Slide 1: Leading in Pan-European Real Estate
LEADING IN PAN-EUROPEAN REAL ESTATE Results Presentation | 3M 2019 | 16 May 2019 PATRIZIA | © 2019
Slide 2: Highlights
Financials 3M 2019 Highlights 3M 2019 – Solid start into FY 2019 with further improved quality of operating income Assets under management Assets under management | EUR bn • AUM virtually stable at EUR 40.9bn • EUR 0.5bn acquisitions and EUR 0.6bn disposals closed for -0.2% 44.0 – 45.0 domestic an
Slide 3: Operating income
Financials 3M 2019 Operating income Operating income of EUR 24.0m with improved earnings quality Highlights Composition 3M 2019 | EUR m • Total service fee income up 9.2% to EUR 71.1m (3M 2018: EUR 65.1m) due to: -89.8% +9.7% -17.6% • Strong management fees (primarily attributable 2.5 to the c
Slide 4: Total service fee income
Financials 3M 2019 Total service fee income Stronger pan-European platform drives diversified income streams Highlights Total service fee income | EUR m • Total service fee income up 9.2% to EUR 71.1m driven by: • Organic growth in assets under management 307.0 – 330.0 100%1 • Acquisition of Rockspr
Slide 5: Transaction fees
Financials 3M 2019 Transaction fees Growth in signed and closed transaction volume outperformed overall market activity Highlights Transaction volume (signed/closed) | EUR bn • Transaction volume (signed) increased by 93.4% y-o-y to EUR 1.0bn, 6.0 – 8.0 thereof EUR 0.6bn acquisitions and EUR 0.4bn d
Slide 6: Performance fees
Financials 3M 2019 Performance fees Superior returns for clients translate into attractive performance fees for PATRIZIA • Performance fees of EUR 18.7m in 3M 2019, down 17.6% y-o-y in line with expectations, emphasise PATRIZIA’s active asset management capabilities and investment track record (weig
Slide 7: Profitability and costs
Financials 3M 2019 Profitability and costs Continued efficiency improvements propel profitability and cost ratios AUM vs total cost ratio | EUR bn vs % EBITDAR margin (+/- principal investments) | EUR m, LHS vs % 50 1% 44.0 – 45.0 180 50% 1.21% 45.2% 45 42.9% 1.14% 1% 160 45% 40 38.7% 41.0 40.9 34.9
Slide 8: Solid financial position
Financials 3M 2019 Solid financial position Ample cash position to drive further growth and strategic development • Strong balance sheet ratios and capital structure to facilitate further profitable growth • Total available liquidity amounts to EUR 489.2m as at 31.03.2019: | for M&A’s in the investm
Slide 9: Guidance 2019e
Financials 3M 2019 Guidance 2019e Full-year operating income guidance of between EUR 120.0m and EUR 130.0m confirmed Assumptions 2019e Income composition FY 2019e | EUR m • Total service fee income: 8% 22% • Management fees: EUR 180.0 – 185.0m 25% based on increased assets under management 30.0 howe
Slide 10: PATRIZIA | Investment Highlights
Financials 3M 2019 PATRIZIA | Investment Highlights 1 Leading listed European real estate investment firm 2 Broad institutional client base and strong fundraising momentum – globally 3 High quality services across the entire property value chain 4 Excellent track record in sought after European prop
Slide 11: Appendix
Appendix PATRIZIA | © 2019
Slide 12: Capital allocation
Appendix Capital allocation Assets under Invested capital Invested capital Participations 31.03.2019 Management (fair value) (at cost) EUR m EUR m EUR m in % Third-party business 34,250.8 Co-investments 6,584.1 504.7 160.9 Residential 5,524.0 476.5 139.7 Dawonia GmbH 4,281.5 139.9 1 52.2 5.1 Dawonia
Slide 13: Reconciliation of operating income
Appendix Reconciliation of operating income EUR k 3M 2019 3M 2018 Change EBITDA 26,067 45,959 -43.3% Amortisation of other intangible assets1 and software, rights of use, depreciation of property, plant and -11,586 -2,183 430.7% equipment EBIT 14,481 43,776 -66.9% Financial income/expenses -1,036 -1
Slide 14: Consolidated Income Statement
Appendix Consolidated Income Statement EUR k 3M 2019 3M 2018 Change Revenues 57,742 81,876 -29.5% Income from the sale of investment property 231 306 -24.5% Changes in inventories -5,047 -15,421 -67.3% Other operating income 1,919 1,372 39.9% Total operating performance 54,845 68,133 -19.5% Cost of
Slide 15: Consolidated Balance Sheet | Assets
Appendix Consolidated Balance Sheet | Assets EUR k 31.03.2019 31.12.2018 A. Non-current assets Goodwill 203,675 201,109 Other intangible assets1 160,932 166,562 Software 10,694 11,396 Rights of use 13,807 0 Investment property 5,469 8,308 Equipment 5,867 5,890 Participations in companies accounted f
Slide 16: Consolidated Balance Sheet | Equity and liabilities
Appendix Consolidated Balance Sheet | Equity and liabilities EUR k 31.03.2019 31.12.2018 A. Equity Share capital 91,060 91,060 Capital reserves 155,222 155,222 Retained earnings Legal reserves 505 505 Currency translation difference -7,435 -15,605 Revaluation reserve according to IFRS 9 49,631 49,50
Slide 17: Financial Calendar
Appendix Financial Calendar 2019 May 16 ➢ Quarterly Statement for the first three months of 2019 May 22 ➢ Annual General Meeting, Augsburg August 7 ➢ Interim Report for the first half of 2019 November 14 ➢ Quarterly Statement for the first nine months of 2019 Invitations and dial-in numbers are prov
Slide 18: Contact
Appendix Contact KARIM BOHN MARTIN PRAUM Member of the Board | CFO Senior Managing Director Head of Investor Relations PATRIZIA Immobilien AG PATRIZIA Bürohaus T +49 821 50910-402 Fuggerstrasse 26 F +49 821 50910-399 86150 Augsburg M +49 151 19685445 Germany investor.relations@patrizia.ag LAURA WANZ