Company Presentation

Profitable and sustainable growth with German retail properties

Business model and positioning

  • Specialised portfolio manager and portfolio developer for retail properties
  • Focus on shopping centres and specialist retail centres, neighbourhood stores and drugstores at established secondary locations in Germany
  • Grocery stores with high credit rating as prevailing anchor tenants
  • Selective, opportunistic sales of trading assets supplement the business mode

Focus on portfolio management for German retail properties

Growth strategy Market Segments
Consistent market penetration (expansion of market position) Germany Office, Logistics, Residential

Executive Board and Supervisory Board

Falk Raudies

Falk Raudies

Founder and CEO
Prof. Dr. Franz-Joseph Busse

Prof. Dr. Franz-Joseph Busse

Chairman of the Supervisory Board
Hanjo Schneider

Hanjo Schneider

Deputy Chairman of the Supervisory Board
Ludwig A. Fuchs

Ludwig A. Fuchs

Member of the Supervisory Board

Audited figures 2020 confirm preliminary results

  • FCR exceeds 2020 forecast, EBT at EUR 11.5 million (forecast: EUR 11.1 million), prior year result of EUR 11.9 million almost reached again despite Covid-19 pandemic
  • Sales revenues from property management increased to EUR 25.2 million (PY: EUR 21.6 million)
  • Good business development through focusing on portfolio management
  • Successful asset management leads to reduction of vacancies of standing portfolio to 9.7% (PY: 17.9%)
  • Innovative strength supports successful growth course, high IT competency and technology basis contribute towards the good development of FCR
  • Continuation of the positive business development planned for 2021

Fiscal 2020 closed with very good results, as expected

According to business model: the focus lies on attractive retail
properties in Germany for letting / portfolio management

Overall portfolio 31.12.2020

  • Value in Mio. €

Distribution net rents per asset class

  • Percentage
Properties 31.12.2020 Market value and rent pa in EUR million, yield in % Earnings from: # Market value based on expert opinion Actual net rent Pot. net rent Actual net rent yield pa Potential net rent yield pa
Standing portfolio Letting 78 268,3 19,5 21,6 7,2 8,0
New development | Project development | Earnings from opportunistic sales (hotels) Sale 5 46,2 0,1 0,1
Total Letting / Sales 83 314,5 19,6 21,7

Distribution net rents per federal state

  • Percentage

Real estate portfolio

According to business model: the focus lies on attractive retail
properties in Germany for letting / portfolio management

2017 2018 2019 2020
Number of properties 36 52 69 78
Lettable space (in thousand m2 ) 142 217 311 341
Fair value (in million euro) 124 190 244 268
Valuation multiple 13,7 14,0 13,3 13,7
Annualised portfolio actual net rent (in million euro) 9,1 14,0 13,3 13,7
Initial yield portfolio (%) 11,9 9,5 10,1 11,1
LTV (%) 52,5 64,3 67,4 69,9
Vacancy (%) 11,0 19,0 17,9 9,7
WAULT (in years) 3,9 5,5 4,4 5,1

Financial Statements 2020

14 new acquisitions based on acquisition profile, all sales of retail properties above values determined by experts

Acquisition profile

  • Investment volume:
    Between EUR 1 and 25 million, for major opportunities up to EUR 100 million
  • Types of use:
    Primarily retail properties with a focus on shopping centres and specialist retail centres, neighbourhood stores, drugstores In addition: properties from the fields of Office, Logistics and Residential
  • Locations:
    Germany-wide, cities with 5,000+ inhabitants
  • Tenant structure:
    Anchor tenants: companies with a high credit rating from the wholesale and retail trade, grocery stores
  • High initial yields:
    between 8% and 12%

14 acquisitions 2020

Property Segment Initial yield (%)
Brandenburg Logistics 8,7
Cadolzburg Retail 9,0
Gummersbach Retail 9,8
Höchstadt Retail 9,5
Jüterbog Retail 10,8
Landau Retail 9,9
Schwalbach Retail 9,9
Schwandorf Retail 9,1
Strullendorf Retail 9,1
Teistungen Retail 11,4
Westeregeln Retail 9,2
Ruhla Retail 9,0
Bückeburg Retail 10,2
Eilenburg Retail 8,2
Pulsnitz* Retail 11,5
Ludwigslust Retail 11,4

