Group Annual Report 2018 Incl. Group Consolidated Financial Statements and Group Management Report
WE GENERATE VALUE ANNUAL REPORT 2018 CONTENTS INTERVIEW WITH THE MANAGEMENT BOARD 2 WE GENERATE VALUE 6 REPORT OF THE SUPERVISORY BOARD 36 TLG IMMOBILIEN SHARES 42 KEY FIGURES ACCORDING TO EPRA 46 CORPORATE GOVERNANCE REPORT 52 MANAGEMENT REPORT 62 CONSOLIDATED FINANCIAL STATEMENTS 102 AUDIT OPINION 147 ANNUAL/QUARTERLY PERFORMANCE INSIDE COVER FINANCIAL CALENDAR/PUBLISHING DETAILS INSIDE COVER WE GENERATE VALUE | ANNUAL REPORT 2018 OF TLG IMMOBILIEN C This schematic illustration shows the volume study for the construction of three office buildings on Alexanderplatz in Berlin. KEY GROUP FIGURES ACCORDING TO IFRS 01/01/2018 – 01/01/2017 – Unit 31/12/2018 31/12/2017 Change in % Earnings indicators Rental income in EUR k 223,886 168,310 33.0 Net operating income from letting activities (NOI) in EUR k 196,726 154,904 27.0 Disposal profits in EUR k 7,833 10,377 – 24 . 5 Net income in EUR k 310,946 284,373 9.3 Funds from operations (FFO) in EUR k 133,990 102,683 30.5 FFO per share1 in EUR 1.30 1.29 0.8 Unit 31/12/2018 31/12/2017 Change Balance sheet metrics Investment property in EUR k 4,067,527 3,383,259 20.2 % Cash and cash equivalents in EUR k 153,893 201,476 – 23.6 % Total assets in EUR k 4,320,847 3,835,748 12.6 % Equity in EUR k 2,157,239 1,936,560 11.4 % Equity ratio in % 49.9 50.5 – 0.6 pp Interest-bearing liabilities in EUR k 1,579,442 1,541,692 2.4 % Net debt in EUR k 1,425,549 1,340,216 6.4 % Net LTV2 in % 34.7 39.2 – 4.5 pp EPRA NAV, adjusted in EUR k 2,715,723 2,112,689 28.5 % EPRA NAV, adjusted, per share1 in EUR 26.27 20.71 26.8
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