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Chart Colours BUWOG GROUP INVESTOR PRESENTATION
9M 2017/18 EARNINGS CALL 29 MARCH 2018
www.buwog.com
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2 2
HIGHLIGHTS OF THE TAKEOVER PROCESS
VONOVIA
OFFER
As per 26 March 2018 Vonovia holds 74.19% of all BUWOG shares and
Vonovia also acquired 99.6% of all outstanding convertible bonds.
Highlights
Key dates(1)
End Dec 2017 / Begin. Jan 2018 – Antitrust filing FMA ✔
6 February 2018 – Beginning of the initial offer period ✔
12 March 2018 – End of 5-week offer period ✔
16 March 2018 – Publication of initial tender result, beginning of secondary offer period ✔
26 March 2018 – Closing initial offer period ✔
4 May 2018 – Extraordinary General Meeting
18 June 2018 – End of secondary offer period
30 June 2018 – Closing secondary offer period
1) All dates subject to change
JP Morgan Chase & Co 4.36%
Additional Free Float 21.45%
Vonovia SE 74.19%
Shareholder structure As per 26 March 2018
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3 3
CHANGES OF THE BOARDS
VONOVIA
OFFER
BUWOG AG Supervisory Board Chairman Vitus Eckert and Supervisory Board members Dr. Jutta A.
Dönges, Stavros Efremidis, Caroline Mocker and Dr. Volker Riebel announced their resignations to the
company, effective at the end of the Extraordinary General Meeting of BUWOG AG on 4 May 2018.
The Supervisory Board of BUWOG AG resolved at the same time to propose the following candidates
for election to the new Supervisory Board of BUWOG AG at the Extraordinary General Meeting on 4
May 2018:
Rolf Buch, CEO of Vonovia SE
Dr. A. Stefan Kirsten, CFO of Vonovia SE
Helene von Roeder, designated member of the Management Board of Vonovia SE
Dr. Fabian Heß, General Counsel of Vonovia SE
Sabine Gleiß, Head of Human Resources at Vonovia SE
Supervisory Board
Andreas Segal, who has been Deputy CEO and CFO of BUWOG AG since 1 January 2016, resigned
by mutual agreement and left the company's Executive Board effective as of 26 March 2018. BUWOG
CEO Daniel Riedl will assume the current areas of responsibility and agendas from Mr Segal for now.
Management Board
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4 4
HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
E.
G. H. I.
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GROUP KPI (1)
9M 2016/17 9M 2017/18 Change
Rental revenues EURmn 155.4 159.2 2.4%
NOI Asset Management EURmn 114.1 119.6 4.8%
NOI Property Sales EURmn 38.6 37.9 -1.7%
thereof Unit sales EURmn 30.9 35.4 14.6%
NOI Development EURmn 7.5 40.4 >100%
NOI Total EURmn 160.2 197.9 23.5%
EBITDA EURmn 128.9 152.3 18.1%
EBITDA / share (1) EUR 1.29 1.37 6.4%
Recurring FFO EURmn 85.4 107.4 25.7%
Recurring FFO / share (1) EUR 0.86 0.97 13.2%
30 Apr 17 31 Jan 18
Number of units # 49,597 48,806
Monthly net in-place rent EUR/sqm 5.18 5.28
L-f-l rental growth in % 4.5% 2.1%
Vacancy rate in % 3.4% 3.6%
Fair Value EURmn 3,942 4,084
Earnings Data Group
30 Apr 17 31 Jan 18
Number of units # 27,151 27,212
Monthly net in-place rent EUR/sqm 5.85 6.03
L-f-l rental growth in % 3.2% 3.6%
Vacancy rate in % 1.9% 2.4%
Fair Value EURmn 1,997 2,181
Germany
30 Apr 17 31 Jan 18
Number of units # 22,446 21,594
Monthly net in-place rent EUR/sqm 4.50 4.49
L-f-l rental growth in % 6.3% -0.6%
Vacancy rate in % 4.9% 4.8%
Fair Value EURmn 1,945 1,903
Austria
30 Apr 17 31 Jan 18 Change
EPRA Net Asset Value EURmn 2,384.8 2,808.2 17.8%
EPRA Net Asset Value /
share(1) EUR 23.90 25.02 4.7%
Equity Ratio in % 39.8% 45.2% -5.4PP
LTV in % 44.1% 39.5% 4.6PP
Asset and Financial Data
HIGHLIGHTS
Standing Investment Portfolio
(1) Base for earnings data: 110,753,984 shares; previous year 99,773,479 shares (both weighted). Base for asset data: 112,245,164 shares; previous year: 99,773,479 shares (both
as of balance sheet date)
LTV is excluding a EUR 50mn time deposit with a term of
more than 3 months. Pro forma LTV would be 38.5%.
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.. EBITDA & RFFO Margin Asset Management: The
lower EBITDA & FRRO margin is a result of higher
overhead expenses (mainly related to IT and process
optimisation) and internal allocation of cash taxes.
EBITDA & RFFO Unit Sales: due to higher revenues of
4.7% and a higher margin on fair value, the EBITDA and
RFFO margin increased.
GROUP KPI (2)
9M 2016/17 9M 2017/18
RFFO Asset Management EURmn 63.4 60.4
RFFO Asset Management margin in % 40.8% 37.9%
RFFO Unit Sales EURmn 19.2 28.5
RFFO Unit Sales margin on fair value in % 34.8% 51.3%
RFFO Development EURmn 2.8 18.6
RFFO Development margin on cost in % 4.8% 18.5%
Total Recurring FFO EURmn 85.4 107.4
EBITDA Recurring FFO
30 Apr 17 31 Jan 18
Net financial debt
Asset Mgt & Property Sales EURmn 1,906.3 1,737.5
LTV Asset Management in % 48.4% 42.5%
Asset and Financial Data
HIGHLIGHTS
9M 2016/17 9M 2017/18
EBITDA Asset Management EURmn 94.7 92.1
EBITDA Asset Management / share (2) EUR 0.95 0.83
EBITDA Asset Management margin in % 60.9% 57.8%
EBITDA Unit Sales EURmn 30.4 34.4
EBITDA Unit Sales / share (2) EUR 0.30 0.31
EBITDA Unit Sales margin
on fair value in % 55.2% 61.9%
EBITDA Development EURmn 3.9 21.7
EBITDA Development / share (2) EUR 0.04 0.20
EBITDA Development margin on cost(1) in % 6.7% 21.5%
(1) Cost of real estate inventories sold.
