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Patrizia — PATRIZIA Immobilien — H1 2016 Earnings Presentation

21 slides from Patrizia's earnings presentation, Aug 9, 2016

  1. Slide 1: H1 2016 Results Conference Call

    H1 2016 Results Conference Call Karim Bohn, CFO 9 August 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 continues strong…

    2016 continues strong… FINANCIAL RESULTS H1 2016: OPERATING INCOME H1 2016 (in EUR million) Operating income of EUR 231.8m As of 30 June 2016  Harald: 208.0m excluding transaction-related taxes and minorities  Operating business: EUR 23.8m (H1 2015: EUR 12.5m; +90.4%) 23.8  H1 2016 results fully

  3. Slide 3: …with positive earnings contribution across all businesses

    …with positive earnings contribution across all businesses MANAGEMENT TRANSACTIONS INVESTORS ACCESS EQUITY INVEST  AuM:  Unique access  EUR 924.3m funds  EUR 432m EUR 17.2bn to deal flow raised in H1 2016 invested capital thereof international:  EUR 2.8bn  Diversified  EUR 172m EUR 5.8bn tran

  4. Slide 4: Sale of Harald completed

    Sale of Harald completed HARALD EARNINGS CONTRIBUTION HARALD EARNINGS BRIDGE (in EUR million) As of 30 June 2016  Operating income of EUR 208m Considered excluding transaction related taxes and minorities contribution to 2016 operating income guidance of  PATRIZIA will remain shareholder with a 5.

  5. Slide 5: Growing Assets under Management strengthen our base fees

    Growing Assets under Management strengthen our base fees 2016 AUM NET GROWTH TARGET OF EUR 2.0BN ASSETS UNDER MANAGEMENT (in EUR billion) Growing AuM supported by strong transaction activities As of 30 June 2016 18.6 H1 2016 overview +0.4 17.2 16.6 +1.5 -1.3  EUR 2.8bn total transactions closed 5.5

  6. Slide 6: Increased fee income shows PATRIZIA’s operating progress…

    Increased fee income shows PATRIZIA’s operating progress… STRONG DEVELOPMENT OF FEE INCOME IN H1 2016 FEE INCOME (in EUR million) As of 30 June 2016  Total fee growth of 23.7% across all segments 77.8 +23.7% 1.7 +183.3% EUR 77.8m in H1 2016 after EUR 62.9m in H1 2015 62.9  Increase in contracted b

  7. Slide 7: …with transaction fees as a sustainable part of total income

    …with transaction fees as a sustainable part of total income TRANSACTION VOLUME INCREASED TO EUR 2.8BN TRANSACTION VOLUME (in EUR billion) Strong transaction volume in H1 2016: As of 30 June 2016  Increase to EUR 2.8bn vs. EUR 2.5bn in H1 2015 7.2  Acquisitions of EUR 1.5bn vs. sales of EUR 1.3bn

  8. Slide 8: Investment income reveals PATRIZIA’s outstanding investment competence

    Investment income reveals PATRIZIA’s outstanding investment competence INVESTMENT INCOME INCREASED BY 7.0% INVESTMENT INCOME (in EUR million) As of 30 June 2016 Income from Principal- and Co-Investments Investment discipline pays off: 218.7  Excluding Harald, investment income is up 7.0% to EUR 10.

  9. Slide 9: Strong operational H1 2016 reflected in financial results

    Strong operational H1 2016 reflected in financial results Operating Income H1 2016 – EUR m Institutional Funds Third Party Business: 25.6 Third Party Business Retail Funds +184.4% 9.0 Fees Co-Investments H1 2015 H1 2016 Income Third Party Investments Streams + Including Return on Equity Co-Investmen

  10. Slide 10: Development of operating income

    Development of operating income RECONCILIATION TO OPERATING INCOME without Harald 1st half 2016 1st half 2015 COMMENTS 01.01.- 01.01.- Change in EUR ‘000 30.06.2016 30.06.2015 Increase driven by rise in EBITDA 16,720 9,931 68.4% operating activities and Amortisation of fund management contracts, neg

  11. Slide 11: Conservative balance sheet paves ground for future growth…

    Conservative balance sheet paves ground for future growth… PATRIZIA’S KEY FINANCIAL AND ASSET FIGURES 30.06.2016 31.12.2015 in EUR ‘000 Change COMMENTS in EUR ‘000 in EUR ‘000 Total Assets 995,184 1,631,831 -39.0% Harald sale: Equity (excl. minorities) 725,696 521,601 39.1% • decrease of balance she

  12. Slide 12: …facilitated by a solid capital structure

    …facilitated by a solid capital structure SALE OF HARALD-PORTFOLIO LEADS TO A SIGNIFICANT CASH POSITION  Proceeds from Harald disposal result in cash position of EUR 371.5m or EUR 271.2m freely available cash  Pay-out of transaction related taxes and minorities of approx. EUR 91.1m expected during

  13. Slide 13: Outlook: Well on track for successful year 2016

    Outlook: Well on track for successful year 2016 POSITIVE MOMENTUM CONTINUES IN H1 2016 OPERATING INCOME GUIDANCE Guidance confirmed: (in EUR million) As of 30 June 2015  Operating income to reach at least EUR 250m Guidance: at least 250  Assets under Management to grow by EUR 2.0bn 231.8  Strongl

  14. Slide 14: APPENDIX

    APPENDIX PATRIZIA Immobilien AG| © 2016 14

  15. Slide 15: Harald contribution to H1 2016 results

    Harald contribution to H1 2016 results Harald only H1 2016 in EUR ‘000 01.01. - 30.06.2016 Comments Revenues 468,523 Asset deals booked as Income from the sale of investment property 0 - revenues and Changes in inventories -367,511 - change in inventories Other operating income 3,352 Revenues includ

  16. Slide 16: P&L H1 2016 excluding Harald

    P&L H1 2016 excluding Harald Without Harald Without Harald H1 2016 H1 2015 in EUR ‘000 01.01. - 30.06.2016 01.01. - 30.06.2015 Comments Revenues 110,712 96,552 Revenues increase driven by Income from the sale of investment property 901 2,969 - Increase in 3rd party fee income Changes in inventories

  17. Slide 17: Balance sheet – assets

    Balance sheet – assets ASSETS EUR'000 30.06.2016 31.12.2015 Comments A. Non-current assets Goodwill 610 610 Includes mainly fund management contracts Other intangible assets 36,414 37,417 of PATRIZIA GewerbeInvest Software 7,823 9,225 Investment property 15,210 20,802 Principal Investments at fair v

  18. Slide 18: Balance sheet – equity/liabilities

    Balance sheet – equity/liabilities EQUITY AND LIABILITIES EUR'000 30.06.2016 31.12.2015 Comments A. Equity Share capital 76,324 76,324 Capital reserve 191,637 191,637 Retained earnings Legal reserves 505 505 Non-controlling shareholders 37,475 18,190 Increase due to Harald transaction Valuation resu

  19. Slide 19: Development of fee income streams

    Development of fee income streams Change Fee structure Fee description Fees H1 2016 H1 2015 in % Remuneration for providing Fixed percentage of the purchase price of single Acquisition Fee EUR 19.1m EUR 10.2m 87.3% investment opportunities assets or portfolios at acquisition Remuneration for selling

  20. Slide 20: Financial calendar

    Financial calendar 2016 August 9  Interim report for the first half of 2016 November 8  Interim report for the first nine months of 2016 The conference calls about the financial reports will usually be held at 3 pm CET. Invitations and dial-in numbers will be provided in advance. To stay informed,

  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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