DG HYP INVESTOR PRESENTATION. Situation as at: 30 June 2017
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1 DG HYP INVESTOR PRESENTATION Situation as at: 30 June 2017
2 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June
3 1. DG HYP PART OF A STRONG GROUP DG HYP at a glance - One of Germany s leading mortgage banks - CRE specialist of the DZ BANK Group - 100% subsidiary of DZ BANK*, supported via a Letter of Comfort - Control and profit and loss transfer agreement with DZ BANK - Based in Hamburg employees in Germany * DZ BANK. Die Initiativbank a merger between DZ BANK and WGZ BANK started operations on 1 August 2016 DG HYP Investor Presentation 30 June
4 1. OUTLOOK: MERGER OF DG HYP AND WL BANK Memorandum of Understanding agreed on 22 June 2017 Strategic targets: Bundling of existings competences, Avoiding of redundancies, One-shop customer advice and Improved benefits for cooperative banks Four customer segments remain: Business customers, mortgage customers, communes and retail customers New name for merged bank: DZ HYP Hamburg und Münster are to remain headquarters Merger of DG HYP and WL BANK by mid-2018, effective from 01/01/2018 Leading provider on all business fields / Germany s largest Pfandbrief issuer DG HYP Investor Presentation 30 June
5 1. DG HYP PART OF A SOLID BANKING GROUP Cooperative Financial Network More than 30 million customers Key financial indicators Rating (S&P) (longterm) AA- Outlook stable million shareholders 972 cooperative banks with 151,050 employees Profit before taxes (in m) 8,308 9,787 Cost/income ratio (in per cent) Consolidated total assets (in m) 1,215,780 1,162,519 Consolidated equity (in m) 98,569 93,007 Common equity Tier 1 capital ratio (in per cent)1 Leverage Ratio (in per cent, fully loaded ) Employees 181, ,616 1 incl. reserves in accordance with section 340f HGB DG HYP Investor Presentation 30 June
6 1. COMMERCIAL REAL ESTATE BANK WITH LONG-STANDING EXPERIENCE History Foundation of DG HYP in Berlin Head office moved to Hamburg Take over of the commercial real estate finance business from DZ BANK Business model adjustment: commercial real estate finance business is now core business Focus on the German market Start of merger talks with WL Bank Agricultural loans / Private housing finance Commercial real estate finance DG HYP Investor Presentation 30 June
7 1. THE GERMAN REAL ESTATE MARKET Transaction volume Germany (EUR bln) vdp property price indices 2003 = , ,3 52,9 50,0 43,7 30,5 39,9 25,0 23,0 21,1 19,1 23,0 10,1 9,5 12,0 11,0 4,8 3,3 3,8 6,0 13,7 12,8 13,7 14, e Residential Real Estate Commercial Real estate Residential Commercial composite index 2017-H1 Quelle: EY Research, JLL, Prognose DZ BANK Research, vdp DG HYP Investor Presentation 30 June
8 1. CORE COMPETENCE: COMMERCIAL REAL ESTATE FINANCE Real estate bank of the cooperative banking network Joint market coverage with German Cooperative Banks Commercial real estate finance Commercial real estate customers Local cooperative banks Public customers: Local authority lending/ PPP IMMO Meta products underpinning cooperation with German cooperative banks IMMO VR Rating a web-based, convinient rating procedure for cooperative financial network VR WERT real estate valuation DG HYP Investor Presentation 30 June
9 1. PERVASIVE DECENTRALISED PRESENCE IN GERMAN CORE MARKET CROSS BORDER Debt solutions for German clients in F, NL, UK Dusseldorf Hamburg Frankfurt Stuttgart Leipzig Munich Berlin DG HYP has a decentralised Leipzig structurewith 6 real estate offices across Germany Success factors for real estate offices: Customer serrvice by local front office and back office units Flat hierarchies, with local decision-making process Strong market penetration in mid-volume segment Close relastionship with local cooperative banks Five regional offices in Hanover, Kassel, Leipzig, Nuremberg and Mannheim Servicing international investors directly from Hamburg for CRE investments throughout Germany DG HYP Investor Presentation 30 June
10 1. STRATEGIC FOCUS ON COMMERCIAL REAL ESTATE FINANCING Segments Core segments: Offices Multifamiliy Retail Speciality segments: Hotel Logistics Nursing/ retirement homes Customers Private / institutional investors Residential real estate companies Project developers Developers Financing principles Individual transactions up to 120 mn Senior loans secured by first ranking mortgage Equity commitment generally min. 20% LTV: up to 75%, depending on the property segment Properties suitable for use by third parties Property appraised and valued by VR WERT DG HYP Investor Presentation 30 June
