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    AT1   LU1673108939

AROUNDTOWN SA

(AT1)
  Report
Real-time Estimate Tradegate  -  03:35 2022-07-05 am EDT
2.910 EUR   +2.00%
07/04AROUNDTOWN : UBS gives a Neutral rating
MD
07/04AROUNDTOWN SA : Release of a capital market information
EQ
07/04AROUNDTOWN SA : Release of a capital market information
EQ
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Aroundtown : Q1 2022 Financial Results Presentation

05/25/2022 | 12:53am EDT

Q1 2022 FINANCIAL RESULTS

AROUNDTOWN SA | MAY 2022

BERLIN

TABLE OF CONTENTS

FRANKFURT

  • HIGHLIGHTS
  • OPERATIONS AND PORTFOLIO
  • FINANCIAL RESULTS
  • GUIDANCE
  • APPENDIX
    • ESG
    • DEVELOPMENT PROJECTS
    • MAIN CITIES AERIAL VIEW
    • MARKET DATA

Q1 2022 FINANCIAL RESULTS

AROUNDTOWN SA

2

HIGHLIGHTS

| BERLIN

Q1 2022 FINANCIAL RESULTS

AROUNDTOWN SA

3

Q1 2022 FINANCIAL HIGHLIGHTS

TOP & BOTTOM LINE

FINANCIAL DISCIPLINE

CONSERVATIVE DEBT PROFILE

NET RENTAL INCOME

CASH AND LIQUID ASSETS

DEBT REPAYMENTS IN 2022 YTD

€309m

€2.2 bn

~€800m

+32% YOY

MAR 2022

With 1.2% avg. CoD and <2y avg. maturity

RENT LIKE-FOR-LIKE

UNENCUMBERED INVESTMENT PROPERTIES

LOW COST OF DEBT

+1.7%(excl. hotels) / +0.9%(incl. hotels)

€23.9bn / 85% of rent

1.2%

MAR 2022 (GCP is not included)

MAR 2022

MAR 2022

FFO I

LTV

LONG AVERAGE DEBT MATURITY

€89m / €119m(before extraordinary Covid adj.)

40%

5.7y

+3% YOY / -4% YOY

MAR 2022

MAR 2022

Guidance

confirmed

FFO I ps.

CREDIT RATING BY S&P

INTEREST COVER RATIO

€0.080/ €0.106(before extraordinary Covid adj.)

BBB+/STABLE

5.3x

+10% YOY / +1% YOY

REAFFIRMED IN DEC 2021

Q1 2022 excluding JV contributions

Q1 2022 FINANCIAL RESULTS

AROUNDTOWN SA

4

CAPITAL RECYCLING UPDATE Q1 2022

DISPOSALS OF NON-CORE AND MATURE

...ABOVE BOOK VALUE, VALIDATING

... FUNDING DEBT REPAYMENTS AND

ASSETS...

PORTFOLIO VALUATIONS...

SHARE BUYBACKS

Office 71%

Retail 29%

Q1 2022 Closed

Hamburg 60%

Stuttgart

22%

Non-core

11%

Q1 2022 Closed

* of which €0.5bn signed during 2021

€1.1BN DISPOSALS SIGNED UNTIL 2022 YTD*

>€130M DISPOSALS CLOSED IN Q1 2022

+3%

+66%

Margin over book value

Margin over cost value

Q1 2022 Closed

Q1 2022 Closed

27x

Average disposal rent multiple

Q1 2022 Closed

28x

25x

Office

Retail

Q1 2022 Closed

Q1 2022 Closed

  • Disposals above book value (€1.1bn in 2022 YTD) are channelled into debt repayments (€0.8bn in 2022 YTD)
    & share buybacks (€0.2bn in 2022 YTD)
  • Shareholder value creation through selling assets above book value & buying back shares significantly below NAV. Effectively reinvesting into its own higher quality portfolio after sale of non-core

Q1 2022 FINANCIAL RESULTS

AROUNDTOWN SA

5

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Disclaimer

Aroundtown SA published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 04:52:00 UTC.


© Publicnow 2022
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Financials
Sales 2022 1 460 M 1 522 M 1 522 M
Net income 2022 766 M 799 M 799 M
Net Debt 2022 13 400 M 13 975 M 13 975 M
P/E ratio 2022 4,98x
Yield 2022 8,84%
Capitalization 3 131 M 3 266 M 3 266 M
EV / Sales 2022 11,3x
EV / Sales 2023 10,9x
Nbr of Employees 1 631
Free-Float 61,8%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 2,85 €
Average target price 6,15 €
Spread / Average Target 115%
EPS Revisions
Managers and Directors
Barak Bar-Hen Chief Executive & Operating Officer
Eyal Ben David Chief Financial Officer
Gerhard Cromme Chairman
Markus Leininger Independent Director
Markus Kreuter Independent Director