(2) Base for earnings data: 110,753,984 shares; previous year 99,773,479 shares (both weighted). Base for asset data: 112,245,164 shares; previous year: 99,773,479 shares (both
as of balance sheet date)
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HIGHLIGHTS PROPERTY DEVELOPMENT (1)
30 Apr 17 31 Jan 18
Units in pipeline to-hold # 3,693 4,003
Units under construction # 367 521
thereof Germany # 86 172
thereof Austria # 281 349
Units completed # 166 136
thereof Germany # 0 36
thereof Austria # 166 100
Total investment volume(1) EURmn 846 932
Yield on total investment volume of
existing pipeline in % 4.4% 4.3%
Development to Hold
Development to Sell
30 Apr 17 31 Jan 18
Net financial debt
Development EURmn 134.0 170.4
LTV Development in % 19.4% 22.8%
Economic LTV
Development (3) in % 13.9% 20.2%
(1) Investment volume excluding calculated cost of equity
(2) Definition: Sales minus capitalised and non-capitalised costs before tax (= total investment volume excl. cost of equity)
(3) Financial liabilities netted with down payments received from purchasers
30 Apr 17 31 Jan 18
Units in pipeline
to-sell # 6,456 6,681
Units under
construction # 1,105 1,810
thereof Germany # 454 649
thereof Austria # 651 1,161
Units completed # 440 270
thereof Germany # 189 101
thereof Austria # 251 169
Units transferred # 413 313
thereof Germany # 189 101
thereof Austria # 224 212
Total investment
volume(1) EURmn 2,085 2,143
Margin on
investment volume(2) in % 20% 22%
HIGHLIGHTS
Development Financing
Units
Total floor
area
sqm
Monthly net
in-place rent
EUR
Annual net in-
place rent
EURmn
Floor area per
unit
sqm
GER 172 13,562 13.26 2.2 79
AT 349 24,757 6.11 1.8 71
To-hold under
construction Total 521 38,319 8.64 4.0 74
To-hold completed in
9M 17/18 GER 36 3,256 13.11 0.5 90
To-hold completed in
9M 17/18 AT 100 8,267 5.91 0.6 83
Development to Hold Details
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30 Apr 17 In % of total
portfolio Value 31 Jan 18
In % of total
portfolio Value
Committed pipeline (total) 377.9 602.6
(-) Committed pipeline (spent) 175.9 300.0
Committed pipeline (remaining) 202.0 6.9% 302.6 9.8%
HIGHLIGHTS PROPERTY DEVELOPMENT (2)
(1) Definition: To-hold and to-sell developments, which are already under construction by the amount spent and the remaining investment volume.
HIGHLIGHTS
Committed Pipeline Remaining(1) In EUR mn
30 Apr 17
In % of total
portfolio value 31 Jan 18
In % of total
portfolio value
Total portfolio value 4,646.3 100.0% 4,850.1 100.0%
thereof total assets development 689.3 14.8% 747.9 15.4%
thereof real estate inventories (dev-to-sell) 355.5 7.7% 365.5 7.5%
thereof investment properties under construction (dev-to-hold) 56.3 1.2% 99.7 2.1%
thereof undeveloped land 277.5 6.0% 282.7 5.8%
Total Portfolio & Assets Development (B/S items) In EUR mn
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
E.
G. H. I.
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LAND ACQUISITIONS 1Q – 3Q 2017/18
Land Plot Acquisition Since the rights issue in June BUWOG has acquired two land plots in Berlin for a total
of planned 36 condominiums to sell and 326 units to-hold
BUWOG acquired one more land plot in Vienna with a potential 90 units to sell.
A further site in Hamburg was secured through an exclusive option agreement. The
construction of 72 rental units for the develop - to - hold portfolio is planned at this
location.
A further site in Vienna was secured through an exclusive option agreement. The
construction of 120 units for the develop to sell portfolio is planned at this location.
Purchase price for land: The investment for all land acquisitions including the
secured sites (644 units) is EUR 48.8mn.
Land plot acquisitions
June 2017 – January 2018
ACQUISITIONS
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
E.
G. H. I.
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ASSET MANAGEMENT
ASSET MANAGEMENT
Results & KPI EBITDA Asset Management adj.
in EURmn 9M 2016/17 9M 2017/2018
EBITDA Asset Management 94.7 92.1
EBITDA Asset Management margin 60.9% 57.8%
Adjustments 4.8 6.5
EBITDA Asset Management adj. 99.5 98.6
EBITDA margin adj. 64.0% 61.9%
in EURmn 9M 2016/17 9M 2017/2018 Change
Rental revenues 155.4 159.2 2.4%
NOI Asset Management 114.1 119.6 4.8%
Other operating income 2.2 1.9 -15.9%
Expenses not directly attributable -21.6 -29.4 36.3%
EBITDA Asset Management 94.7 92.1 -2.8%
Cash interest expenses -35.0 -30.2 -13.7%
Cash taxes -1.1 -8.0 >100%
FFO adjustments 4.8 6.5 34.4%
Recurring FFO Asset Management 63.4 60.4 -4.8%
Rental revenues EUR 3.8mn
114.1 119.6
5.2 0.1 0.6
-0.7 -3.7
1.3 0.8
-0.1
1.4 0.4
NOI AssetManagementQ3 2016/17
Rentalincrease1)
Acquisition Developmentto hold
Annuitysubsidies
PropertySales
Maintenance&
ImprovementContribution
from Disposal
Change inMaintenance
&ImprovementContribution
Liabilities
vacancycosts
Expensesdirectly
related toInvestmentProperties
net operatingexpenses
NOI AssetManagementQ3 2017/2018
The increasing NOI was mainly driven by l-f-l rental growth
and a one-off rental income adjustment. EBITDA was
negatively affected by the higher overhead expenses.
RFFO was negatively affected by higher overhead
expenses and internal tax allocation.
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L-F-L RENTAL GROWTH
APPENDIX
L-f-l rental growth of 2.1% of BUWOG Group in 9M 2017/18
No
of units
Occupied
floor area
(in sqm)
Net in-
place rent
/ month
(in
EURmn)
Occupied
floor area
(in sqm)
Net in-
place
rent /
month
(in
EURmn)
l-f-l
rental
growth
Germany
Unregulated rental
agreements 17,845 1,024,205 5.9 1,023,807 6.1 3.5%
Regulated rental
agreements 8,892 567,577 3.1 568,182 3.3 3.9%
Total Germany 26,737 1,591,783 9.0 1,591,989 9.4 3.6%
Austria Unregulated rental
agreements 1,681 130,634 0.7 128,584 0.7 1.5%
Regulated rental
agreements 19,579 1,416,360 5.8 1,397,415 5.7 -0.8%
Total Austria 21,260 1,546,993 6.5 1,525,999 6.4 -0.6%
Other (incl. Commercial) 514 96,599 0.7 105,076 0.7 2.6%
Total BUWOG Group 48,511 3,235,375 16.3 3,223,064 16.5 2.1%
31 Jan 2018 31 Jan 2017 31 Jan 2018
Top 5 like-for-like rental growth (Germany)
In 9M 2017/18
Units
Net in-place rent /
month / sqm (in
EUR)
Net in-place rent /
month / sqm (in
EUR)
l-f-l
rental
growth
Lübeck 6,268 5.72 5.99 4.7%
Braunschweig 1,533 5.74 6.01 4.7%
Lüneburg 702 5.92 6.18 4.4%
Hamburg 3,113 5.57 5.78 3.7%
Berlin 5,523 6.09 6.29 3.2%
Gesamt 17,139 5.83 6.07 4.0%
31 Jan 2017 31 Jan 2018
ASSET MANAGEMENT
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Maintenance and
modernisation
EUR 56.7mn
CAPEX
ASSET MANAGEMENT
Capitalisation rate 65.0%
Capitalisation rate of 65.0% in 9M 2017/18 vs 56.2% in 9M
2016/17
The increased capitalisation rate is based on a higher portion of
spending in modernisation
in EURmn 9M 2016/17 9M 2017/18 Change
Maintenance and modernisation 45.5 56.7 24.8%
Maintenance 19.2 19.9 3.4%
CAPEX 26.3 36.9 40.5%
Capitalisation rate 57.8% 65.0% +7.2PP
(1) Average weighted total floor area (incl. Increases from acquisitions and reductions from sales)
Investments into assets 9M 2017/18
Ongoing maintenance
22%
Unit-turn refurbishment
20%
Contributions for condominiums 10%
Modernisation 47%
in EUR per sqm 9M 2016/17 9M 2017/18 Change
Average total floor area in 1,000 sqm (1) 3,516 3,383 -3.8%
Maintenance and modernisation 12.9 16.8 29.9%
Maintenance 5.5 5.9 7.6%
CAPEX 7.5 10.9 46.2%
Before Capex
After Capex
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
E.
