Patrizia Se · XETR:PAT
Patrizia — FY2020 Earnings Presentation
20 slides from Patrizia's earnings presentation, Mar 17, 2021
Slide 1: Results Presentation FY 2020
Results Presentation PATRIZIA | © 2021 FY 2020 | 17 March 2021
Slide 2: Video presentation
Video presentation PATRIZIA FY 2020 Financial Results | Video presentation Let our CFO Karim Bohn guide you through the most important points of our FY 2020 Financial Results Access via QR code Access via weblink https://youtu.be/q9wzp2h9Xw8 PATRIZIA | © 2021 2
Slide 3: PATRIZIA beyond financials – 2020 milestones
Financials FY 2020 PATRIZIA beyond financials – 2020 milestones EUR 1.9bn >450 of equity raised for investments in global real national and international clientsh assets Even during one of the worst economic environments Over 30 new domestic and international globally, PATRIZIA managed to receive eq
Slide 4: Four key messages for 2020, 2021 and beyond
Financials FY 2020 Four key messages for 2020, 2021 and beyond A forward-thinking partner who invests responsibly to deliver real value 1 2 3 4 Resilient We continue to Deliver on mid- Our balance business model grow term strategy sheet is stronger and platform than ever EUR 6.9bn of PATRIZIA was ab
Slide 5: (1) Resilient business model and platform
Financials FY 2020 (1) Resilient business model and platform PATRIZIA closed EUR 6.9bn of transactions for global client base, i.e. above the historical average of EUR 5.9bn • Covid-19 related lock-downs in Europe led to decrease of the overall real estate market volume by 26.5% y-o-y1 • PATRIZIA ne
Slide 6: (2) We continue to grow
Financials FY 2020 (2) We continue to grow Increased AUM and recurring management fees, even during one of the worst economic environments • Management fees of EUR 193.4m (+1.3% y-o-y) prove the stability and resilience of the business model; adjusted for aperiodic items in the previous year managem
Slide 7: (3) Deliver on mid-term strategy
Financials FY 2020 (3) Deliver on mid-term strategy Real asset investment management remains a structural growth market EUR ~80.0bn Illustrative example EUR ~60.0bn EUR 50.0 – 53.0bn 2021e Strategic mid-term target PATRIZIA | © 2021 7
Slide 8: (4) Our balance sheet is stronger than ever
Financials FY 2020 (4) Our balance sheet is stronger than ever We will continue to invest in our platform, in people and technology to offer our clients best in class products • Strong balance sheet ratios and capital structure to facilitate further profitable growth • Performance fee claim on Dawon
Slide 9: Financials & Guidance FY 2020
Financials & Guidance FY 2020 PATRIZIA | © 2021 9
Slide 10: Highlights
Financials FY 2020 Highlights Solid financial results despite challenging market environment - FY 2021 guidance implies continued growth Assets under management | EUR bn FY 2020 • Operating income of EUR 116.5m in FY 2020, 50.0 – 53.0 fully in line with the FY 2020 guidance 44.5 +5.7% 47.0 Fund of
Slide 11: Operating income
Financials FY 2020 Operating income Solid financial results despite challenging market environment Composition FY 2020 | EUR m • Solid operating income despite challenging market environment due to the Covid-19 pandemic -14.8% -3.3% • Total service fee income of EUR 327.6m (-5.9%) driven by -6
Slide 12: Guidance for FY 2021
Financials FY 2020 Guidance for FY 2021 Profitable growth to continue – FY 2021 Guidance in line with mid-term strategy Assumptions for FY 2021 Income composition FY 2021e | EUR m • Recurring management fee growth of 5.5% - 7.5% expected for FY 2021 driven by further organic AUM growth • Performance
Slide 13: Appendix
Appendix PATRIZIA | © 2021 13
Slide 14: Capital allocation
Appendix Capital allocation as at 31 December 2020 Assets under Invested capital Invested Management (fair value) capital (at cost) Participations EUR m EUR m EUR m in % Third-party business 40,905.2 0.0 Co-Investments 6,087.3 510.5 87.1 Residential 5,525.1 496.4 75.6 Dawonia GmbH 4,928.1 163.4 ¹ 51
Slide 15: Reconciliation of operating income
Appendix Reconciliation of operating income Reconciliation of operating income EUR k 2020 2019 Change EBITDA 115,686 136,922 -15.5% Amortisation of other intangible assets¹, software and rights of use, depreciation of property, plant and equipment as well as financial investments -42,309 -55,562 -23
Slide 16: Consolidated income statement
Appendix Consolidated income statement EUR k 2020 2019 Revenues 301,693 398,703 Income from the sale of investment property 0 252 Changes in inventories -2,242 -50,535 Other operating income 16,522 14,607 Income from the deconsolidation of subsidiaries 302 585 Total operating performance 316,275 363
Slide 17: Consolidated balance sheet | Assets
Appendix Consolidated balance sheet | Assets EUR k 31.12.2020 31.12.2019 A. Non-current assets Goodwill 212,353 210,292 Other intangible assets 106,137 131,895 Software 16,603 10,326 Rights of use 25,906 24,988 Investment property 1,838 1,835 Equipment 7,305 6,056 Associated companies accounted usin
Slide 18: Consolidated balance sheet | Equity and liabilities
Appendix Consolidated balance sheet | Equity and liabilities EUR k 31.12.2020 31.12.2019 A. Equity Share capital 89,683 91,060 Capital reserves 129,751 155,222 Retained earnings Legal reserves 505 505 Currency translation difference -7,944 -4,818 Remeasurements of defined benefit plans according to
Slide 19: Financial calendar
Appendix Financial calendar 2021 March 18 ➢ Annual Report 2020 May 12 ➢ Quarterly Statement for the first quarter of 2021 June 23 ➢ Annual General Meeting, virtual August 5 ➢ Interim Report for the first half of 2021 November 11 ➢ Quarterly Statement for the first nine months of 2021 Invitations and
Slide 20: Contact
Appendix Contact KARIM BOHN MARTIN PRAUM Member of the Senior Managing Director Management Board | CFO Head of Investor Relations PATRIZIA AG T +49 821 50910-402 Fuggerstrasse 26 F +49 821 50910-399 86150 Augsburg M +49 151 19685445 Germany investor.relations@patrizia.ag VERENA SCHOPP DE ALVARENGA M