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Patrizia — PATRIZIA Immobilien — 9M 2016 Earnings Presentation

21 slides from Patrizia's earnings presentation, Nov 8, 2016

  1. Slide 1: 9M 2016 Results Conference Call

    9M 2016 Results Conference Call Karim Bohn, CFO 8 November 2016 PATRIZIA Immobilien AG PATRIZIA Bürohaus | Fuggerstrasse 26 | 86150 Augsburg | T +49 821 50910-000 | F +49 821 50910-999 | immobilien@patrizia.ag | www.patrizia.ag

  2. Slide 2: 2016 guidance increased…

    2016 guidance increased… FINANCIAL RESULTS 9M 2016: OPERATING INCOME 9M 2016 (in EUR million) Operating income of EUR 252.5m As of 30 September 2016 guidance  Operating income ex Harald: EUR 43.9m increased  Operating income Harald: EUR 208.6m 1 at  Guidance of at least EUR 250m achieved already

  3. Slide 3: …due to positive earnings contribution across all businesses

    …due to positive earnings contribution across all businesses MANAGEMENT TRANSACTIONS INVESTORS ACCESS EQUITY INVEST  AuM:  EUR 3.6bn  EUR 1.5bn funds  EUR 364m EUR 17.7bn transactions raised in 9M 2016 invested capital thereof international:  EUR 1.5bn  Diversified  EUR 174m EUR 6.0bn sales c

  4. Slide 4: Growing Assets under Management increase base fees

    Growing Assets under Management increase base fees 2016 AUM NET GROWTH TARGET OF EUR 2.0BN ASSETS UNDER MANAGEMENT (in EUR billion) As of 30 September 2016 9M 2016 overview 18.6 +0.5 17.7  EUR 3.6bn total transactions completed 16.6 +2.1 -1.5  EUR 2.1bn acquisitions 6.0 5.5  EUR 1.5bn sales (of w

  5. Slide 5: Strong fee income shows PATRIZIA’s operating progress…

    Strong fee income shows PATRIZIA’s operating progress… STRONG DEVELOPMENT OF FEE INCOME IN 9M 2016 FEE INCOME (in EUR million) As of 30 September 2016  Total fee income: EUR 122.3m 190.0  Increase of 14.0% to EUR 115.4m excluding performance fees 88.8  +11.1% management fee 122.3 6.9  +18.2% tra

  6. Slide 6: …with transaction fees as a sustainable part of total income

    …with transaction fees as a sustainable part of total income TRANSACTION VOLUME AT EUR 3.6BN TRANSACTION VOLUME (in EUR billion) As of 30 September 2016 Strong transaction volume in 9M 2016:  EUR 3.6bn vs. EUR 5.2bn in 9M 2015 closed 7.2  2015 includes sale of SÜDEWO (EUR 1.9bn) and acquisition of

  7. Slide 7: Investment income reveals PATRIZIA’s outstanding investment competence

    Investment income reveals PATRIZIA’s outstanding investment competence INVESTMENT INCOME INVESTMENT INCOME (in EUR million) As of 30 September 2016 Income from Principal- and Co-Investments Investment discipline pays off: 222.7  Investment income increased to EUR 222.7m (9M 2015: EUR 21.5m)  Exclu

  8. Slide 8: Strong operational 9M 2016 reflected in financial results

    Strong operational 9M 2016 reflected in financial results Operating Income 9M 2016 – EUR m Regulated Funds Third Party Business: Third Party Business Including SÜDEWO: Co-Investments EUR 108.3m +107.4% Fees 47.5 22.9 9M 2015 9M 2016 Income Third Party Investments Streams Including + Equity Investmen

  9. Slide 9: Development of operating income

    Development of operating income RECONCILIATION TO OPERATING INCOME without SÜDEWO, Harald 9 months 9 months 2016 2015 COMMENTS 01.01.- 01.01.- Change in EUR ‘000 30.09.2016 30.09.2015 Increase driven by rise in EBITDA 34,047 24,620 38.3% fee income and negatively Amortisation of fund management cont

  10. Slide 10: Strong balance sheet and significant liquidity enables future growth

    Strong balance sheet and significant liquidity enables future growth  Significant cash position of EUR 434.6m with EUR 353.0 freely available  Unlevered real estate assets provide additional liquidity reserve of approx. EUR120m  Well positioned for further growth:  Continue European expansion 