G. H. I.
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DEVELOPMENT KPI
PROPERTY DEVELOPMENT
TO-SELL
Results – segment split
in EURmn Germany Austria Total
Sale of real estate inventories 33.1 109.4 142.4
Cost of real estate inventories sold -23.7 -77.4 -101.0
Other expenses from sale of real estate inventories -4.0 -2.1 -6.1
Real estate development expenses -4.9 -3.3 -8.2
Fair value adjustments of properties under construction 2.9 10.3 13.3
NOI Property Development 3.4 36.9 40.4
Results & KPI in EURmn 9M 2016/17 9M 2017/2018 Change
Development revenues 76.8 142.4 85.4%
NOI Property Development 7.5 40.4 >100%
Other operating income 0.3 0.4 17.0%
FV adjustments of investment properties
under construction (to-hold units) (1) -0.7 -13.3 >100%
Expenses not directly attributable -3.3 -5.8 73.9%
EBITDA Property Development 3.9 21.7 >100%
Cash interest expenses -1.6 -1.1 -31.3%
Cash taxes -0.7 -3.3 >100%
FFO adjustments 1.2 1.4 10.4%
Recurring FFO Property Development 2.8 18.6 >100%
The NOI Property Development was mainly influenced by the
revenues and FV adjustments from sale of the following
development projects:
Germany / Berlin:
“Uferkrone” 23 units / EUR 9.9mn
“Seefeld I” 75 units / EUR 21.4mn
Austria / Vienna:
“Pfarrwiesengasse” 20 units / EUR 24.8mn
“Sagedergasse“ 76 units / EUR 24.4mn
„Töllergasse“ 80 units / EUR 24.2mn
Sale of land plots Austria / Vienna:
“Windmühlgasse” EUR 18.9mn
“Walter Jurmann Gasse” EUR 2.0mn
FV adjustments of investment properties under construction
(to hold units):
“Vogartenstraße” EUR 5.0mn
“Breitenfurterstraße 239” EUR 4.0mn
NOI Property Development is mainly driven by
“Pfarrwiesengasse”, “Sagedergasse” ,“Seefeld I” and
“Töllergasse”
High margin in “Pfarrwiesengasse” is driven by transfers of
penthouses and city villas.
High margin in “Sagedergasse” is driven by low land costs and
low construction costs in relation to selling prices.
High margin in “Seefeld I” is driven by low land costs and low
construction costs in relation to selling prices.
(1) As revaluations of investment properties under construction are included within the development revenues, EBITDA and RFFO are being adjusted.
PROPERTY DEVELOPMENT
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
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G. H. I.
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DEVELOPMENT-TO-HOLD OVERVIEW
PROPERTY DEVELOPMENT
TO-HOLD
Current Pipeline: 4,003 units
Planned completion of develop to-hold – current pipeline Outlook in units
To-hold pipeline units by location as of 31 Jan 2018
Vienna 1,491
Berlin 2,221
Hamburg 291
Planned construction in FY17/18 EUR 83mn
In planning stage EUR 743mn
Under construction EUR 106mn
To-hold pipeline units by status incl. total investment volume as of 31 Jan 2018
Total Vienna
Berlin &
Hamburg Total Vienna
Berlin
Units 4,003 1,491 2,512 302 266 36
Total floor area sqm 290,127 106,299 183,829 24,432 21,176 3,256
Rent roll (in EURmn) 37.8 7.9 29.9 2.0 1.5 0.5
NOI (in EURmn) 33.8 6.8 27.0 1.8 1.4 0.5
NOI margin 89% 86% 90% 90% 88% 93%
Rent roll per sqm
per month (in EUR) 10.8 6.2 13.5 6.9 6.0 13.1
Completed since August 2016:
302 units
50 133 315
2.512 181 328
1.491
50
314 643
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
Q4 of FY 2017/18 FY 2018/19
FY 2019/20
Total
AT
GER
4,003
326
521
3.156 Total
investment vol. EUR 932mn
37%
7% 56%
Total no. of units 4,003
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
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G. H. I.
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DEVELOPMENT-TO-SELL OVERVIEW
PROPERTY DEVELOPMENT
TO-SELL
Expected FFO from current to-sell pipeline(1) (3)
in EURmn Current pipeline split
Investment volume existing pipeline to-sell 2,143
Development margin 469 (21,9%)
Tax(2) -131
FFO 338
FFO margin on investment volume 16%
No. of units 6,681
FFO contribution per unit to-sell (in EUR) Approx. 50,600
Planned completion of develop to-sell – current pipeline(1)
Outlook in units
(1) Page contains an outlook. The outlook is a target based on assumptions that rely on factors which the Company cannot influence or can only influence to a limited degree. Although the Company assumes that these assumptions are reasonable as of today, they may
subsequently prove to be incorrect or unfounded. If one or more of these assumptions prove to be incorrect or unfounded, the Company’s future actual investment volume, margins , tax rates and/or FFO may deviate materially from the numbers indicated here.
(2) In Austria 25%, in Germany 30%
(3) Basic assumptions:
• Ø sales price (in EUR per sqm) Germany EUR 5,200 Austria EUR 4,400
• Ø investment volume (in EUR per sqm) Germany EUR 4,400 Austria EUR 3,500
• Ø sqm per unit Germany 83sqm Austria 76sqm
• Ø margin on investment volume Germany 19% Austria 27% (Definition: Sales minus capitalised and non-capitalised costs before tax (=investment volume) in relation to investment volume)
To-sell pipeline units by location as of 31 Jan 2018
Vienna 2,741
Berlin 3,247
Planned construction in FY17/18 EUR 2mn
In planning stage EUR 1,645mn
Under construction EUR 496mn
To-sell pipeline units by status incl. total investment volume as of 31 Jan 2018
Hamburg 693
60 283 459
3.940
208 711 278
2.741
268 994
737
6.681
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
Q4 of FY2017/18
FY 2018/19
FY 2019/20
Total
AT
GER 49%
41%
10%
Total no. of units 6,681
1
1.810
4.870
Total investment
vol. EUR 2,143mn
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
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G. H. I.
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PROPERTY SALES
PROPERTY SALES
Highlights in EURmn 9M 2016/17 9M 2017/18 Change
Revenues Property Sales 88.8 119.0 34.0%
thereof Unit Sales 88.2 92.4 4.7%
thereof Block Sales 0.6 26.7 >100%
NOI Property Sales adj.(1) 30.9 39.7 28.4%
thereof Unit Sales 30.9 35.4 14.6%
thereof Block Sales 0.0 4.3 >100%
Margin on fair value 56% 50% 5.7PP
Margin on fair value – Unit Sales 56% 64% -7.6PP
Margin on fair value – Block Sales 6% 18% -11.8PP
Successful Property Sales business in 9M 2017/18 with 959
units sold (504 Unit Sales / 455 Block Sales)
Unit Sales cluster now contains 11,121 units with a fair value
of approx. EUR 1.4bn
Units sold Realised average price
in EUR per sqm
Margin on fair value in %
The values shown in the above graph are not scaled mathematically.
