DOCSLIB.ORG

Fy 2020 Financial Results

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fy 2020 Financial Results AROUNDTOWN SA FY 2020 FINANCIAL RESULTS MARCH 2021 TABLE OF CONTENTS 1 2 OPERATIONS & HIGHLIGHTS PORTFOLIO 3 4 ESG FINANCIAL RESULTS 5 6 GUIDANCE APPENDIX 2 HIGHLIGHTS NAVIGATE BACK TO TABLE OF CONTENTS 3 FINANCIAL PERFORMANCE HIGHLIGHTS BOTTOM LINE TOP LINE VALUATIONS FFO I = FFO I after perpetual €358m €0.27 €1,003m €769m / +3.9% FFO I FFO I per share 1) Net rental income Revaluation and capital (previously defined as FFO I after (previously defined as FFO I per share +31% YOY perpetual, Covid adjusted) after perpetual, Covid adjusted) gains / LFL value gains -20% YOY -29% YOY +0.2% LFL net rental income €447m €0.34 €11.2bn / €9.5 growth FFO I per share before FFO I before perpetual EPRA NTA / per share Dec 2020 perpetual -11% YOY +6% / 10% YOY +1.3% LFL excl. Hotels -21% YOY €0.22 -1.8% LFL Hotels dividend2) 1) From FY 2021 onwards, dividend payout ratio is 75% of this per share KPI 2) Based on 65% of FFO I per share before perpetual – subject to AGM approval 4 BUSINESS HIGHLIGHTS ACCRETIVE M&A SOLID FINANCIAL CONSERVATIVE DEBT PROACTIVE GROWTH WITH TLG POSITION PROFILE REFINANCING €24.5bn €3.3bn 6.1y Over €1.5bn Group Portfolio* Cash and liquid assets Long average debt maturity Debt repayments during 2020 €15.6bn / 76% of rent 1.4% 65% / 24% Funded by disposals and Unencumbered investment Low cost of debt Office & Resi* / Hotels issuances at lower coupons properties (current) Third Largest €1bn bond at 0% coupon, 34% 97% 6-year maturity Listed RE firm in Europe by total Low LTV High interest hedge ratio Refinancing €600m of older bonds assets (3y) at an avg. coupon of 1.5% Largest Office Landlord BBB+/Stable 4x €600m perpetual at 1.625% coupon In Berlin, Frankfurt & Munich Credit rating by S&P, Liquidity covering debt maturities Refinancing over €230m perpetual at among listed peers reconfirmed in Dec 2020 in the next 3 years 3.75% coupon *Including 41% of GCP (residential portfolio) and excluding assets held for sale 5 DISPOSALS IN 2020 DISPOSALS OF MAINLY NON-CORE >€2.7 BILLION Mainly spread across Mainly spread across Non-core non-core cities in non-core cities in Signed during 2020 Germany Germany cities 40% Berlin Cologne 2% 20% Stuttgart 3% Development & Hotel 8% Frankfurt Mainly Frankfurt, Dresden/ Dresden & Rostock Office 35% 13% Mainly Berlin, Utrecht, Leipzig 9% Frankfurt, Amsterdam, Dresden/Leipzig, €2.3 BILLION Wiesbaden, Rostock etc. Closed during 2020 DISPOSAL DISPOSALS ABOVE INCREASING PROCEEDS: +3% +33% 19x BOOK VALUE PORTFOLIO Strengthen liquidity Margin Margin VALIDATE QUALITY THROUGH Rent PROPERTY DISPOSAL OF NON- Support debt Over Book Over Total repayments Multiple VALUATIONS CORE Value Costs Fuel share buyback 6 STRONG DISTRIBUTION TO SHAREHOLDERS VIA MULTIPLE CHANNELS ACCRETIVE SHARE BUYBACKS DURING 2020, €1BN BOUGHT BACK AT AN AVG. PRICE OF €4.9, FUNDED BY DISPOSALS ABOVE BOOK VALUE CLOSE TO 50% DISCOUNT TO NAV +12% shareholder return including dividends +12% SHAREHOLDER VALUE GROWTH By disposing assets above book value & channelling these proceeds into share buybacks at a deep discount to EPRA NTA, AT created +8% shareholder return & +4% including dividends and value creation. The Board of Directors has shareholder approval for further 7% buyback. €0.2 €0.1 €0.7 LEVERAGE NEUTRAL The proceeds from over €2.7 billion of disposals above book value were €9.5 €9.6 channelled into share buybacks (€1bn) and debt repayments (>€1.5bn) €8.6 ADDITIONAL DIVIDEND DISTRIBUTION Dec 2019 EPRA Impact of disposals Profit and other Dec 2020 EPRA Dividend for FY 2019** Dec 2020 EPRA Well-balanced shareholder distribution through buyback and dividend NTA/ps and buyback items* NTA/ps NTA/ps div adj. of €0.14/ps. *Profits generated during the year (excl. disposal profits), impact from the takeover of TLG, dilution impact, etc. Share buyback improves share KPI’s, thus increasing future dividends ** Dividend was paid in January 2021 but AT created the corresponding reserves already in 2020 financial statements 7 CORPORATE ACHIEVEMENTS IN 2020 EPRA AWARDS INDEX INCLUSION IMPROVED GOVERNANCE (4 YEARS IN A ROW) 50% of Aroundtown’s Board of Directors are independent directors and 33% members are AT is included in the new DAX 50 ESG Index In September 2020, AT received the EPRA BPR female, providing further support to the which was launched in March 2020. Gold award for the 4th consecutive year & EPRA Company’s strong governance and diversity AT is also included in GPR ESG indices sBPR Gold award for the 3rd consecutive year, highest standards for financial & sBPR reporting ROBECOSAM SUSTAINALYTICS GENDER EQUALITY (Top 8th percentile – Low Risk Category) Continued increase (75th percentile) Among the 380 global companies AT is ranked in the Top 8th percentile globally AT is ranked in the 75th percentile among its peer group among 941 real estate peers that was included nd Top 4th percentile globally among 12,704 companies Decisive for inclusion in leading Dow Jones Sustainability in the index, 2 including all industries Index (DJSI), with goal to be included in the future year in a row March 2020 November 2020 8 OPERATIONS & PORTFOLIO NAVIGATE BACK TO TABLE OF CONTENTS 9 STRONG LOCATIONS & PROPERTY QUALITY ARE KEY TO SUCCESS & STABILITY OF THE PORTFOLIO GERMANY & THE NETHERLANDS: GERMANY & THE 86% OF THE PORTFOLIO NETHERLANDS Well-diversified across AAA sovereign top tier cities credit rating of the commercial portfolio Among the lowest >25% of EU’s GDP & Home unemployment rates & of EU’s 8/15 largest Debt/GDP levels in the EU metropolitans by GDP AT’s Top 4 office cities: Berlin, Frankfurt, Munich & Berlin, Munich, Frankfurt Amsterdam: €0.8 trill. GDP1) and Amsterdam from multiple industries Source: Eurostat, 1) Metropolitan regions of Berlin, Munich, Frankfurt/Rhine-Main, Amsterdam and Hamburg 10 HIGH DIVERSIFICATION DIVERSIFICATION ASSET TYPE TENANT & INDUSTRY High tenant & industry 65% / 24% diversification with no Office & Residential / Hotel dependency Each location has distinct Strong diversification key demand drivers, among asset types with supporting industry diverse fundamentals diversification of tenants * Including proportion in GCP and development rights & invest 11 DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE Large tenant base of over 4,000 Limited dependency on single tenants: Collection rate is back to pre-Covid tenants is further supported by Top 10 Tenants: 18% of rental income levels for all asset types excl. hotels highly granular German residential High tenant Large Tenant Base with over 4,000 tenants quality DECEMBER 2020 Investment Lettable area Annualized EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT Portfolio by asset type property (€m) (k sqm) net rent (€m) Office 11,558 3,841 11.6% 467 10.8 3,009 4.0% 4.6 Hotel 5,409 1,788 4.0% 295 14.1 3,025 5.5% 17.3 Retail 1,685 749 9.6% 86 10.2 2,250 5.1% 5.0 Logistics/Other 638 861 11.0% 35 3.6 740 5.4% 5.7 Development rights & Invest 1,882 Total 21,172 7,239 8.9% 883 10.8 2,665 4.6% 8.9 12 LIKE-FOR-LIKE RENTAL INCOME POSITIVE ORGANIC GROWTH FROM INTERNAL LFL OCCUPANCY VS IN-PLACE RENT SOURCES TOTAL LIKE-FOR-LIKE NET RENTAL In-place rent Occupancy POSITIVE ORGANIC GROWTH FROM INTERNAL POSITIVEL -ORGANICF-L GROWTHL-F-L FROM INCOME GROWTH L-F-L Excl. Hotels L-F-L Hotels +0.4% -0.2% SOURCES INTERNALDec 2020 SOURCESDec 2020 +1.3% +0.2% -1.8% Dec 2020 Dec 2020 Dec 2020 13 PROPERTY REVALUATIONS IN 2020 Through the high degree of diversification STRONG VALUATION RESULTS DIVERSIFICATION AS A (asset type, location, tenants, lease structure), AT benefits from many KEY DRIVER different value drivers which support the overall portfolio valuations +3.9% LFL VALUATIONS (Dec 2020 vs Dec 2019) Valuations remained supportive during SUPPORTIVE 2020, driven by operational achievements, strong fundamentals and VALUATIONS low yield compression. Disposals above book value strengthen the valuations +7.2% -4.8% LFL VALUATIONS LFL VALUATIONS Excluding hotels Only Hotels Demand for real estate remains high, HIGH DEMAND FOR driven by the stimulus packages & expiring government bonds. Recent deals REAL ESTATE in the transaction markets are reflective Further benefiting from >+4% LFL of such high demand & valuations Valuations Residential through GCP 14 COMMERCIAL PORTFOLIO: UPSIDE POTENTIAL AS A DOWNSIDE PROTECTION Commercial Dec 2020 annualized rental income vs. Market potential including vacancy reduction not including Large upside potential from rent increases to development potential (in €m) market levels +23% 1,083 Long lease terms with a WALT of 8.9 years 883 Value upside: conservative valuations with current Dec 2020 annualized Annualized market potential values at less than half of replacement costs 15 OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS OFFICE: 51% of the Group portfolio No dependency on a single location, single WELL-DIVERSIFIED tenant, single asset or single industry FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES Diversified lease structure with 4.6 years LONG WALT WALT >50% of rents from Governmental, STRONG TENANT Insurance & Banking, IT, Health Care, Energy, Infrastructure, Telecomm. & INDUSTRY BASE Professional services Largest office tenant segment: public sector (25%).Strong top tenants, such as DIVERSE TENANT BASE German & Dutch Government, Deutsche Bundesbank, Siemens, Deutsche Bahn, Orange, Allianz etc. 16 RESIDENTIAL PORTFOLIO RESIDENTIAL: 14% of the Group portfolio GERMAN RESIDENTIAL: THE MOST RESILIENT GERMANY 80%: ASSET TYPE IN NRW: 17% Berlin: 26%, 9 YEARS AVERAGE GRANULAR TENANT Dresden/Leipzig/Halle: 13% EUROPEAN London: 19% TENANCY LENGTH BASE REAL ESTATE... ...REMAINED RESILIENT 1.8% like-for-like net rent growth, DURING COVID-19 decreasing vacancy and practically PANDEMIC unaffected from Covid 17 HOTEL PORTFOLIO HOTEL: 24% of the Group portfolio Across Europe with a focus on locations WELL-DISTRIBUTED with large catchment areas Long fixed contracts with no variable 174 HOTELS 17.3Y WALT component Mainly in top tier European cities Benefitting from the largest diverse 4 STAR: 85% demand segment, incl.
