Slide 1: Leading in Pan-European Real Estate
LEADING IN PAN-EUROPEAN REAL ESTATE Results Presentation | 21 March 2019 PATRIZIA | © 2019
Slide 2: Highlights
Financials FY 2018 Highlights FY 2018 results with strong growth in AUM and operating income Assets under management Assets under management | EUR bn • AUM increased by 87.3% to EUR 41.0bn 44.0 – 45.0 • AUM by geography 47 41.0 | Germany: EUR 26.0bn (63%) 37 1.2 0.1 Principal investments | Outside
Slide 3: Operating income
Financials FY 2018 Operating income Operating income up 72.0% year-on-year to EUR 141.4m Highlights Composition FY 2018 | EUR m • Total service fee income up 51.1% to EUR 320.2m +29.5% (2017: EUR 211.9m) due to: +38.2% 41.0 | Strong management fees (primarily attributable to the consolidation of
Slide 4: Total service fee income
Financials FY 2018 Total service fee income Stronger pan-European platform drives diversified income streams Highlights Total service fee income | EUR m • Total service fee income up 51.1% to EUR 320.2m driven by: 307.0 – 330.0 100%1 | Organic growth in assets under management 320.2 | Acquisitions o
Slide 5: Transaction fees
Financials FY 2018 Transaction fees Signed transaction volume strongly outperformed overall market activity during FY 2018 Highlights Transaction volume (signed/closed) | EUR bn • Transaction volume increased by 38.5%, worth EUR 6.8bn signed in 6.0 – 8.0 FY 2018 (FY 2017: EUR 4.9bn); thereof EUR
Slide 6: Performance fees
Financials FY 2018 Performance fees Superior returns for clients translate into attractive performance fees for PATRIZIA • Performance fees of EUR 92.5m in FY 2018 emphasise PATRIZIA’s active asset management capabilities and investment track record (weighted average IRR of 11.1%) • PATRIZIA expects
Slide 7: Profitability and costs
Financials FY 2018 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% 42.9% 45 1.14% 1% 160 45% 40 38.7% 37–41% 41.0
Slide 8: Solid financial position
Financials FY 2018 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 506.9m as at 31.12.2018: | for M&A’s in the investm
Slide 9: Dividend proposal & dividend policy
Financials FY 2018 Dividend proposal & dividend policy Increase in dividend per share by 8.0% y-o-y • Managing and Supervisory Board to propose a EUR 0.27 per share all cash dividend for FY 2018 to the FY 2019 AGM. Based on the FY 2018 net profit attributable to shareholders the proposal equals a pa
Slide 10: Excursus: Net profit attributable to shareholders
Financials FY 2018 Excursus: Net profit attributable to shareholders Net profit 2018 burdened by reorganisation expenses and amortisation of fund management contracts Reconciliation FY 2018 | EUR m 141.1 -22.3 1.7 Retained profit -36.7 for further growth EUR 27.1m -26.0 120.8 Dividend Pay-out ratio
Slide 11: Guidance 2019e
Financials FY 2018 Guidance 2019e Operating income guidance 2019e in a range of between EUR 120.0m and EUR 130.0m Assumptions 2019e Income composition FY 2019e | EUR m • Total service fee income: 30.0 • Management fees: EUR 180.0 – 185.0m 80.0 based on increased assets under management – however ass
Slide 12: Appendix
Appendix PATRIZIA | © 2019
Slide 13: Capital allocation
Appendix Capital allocation Assets under Invested capital Invested capital Participations 31.12.2018 Management (fair value) (at cost) EUR m EUR m EUR m in % Third-party business 34,324.4 Co-investments 6,619.2 509.1 165.4 Residential 5,565.3 481.1 144.3 GBW GmbH 4,281.5 139.9 1 52.2 5.1 GBW perform
Slide 14: Reconciliation of operating income
Appendix Reconciliation of operating income EUR k 2018 2017 Change EBITDA 120,781 95,788 26.1% 1 Amortisation of other intangible assets and software, -42,235 -8,681 386.5% depreciation of property, plant and equipment EBIT 78,546 87,107 -9.8% Financial income/expenses -3,415 -4,232 -19.3% Result fr
Slide 15: Consolidated Income Statement
Appendix Consolidated Income Statement EUR k 2018 2017 Change Revenues 350,628 249,574 40.5% Income from the sale of investment property 828 691 19.8% Changes in inventories -28,731 -39,909 -28.0% Other operating income 20,698 17,294 19.7% Income from the deconsolidation of subsidiaries 317 1 - Tota
Slide 16: Consolidated Balance Sheet | Assets
Appendix Consolidated Balance Sheet | Assets EUR k 31.12.2018 31.12.2017 A. Non-current assets Goodwill 201,109 7,366 Other intangible assets1 166,562 35,224 Software 11,396 11,207 Investment property 8,308 15,979 Equipment 5,890 4,483 Associated companies accounted using the equity method 76,141 88
Slide 17: Consolidated Balance Sheet | Equity and liabilities
Appendix Consolidated Balance Sheet | Equity and liabilities EUR k 31.12.2018 31.12.2017 A. Equity Share capital 91,060 89,555 Capital reserves 155,222 129,545 Retained earnings Legal reserves 505 505 Currency translation difference -15,605 -11,586 Revaluation reserve according to IFRS 9 49,503 0 Co
Slide 18: Financial Calendar
Appendix Financial Calendar 2019 March 21 ➢ Annual Report 2018 May 16 ➢ Quarterly Statement for the first quarter 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
Slide 19: 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 martin.praum@patrizia.ag LAURA WANZL VERE