1) InlcudingIFRS 5-effect EUR 1.8 from previous periods
635 614 504
484 1.117 455
1.119
1.731
959
FY 2015/16
FY 2016/17 9M 2017/18
Unit Sales Block Sales
2.108 2.261
2.396
907
1.424
807
FY 2015/16
FY 2016/17 9M 2017/18
Unit Sales Block Sales
57% 57% 64%
14%
5%
18%
FY 2015/16
FY 2016/17 9M 2017/18
Unit Sales Block Sales
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PROPERTY SALES
PROPERTY SALES
NOI contribution
in EURmn Unit Sales Block Sales Total
Revenues Property Sales 92.4 26.7 119.0
FV of sold properties -55.6 -23.9 -79.5
Expenses from property sales -1.4 -0.3 -1.7
IFRS 5 fair value adjustment 0.0 0.0 0.0
NOI Property Sales 35.4 2.5 37.9
IFRS 5 fair value adjustment
actual year 0.0 0.0 0.0
IFRS 5 fair value adjustment
previous year 0.0 1.8 1.8
NOI Property Sales adjusted 35.4 4.3 39.7
RFFO contribution
in EURmn 9M 2016/17 9M 2017/18 Change
NOI Unit Sales 30.9 35.4 14.5%
Other operating income 0.1 0.1 0%
Expenses not directly attributable -0.6 -1.1 89.5%
EBITDA Unit Sales 30.4 34.4 13.1%
Cash interest expenses 0.0 0.0 na
Cash taxes -11.2 -6.1 -45.4%
FFO adjustments 0.0 0.2 >100%
Recurring FFO Unit Sales 19.2 28.5 48.4%
Cash flow contribution
in EURmn Unit Sales Block Sales Total
Revenues Property Sales 92.4 26.7 119.0
Debt repayment -29.2 -5.6 -34.8
Expenses from property sales -1.4 -0.3 -1.7
CF from Property Sales 61.8 20.8 82.6
Within the business area Property Sales the Unit Sales
business generated a positive cash flow of EUR 61.8mn
in 9M 2017/18.
The Block Sales business generated a positive cash flow of
EUR 20.8mn in 9M 2017/18.
NOI Property Sales reflects a non-cash fair value adjustment
of EUR 1.8mn in the previous year
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
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G. H. I.
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LTV
CAPITAL STRUCTURE
Group LTV of 39.5% as of 31 Jan 2018 (1)
Group LTV
39.5%(1)
LTV Asset
Management
42.5%
LTV
Development
20.2%
LTV is excluding a EUR 50mn time deposit
with a term of more than 3 months. Pro forma
LTV would be 38.5%.
Decrease of LTV from 48.4% to 42.5%
Low LTV within the development business as
land plot acquisitions are generally financed
with equity and only construction costs are
financed with bank loans and down
payments.
On a single-project basis, LTV typically rises
in-line with construction progress. However,
down payments received by purchasers in
the develop-to-sell business are linked to
certain construction stages, thereby reducing
the net amount of bank loans and therefore
lowering LTV.
in EURmn 30 Apr 17 31 Jan 18
Carrying amount total portfolio 4,631.4 4,831.9
Net financial debt 2,040.2 1,907.9
Group LTV (in %) 44.1% 39.5%(1)
in EURmn 30 Apr 17 31 Jan 18
Investment properties 3.926.5 4.084.1
Non-current assets held for sale 15.7 0.0
Financial liabilities 2.117.6 2.023.3
Cash -211.4 -285.8
LTV Asset Management (in %) 48.4% 42.5%
in EURmn 30 Apr 17 31 Jan 18
Pipeline projects / investment properties 277.5 282.7
Investment properties under construction 56.3 99.7
Inventories 355.5 365.5
Financial liabilities 134.0 170.4
LTV Development (in %) 19.4% 22.8%
Down payments by purchasers 37.9 19.5
Economic LTV Development (in %) 13.9% 20.2%
(1) LTV is excluding a EUR 50mn time deposit with a term of more than 3 months. Pro forma LTV would be 38.5%.
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
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in EURmn 9M 2016/17 9M 2017/18 Change
Net profit 292.3 211.1 -27.8%
Results of Property Sales -38.6 -37.9 1.7%
Other financial result 11.2 22.4 99.4%
Fair value adjustments of investment
properties -277.9 -161.8 41.8%
Depreciation and amortisation 2.3 2.6 16.1%
Deferred taxes 58.9 27.5 -53.4%
Other 6.2 8.1 30.7%
Unit Sales result 30.9 35.4 14.7%
Recurring FFO 85.4 107.4 25.7%
Block Sales result(1) 0.0 4.3 >100%
Total FFO 85.4 111.7 30.8%
Recurring FFO 85.4 107.4 25.7%
CAPEX -26.3 -36.9 -40.5%
AFFO 59.1 70.5 19.3%
FUNDS FROM OPERATIONS
FINANCIAL OVERVIEW
AND OUTLOOK
Funds from Operations Recurring FFO evolution in EURmn
Comments:
Mainly adjustment of non-cash items (mainly negative FV
valuation of loans totalling EUR 0.3mn and FV valuation
of derivatives totalling EUR 11.4mn).
Project related and other non recurring expenses (EUR
7.0mn).
Increase modernisation capex and mix of measures with
higher capitalisation rate.
1
2
3
1
2
3
1) Excl. valuation effects of EUR 0.0 million on available-for-sale properties and incl. valuation effects of EUR 1.8 million from the previous year
63 60
19 29 3
19 85
107
9M 2016/17 9M 2017/18
Recurring FFO
FFO Development
FFO Unit Sales
FFO Asset Management
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2,384.8
2.808,2
207.5
-77.4
16.5 11.3
-33.1
298,6
0
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1.000
1.500
2.000
2.500
3.000
3.500
EPRA NAV30Apr17
Net profitafter non-
controllinginterests
DividendPayment
Deferredtaxes
FV of derivativefinancial
instruments
Changes in thehidden reserves of
inventories
Net proceedsrights issue
EPRA NAV31 Jan 18
EPRA NAV/share
EUR 23.90 (1)
EPRA NAV
FINANCIAL OVERVIEW
AND OUTLOOK
Comments
EPRA NAV in EURmn
Increased by EUR 1.12 or 5% per share
(1) Based on 99.7mn shares as per 30 April 2017.
(2) Based on the number of shares after rights issue of 112.2 mn shares
9M 2017/18 EPRA NAV was influenced by the net profit after non-controlling interests, amounting to EUR 207.5mn and the
dividend payment of 77.4mn
Besides NOI of Asset Management and Property Sales, change in EPRA NAV is influenced by changes in the FV of
inventories -33.1mn
Changes of deferred taxes due to valuation results (real estate assets and derivatives)
Adjustment for the fair value of derivatives
EPRA NAV positively influenced by rights issue
EPRA NAV/share
EUR 25.02 (2)
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74 76
23 27 15 14 112 117 125
150
FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19
Recurring FFO
FFO Development
FFO Unit Sales
FFO Asset Management
GUIDANCE FY 2017/18
FINANCIAL OVERVIEW
AND OUTLOOK
Recurring FFO Outlook
Asset Management
&
Unit Sales
Property
Development
Like-for-like rental growth 1.5%-2.5%
Unit sale of approx. 570 units
Execution of existing pipeline
min.
EUR
102mn
min.
EUR
23mn
min.
EUR
125mn
(EURmn)
Guidance
Outlook
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HIGHLIGHTS ACQUISITIONS
ASSET MANAGEMENT
PROPERTY DEVELOPMENT
PROPERTY DEVELOPMENT
TO-HOLD
PROPERTY SALES
CAPITAL STRUCTURE
INDEX
PROPERTY DEVELOPMENT
TO-SELL
FINANCIAL OVERVIEW
AND OUTLOOK
APPENDIX
A. B. C. D.
F.