Load more

Recommended publications
  • TLG Finance S.À R.L. TLG IMMOBILIEN AG
    Not for distribution in the United States of America TLG Finance S.à r.l. (a limited liability company (société à responsabilité limitée) under the laws of the Grand Duchy of Luxembourg) €600,000,000 Undated Subordinated Notes subject to Interest Rate Reset with a First Call Date in 2024 ISIN XS2055106210, Common Code 205510621 and German Securities Code (WKN) A2R77Q Issue Price: 98.835% guaranteed on a subordinated basis by TLG IMMOBILIEN AG (a stock corporation (Aktiengesellschaft) under the laws of the Federal Republic of Germany) TLG Finance S.à r.l., incorporated under the laws of the Grand Duchy of Luxembourg (“Luxembourg”) as a limited liability company (société à responsabilité limitée), (the “Issuer”) will issue, on September 23, 2019 (the “Issue Date”), €600,000,000 in the aggregate principal amount of undated subordinated notes (the “Notes”) subject to an interest rate reset at 5-year intervals commencing on December 23, 2024 (the “First Reset Date”, and a “Reset Date” being the First Reset Date and thereafter each fifth anniversary of the immediately preceding such Reset Date, as specified in the Terms and Conditions, and a “Reset Period” being a period from and including the First Reset Date to but excluding the next following Reset Date and thereafter from and including each Reset Date to but excluding the next following Reset Date). The Notes, which are governed by the laws of the Federal Republic of Germany (“Germany”), will be issued in a denomination of €100,000 each (the “Principal Amount”). The Notes are unconditionally and irrevocably guaranteed by TLG IMMOBILIEN AG, incorporated under the laws of Germany as a stock corporation (Aktiengesellschaft) (the “Guarantor” and, together with all its consolidated subsidiaries, “TLG” or the “Group”) pursuant to a subordinated guarantee (the “Subordinated Guarantee”).
    [Show full text]
  • DXE Liquidity Provider Registered Firms
    DXE Liquidity Provider Program Registered Securities European Equities TheCboe following Europe Limited list of symbols specifies which firms are registered to supply liquidity for each symbol in 2021-09-28: 1COVd - Covestro AG Citadel Securities GCS (Ireland) Limited (Program Three) DRW Europe B.V. (Program Three) HRTEU Limited (Program Two) Jane Street Financial Limited (Program Three) Jump Trading Europe B.V. (Program Three) Qube Master Fund Limited (Program One) Societe Generale SA (Program Three) 1U1d - 1&1 AG Citadel Securities GCS (Ireland) Limited (Program Three) HRTEU Limited (Program Two) Jane Street Financial Limited (Program Three) 2GBd - 2G Energy AG Citadel Securities GCS (Ireland) Limited (Program Three) Jane Street Financial Limited (Program Three) 3BALm - WisdomTree EURO STOXX Banks 3x Daily Leveraged HRTEU Limited (Program One) 3DELm - WisdomTree DAX 30 3x Daily Leveraged HRTEU Limited (Program One) 3ITLm - WisdomTree FTSE MIB 3x Daily Leveraged HRTEU Limited (Program One) 3ITSm - WisdomTree FTSE MIB 3x Daily Short HRTEU Limited (Program One) 8TRAd - Traton SE Jane Street Financial Limited (Program Three) 8TRAs - Traton SE Jane Street Financial Limited (Program Three) Cboe Europe Limited is a Recognised Investment Exchange regulated by the Financial Conduct Authority. Cboe Europe Limited is an indirect wholly-owned subsidiary of Cboe Global Markets, Inc. and is a company registered in England and Wales with Company Number 6547680 and registered office at 11 Monument Street, London EC3R 8AF. This document has been established for information purposes only. The data contained herein is believed to be reliable but is not guaranteed. None of the information concerning the services or products described in this document constitutes advice or a recommendation of any product or service.
