Vonovia SE (VNNVF) Q2 2023 Earnings Call Transcript


Vonovia SE (OTCPK:VNNVF) Q2 2023 Earnings Conference Call August 4, 2023 8:00 AM ET

Company Participants

Rene Hoffmann – Head of IR

Rolf Buch – CEO

Philip Grosse – CFO

Conference Call Participants

Marc Mozzi – Bank of America

Bart Gysens – Morgan Stanley

Andres Toome – Green Street

Paul May – Barclays

Thomas Rothaeusler – Deutsche Bank

Marios Pastou – Societe General

Simon Stippig – Warburg Research

Manuel Martin – ODDO BHF

Neeraj Kumar – Barclays

Operator

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Vonovia SE Interim Results Six Months 2023 Analyst and Investor Call. [Operator Instructions]

I would now like to turn the conference over to Rene. Please go ahead.

Rene Hoffmann

Thank you, Emma, and welcome, everybody, to our earnings call for the second half — for the first half of 2023. Your hosts today are once again, CEO, Rolf Buch; and CFO, Philip Grosse. I assume you’ve all had a chance to download today’s presentation. In case you have not, you’ll find it, as always, on our website under the latest publication. Rolf and Philip will now present the results and also give a general business update, and we’re looking forward to your questions afterwards.

With that, let me hand over to Rolf.

Rolf Buch

Thank you, Rene, and welcome to all of you.

I’ll start, as always, with the highlights, this time on Page 4. First, cash flow financing and disposal, which is probably in the moment the most important. Our ’23 financial maturities are fully covered, and we only have €100 million less to be covered for ’24. And this will be relevant only in December ’24 when an €870 million bond matures, so almost 1.5 years ago.

We will continue to generate liquidity through disposals, not



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