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PORTFOLIO BY GEOGRAPHIC CLUSTER
APPENDIX
1) Based on monthly net in-place rent (excluding utilities) as of the balance sheet date
2) Based on fair value of standing investments according to CBRE valuation reports as of 31 October 2017
3) Annualized total net in-place rent (based on monthly net in-place rent excluding utilities as of the reporting date) in relation to fair value
4) Based on sqm; 2.5% adjusted by vacancy of unit sales
5) More than 50,000 inhabitants and a significant share of the portfolio
6) The immediate catchment area up to about 15 km around federal capitals, state capitals and major cities
7) Parking Garage from Block Sales-Tirol with Q1-2018 disposal
Aktualisiert
As per 31 Jan 2018
No. of
units
In %
of total
units
Total
floor area
(in sqm)
Annualised net
in-place rent (1)
(in EURmn)
Monthly net
in-place rent (1)
(in EUR / sqm)
Fair value (2)
(in EURmn)
In %
of total
fair value
Fair value (2)
(in EUR / sqm)
Gross
rental yield (3)
Vacancy
rate (4)
Federal capitals 11,462 24% 900,834 60.8 5.82 1,697.1 42% 1,884 3.6% 3.3%
Vienna 6,422 13% 564,773 35.2 5.41 1,044.0 26% 1,849 3.4% 4.0%
Berlin 5,040 10% 336,061 25.6 6.5 653.0 16% 1,943 3.9% 2.2%
State capitals and major cities 5) 18,842 39% 1,207,220 75.9 5.39 1,313.0 32% 1,088 5.8% 2.8%
Luebeck 6,268 13% 363,780 25.8 6.06 450.6 11% 1,239 5.7% 2.6%
Kiel 3,283 7% 198,129 14.6 6.24 255.0 6% 1,287 5.7% 1.6%
Villach 2,593 5% 184,117 8.3 3.85 106.1 3% 576 7.8% 2.7%
Kassel 1,508 3% 107,289 6.0 4.87 87.9 2% 819 6.8% 5.0%
Braunschweig 1,439 3% 83,540 6.1 6.16 100.1 3% 1,199 6.1% 1.5%
Graz 1,078 2% 80,884 4.1 4.27 85.7 2% 1,060 4.7% 2.0%
Lüneburg 703 1% 51,076 3.7 6.21 59.8 2% 1,170 6.2% 3.3%
Salzburg 633 1% 41,525 2.1 4.49 64.6 2% 1,555 3.3% 4.4%
Klagenfurt 552 1% 40,970 1.8 3.96 24.5 1% 597 7.4% 6.8%
Linz 417 1% 30,809 1.6 4.45 38.2 1% 1,240 4.1% 5.1%
Hamburg 245 1% 16,601 1.4 6.98 28.3 1% 1,705 4.9% 0.8%
Hannover 123 0% 8,500 0.6 6.18 12.3 0% 1,448 5.0% 2.4%
Suburban regions 6) 7,496 15% 520,512 30.7 5.1 529.0 13% 1,016 5.8% 3.6%
Hamburg 2,871 6% 176,564 12.3 5.86 217.7 5% 1,233 5.6% 1.0%
Klagenfurt 1,331 3% 95,070 4.3 4.02 70.8 2% 744 6.0% 6.8%
Villach 1,070 2% 83,261 3.8 3.95 56.0 1% 672 6.7% 4.5%
Berlin 541 1% 34,650 2.2 5.5 29.2 1% 844 7.5% 4.2%
Kiel 414 1% 31,970 2.3 6.25 30.4 1% 950 7.7% 2.3%
Salzburg 394 1% 31,260 2.1 5.87 48.5 1% 1,552 4.3% 4.9%
Vienna 391 1% 32,943 1.8 4.83 48.0 1% 1,458 3.7% 6.7%
Graz 390 1% 29,304 1.6 4.77 24.7 1% 843 6.6% 2.4%
Braunschweig 94 0% 5,490 0.4 5.56 3.7 0% 678 9.7% 2.0%
Rural areas 11,006 23% 734,003 37.7 4.52 544.9 13% 742 6.9% 5.3%
Rural areas Germany 6,323 13% 451,781 18.8 3.73 291.8 7% 646 6.5% 6.8%
Rural areas Austria 4,683 10% 282,222 18.8 5.73 253.1 6% 897 7.4% 3.0%
Total BUWOG Group 48,806 100% 3,362,570 205.2 5.28 4,084.0 100% 1,215 5.0% 3.6%
thereof Germany 27,212 56% 1,695,872 119.8 6.03 2,181.2 53% 1,286 5.5% 2.4%
thereof Austria 21,594 44% 1,666,698 85.4 4.49 1,902.8 47% 1,142 4.5% 4.8%
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PORTFOLIO OVERVIEW
APPENDIX
Clear focus on growing cities
Kassel
Braunschweig
Lüneburg
Luebeck
Kiel
Hamburg
Berlin
Salzburg
Linz
Graz
Klagenfurt Villach
Vienna
State capitals and major cities
Suburban regions
Federal capitals
Property Sales
Property Development
31 Jan 2018
No of
units
In % of
total
units
Total
floor area
(in m²)
Monthly
net in-
place rent
(in EUR/m²)
Fair
value
(in EURmn)
Gross
rental
yield
Vacancy
rate
Vienna area 6,813 18.0% 597,717 5.37 1,092 3.4% 4.1%
Lübeck 6,268 16.6% 363,780 6.06 451 5.7% 2.6%
Berlin area 5,581 14.8% 370,711 6.41 682 4.1% 2.4%
Villach area 3,697 9.8% 230,099 6.24 285 5.9% 1.7%
Kiel area 3,663 9.7% 267,378 3.88 162 7.4% 3.3%
Hamburg area 3,116 8.2% 193,165 5.96 246 5.6% 1.0%
Klagenfurt area 1,883 5.0% 136,040 4.00 95 6.4% 6.8%
Braunschweig area 1,533 4.1% 89,031 6.12 104 6.2% 1.5%
Graz area 1,508 4.0% 107,289 4.87 88 6.8% 5.0%
Kassel 1,468 3.9% 110,188 4.40 110 5.2% 2.1%
TOP 10 BUWOG
Group 35,530 94.1% 2,465,398 5.49 3,316 4.7% 3.1%
Total BUWOG
Group 48,806 100.0% 3,362,570 5.28 4,084 5.0% 3.6%
Approx. 86% of the fair value of the BUWOG standing investment
portfolio is located in urban regions which are very attractive in
terms of
Economic development,
Infrastructure, and
Demographics
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ASSET MANAGEMENT
9M 2017/18 Results – segment reporting
Comments
Margin Austria: rental revenues were influenced by property sales in Austria (Unit Sales & Block Sales) as well as a
change of the rental mode of our largest asset in Vienna (Forsthausgasse).
Margins in Germany increased due to higher efficiency and increased rental income from rental growth.