    [Show full text]
  • Commerzbank German Investment Seminar Christian Bruch, President and CEO Siemens Energy January 13, 2021
    Commerzbank German Investment Seminar Christian Bruch, President and CEO Siemens Energy January 13, 2021 Siemens Energy is a registered trademark licensed by Siemens AG. © Siemens Energy, 2021 Disclaimer INFORMATION AND FORWARD-LOOKING STATEMENTS This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens Energy´s management, of which many are beyond Siemens Energy´s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter “Report on expected developments and associated material opportunities and risks” in the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions prove incorrect, Siemens Energy´s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
    [Show full text]
  • Women-On-Board-Index
    WOMEN­ON­BOARD­INDEX III Aufsichtsräte (Stand 14.01.2012) powered by FidAR Zahl Anteil WoB-Index Posit Zahl AR- Unternehmen Notierung Frauen Frauen nur ion Mitgl. AR AR Aufsichtsräte 1 Douglas Holding AG MDAX 16 8 50% 50,00% 2 Kabel Deutschland Holding AG MDAX 12 5 42% 41,67% 3 Deutsche Bank AG DAX 20 8 40% 40,00% 4 Amadeus Fire AG SDAX 11 4 36% 36,36% 5 Bechtle AG TecDAX 12 4 33% 33,33% 5 Beiersdorf AG DAX 12 4 33% 33,33% 5 Bertrandt AG SDAX 6 2 33% 33,33% 5 Biotest AG SDAX 6 2 33% 33,33% 5 centrotherm photovoltaics AG TecDAX 3 1 33% 33,33% 5 comdirect bank AG SDAX 6 2 33% 33,33% 5 HAMBORNER REIT SDAX 9 3 33% 33,33% 5 TAG Immobilien AG SDAX 6 2 33% 33,33% 13 Deutsche Post AG DAX 20 6 30% 30,00% 13 GfK SE SDAX 10 3 30% 30,00% 15 Sky Deutschland AG MDAX 7 2 29% 28,57% 16 Commerzbank AG DAX 20 5 25% 25,00% 16 Fielmann AG MDAX 16 4 25% 25,00% 16 Fraport AG MDAX 20 5 25% 25,00% 16 Henkel AG & Co. KGaA DAX 16 4 25% 25,00% 16 Merck KGaA DAX 16 4 25% 25,00% 16 Q-CELLS SE TecDAX 8 2 25% 25,00% 16 Software AG TecDAX 12 3 25% 25,00% 16 Symrise AG MDAX 12 3 25% 25,00% 24 Axel Springer AG MDAX 9 2 22% 22,22% 24 STADA Arzneimittel AG MDAX 9 2 22% 22,22% 26 ADVA AG Optical Networking TecDAX 5 1 20% 20,00% 26 Deutsche Telekom AG DAX 20 4 20% 20,00% 26 Hawesko Holding AG SDAX 5 1 20% 20,00% 26 Münchener Rück AG DAX 20 4 20% 20,00% 26 RHÖN-KLINIKUM AG MDAX 20 4 20% 20,00% 26 Siemens AG DAX 20 4 20% 20,00% 26 ThyssenKrupp AG DAX 20 4 20% 20,00% 33 Praktiker Bau- und Heimwerkermärkte SDAX 16 3 19% 18,75% 33 TUI AG MDAX 16 3 19% 18,75% 35 adidas AG DAX 12
    [Show full text]
  • Lyxor German Mid-Cap MDAX UCITS ETF - Dist
    LYXOR ETF MONTHLY REPORT 31st August 2021 Lyxor German Mid-Cap MDAX UCITS ETF - Dist 1. FUND INFORMATION Ticker: MD4X GY Description Ticker MD4X GY Lyxor Asset Management Group ("Lyxor") was founded in 1998 and comprises two subsidiaries (1) (2) of Société Générale group. Lyxor benefits from the Fund Type SICAV expertise of 600 professionals across the wealth management world, advising EUR 117.6 billion* in assets. Lyxor offers bespoke asset management services, UCITS compliant Yes capitalising on its know-how in ETFs and indexing, Alternative and Multi Management, and Absolute Performance and Solutions. As one of the most ISIN FR0011857234 experienced players on the market, Lyxor ETF is Europe's number three provider of ETFs (number two in terms of liquidity (3)), with AuM of more than EUR UKFRS Yes 49.8 billion*. With 220 ETFs listed on 13 financial marketplaces, Lyxor ETF provides investors with varied investment solutions enabling them to diversify their allocation across the entire spectrum of asset classes (equities, bonds, money market instruments and commodities via forward financial instruments). Replication method Indirect (Swap Based) Demonstrating its commitment to high-quality ETFs, in 2011, Lyxor ETF implemented an ETF quality charter with the aim of ensuring that each ETF it offers Full ownership of fund assets Yes complies with the strictest requirements in terms of replication quality, risk monitoring, liquidity and transparency. www.lyxoretf.com Share Class Currency EUR Investment objective Inception Date 15/05/2014 Nav per share at inception (EUR) 100 The Lyxor German Mid-Cap MDAX UCITS ETF - Dist is a UCITS compliant exchange traded fund that aims to track the benchmark index MDAX PERF INDEX.