11 1. SUSTAINABILITY WITHIN THE DG HYP Economic growth can only be long-term where it is sustainable, and where it respects social and environmental needs. (Dr. Georg Reutter, Chairman of the Management Board) Economic Responsibility In our business activities, we therefore aim to balance entrepreneurial success with social and ecological considerations. (Dr. Georg Reutter, Chairman of the Management Board) Ecological Responsibility Social Responsibility DG HYP Investor Presentation 30 June
12 1. SUSTAINABILITY RATINGS* imug results 2014 rating 2015 rating 2016 rating Public Sector Covered Bonds very positive (A) very positive (AA) very positive (AA) Mortgage Covered Bonds neutral (CC) positive (BB) positive (BB) Uncovered Bonds positive (B) positive (BB) positive (BBB) * The status report on sustainability is available: DG HYP Investor Presentation 30 June
13 1. SUSTAINABILITY IS A PERMANENT PROCESS DG HYP Investor Presentation 30 June
14 AGENDA 1. Corporate profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June
15 2. TREND IN BUSINESS New business ( mn) June June 2017 Commercial real estate financing 5,722 3,420 2,703 of which domestic 5,637 3,299 2,573 of which foreign Local authority lending business Issues 4,114 2,799 2,038 covered 1,707 1,130 1,119 uncovered 2,353 1, Portfolio ( mn) June 2017 Total assets 39,821 36,696 36,363 Real estate loans 18,674 19,742 19,003 Public-sector lending / originated local authority loans 14,967 12,873 12,270 Bank bonds 1, MBS 1, DG HYP Investor Presentation 30 June
16 2. FINANCIAL RATIOS Income statement ( mn) 30. June June 2017 Net interest income Net commission result Gross profit Administrative expenses Net other operating income/expenses Risk provision Net financial result Operating result Allocation to the fund for general banking risks Tax expenses Partial profit transfer Profit transfer DG HYP Investor Presentation 30 June
17 2. FAVOURABLE TREND CONTINUES* Net interest income Net commission result Profit transfer , / / /2017 * Declarations in EUR mn DG HYP Investor Presentation 30 June
18 2. FINANCIAL RATIOS Regulatory capital* June 2017 Own funds (EUR mn) 1,607 1,737 Total capital ratio (%) Tier 1 ratio (%) Common equity tier 1 ratio (%) * DG HYP has used the so-called waiver option provided under section 2a of the German Banking Act (KWG, old version). Ratios Cost Income Ratio (%) Return on Equity (%) Liquidity coverage requirements Jun 2017 LCR (%) DG HYP Investor Presentation 30 June
19 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June
20 3. FUNDING STRATEGY liquidity supply at any time DG HYP Pfandbrief issuer in the structurally congruent refinancing cooperative financial network optimisation of the liquidity costs goals products Unsecured funding mainly within the DZ BANK group well-balanced funding mix Strategy broad investor base institute rating from S&P and long-term business relationships investors rating Fitch regular publication of institute and cover pool rated by S&P cover-specific data professional cover fund management DG HYP Investor Presentation 30 June
21 3. STRONG FUNDING BASE THROUGH STABLE RATING Mortgage Pfandbrief AAA - Public Pfandbrief AAA - Senior Unsecured Debt Senior subordinated* AA- A+ - Issuer rating Long-term/ outlook/ short-term AA- / stable / A-1+ AA- / stable / F1+ Last Rating Action 03/10/2017 Upgrade from A+ to AA- 03/24/2015 Upgrade from A+ to AA- Cooperative Banking Sector Germany AA- outlook stable AA- outlook stable * Previously rated as senior unsecured, Situation as: March 10, 2017 DG HYP Investor Presentation 30 June
22 3. LONG-TERM FUNDING Portfolio development (notional, mn) registered bonds 2,405 11,539 13,270 12,797 Benchmark 4,500 bearer bonds 1,242 11,879 8,124 7,335 registered bonds 6,093 10,533 10,283 10,976 bearer bonds 4, June 2017 Mortgage Pfandbrief Public Pfandbrief Unsecured Bonds DG HYP Investor Presentation 30 June
23 3. LONG-TERM FUNDING New issues ( mn) New Mortgage Pfandbriefe ( mn) 2,407 3, ,1 7, ,500 5, ,707 1,638 1, st HY ,5 35, ,8 21,8 12, st HY 2017 Mortgage Pfandbriefe Unsecured bonds Benchmark Issues Private Placements DG HYP Investor Presentation 30 June
24 3. DG HYP MORTGAGE COVERED BONDS Outstanding Benchmark Issues (mln EUR) DGHYP 0,025% 09/10/18 DGHYP 1,375% 01/29/20 DGHYP 0,25% 01/21/21 DGHYP 0,875% 07/21/21 DGHYP 0,125% 09/30/22 DGHYP 0,625% 06/05/24 DGHYP 0,05% 12/06/24 DGHYP 0,375% 03/31/26 DGHYP 0,50% 09/30/26 DG HYP Investor Presentation 30 June
25 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June
26 4. MORTGAGE POOL* SHARE OF COMMERCIAL LENDING GROWS FURTHER % % /2017 x 1 EURmn x > 1 EURmn * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June
27 4. MORTGAGE POOL* SHARE OF COMMERCIAL LENDING GROWS FURTHER Differentiation by type of use by geographical breakdown 0,9 39,8% 34,6% 31,1% 29,9% 60,2% 65,4% 68,9% 70,1% 11, /2017 Commercial 06/2017 Domestic Foreign * EUR bn * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June