Germany Austria Total
in EURmn 9M 2016/17 9M
2017/2018 Change 9M 2016/17
9M
2017/2018 Change 9M 2016/17
9M
2017/2018 Change
Rental revenues 86.7 90.3 4.1% 68.7 68.9 0.3% 155.4 159.2 2.4%
Operating costs charged to tenants and
facility management revenues 45.2 45.6 0.9% 37.2 33.1 -10.9% 82.4 78.8 -4.4%
Other revenues 0.1 0.1 16.9% 0.0 0.0 -8.4% 0.2 0.2 10.2%
Revenues 132.1 136.1 3.0% 105.9 102.1 -3.6% 238.0 238.2 0.1%
Expenses directly related to investment
property -26.8 -26.0 -3.2% -15.8 -15.4 -2.4% -42.6 -41.4 -2.9%
Operating expenses -43.8 -42.5 -3.0% -37.5 -34.7 -7.4% -81.3 -77.2 -5.0%
NOI Asset Management 61.5 67.6 10.0% 52.6 52.0 -1.3% 114.1 119.6 4.8%
NOI margin Asset Management 70.8% 74.8% 5.6% 76.6% 75.3% -1.6% 73.3% 75.0% 2.3%
ASSET MANAGEMENT
APPENDIX
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DEVELOPMENT ASSETS
PROPERTY DEVELOPMENT
in EURmn 30 Apr 17 31 Jan 18
Pipeline projects
(under Investment properties) 277.5 282.7
Investment properties under construction 56.3 99.7
Inventories 355.5 365.5
Total development assets 689.3 747.9
Split of current balance sheet positions according to status
Projects Berlin & Hamburg in % of total carrying amount
Without zoning 43%
Under construction 31%
With zoning 26%
Projects Vienna in % of total carrying amount
Without zoning 13%
Under construction 63%
With zoning 24%
Total assets development influenced by construction starts
and increase in pipeline projects due to acquisitions
Increase in investment properties under construction as a
result of construction starts within the last 6 months
Increase in inventories mainly due to ongoing construction
process and reclassification of projects from pipeline projects
to inventories
Development assets as of balance sheet
Dynamic increase:
2,331 units under construction per 31 January 2018
(1,472 units under construction per 30 April 2017)
APPENDIX
Total carrying amount:
EUR 470mn
Total carrying amount:
EUR 278mn
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37,9 19,5
277,5 282.7
56,3 99,7
355,5
365,5
72,2 39,1
-134,0 -170,4
-37,9 -19,5
-20,0 -10,6
-400,0
-200,0
0,0
200,0
400,0
600,0
800,0
Cash (related to down payments) Pipeline projects (under Investment properties)
Investement properties under construction Inventories
FV adjustment according to EPRA guidelines Loans relating to development
Down payments deferred taxes on property inventories
The FV adjustment of EUR 39.1mn is included in EUR
606mn working capital assumption to adjust for valuation
differences under IFRS and only reflects the current hidden
reserve with regards to market value. The EUR 39.1mn FV
adjustments refer to inventories that are measured at cost
(IAS 2). It does not reflect the total potential profit to be
realised once projects have been completed and
transferred or taken onto the balance sheet. The decrease
of the hidden reserve from EUR 72.2mn in FY 2016/17 to
EUR 39.1mn in 9M 2017/18 reflects the realisation through
the transfer of title to buyers of condominiums and the
result of the first quarter.
There is no impact of percentage of completion accounting
in these figures. Revenues and profits are only recognised
upon completion and transfer to acquirer.
“WORKING CAPITAL” - ASSETS AND FUNDING
Comments 30 Apr 17
EUR 608mn 31 Jan 18
EUR 606mn
Liabilities EUR -201mn
Cash EUR 20mn
Development assets on balance sheet EUR 748mn
PROPERTY DEVELOPMENT
APPENDIX
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ACCOUNTING PROPERTY DEVELOPMENT
Property Development on balance sheet
Item IAS/IFRS Measurement
Valuation
methods used:
Balance Sheet
in EURmn(1)
No
n-c
urr
en
t A
ssets
Investment
properties IAS 40 "at fair value"
undeveloped land
or construction
start > 6 month
(to-hold & to-sell)
If a construction plan exists:
Residual value method
If no construction plan exists:
Sales comparison as of
market value
282.7(2)
Investment
properties under
construction
IAS 40 "at fair value"
< 6 months before
construction / under
construction (to-hold)
Residual value method 99.7
Cu
rren
t A
ssets
Non-current assets
held for sale
IFRS 5
and
IFRS 40
"at lower of carrying amount
and fair value less costs to
distribute, but investment
properties at fair value"
held for sale -
Real estate
inventories IAS 2
"lower of cost or net
realisable value"
< 6 months before
construction / under
construction and completed
(to-sell)
Net realisable value incl.
also the developer's profit 365.5
Methodology of residual value
sales revenues
- building costs incl. construction costs
- financing costs of building costs incl.
construction costs
- costs for marketing and sales
- developer profit (in % of sales revenues)
= residuum I (interim result)
- financing costs of land plot
- additional costs of acquisition
= residuum II (end result) fair value
Developer profit matrix
Construction progress 0% 25% 50% 75% 100%
0% 10.0% 9.0% 8.0% 7.0% 6.0%
10% 10.0% 9.0% 8.0% 7.0% 6.0%
20% 10.0% 8.0% 7.0% 6.0% 5.0%
30% 9.0% 8.0% 7.0% 6.0% 5.0%
40% 9.0% 7.0% 6.0% 5.0% 4.0%
50% 8.0% 7.0% 6.0% 5.0% 4.0%
60% 8.0% 6.0% 5.0% 4.0% 3.0%
70% 7.0% 6.0% 5.0% 4.0% 3.0%
80% 7.0% 5.0% 4.0% 3.0% 2.0%
90% 6.0% 5.0% 4.0% 3.0% 2.0%
100% 5.0% 4.0% 2.5% 2.0% 0.0%
sales ratio
(1) As of 31 January 2018
(2) EUR 282.1mn include EUR 2.6mn for undeveloped land of standing investments
PROPERTY DEVELOPMENT
APPENDIX
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DEVELOP–TO–HOLD: PIPELINE
Develop-to-hold: under construction (as of 31 Jan 2018)
Project Location
No of
units
No. of
parking
spaces
Total
Floor area
(in `000 sqm)
Total
(in EURmn)
Spent
(in %)
Remaining
(in %)
Monthly net
in-place rent
(in EUR/sqm)(2)
Gross
rental
yield
Rent
parking
(in EUR/
month)(3)
Tenant
contribution
(in EURmn)
Planned
completion
„Ankerviertel“ Berlin 50 50 4.44 14.7 83% 17% 12 4.75% 100 Apr-18
"Seefeld II, BF
8.3" Berlin 27 14 1.88 6.8 34% 66% 12.5 4.38% 100 May-19
"La Belle Ville" Berlin 95 46 7.24 28.6 52% 48% 12.8 4.05% 90 Mar-19
„RIVUS III" Vienna 181 119 12.11 27.8 79% 21% 5.6 4.15% 59 6.1 Aug-18
Vorgartenstraße
98 Vienna 168 81 12.64 28.2 19% 81% 5.7 4.18% 59 6.3 Aug-19
Total under construction 521 310 38.32 106.2 53% 47%
Develop-to-hold: future pipeline (as of 31 Jan 2018)(4)
Location
No of
units
No. of
parking
spaces
Total
Floor area
(in `000 sqm)
Total
(in EURmn)
Spent
(in %)
Remaining
(in %)
Land cost
(in EUR/sqm)
Berlin 2,049 1,308 150.85 549.02 17% 83% 530
Hamburg 291 150 19.42 92.26 13% 87% 832
Vienna 1,142 742 81.54 184.77 18% 82% 272
Total future pipeline 3,482 2,200 251.81 826.00 17% 83%
Investment volume(1)
(1) Excl. calculated cost of equity
(2) Targeted initial monthly net in-place rent (in EUR/sqm)
(3) Targeted initial rent per parking space (in EUR/month)
(4) Page contains an outlook. The outlook is a target based on assumptions that rely on factors which the Company cannot influence or can only influence to a limited degree. Although the Company assumes that these assumptions are reasonable as
of today, they may subsequently prove to be incorrect or unfounded. If one or more of these assumptions prove to be incorrect or unfounded, the Company’s future actual pipeline may deviate materially from the respective numbers indicated herein.
