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We Build on Our Responsibility

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We Build on Our Responsibility We build on our responsibility Annual Report 2019 Financial Report Deutsche Wohnen is one of the leading publicly listed property companies in Germany and Europe. Its operating focus is on managing and developing its portfolio, concentrating on metropolitan areas. Our portfolio comprises around 164,000 residential and commercial units with a total fair value of approxi­ mately EUR 24.2 billion and nursing properties with around 12,200 beds and apartments for assisted living with a fair value of around EUR 1.3 billion. GROUP KEY FIGURES DER DEUTSCHE WOHNEN SE Profit and loss statement 2019 2018 Change Rental income EUR m 8 37. 3 785.5 6.6% Earnings from Residential Porperty Management EUR m 729.8 656.2 11.2% Earnings from Disposals EUR m 186.1 43.1 331.8% Earnings from Nursing and Assisted Living EUR m 88.3 55.3 59.7% Corporate expenses EUR m –101.4 –93.7 8.2% EBITDA EUR m 873.1 659.1 32.5% EBT (adjusted) EUR m 703.5 539.5 30.4% EBT (as reported) EUR m 2,104.6 2,626.8 –19.9% Earnings after taxes EUR m 1,600.9 1,862.6 –14.1% Earnings after taxes 1 EUR per share 4.27 5.15 –17.1% FFO I EUR m 538.1 482.5 2 11.5% FFO I 1 EUR per share 1.50 1.36 2 10.3% FFO II EUR m 720.7 522.5 37.9 % FFO II 1 EUR per share 2.01 1.47 36.7% EPRA Earnings EUR m 488.3 466.0 4.8% Balance Sheet 31/12/2019 31/12/2018 Change Investment properties EUR m 25,433.3 23,781.7 1,651.6 Current assets EUR m 1,975.0 984.0 991.0 Equity EUR m 1 3,107. 3 11,908.1 1,199.2 Net financial liabilities EUR m 9,339.0 8,749.4 589.6 Loan-to-Value ratio (LTV) in % 35.4 36.0 –0.6 Total assets EUR m 27,8 51.7 2 5,05 7.9 2,793.8 Share 31/12/2019 31/12/2018 Change Share price (closing price) EUR per share 36.42 40.00 –9.0% Number of shares m 359.27 3 5 7.01 2.26 Market capitalisation EUR bn 13.0 14.3 –9.1% Net Asset Value (NAV) 31/12/2019 31/12/2018 Change EPRA NAV (undiluted) EUR m 16,791.3 1 5,0 8 7.8 1,703.5 EPRA NAV (undiluted) EUR per share 47.0 2 42.26 11.3% EPRA NAV (diluted) EUR per share 47.0 2 42.26 11.3% Fair values 31/12/2019 31/12/2018 Change Fair value real estate properties 3 EUR m 24,237 22,190 2,047 Fair value per sqm living and usable space 3 EUR per sqm 2,394 2,157 11.0% 1 Based on an average of approximately 358.09 million issued shares in 2019 and approximately 355.70 million in 2018 2 Calculation method changed: Personnel and material costs for sales are no longer included in FFO I. The previous year's figures have been changed accordingly. 3 Only includes residential and commercial buildings, without Nursing and Assisted Living and without rights of use from leases, which are valued in accordance with IFRS 16 Contents 2 TO OUR SHAREHOLDERS 121 CONSOLIDATED FINANCIAL STATEMENTS 2 Letter to our shareholders 122 Consolidated balance sheet 6 Deutsche Wohnen on the capital market 124 Consolidated profit and loss statement 11 Declaration on Corporate Governance, Corporate Governance report 125 Consolidated statement of comprehensive income 22 Report of the Supervisory Board 126 Consolidated statement of cash flows 28 Composition of the Management Board 128 Consolidated statement of changes in equity 29 Composition of the Supervisory Board 130 Notes to the consolidated financial statements 30 Employees 196 Appendix 32 COMBINED MANAGEMENT REPORT 202 FURTHER INFORMATION 33 Fundamental aspects of the Group 202 Independent auditor’s report 46 Economic report 211 Responsibility statement 67 Report on the individual financial s tatements of Deutsche Wohnen SE 212 Glossary 73 Risk and opportunity report 216 Quarterly overview 88 Forecast 217 Multi-year overview 90 Remuneration report 218 Contact 99 Takeover-related information 218 Imprint 103 Corporate management 219 Financial calendar 2020 104 Non-financial Group statement 118 Limited assurance report of the independent auditor regarding the non- financial Group statement 2 DEUTSCHE WOHNEN SE ANNUAL REPORT 2019 To our shareholders LETTER TO OUR SHAREHOLDERS Dear shareholders, Our society is confronted with many disruptions and the challenges they bring with them – today more than ever, it seems. And of course businesses also feel these undercurrents of change in all their diversity and complexity. But at the same time we are convinced that if a company identifies these trends early and interprets them correctly, it can shape its own future and so achieve sustainable success. Assume social responsibility As part of the housing industry, Deutsche Wohnen is currently the focal point for many challenging trends affecting our society, including