    [Show full text]
  • Q3 2019 Holding Lijst
    Aandelen Obligaties 360 Security Technology Inc 3SBio Inc 3i Group PLC Abbott Laboratories 3M Co AbbVie Inc 3SBio Inc Acadia Healthcare Co Inc 51job Inc adidas AG 58.com Inc ADLER Real Estate AG AAC Technologies Holdings Inc ADO Properties SA ABB Ltd Aermont Capital LLP Abbott Laboratories AES Corp/VA AbbVie Inc African Development Bank ABIOMED Inc Aggregate Holdings SA Aboitiz Equity Ventures Inc Air France-KLM Absa Group Ltd Air Transport Services Group I Accell Group NV Akamai Technologies Inc Accenture PLC Aker BP ASA Accor SA Albertsons Investor Holdings L Acer Inc Alcoa Corp ACS Actividades de Construccio Alfa SAB de CV Activision Blizzard Inc Alibaba Group Holding Ltd Acuity Brands Inc Allergan PLC Adecco Group AG Alliander NV adidas AG Allianz SE Adobe Inc Ally Financial Inc Advance Auto Parts Inc Almirall SA Advanced Info Service PCL Altice USA Inc Advanced Micro Devices Inc Amazon.com Inc Advantech Co Ltd America Movil SAB de CV Aegon NV American International Group I AES Corp/VA Amgen Inc Affiliated Managers Group Inc ams AG Agilent Technologies Inc ANA Holdings Inc AIA Group Ltd Anglian Water Group Ltd Aier Eye Hospital Group Co Ltd Anglo American PLC Air LiQuide SA Anheuser-Busch InBev SA/NV Air Products & Chemicals Inc Antero Resources Corp AirAsia Group Bhd APA Group Airbus SE APERAM SA Aisino Corp Aphria Inc Akamai Technologies Inc Apollo Global Management Inc Aker BP ASA Apple Inc Akzo Nobel NV Aptiv PLC Alcon Inc Arab Republic of Egypt Alexandria Real Estate Equitie Arconic Inc Alfa Laval AB ARD Holdings SA Alfa SAB de
    [Show full text]
  • Company Presentation
    TABLE OF CONTENTS HIGHLIGHTS FINANCIAL RESULTS OPERATIONS AND PORTFOLIO GUIDANCE APPENDIX 2 HIGHLIGHTS Profitability Highlights: Net rental income +28% at €177.6m. Recurring long-term net rental income at €175.5m Adjusted EBITDA +34% YoY at €179.6m FFO I +29% YoY at €118.1m FFO I per share +12% YoY at €0.105 (representing a yield of 5.7%1)) FFO I after perpetual notes attribution +14% YoY at €0.095 FFO II +72% YoY at €161.1m, as a result of disposals to the amount of over €170m in the first quarter of 2019 Profit for the period +18% YoY at €436.9m and EPS (diluted) +16% YoY at €0.36 EPRA NAV per share +6% growth to €8.2, up from €7.7 since year-end 2018 Financial Profile Highlights: Long average Debt Maturity maintained at 7.5 years Low average Cost of Debt fixed at 1.8% Solid unencumbered assets reached €11bn in value (76% unencumbered ratio), up from €10bn as of year end 2018 Conservative capital structure demonstrated by the low LTV of 37% as of March 2018. Portfolio Highlights: Portfolio size at almost €15bn as of end of March, 2019. Year-to-date signed acquisitions of €1.4bn of high quality assets, primarily office and hotel assets, of which 90% are located in German top tier cities such as Munich, Berlin, Frankfurt, Cologne and Hamburg. Disposal of over €170m in the first 3 months of 2019 at a gain of 34% over total cost High L-F-L rent increase of 4.5%, in-place rent contributing 2.3% while occupancy growth contributing 2.2% 3 1 Based on a share price of €7.38 FINANCIAL RESULTS 4 PROFIT AND LOSS Net rental income, recurring long-term* (in €m) 1-3 / 2019 1-3 / 2018 in € millions REVENUE 207.5 166.3 CAGR +63% RECURRING LONG-TERM NET RENTAL INCOME 175.5 130.5 702 2016-Q1 2019 Annualized 614 Property revaluations and capital gains 239.9 346.6 Share in profit from investment in equity-accounted 91 59.7 415 investees Property operating expenses (53.2) (48.4) 233 EBITDA 479.7 520.1 Finance expenses (33.7) (24.4) 2016 2017 2018 Q1 2019 *excl.
