrid Capital: 25,3 mn interest 6% p.a. 4-5,99% Mezzanin Capital: 50 mn interest 6,5% p.a. (from : 3-Month-EURIBOR plus 8.5% surcharge p.a.) 37,85% >6% Maturity profile mn ,8 150, ,9 76,1 8, , , >2021 Mezzanin Capital Hybrid Capital Bonds Project financing 1 as of ; 2 Obligo proportional p.a.; 3 base rate in addition to interest rate 29

30 FINANCIAL FIGURES UBM mid-term targets Mid-term targets As of Equity ratio: >30% Pay-out ratio: >30% LTV: >40% Net cash-in from sales 2016: 100 mn Equity ratio 28.0% Pay-out ratio % Loan to Value * 53.2% Strategy for mid-term target achievement Financing Reduction of historical portfolio Expand maturity profile Quick processing of projects Reduce financing costs Asset light Model = Coopertion with partners, accounting of projects at-equity Diversify investors stock Invest in new projects * Standing Assets 30

31 FINANCIAL FIGURES Consolidated Income Statement in mn 31. December December 2014 Revenue 307,7 223,6 Changes in the portfolio 45,1 17,6 Own work capitalised in non-current assets 0,12 0,09 Share of profit/loss of companies accounted for unter the equity method 29,6 8,6 Income from fair-value adjustments to investment property 25,3 15,7 Costs of materials and other related production services (252,7) (178,5) Personnel expense (37,3) (21,5) Other operating expenses 2 (48,2) (27,4) EBITDA 76,5 38,9 Deprection, amoritsation and impairment expense (2,8) (2,4) EBIT 73,6 36,6 Financial result (23,2) (11,4) EBT 50,3 25,2 Income tax expense (12,9) (3,2) Profit for the period 37,3 21,9 31

32 FINANCIAL FIGURES Konsolidierte Bilanz in mn 31. December December 2014 Total assets 1, ,4 Non-current assets 812,5 407,9 Current assets 372,6 348,6 Equity 332,0 180,4 Equity Ratio 28.0% 23.9% Non-current liabilities 534,9 438,7 Current liabilities 318,2 137,3 Nebt debt ,6 Earnings per share (in ) Dividend per share (in ) Pay-out ratio 32.6% n.a. 1 Proposition to the annual general meeting

33 FINANCIAL FIGURES EBT- and equity development of UBM EBT Development ( mn) EBT payed dividend 50,3 25,2 16,6 16,8 17,8 14,2 14,4 14,6 9,3 9,9 11,2 12,9 2,6 2,7 3 3,3 3,3 3 3,3 3,3 3,3 3,7 7,5 11, Equity Development ( mn) Equity attributable to shareholders off the parent Other 8,8 2,1 323,2 86,6 90, ,5 122,8 132,5 139,5 144,8 153,7 163,7 178, Positive earnings since 1991 despite of several financial and economic crises, Sustainable increase of equity due to stable earnings development and stable dividend policy 33

34 INVESTOR RELATIONS UBM Investor Relations: Informations Financial calender 2016 Share holder informations Publication Yearly Financial Report Press Conference/ Conference Call Publications 1. Quarter Record Date for the participation 135th Annual General Meeting th Annual General Meeting Trade ex-dividend on the Vienna Astock Exchange Record Date Dividende Date of dividend payment for Interest payment UBM-Bond Interest payment UBM-Bond Publication Half Year Financial Report Interest Payment/ Repayment UBM-Bond Publication 3. Quarter Interest payment UBM-Bond 2015 Share price 34,29 1 Market capitalization Official Market Number of shares outstanding Ticker symbol ISIN Ansprechpartner Do you have any questions? For further information please contact the Investor Relations department Julia Kozielski T +43 (0) Valerie Streibel T +43 (0) investor.relations@ubm.at mn Wiener Börse, Std. Market Continuous, keine Indizes 7,472,180 UBS VI AT

35 Referenzprojekte

36 REFERENCE PROJECTS Reference Projects (1/3) Office properties Neue Mitte Lehen, Salzburg, Austria Size: 16,626 m² gross land area Project B picture Construction completed: 2008 Main tenants: DM, Libro, Ernstings Family, Flöckner, Stadtbücherei, Egos, Bodner, Avg. rent per sqm per month: Owner: UBM Development Address: Schumacherstraße 14, 5020 Salzburg Office Campus / O2 World, Berlin, Germany Size: 26,000 m² gross land area Project B picture Construction completed: June 2014 Main tenants: Zalando, Anschutz Entertainment, EHC Eisbären Management Avg. rent per sqm per month: Sold in December 2014 Address: Mühlenstraße 11-12, Berlin ALMA Tower, Cracow, Poland Size: 13,171 m² gross land area Project C picture Construction completed: April 2014 Main tenants: Alma, Vistula, Krakchemia, Onet Avg. rent per sqm per month: 14.0 Owner: UBM Development Address: Pilotów 10 3, Krakow 36

37 REFERENCE PROJECTS Reference Projects (2/3) Residential properties Sternbrauerei, Salzburg, Austria 100 units and 146 parking spaces Project A picture Sales volume: 62.9 mn Construction completed: June 2014 Address: Rainbergstraße 1 & Steinbruchstraße 1, 5020 Salzburg Inselstraße, Berlin, Germany 88 units Project B picture Sales volume: mn Construction completed: November 2013 Address: Inselstraße 9-10, Berlin Villa Galicija, Krakow, Poland 72 units Project C picture Sales volume: 8.2mn Construction completed: 2011 Address:Ul. Dominikanow 32, Krakau 37

38 REFERENCE PROJECTS Reference Projects (3/3) Hotel properties KEMPINSKI, Palais Hansen, Vienna, Austria Number of rooms: 152, category 5* Project A picture Occupancy rate 2014: 63.4% Construction completed: February 2013 Managed by Kempinski Hotel Vienna Management GmbH Owner: UBM Development and project partners Address: Schottenring 24, 1010 Vienna ANGELO Westpark, Munich, Germany Number of rooms: 207, category 3*plus Project B picture Occupancy rate 2014: 73% Construction completed: February 2013; Sold in September 2013 Managed by Vienna International Hotelmanagement AG Address: Albert-Roßhaupter-Straße 45, Munich Intercontinental, Warsaw, Poland Number of rooms: 401, category 5*plus Project C picture Occupancy rate 2014: 79.55% Construction completed: 2003 Managed by Intercontinental Hotels Group Address: Emilii Plater 49, Warszawa 38