Slide 1: Leading in Pan-European Real Estate
LEADING IN PAN-EUROPEAN REAL ESTATE Results Presentation | H1 2019 | 7 August 2019 PATRIZIA | © 2019
Slide 2: Highlights
Financials H1 2019 Highlights H1 2019 – Management and performance fee growth proves operational expertise Assets under management Assets under management | EUR bn • AUM increased 1.4% y-t-d to EUR 41.6bn driven by net acquisitions (EUR 0.1bn) and other/valuation effects (EUR 0.5bn) +1.4% 44.0 – 4
Slide 3: Operating income
Financials H1 2019 Operating income Operating income of EUR 79.0m with continuously improving earnings quality Highlights Composition H1 2019 | EUR m • Total service fee income up 28.2% to EUR 174.2m (H1 2018: EUR 135.8m) due to: -70.3% +10.1% +75.2% 9.8 • Strong management fees with 19.7% gro
Slide 4: Total service fee income
Financials H1 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 28.2% to EUR 174.2m driven by: • Organic growth in assets under management 307.0 – 330.0 100%1 • Consolidation of Roc
Slide 5: Transaction fees
Financials H1 2019 Transaction fees Acceleration of transaction activity expected in H2 2019 Highlights Transaction volume (signed/closed) | EUR bn • Transaction volume (closed) increased by 43.4% y-o-y to EUR 3.0bn, 6.0 – 8.0 thereof EUR 1.51bn acquisitions and EUR 1.45bn disposals • Transaction vo
Slide 6: Performance fees
Financials H1 2019 Performance fees Superior returns for investors translate into attractive performance fees • Performance fees of EUR 64.9m in H1 2019, up 75.2% y-o-y, emphasise PATRIZIA’s active asset management capabilities and investment track record (weighted average IRR of 11.2%) • PATRIZIA e
Slide 7: Profitability and costs
Financials H1 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 45.9% 50.0% 1.21% 45.2% 45 42.9% 1.14% 1% 160 45.0% 40 38.7% 41.0
Slide 8: Solid financial position
Financials H1 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 487.3m as at 30.06.2019: | for M&A’s in the investm
Slide 9: Guidance 2019e
Financials H1 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: EUR 307.0 – 330.0m 33% 46% • Management fees: EUR 180.0 – 185.0m 85% based on increased assets under
Slide 10: PATRIZIA | Investment Highlights
Financials H1 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 11
Slide 12: Capital allocation
Appendix Capital allocation Assets under Invested capital Invested capital Participations 30.06.2019 Management (fair value) (at cost) EUR m EUR m EUR m in % Third-party business 35,004.3 0.0 Co-investments 6,515.9 541.8 160.6 Residential 5,504.3 513.4 140.0 Dawonia GmbH 4,343.4 149.4 1 52.2 5.1 Daw
Slide 13: Reconciliation of operating income
Appendix Reconciliation of operating income EUR k H1 2019 H1 2018 Change EBITDA 81,661 69,015 18.3% Amortisation of other intangible assets¹ and software, rights of use, depreciation of property, plant and equipment -23,748 -4,478 430.3% EBIT 57,914 64,537 -10.3% Finance income/expenses -2,150 -2,34
Slide 14: Consolidated income statement
Appendix Consolidated income statement EUR k H1 2019 H1 2018 Revenues 179,825 160,105 Income from the sale of investment property 249 591 Changes in inventories -20,422 -21,703 Other operating income 6,045 8,197 Income from the deconsolidation of subsidiaries 0 179 Total operating performance 165,69
Slide 15: Consolidated balance sheet | Assets
Appendix Consolidated balance sheet | Assets EUR k 30.06.2019 31.12.2018 A. Non-current assets Goodwill 204,301 201,109 Other intangible assets¹ 150,939 166,562 Software 10,268 11,396 Rights of use 16,926 0 Investment property 5,417 8,308 Equipment 5,754 5,890 Associated companies accounted using th
Slide 16: Consolidated balance sheet | Equity and liabilities
Appendix Consolidated balance sheet | Equity and liabilities EUR k 30.06.2019 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 -11,407 -15,605 Revaluation reserve according to IFRS 9 86,482 49,5
Slide 17: Financial calendar
Appendix Financial calendar 2019 August 7 ➢ Interim Report for the first half of 2019 November 14 ➢ Quarterly Statement for the first nine months of 2019 November 14 ➢ Capital Markets Day 2019 (for institutional investors and equity analysts) 2020 February 18 ➢ Preliminary results 2019 March 19 ➢ An
Slide 18: Contact
Appendix Contact KARIM BOHN MARTIN PRAUM Member of the Senior Managing Director Management Board | CFO Head of Investor Relations PATRIZIA Immobilien AG T +49 821 50910-402 Fuggerstrasse 26 F +49 821 50910-399 86150 Augsburg M +49 151 19685445 Germany investor.relations@patrizia.ag LAURA WALZ MAXIMI