    [Show full text]
  • In This Issue
    FI.News June 2019 In this issue: Island stopping: The importance of digital standards Supply chain finance: Making it more inclusive The Belt and Road Initiative: Bridging east and west Post-trade services: Delivering on new expectations Clearing the decks 10 Bridging east and west Making supply chain finance more inclusive 12 08 Contents Editorial welcome 03 Eye on the industry: Delivering on new 14 expectations in post-trade Big Interview: Island stopping 05 Regional spotlight: Are trade opportunities 16 in Africa shifting south? Innovation focus: Making supply chain 08 Regional focus: Seizing opportunities in 18 finance more inclusive central America Eye on the industry: Clearing the 10 News & awards 20 decks Expert view: Bridging east and west 12 Commerzbank in the press 22 2 Editorial welcome Never standing still Nikolaus Giesbert Divisional Board Member, Trade Finance & Cash Management While Commerzbank takes pride in its history, • Moving towards end-to-end, front-to-back, we are not a bank content to stand still. Having digital solutions; financed trade since 1870, we are accustomed to change. And today, technology, regulation • Being at the forefront of exploring how and changing client preferences stand to emerging technologies can transform fundamentally alter transaction banking, the landscape for trade finance and cash bringing new services, business models and management, and; competition. It’s a dynamic we are embracing. • Recognising permanent changes in the banking So rather than take a short-sighted view and sector and understanding the possibilities. focus simply on the automation of processes, we have invested resources and energy into Of course, extensive transformation must be digital transformation.
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • MDAX—2019 Supervisory Board Study Key Insights from This Year’S Analysis by Russell Reynolds Associates
    MDAX—2019 Supervisory Board Study Key insights from this year’s analysis by Russell Reynolds Associates Summary Over the past year, Germany's MDAX companies have experienced significant change. The number of companies in the index increased by 10, bringing the overall total to 60. Moreover, 11 "old economy" firms, including Jungheinrich, Krones, Leoni, Salzgitter and Schaeffler, were ousted by pharma, med and biotech risers, such as Evotec, Morphosys, Qiagen, Sartorius and Siemens Healthineers, as well as "new economy" powerhouses like Dialog, Nemetschek, Software AG, Telefonica D, and United Internet. This was also an exceptional election year, with 106 shareholder representative positions expiring. All positions were filled. A total of 67 board members were re-elected, while 36 were replaced. The three remaining roles were absorbed by changes to board sizes. Female shareholder representation surpasses 30 percent For the first time, the share of female shareholder representatives surpassed the required quota, reaching 30.6 percent. Including employee representatives, women now make up 32 percent of supervisory board members. A total of three boards are now chaired by women. However, there is still a major gender discrepancy concerning positions of power when comparing chairpersonships and especially executive board positions. Only four companies can boast more than 30 percent of female executives, while 40 MDAX companies do not have a single woman in a leadership role. Accelerated increase in digital directors The number of digital directors on MDAX supervisory boards showed a significant 30 percent year- on-year increase. However, digital expertise is still unevenly spread in the MDAX. Seven companies have three or more digital directors, while 57 percent of boards completely lack digital expertise.