7 sales 2020

Property Segment Surplus from sales (in euro million)
Aue Retail 0,04
Lichtentanne Retail 0,2
Stuhr Retail 0,1
Hof Retail 0,15
Oer-Erkenschwick Retail 0,2
Pößneck Retail 0,8
Westerburg Retail 0
Magdeburg* Retail 0,08

New technologies

Innovative strength supports successful growth course

Foci 2020

  1. Upgrade of the FCR intranet to optimise workflows along the core areas of the value chain
    (extension of existing functionalities, design and integration of new features)
  2. Development of a new business line for the external marketing of the FCR intranet
    (High interest of potential buyers, negotiations ongoing)
  3. Strategic equity shareholding in Immoware24 (cloud-based property management tool)
Full coverage of the value chain
Acquisition / sale
▪ Calculation and analysis tools for location and profitability
▪ Bank enquiries
▪ Automatic upload to portals
▪ External broker access
Asset Management
Automated services for:
▪ Marketing of vacancies on portals
▪ Letting enquiries
▪ Communication with property managements
▪ OI list control including dunning
▪ Cash flow calculations
Corporate management from one source
Management-Dashboard
Daily reporting and release functions eg for:
▪ Alert function for all expiring contracts
▪ Detailed overview of portfolio properties
▪ Acquisition activities / LOIs
▪ Financing
▪ Expiring lease contracts, letting activities
▪ Sales activities
▪ Offers, contracts
▪ Commission, invoices
▪ Check24 insurance comparison
Integration of corporate / support units
Finance & Controlling
▪ Table of loans
▪ Liquidity planning
▪ Invoicing HR / Organisation
▪ Personnel administration
▪ Employee self-services
▪ Administration FF&E
▪ DMS Marketing
▪ Overview online marketing
▪ Newsletter administration
▪ Social-Media
▪ User behaviour

Basis for the implementation of the foci: Co-operation with the largest data providers in Germany, more than 10 million location and property-specific data integrated in the FCR system, in the field of AI: analysis and scoring of property-related data (eg acquisition prices) and demographic factors (eg age, gender, marital status, place of residence, nationality, income, profession)

Financial ratios

FCR continued on its road to success during the fiscal year which was challenging due to the Covid-19 pandemic; EBT at Eur 11.5 million

Sales revenues

  • Wert in Mio. €

EBITDA

  • Wert in Mio. €

EBIT

  • Wert in Mio. €

EBT

  • Wert in Mio. €

EAT

  • Wert in Mio. €

Other financial ratios

Positive FCR development is also reflected by FFO, NAV and MarketCap

Sales revenues and funds from operations (FFO) successfully increased
Umsatz / FFO
▪ Sales revenues from property management increased altogether from EUR 21.6 million (2019) to EUR 25.2 million (2020). EUR 22.7 million (PY: EUR 19.1 million) were attributable to sales revenues from portfolio management
▪ The funds from operations (FFO) climbed to EUR 5.0 million. During the previous year when the company was not yet focusing on portfolio management, the FFO amounted to EUR -3.1 million.
▪ For fiscal 2021 FCR Immobilien AG anticipates a further expansion of the real estate portfolio and rising earnings. The FFO is to improve to EUR 8 million.

Ongoing increase in net asset
value (NAV)

NAV

  • Wert in Mio. €

NAV / share: EUR 11.73<br>Payment of a dividend of EUR 0.30 per share in Q2 2020

Increase in market capitalisation
since IPO

Marcet Cap

  • Wert in Mio. €

Business development 2020/2021

FCR share listed since 30.10.20 on the Regulated Market (General
Standard), capital increase in January / February 2021 completed

Basic data of the share

ISIN / WKN DE000A1YC913 / A1YC91
Trading venue Xetra und Frankfurt, General Standard München (m:access)
IPO 07.11.2018
Total number of shares 9.762.997 auf den Namen lautende nennwertlose Stückaktien (Stammaktien)
Share capital 9.762.997,00 Euro
Price (17.03.21) 11,20 Euro
Market capitalisation 109 Mio. Euro
Shareholder structure 65,03 % RAT Asset & Trading AG / CM Center Management GmbH / Falk Raudies 7,97 % FAMe Invest & Management GmbH 27,00 % Streubesitz

Since the beginning of March 2021 the FCR Immobilien AG share has also been traded in the USA on the OTCQX. Moreover, the share was admitted to the MSCI Europe Micro Cap Index (EUR).

Shareholder structure

  • RAT Asset & Trading AG / CM Center Management GmbH / Falk Raudies
  • FAMe Invest & Management GmbH
  • Streubesitz