Investment volume(1)
PROPERTY DEVELOPMENT
TO-HOLD APPENDIX
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DEVELOP–TO–SELL: PIPELINE
Develop-to-sell: under construction (as of 31 Jan 2018)
Investment volume(1)
Develop-to-sell: future pipeline(2) (as of 31 Jan 2018)
Location No of units
No. of parking
spaces
Total
Floor area
(in `000 sqm)
Total
(in EURmn)
Spent
(in %)
Remaining
(in %)
Expected sales
prices
(in EUR/sqm) Presales
(in %)
Berlin 649 387 54.2 233.4 52% 48% 5,135 61%
Vienna 1161 757 78.7 263.0 46% 54% 4,287 26%
Total under construction 1,810 1,144 133.0 496.4 49% 51% 4,633
Investment volume(1)
(1) Excl. calculated cost of equity
(2) Page contains an outlook. The outlook is a target based on assumptions that rely on factors which the Company cannot influence or can only influence to a limited degree. Although the Company assumes that these assumptions are
reasonable as of today, they may subsequently prove to be incorrect or unfounded. If one or more of these assumptions prove to be incorrect or unfounded, the Company’s future actual pipeline may deviate materially from the respective
numbers indicated herein.
Location
No of
units
No. of
parking
spaces
Total
Floor area
(in `000 sqm)
Total
(in EURmn)
Spent
(in %)
Remaining
(in %)
Land cost
(in EUR/sqm)
Berlin 2,598 2,027 210.49 900.2 17% 83% 696.1
Hamburg 693 675 61.52 286.5 19% 81% 882.0
Vienna 1,580 1,453 129.45 460.1 14% 86% 514.4
Total future pipeline 4,871 4,155 401 1,647 16% 84%
PROPERTY DEVELOPMENT
TO-SELL APPENDIX
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Project / Location Signing
Closing No of units
Total
Floor area
(in sqm)
Total
Investment volume
in EURmn(1)
Fair value
in EURmn
"Jahnstrasse",
Jahnstraße 15, 10967 Berlin Kreuzberg
Germany
07/2017 08/2017 36 2,829 15.1 6.4
"Brunsbütteler Damm",
Brunsbütteler Damm 50, 13581 Berlin Spandau
Germany 12/2017 - 326 15,000 60.7 -
"Oase 22+", Adelheid Popp Gasse, 1220 Vienna Austria 12/2017 01/2018 90 5,400 22.0 -
Total (as of 31 Jan 2018) 452 23,229 97.8 6.4
LAND PLOT ACQUISITIONS
Property plots acquired
(1) Investment volume excluding cost of equity
(2) The purchase price is based on the potential usable space, which is buildable on the land plot. The purchase price is being adjusted based on the most recent planning
APPENDIX
A further site in Hamburg was secured through an
exclusive option agreement. The construction of 72 rental
units for the develop - to - hold portfolio is planned at this
location.
A further site in Vienna was secured through an exclusive
option agreement. The construction of 120 units for the
develop to sell portfolio is planned at this location.
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172 649 821 326 1 327
1.723 2.597
4.320
2.221
3.247
5.468
Develop-to-hold Develop-to-sell Total
In planning stage
Planned constructionin FY2017/18
Under construction
DEVELOPMENT PIPELINE BERLIN
APPENDIX
Pipeline Berlin(1)
in number of units and investment volume in EURmn as of 31 Jan 2018
„52 Grad Nord“, Berlin Grünau
„Westendpark“, Berlin
EUR 466mn
EUR 50mn
Total Investment
volume EUR 599mn
EUR 2mn
EUR 233mn
Total Investment
volume EUR 1,134mn
EUR 898mn
EUR 85mn
EUR 284mn
Total Investment
volume EUR 1,732mn
EUR 1,364mn
Pipeline split Berlin in number of units
Market rent apartments 36%
Condominiums 63%
(1) Investment volume excluding internally calculated cost of equity
Comment
Depending on potential changes in German municipal policy
in Berlin regarding the granting of building permits the share
of market rent apartments may be reduced in favour of
subsidised rent apartments which are not part of BUWOG‘s
German development strategy. Land parts with the
permission to build subsidised rental units are intended to be
sold.
EUR 83mn
Subsidised rent apartments
1%
Total no.
of units:
5,486
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- - -
291
693
984
Develop-to-hold Develop-to-sell Total
In planning stage
DEVELOPMENT PIPELINE HAMBURG
APPENDIX
EUR 92mn
Total Investment
volume EUR 92mn
Total Investment
volume EUR 287mn
EUR 287mn
Total Investment
volume EUR 379mn
EUR 379mn
Pipeline Hamburg(1)
in number of units and investment volume in EURmn as of 31 Jan 2018
„Stadtquartier Bergedorf“, Hamburg-
Bergedorf
Pipeline split Hamburg in number of units
Market rent apartments 24%
Condominiums 76%
(1) Investment volume excluding internally calculated cost of equity
Comment
Depending on potential changes in German municipal policy
in Hamburg regarding the granting of building permits the
share of market rent apartments may be reduced in favour of
subsidised rent apartments which are not part of BUWOG‘s
German development strategy. Land parts with the
permission to build subsidised rental units are intended to be
sold.
Total no.
of units:
984
Aktualisiert
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Total no.