climate protection, gentrification, a shortage of housing, rising rents and demographic change. Various conflicting interests arise when action is taken to address these challenges. We assume responsibility for resolving these, as a commercial business which also has the wish and the obligation to strive for economic success. Deutsche Wohnen is willing to accept its social responsibility and to make a positive contribution to society to the extent that it is able to do so. At the same time we see that the current political debates and the resulting regulation are not solving the problems – they are making them worse. This is particularly apparent in the so-called “rental freeze law” [Gesetz zur Neu- regelung gesetzlicher Vorschriften zur Mietenbegrenzung] in Berlin, which was enacted on 30 January 2020 and in our opinion does absolutely nothing to relieve the pressures on the housing market. Moreover, we do not expect this legislation to be upheld, particularly since many legal opinions and commen- taries consider it to be unconstitutional. So what is Deutsche Wohnen itself doing to make a sustainable contribution to solving the problem? In 2019 for example we gave a voluntary commitment, known as “Our Promise to Our Tenants”. On this basis we wholly or partly waived our right to raise rents in a total of around 700 cases last year. This also concerns rent increases for existing contracts, which makes Deutsche Wohnen the only private-sector housing company in Germany that has such a far- reaching hardship policy for the benefit of its tenants! In addition, we encourage the dialogue with housing policymakers and the general public. Here we can point to the Berlin Dialogue meetings held in October and November 2019 as examples. We put together a panel of politi- cians, business people and representatives of civil society and discussed the topic of “Fair Housing in Berlin” in four townhall meetings. In December 2019 we published the results of the discussions in a “Pact for Fair Housing”. It contains clear targets for the residential property sector. Proposals for solutions were drawn up and presented to the public at the end of 2019. This is another clear demonstration that the satisfaction of our customers has top priority for our company – in addition to long-term tenancies. In order to measure this customer satisfaction we carried out another tenant survey in 2019. We are using it to identify the potential for concrete improvements. To our shareholders 3 Letter to our shareholders In the key areas surveyed we are pleased to report that Deutsche Wohnen has improved compared with the last survey in 2017: 78% of tenants surveyed are satisfied or very satisfied with Deutsche Wohnen as a landlord and 87% are satisfied or very satisfied with their apartment. These results are both motivating and encourage us to do more. In future we intend to address the changing needs of our tenants even better by means of annual surveys. Focus on sustainable business and climate action One important part of the “Pact for Fair Housing” is the systematic construc- tion of urgently needed housing. This is another area which Deutsche Wohnen is using its financial strength to address actively: in the years ahead we even Henrik Thomsen intend to expand our existing plans for extensive new building activity, in order Chief Development to alleviate pressure on the residential property markets. But we can only Officer (CDO) implement these measures in the right operating environment, which is the responsibility of policymakers and public administration. Michael Zahn Chief Executive The conflicting objectives mentioned above are very visible in the area of Officer (CEO) climate action. One example is housing: on the one hand there is an undisputed need for more accommodation, on the other it has to remain affordable and Philip Grosse to satisfy the requirements of national and international climate action com- Chief Financial mitments. This applies equally to Berlin, where 72% of our portfolio is situated, Officer (CFO) and to Germany as a whole. We say that affordable housing and climate action should not be played off against one another. Everyone involved has to make Lars Urbansky a contribution and share the burden of protecting the climate fairly. This is the Chief Operating only way to avoid problems of acceptance. Officer (COO) 4 DEUTSCHE WOHNEN SE ANNUAL REPORT 2019 The two degree target set in the Paris Agreement and a climate-neutral hous- ing sector by 2050 imply massive investment by the residential property industry, and require significant technological advances.
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