  11. Slide 11: Outlook: Well on track for successful 2016 and beyond

    Outlook: Well on track for successful 2016 and beyond POSITIVE MOMENTUM CONTINUED IN 9M 2016 Guidance increased: OPERATING INCOME GUIDANCE (in EUR million)  Operating income of EUR 252.5m As of 30 September 2016  Guidance of at least EUR 250m achieved already guidance  Increasing guidance to at l

  12. Slide 12: 2017 outlook promising

    2017 outlook promising Operating income guidance 2016 increased to OPERATING INCOME GUIDANCE at least EUR 265m (in EUR million)  Operating income Harald: c. EUR 210m1 at least  Operating income base level: c. EUR 55m 265 2017 GUIDANCE 210  Operating income at base level of at least EUR 55m Assump

  13. Slide 13: Appendix

    APPENDIX PATRIZIA Immobilien AG| © 2016 13

  14. Slide 14: Sale of Harald completed

    Sale of Harald completed HARALD EARNINGS CONTRIBUTION HARALD EARNINGS BRIDGE (in EUR million) As of 30 September 2016  Operating income of EUR 208.6m Considered excluding transaction related taxes and contribution to minorities 2016 operating income guidance  PATRIZIA will remain shareholder with

  15. Slide 15: Harald contribution to 9M 2016 results

    Harald contribution to 9M 2016 results Harald only 9M 2016 in EUR ‘000 01.01. - 30.09.2016 Comments Revenues 492,424 Asset deals booked as Income from the sale of investment property 0 - revenues and Changes in inventories -386,885 - change in inventories Other operating income 4,117 Revenues includ

  16. Slide 16: P&L 9M 2016 excluding Harald, SÜDEWO

    P&L 9M 2016 excluding Harald, SÜDEWO adjusted adjusted 9M 2016 9M 2015 in EUR ‘000 01.01. - 30.09.2016 01.01. - 30.09.2015 Comments Revenues 163,935 210,702 Revenues decrease due to Income from the sale of investment property 1,153 4,051 lower sales proceeds from Changes in inventories -20,617 -93,0

  17. Slide 17: Balance sheet – assets

    Balance sheet – assets ASSETS EUR'000 30.09.2016 31.12.2015 Comments A. Non-current assets Goodwill 610 610 Includes mainly fund management contracts Other intangible assets 35,914 37,417 of PATRIZIA GewerbeInvest Software 10,203 9,225 Investment property 13,722 20,802 Principal Investments at fair

  18. Slide 18: Balance sheet – equity/liabilities

    Balance sheet – equity/liabilities EQUITY AND LIABILITIES EUR'000 30.09.2016 31.12.2015 Comments A. Equity Share capital 83,956 76,324 Capital reserve 184,005 191,637 Retained earnings Legal reserves 505 505 Non-controlling shareholders 37,209 18,190 Increase due to Harald transaction, to be paid ou

  19. Slide 19: Development of fee income streams

    Development of fee income streams Fee structure Fee description 9M 2016 9M 2015 Change Asset, Fund and Portfolio Fixed percentage of investment EUR 56.2m EUR 49.8m 12.9% Management Fee1 volume (gross asset value) Fixed percentage of earnings above a defined target Performance Fee yield according to

  20. Slide 20: Financial calendar

    Financial calendar 2017 March 14  Financial Statements 2016 May 10  Interim report for the first quarter of 2017 June 22  Annual General Meeting, Augsburg August 4  Interim report for the first half of 2017 November 7  Interim report for the first nine months of 2017 Conference calls about fina

  21. Slide 21: Contact details

    Contact details KARIM BOHN MICHAEL TEGEDER VERENA SCHOPP DE CFO HEAD OF IR ALVARENGA MANAGER IR PATRIZIA Immobilien AG PATRIZIA Immobilien AG PATRIZIA Immobilien AG PATRIZIA Bürohaus PATRIZIA Bürohaus PATRIZIA Bürohaus Fuggerstrasse 26 Fuggerstrasse 26 Fuggerstrasse 26 86150 Augsburg 86150 Augsburg

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