of units:
4,232
349
1.161 1.510
-
-
-
1.142
1.580
2.722
1.491
2.741
4.232
Develop-to-hold Develop-to-sell Total
TOTAL
In planning stage
Planned constructionin FY2017/18
Under construction
DEVELOPMENT PIPELINE VIENNA
APPENDIX
Pipeline Vienna(1)
in number of units and investment volume in EURmn as of 31 Jan 2018
EUR 0mn
EUR 56mn
Total Investment
volume EUR 241mn
EUR 0mn
EUR 263mn
Total Investment
volume EUR 723mn
EUR 460mn
EUR 0mn
EUR 319mn
Total Investment
volume EUR 964mn
EUR 645mn
„Seestadt“, 1220 Vienna
Pipeline split Vienna in number of units
Subsidized apartments 35%
Condominiums 65% Comment
In contrast to existing pipeline and in line with strategic
approach to intensify develop to hold strategy future
development of market rent apartments in Vienna is currently
being evaluated
(1) Investment volume excluding internally calculated cost of equity
EUR 185mn
Aktualisiert
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Total
EUR 2,230mn
DEBT STRUCTURE
CAPITAL STRUCTURE
Highlights 9M 2017/18 Financial result of EUR -53.8mn contains cash
financing costs of EUR -29.3mn
Ø interest rate remains constant at 1.78%
Financing of development projects during the
reporting period:
Dev-to-hold: total volume of EUR 27.9mn
with an average nominal interest rate of
1.26%
Dev-to-sell: total volume of EUR 63.4mn
with an average nominal interest rate of
1.17%
Structure of amount outstanding by type of financing (as of 31 Jan 2018)
Debt Maturity Profile Basis: outstanding liabilities in EURmn p.a. as of 31 Jan 2018 and Convertible Bond placed on 6 Sept 2016
Total amount EUR 2.2bn
LTV 39.5%
Ø maturity 11.3 yrs
Interest lock-in period 9.3 yrs
Ø interest 1.78%
Loan structure
Hedged & fixed interest loans 90%
Variable interest loans 10%
Key facts & KPI 9M 2017/18
9 Sept 2021
Convertible Bond will
be redeemed at par
(if not previously converted)
Bank loans 68%
Ø interest rate: 2.18%
Convertible Bond 13% Ø interest rate: 0.00%
Subsidised loans 19% Ø interest rate: 1.65%
APPENDIX
52 51 52 53 49 45 45 46 38
36
446
77 67 0 37 50
93
550
14 5
116
300
until01.2019
until01.2020
until01.2021
until01.2022
until01.2023
until01.2024
until01.2025
until01.2026
until01.2027
until01.2028
from02.2028
Regular repayments Final repayments Convertible bond
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REVIEW FINANCIAL RESULT
Financial result influenced by negative non-cash and one-off items (EUR -23mn)
in EURmn 9M 2017/18
Financing costs cash -29.3
FV valuation of derivatives -11.4
FV valuation of loans -0.3
Non-cash valuation @ amortised costs -3.8
Other -9.1
Financial result -53.8
thereof non-cash & one-off -23.0
1
2
1
2
Development of the EUR swap curve Comparison 30 April 2017 and 31 Oct 2017 and 31 Jan 2018, in %
Non-cash and one-off items are adjusted
within the Recurring FFO calculation
APPENDIX
Negative non-cash result from valuation of financial
liabilities (EUR -0.3mn) due to fair value accounting
(driven by lower reference interest rate)
Negative valuation effect from financial instruments at
amortised cost, i.e. in particular non-subsidised loans and
convertible bond, which are measured at amortised cost
rather than fair value
-0,5
0
0,5
1
1,5
2
1D 1W 1M 2M 3M 6M 7M 8M 9M 10M 11M 1Y 18M 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 11Y 12Y 15Y 20Y 25Y 30Y 35Y 40Y 45Y 50Y
30/04/2017 31/10/2017 31/01/2018
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INCOME STATEMENT
APPENDIX
Consolidated income statement
in EURmn 9M 2016/17 9M 2017/18 Change
Rental revenues 155.4 159.2 2.4%
NOI of Asset Management 114.1 119.6 4.8%
NOI of Property Sales 38.6 37.9 -1.7%
NOI of Property Development 7.5 40.4 >100%
Other operating income 2.7 2.4 -10.7%
Expenses not directly attributable -27.9 -39.1 40.2%
Result of operations 134.9 161.1 19.4%
Other revaluation results 277.2 148.6 -46.0%
EBIT 412.1 309.7 -24.9%
Financial result -47.9 -53.8 12.3%
EBT 364.3 255.9 -29.7%
Income tax expenses -13.0 -17.4 33.5%
Deferred tax expenses -58.9 -27.5 -53.4%
Net profit 292.3 211.1 -27.8%
EBITDA 128.9 152.3 18.1%
1
Comments
9M 2017/18 is mainly influenced by 313 transferred units
and increased units under construction.
Increase mainly influenced through LTI program (EUR
1.8mn), consulting (EUR 3.7mn), additional personnel
expenses (EUR 3.5mn) and IT expenses (EUR 2.1mn)
Influenced by valuation results (investment properties,
loans and derivatives).
3
1
2
2
3
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BALANCE SHEET
APPENDIX
Balance sheet
in EURmn 30 Apr 17 31 Jan 18 Change
Investment properties 4,203.9 4,366.7 3.9%
Properties under construction 56.3 99.7 77.1%
Other assets 45.6 52.7 15.4%
Non-current assets 4,305.9 4,519.0 5.0%
Non-current assets held for sale 15.7 0.0 -100.0%
Inventories 355.5 365.5 2.8%
Cash and cash equivalents 211.4 285.8 35.2%
Other current assets 131.3 201.0 53.2%
Current assets 713.8 852.3 19.4%
Total assets 5,019.7 5,371.4 7.0%
Equity 1,995.8 2,427.7 21.6%
Liabilities from convertible bonds 288.0 290.0 0.7%
Financial liabilities 1,963.5 1,903.6 -3.0%
Deferred tax liabilities 264.9 292.3 10.4%
Other non-current liabilities 127.1 111.3 -12.4%
Other current liabilities 380.5 346.4 -9.0%
Total equity and liabilities 5,019.7 5,371.4 7.0%
1
2
Comments
Inventories and properties under construction contain
development projects with 2,331 units that are currently
under construction and 327 units with a planned
construction start in Q4 in 2017/18.
Main impact on the cash inflow comes from the capital
increase of gross EUR 305.6mn
Includes ordinary bank loans of approx. EUR 1,492.6mn
and subsidised loans of approx. EUR 411.0mn
1
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3
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CF from
investing activities
EUR -58.8mn
CF from financing activities
EUR 127.4mn
CASH FLOW
APPENDIX
9M 2017/2018 CF was mainly influenced by financing activities
Contribution from operating activities amounted to EUR 5.8mn relating to Asset Management and Property Development.
Gross Contribution from Property Sales amounted to EUR 131.3mn and is shown under investing activities while the repayment of
debt relating to Property Sales is shown under financing activities.
CF from acquisition (EUR –142.8) mainly consists of investments in standing investments and purchase of land sites for
development purposes.
CF from financing activities is mainly driven by cash inflows from capital increase, cash outflows from dividends and net
repayment of financial liabilities.
(1) Including revenues of property sales (EUR 89.8) and changes in receivables relating to (EUR 7.6mn)
(2) Fixed-term deposit with a term over three months
(1) (2)
211.4
285.8
5.8
-142.8
131.3
-50.0
2.7
48.5
297.7
-111.8
-77.8 -29.2
0
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200
300
400
500
600
Cash andcash
equivalents(EURmn) 30
Apr 17
Operatingactivities
Acquisitions Unit & BlockSales
Fixed-termdeposit
Other New Loans Capitalincrease, net
oftransactioncosts paid
Repaymentof financialliabilities
Dividends Interestpaymentsand otherfinancingexpenses
Cash andcash
equivalents(EURmn) 31
Jan 18
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FINANCIAL CALENDAR
APPENDIX
Financial Calendar
4 May 2018 Extraordinary General Meeting
28 Aug 2018 Publication of the Annual Report FY 2017/18
26 Sep 2018 Publication Q1-Report 2018/19
6 Oct 2018 Record Date for the 5th General Meeting
16 Oct 2018 5th Annual General Meeting of BUWOG AG
17 Oct 2018 Release of resolutions and votes
18 Oct 2018 Ex-dividend date
19 Oct 2018 Record Date for dividends
22 Oct 2018 Dividend payment day
20 Dec 2018 Publication H1-Report 2018/19
21 Mar 2019 Publication 9-months-report 2018/19
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Disclaimer:
The materials in this presentation may contain statements related to our future business and financial performance and future events
or developments involving BUWOG 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", “target” or words of
similar meaning. 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 BUWOG's management, of which many are beyond BUWOG's control.
These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in
particular in the chapter Risks in the Annual Report. Should one or more of these or other risks or uncertainties materialise, or should
underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of BUWOG may
(negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. BUWOG
neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ
from those anticipated.
BUWOG AG
T: +43 1 878 28 - 1130
W: www.buwog.com
Stock Symbols
Frankfurt Stock Exchange: BWO GR
Vienna Stock Exchange: BWO AV
Warsaw Stock Exchange: BWO PW
ISIN: AT00BUWOG001
Holger Lueth
Managing Director Corporate Finance and Investor
Relations
T: +43 1 878 28 - 1203
Jan-Hauke Jendrny
Investor Relations Manager
T: +49 30 338 539 - 1873