28 4. MORTGAGE POOL*: DOMESTIC EXPOSURE Differentiation by property location ( mn) Differentiation by type of use ( mn) Commercial Residential * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June
29 4. MORTGAGE POOL*: DEVELOPMENT OF THE COVER POOL 14,0 2,5 12,0 10,0 8,0 2,0 1,5 6,0 1,0 4,0 2,0 0,5 0,0 Jun Asset pool Pfandbriefe outstanding overcollateralisation 0,0 * bn DG HYP Investor Presentation 30 June
30 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June
31 5. APPENDIX: PUBLIC SECTOR POOL: HIGH DOMESTIC SHARE Differentiation by debtor category ( mn) Local authorities Foreign public debtors 2,638 Regional authorities ,016 Other debtors Domestic exposure: 6.4 EUR bn * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June
32 5. APPENDIX: PUBLIC SECTOR POOL: FOREIGN Differentiation by country and debtor category debt and guarantees ( mn) ES IT CA CH PT AT LUX BE State Regional authorities Local authorities Other * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June
33 5. APPENDIX: PUBLIC SECTOR POOL: DEVELOPMENT OF THE COVER POOL* 10,0 2,0 9,0 8,0 7,0 6,0 1,0 5,0 4,0 3,0 0,0 2,0 1,0 0,0 June ,0 Asset Pool Pfandbriefe outstanding overcollateralisation * in bn DG HYP Investor Presentation 30 June
34 5. APPENDIX: DG HYP PART OF A STRONG NETWORK Interaction within the German Cooperative Financial Network * Source: DZ BANK DG HYP Investor Presentation 30 June
35 5. APPENDIX: DG HYP PART OF A STRONG SECTOR The three pillars of the German banking sector * Source: DZ BANK DG HYP Investor Presentation 30 June
36 CONTACTS Deutsche Genossenschafts-Hypothekenbank AG Rosenstraße Hamburg treasury@dghyp.de Patrick Ernst Head of Treasury Tel.: patrick.ernst@dghyp.de Nicole John Deputy Head of Treasury Tel.: nicole.john@dghyp.de DG HYP Investor Presentation 30 June
37 DISCLAIMER This document has been prepared by Deutsche Genossenschafts-Hypothekenbank AG (DG HYP) solely for information purposes and is intended only for distribution in the Federal Republic of Germany. This document is not intended for persons having their domicile and/or registered office and/or branches outside Germany, particularly in the United States of America, Canada, the United Kingdom or Japan. This document may only be distributed outside Germany in compliance with the laws and regulations applicable in the relevant country. Anyone gaining possession of this information or material must inform themselves of the applicable laws and regulations and observe said laws and regulations. Nothing contained in this document constitutes either a public offer or an invitation to make an offer to buy securities or financial instruments. It cannot replace an independent examination of the opportunities and risks relating to the product presented taking the respective investment objectives into consideration. DG HYP shall not act in particular as an investment advisor or on the basis of an asset management duty or obligation. This document does not constitute financial analysis. All assessments, expressions of opinion and statements contained herein are those of the writer and are not necessarily shared by third parties. DG HYP has obtained the information on which this document is based from sources that are considered reliable, but has not, however, verified all of these documents. Accordingly, no representation or warranty as to the accuracy or completeness of the information or expressions of opinion contained herein is made by DG HYP. DG HYP shall not be liable for direct of indirect losses caused by the distribution and/or use of this document or any losses in connection with the distribution and/or use of this document. Investors shall not base their investment decision regarding securities or other financial instruments on this document, but on the relevant sales prospectus or information memorandum. Depending on the specific investment objectives, investment horizon and financial situation, our recommendations may not suitable, in whole or in part, for individual investors. As trading recommendations are largely based on short-term market conditions, they may also conflict with other recommendations made by DG HYP. The recommendations and expressions of opinion contained herein are as at the date of this document. They can change at any time or may become obsolete as a result of future developments. DG HYP is under no obligation to update or keep the information current or to inform about this. This document includes expectations and forecasts that relate to the future. These forward-looking statements, in particular those regarding DG HYP s business and earnings growth, are based on forecasts and assumptions, and are subject to risks and uncertainties. As a result, the actual results may differ materially from those currently forecast. DG HYP Investor Presentation 30 June
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