    [Show full text]
  • Media R Elease
    Frankfurt/Main, 5 December 2018 Carl Zeiss Meditec AG to be included in MDAX Three changes in SDAX/ Changes to be effective as of 27 December 2018 On Wednesday, Deutsche Börse announced changes to its selection indices, which will become effective on 27 December 2018. The shares of Carl Zeiss Meditec AG will be included in the MDAX index and will replace the shares of CTS Eventim AG & CO. KGaA, which will be included in the SDAX index. The exclusion of CTS Eventim AG & CO. KGaA is based on the fast exit rule; Carl Zeiss Meditec AG is eligible for the index inclusion due to its market capitalisation and order book turnover. MDAX tracks the 60 largest and most liquid companies below DAX. The following changes will apply to SDAX: CTS Eventim AG & CO. KGaA, Knorr- Bremse AG and VARTA AG will be included. The shares of BayWa AG and DMG Mori AG will be deleted from the index, according to the fast exit rule. SDAX tracks the 70 next biggest and most actively traded companies after the MDAX. The constituents of the indices DAX and TecDAX remain unchanged. The next scheduled index review is 5 March 2019. DAX®, MDAX®, SDAX® and TecDAX® are registered trademarks of Deutsche Börse AG. Media Release About Deutsche Börse – Market Data + Services In the area of data, Deutsche Börse Group is one of the world’s leading service providers for the securities industry with products and services for issuers, investors, intermediaries, and data vendors. The Group’s portfolio covers the entire value chain in the financial business.
    [Show full text]
  • Fund Holdings
    Wilmington International Fund as of 7/31/2021 (Portfolio composition is subject to change) ISSUER NAME % OF ASSETS ISHARES MSCI CANADA ETF 3.48% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.61% DREYFUS GOVT CASH MGMT-I 1.83% SAMSUNG ELECTRONICS CO LTD 1.79% SPDR S&P GLOBAL NATURAL RESOURCES ETF 1.67% MSCI INDIA FUTURE SEP21 1.58% TENCENT HOLDINGS LTD 1.39% ASML HOLDING NV 1.29% DSV PANALPINA A/S 0.99% HDFC BANK LTD 0.86% AIA GROUP LTD 0.86% ALIBABA GROUP HOLDING LTD 0.82% TECHTRONIC INDUSTRIES CO LTD 0.79% JAMES HARDIE INDUSTRIES PLC 0.78% DREYFUS GOVT CASH MGMT-I 0.75% INFINEON TECHNOLOGIES AG 0.74% SIKA AG 0.72% NOVO NORDISK A/S 0.71% BHP GROUP LTD 0.69% PARTNERS GROUP HOLDING AG 0.65% NAVER CORP 0.61% HUTCHMED CHINA LTD 0.59% LVMH MOET HENNESSY LOUIS VUITTON SE 0.59% TOYOTA MOTOR CORP 0.59% HEXAGON AB 0.57% SAP SE 0.57% SK MATERIALS CO LTD 0.55% MEDIATEK INC 0.55% ADIDAS AG 0.54% ZALANDO SE 0.54% RIO TINTO LTD 0.52% MERIDA INDUSTRY CO LTD 0.52% HITACHI LTD 0.51% CSL LTD 0.51% SONY GROUP CORP 0.50% ATLAS COPCO AB 0.49% DASSAULT SYSTEMES SE 0.49% OVERSEA-CHINESE BANKING CORP LTD 0.49% KINGSPAN GROUP PLC 0.48% L'OREAL SA 0.48% ASSA ABLOY AB 0.46% JD.COM INC 0.46% RESMED INC 0.44% COLOPLAST A/S 0.44% CRODA INTERNATIONAL PLC 0.41% AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 0.41% STRAUMANN HOLDING AG 0.41% AMBU A/S 0.40% LG CHEM LTD 0.40% LVMH MOET HENNESSY LOUIS VUITTON SE 0.39% SOFTBANK GROUP CORP 0.39% NOVARTIS AG 0.38% HONDA MOTOR CO LTD 0.37% TOMRA SYSTEMS ASA 0.37% IMCD NV 0.37% HONG KONG EXCHANGES & CLEARING LTD 0.36% AGC INC 0.36% ADYEN
    [Show full text]