Annual Report 2011 GSW Immobilien AG
Total Page:16
File Type:pdf, Size:1020Kb
GSW iMMoBilien AG AnnuAl report 2011 My Berlin. My hoMe. My Berlin. My hoMe. The listed company GSW has been letting, administering and managing one of the largest property portfolios in Berlin for more than 85 years. Its name is synonymous with experience, stability and economic soundness. in order to maintain and expand our market position, we permanently strive to take new paths that bridge the gap between innovation and tradition. We continue to develop without abandoning the tried and trusted. GSW’s strategy focuses on the long- term management of rental property using a systematic approach aimed at enhancing both customer satisfaction and operational efficiency. We manage a real estate portfolio of around 53,000 residential units that was valued at EUR 2.9 billion as of 31 December 2011. A GSW subsidiary also manages around 17,500 residential and commercial units for third parties. With a firm customer focus, we use all of our experience and industry expertise to conserve and increase the value of our properties. At the same time, we are aware of our social responsibility for Berlin and are involved in social, cultural and sporting projects and for the people who live here – our tenants and employees. As a capital market-oriented housing company, we are bound to the interests and needs of all our stake- holders. our duty is to identify and target shared objectives and find an appropriate and fair balance in the event of conflicting interests. key finAnciAlS in-place rent / sqm occupancy rate (residential) EUR/sqm in % 5.2 100 5.08 5.0 98 4.90 4.8 4.81 96.3% 96.6% 96 95.5% 4.6 94 4.4 4.2 92 4.0 90 2009 2010 2011 2009 2010 2011 Adjusted eBITDA FFO i (excl. sales result) EUR mn EUR mn 120 90 117.3 117.6 115 80 79.0 112.8 110 70 105 60 57.7 56.6 100 50 2009 2010 2011 2009 2010 2011 LT V (gearing ratio) nAV (EPRA) in % EUR mn 70 1,250 1,219.9 1,200 65 1,150 63.1% 61.1% 1,100 60 58.0% 1,050 1,000 55 991.4 950 941.4 50 900 2009 2010 2011 2009 2010 2011 hiGhliGhtS operAtionAl hiGhliGhtS 31.12.2011 31.12.2010 Vacancy rate (residential) 3.4 % 3.7 % in-place rent (residential) 5.08 EUR / sqm 4.90 EUR / sqm incoMe StAteMent hiGhliGhtS EUR mn 1.1.-31.12.2011 1.1.-31.12.2010 net rental income 141.1 139.9 result on disposal of investment property 3.3 2.8 net valuation result 56.2 -3.3 eBITDA 122.0 106.2 Adjusted eBITDA 117.6 117.3 net operating profit (eBIT) 177.2 101.5 consolidated net income for the year 105.1 49.3 FFO i (excl. sales result) 56.6 79.0 AFFO 1 36.8 61.9 FFO II (incl. sales result) 59.9 81.9 1 FFO i less capitalised expenses for modernisation and maintenance BAlAnce Sheet hiGhliGhtS EUR mn 31.12.2011 31.12.2010 investment property 2,930.2 2,571.7 cash and cash equivalents 62.6 70.8 Shareholders’ equity 1,166.4 976.4 financial liabilities 1,770.9 1,606.6 total assets 3,039.7 2,681.7 EPRA nAV 1,219.9 991.4 loan-to-Value 58.0 % 61.1 % equity ratio 38.4 % 36.4 % key finAnciAlS per ShAre EUR 1.1.-31.12.2011 1.1.-31.12.2010 FFO i per share* 1.38 1.93 AFFO per share* 0.90 1.51 EUR 31.12.2011 31.12.2010 EPRA nAV per share* 29.72 24.15 * In deviation from the EPS calculation in line with iAS 33.19, this key ratio is calculated on the basis of the 41,052,630 shares outstanding as of 31 December 2011 GSW AG AnnuAl report 2011 conTenT 1 content MY BERLIN. MY HOME. ............................2 To our Shareholders ..................................19 Risks and opportunities ..........................................79 letter from the Management Board ......................... 19 risk management ...................................................... 79 portrait of the Management Board ...........................22 internal control system and risk management highlights in the 2011 financial year ......................... 24 system for Group accounting processes ....................80 history of GSW immobilien AG ................................ 26 risk report ................................................................80 Share ......................................................................... 28 opportunities of future development ....................... 83 Business model and value chain ................................34 Remuneration report ...............................................84 corporate objectives and strategy ............................ 35 Management Board ..................................................84 corporate responsibility and sustainability ............... 36 Supervisory Board .....................................................86 compliance ............................................................... 36 Outlook .................................................................... 87 report of the Supervisory Board ............................... 