Slide 1: Results Presentation H1 2020
FOR CLIENTS AND SHAREHOLDERS Results Presentation H1 2020| 6 August 2020 PATRIZIA | © 2020
Slide 2: Video presentation
Video presentation PATRIZIA H1 2020 Financial Results | Video presentation Let our CFO Karim Bohn guide you through the most important points of our H1 2020 Financial Results Access via QR code Access via weblink https://youtu.be/_9HfURNQxa0 PATRIZIA | © 2020 2
Slide 3: Covid-19 Update: Stronger for clients and shareholders
Covid-19 Update Stronger for clients and shareholders Resilient business model with upside through structural growth opportunities 1 2 3 Stable and Rock-solid Structural reliable partner financial growth case position still intact Selective Continued Lower for longer transactions for generation of i
Slide 4: 1. Stable and reliable partner
Covid-19 Update 1. Stable and reliable partner PATRIZIA is still active for its global client base despite challenging Covid-19 market environment PATRIZIA | © 2020 4
Slide 5: 2. Solid financial position
Covid-19 Update 2. Solid financial position Rock-solid balance sheet and strong cash position make PATRIZIA well prepared for the crisis • Strong balance sheet ratios and capital structure to facilitate further profitable growth • Dividend of EUR 0.29 per share for FY 2019 (+7.4% y-o-y) paid out in
Slide 6: 3. Long-term structural growth market
Covid-19 Update 3. Long-term structural growth market We are benefiting from the structural growth market for real estate investment management, despite short-term uncertainties Demographic change Our clients’ capital is Aging population threatens conventional pension growing and hungry for systems
Slide 7: Financials & Guidance
Financials & Guidance H1 2020 PATRIZIA | © 2020 7
Slide 8: Highlights
Financials H1 2020 Highlights Strong financial results despite challenging market environment – FY 2020 guidance confirmed Assets under management2 | EUR bn H1 2020 • Operating income of EUR 74.1m in H1 2020 confirms resilience of +2.3% 46.5 – 48.0 44.5 45.5 business model <0.1 1.1 <0.1 Principal
Slide 9: Operating income
Financials H1 2020 Operating income Total service fee income H1 2020 virtually unchanged Highlights Composition H1 2020 | EUR m • Total service fee income virtually stable at EUR 171.0m (H1 2019: EUR 174.2m): +40.1% +4.7% • Management fees down 1.0% due to -15.9% 13.7 EUR 3.9m mainly aperiodic
Slide 10: Management fees
Financials H1 2020 Management fees Well diversified AUM-base and predictable management fees • Management fees down 1.0% to EUR 96.1m, but mainly due to aperiodic effects of EUR 3.9m in H1 2019 7% • Like-for-like management fee growth of 3.1% due to increased 3% AUM base 12% 35% • Diversified and lo
Slide 11: Transaction fees
Financials H1 2020 Transaction fees PATRIZIA is still active for its global client base despite challenging Covid-19 market environment Highlights Transaction volume (signed/closed) | EUR bn • Ongoing selective transaction activity for PATRIZIA’s global client base drove transaction fee growth to EU
Slide 12: Performance fees
Financials H1 2020 Performance fees Superior returns for clients translate into attractive performance fees Performance fees | EUR m Performance fee pool1 | EUR m Dawonia² 80.0 – 110.0 349.4 64.9 -15.9% (~EUR 60.0m p.a.) Total: EUR 791.3m 54.6 ~EUR 70.0m p.a. on average (excl. potential 441.9 441.
Slide 13: Guidance for FY 2020
Financials H1 2020 Guidance for FY 2020 Guidance for FY 2020 implies further improved earnings profile Assumptions for FY 2020 Income composition FY 2020e | EUR m • Operating income guidance for FY 2020e of EUR 100.0m to 140.0m reflects uncertain Covid-19 impact on European real estate investment ma
Slide 14: Appendix
Appendix PATRIZIA | © 2020 14
Slide 15: Capital allocation
Appendix Capital allocation Assets under Invested capital Invested capital Participations As at 30.06.2020 management (fair value) (at cost) EUR m EUR m EUR m in % Third-party business 39,281.6 0.0 Co-Investments 6,165.1 485.2 94.5 Residential 5,323.1 465.5 77.3 Dawonia GmbH 4,709.1 155.1 1 51.7 5.1
Slide 16: Reconciliation of operating income
Appendix Reconciliation of operating income EUR k H1 2020 H1 2019 Change EBITDA 72,511 81,661 -11.2% Amortisation of other intangible assets¹, software and rights of use, depreciation of property, plant and equipment -17,758 -23,748 -25.2% EBIT 54,752 57,914 -5.5% Finance income/expenses -2,167 -2,1
Slide 17: Consolidated income statement
Appendix Consolidated income statement EUR k H1 2020 H1 2019 Change % Revenues 148,153 179,825 -17.6% Income from the sale of investment property 0 249 -100.0% Changes in inventories -1,677 -20,422 -91.8% Other operating income 6,251 6,045 3.4% Income from the deconsolidation of subsidiaries 116 0 /
Slide 18: Consolidated balance sheet | Assets
Appendix Consolidated balance sheet | Assets EUR k 30.06.2020 31.12.2019 A. Non-current assets Goodwill 211,231 210,292 Other intangible assets 120,380 131,895 Software 16,727 10,326 Rights of use 21,627 24,988 Investment property 1,835 1,835 Equipment 6,094 6,056 Associated companies accounted usin
Slide 19: Consolidated balance sheet | Equity and liabilities
Appendix Consolidated balance sheet | Equity and liabilities EUR k 30.06.2020 31.12.2019 A. Equity Share capital 89,683 91,060 Capital reserves 128,652 155,222 Retained earnings Legal reserves 505 505 Currency translation difference -10,429 -4,818 Remeasurements of defined benefit plans according to
Slide 20: Profitability and costs
Appendix 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 %1 50 46.5 – 48.0 1% 180 50% 45 1.21% 38.7% 43.6% 45.5 1% 160 45% 44.5 42.9% 40 34.8% 34 – 41% 41.0
Slide 21: Financial calendar
Appendix Financial calendar 2020 November 12 ➢ Quarterly Statement for the first nine months of 2020 2021 February 25 ➢ Preliminary results 2020 March 18 ➢ Annual Report 2020 May 12 ➢ Quarterly Statement for the first quarter of 2021 June 23 ➢ Annual General Meeting, Augsburg August 5 ➢ Interim Repo
Slide 22: Contact
Appendix Contact KARIM BOHN Member of the Management Board | CFO PATRIZIA AG Fuggerstrasse 26 86150 Augsburg Germany MARTIN PRAUM MAXIMILIAN GERBER Senior Managing Director Associate | Investor Relations Head of Investor Relations T +49 821 50910-402 T +49 821 50910-351 F +49 821 50910-399 F +49 821