37 Declaration on corporate governance in corporate governance report .................................... 41 accordance with section 289a HGB ........................88 Development of the housing portfolio ......................48 Responsibility statement ........................................89 financing ..................................................................58 Glossary ...................................................................90 Consolidated Management Report ..........60 Consolidated Financial Statements ..........92 Economic report ......................................................62 Balance sheet ............................................................94 Market and economic environment ..........................62 organisation and Group structure ............................67 income statement .....................................................96 employees .................................................................68 Statement of comprehensive income ........................ 97 Development of operating activities ......................... 69 Statement of changes in equity .................................99 corporate objectives and strategy (abridged) ........... 71 cash flow statement ...............................................100 Group management .................................................. 71 notes on business performance and analysis Consolidated Notes ................................102 of net assets, financial position and results of operations .................................................72 Additional disclosures in accordance Auditor’s report ..................................................... 174 with section 315(4) hGB ........................................... 78 List of abbreviations .............................................. 175 Ecological responsibility .........................................78 Credits .................................................................... 176 Report on post-balance sheet date events ............78 Imprint 2 My BERLIN. My HOMe. Brandenburger Tor Reichstag Building Red City Hall Office of the Federal Chancellor Berlin Cathedral Television Tower 3 Potsdamer Platz GSW Immobilien AG Gendarmenmarkt 4 GSW in Charlottenburg-Wilmersdorf residential units 4,599 Average rent (eur / sqm) 5.53 Vacancy rate (%) 1.2 SelecteD GSW reSiDentiAl propertieS Brahestraße kissinger platz Westendallee 513 residential units 318 residential units 88 residential units 1920s to 1940s 1920s 1920s to 1940s 5 chArlottenBurG - WilMerSDorf charlottenburg-Wilmersdorf, known by locals as “city-West”, is seen by many as the heart of western Berlin. With the kurfürstendamm and the kaDeWe department store, the Deutsche oper and the olympic Stadium, this district is home to some of the city’s central attractions, with plenty in the way of culture, shopping and lifestyle opportunities. there is no shortage of leisure facilities, either: with its palatial parks, the baroque-style charlottenburg castle is not only interesting for tourists, but also provides a popular place for recreation. rest and relaxation can also be enjoyed in the extensive Grunewald, which is home to the most expensive properties in Berlin’s chain of neighbourhoods of detached houses. indeed, the district as a whole is known for its well-off middle-class intellectuals who enjoy a high quality of life. it was created in 2001 following the merger of Wilmersdorf and charlottenburg and now has around 313,000 inhabitants. Places of interest: Deutsche oper Wilmersdorf town hall rbb radio and television centre Schaubühne am lehniner platz radio tower charlottenburg castle and park kaDeWe technische universität kaiser Wilhelm Memorial church Grunewald mansion kurfürstendamm neighbourhood olympic Stadium Waldbühne amphitheatre Schmargendorf town hall Wilhelmsaue (historical centre of Wilmersdorf) population1 313,166 population growth (2006 to 2011)1 1.5 % inhabitants per sqkm 1 4,952 Average age (years)1 45.7 unemployment rate Ø2 11.3 % Vacancy rate Ø3 3.0 % total inflow of inhabitants1 27,269 total outflow of inhabitants1 26,140 residential land4 20.4 % Green areas and bodies of water4 41.4 % 1 Source: Berlin-Brandenburg Statistical office, as of 30.09.2011 2 Source: German federal employment Agency 3 Source: techem-empirica index 2010, as of 2009 4 Source: Berlin-Brandenburg Statistical office, as of 31.12.2010 6 GSW in Reinickendorf residential units 8,934 Average rent (eur / sqm) 4.87 Vacancy rate (%) 3.2 SelecteD GSW reSiDentiAl propertieS Blunckstraße huttwiler Weg kieselbronner Weg 434 residential units 764 residential units 52 residential units 1960s 1920s to 1940s 1990s 7 reinickenDorf reinickendorf, in the green north-west of Berlin, is one of the largest districts in the city in terms of