Patrizia Se · XETR:PAT

Patrizia — PATRIZIA Immobilien — Q1 2016 Earnings Presentation

22 slides from Patrizia's earnings presentation, May 10, 2016

  1. Slide 1: Q1 2016 Results Conference Call

    Q1 2016 Results Conference Call Karim Bohn, CFO 10 May 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 with a strong start…

    2016 with a strong start… FINANCIAL RESULTS Q1 2016: OPERATING INCOME Q1 2016 (in EUR million) Operating income of EUR 216.9m As of 31 March 2016  Harald: 202.7m excluding transaction-related taxes and minorities  Operating business: EUR 14.2m (Q1 2015: EUR 7.5m; +90.3%)  Q1 2016 results fully in

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

    …and positive earnings contribution across all businesses MANAGEMENT TRANSACTIONS INVESTORS ACCESS EQUITY INVEST  AuM:  Unique access  EUR 508.8m funds  EUR 353m EUR 16.5bn to deal flow raised in Q1 2016 invested capital thereof international:  EUR 2.2bn  Diversified  EUR 185m EUR 5.5bn trans

  4. Slide 4: Harald: Contribution to Q1 2016 results

    Harald: Contribution to Q1 2016 results HARALD DISPOSAL AT A GLANCE HARALD EARNINGS BRIDGE (in EUR million) As of 31 March 2016  94% of Harald closed in Q1 2016 Considered contribution to 2016 operating  Book gain: EUR 263.4m income guidance of at least EUR 250m  Operating income: EUR 202.7m excl

  5. Slide 5: Stable Assets under Management supported by strong transaction activities

    Stable Assets under Management supported by strong transaction activities 2016 AUM NET GROWTH TARGET OF EUR 2.0BN ASSETS UNDER MANAGEMENT (in EUR billion) AuM level supported by strong transaction activities As of 31 March 2016 18.6 Q1 2016 overview 16.6 16.5 +1.0 -1.2 +0.1  EUR 2.2bn total transac

  6. Slide 6: Increased 3rd party fee income demonstrates PATRIZIA’s operating progress…

    Increased 3rd party fee income demonstrates PATRIZIA’s operating progress… STRONG DEVELOPMENT OF FEE INCOME IN Q1 2016 FEE INCOME (in EUR million) As of 31 March 2016  Total fee income up 16.0%: EUR 37.7m in Q1 2016 after EUR 32.5m in Q1 2015 +16.0% 37.7 1.2  Strong transaction activities are cont

  7. Slide 7: …and provides improved 3rd party fee income streams…

    …and provides improved 3rd party fee income streams… Change Fee structure Fee description Fees Q1 2016 Q1 2015 in % Remuneration for providing Fixed percentage of the purchase price of single Acquisition Fee EUR 10.9m EUR 8.1m 34.6% investment opportunities assets or portfolios at acquisition Remune

  8. Slide 8: …with transaction fees as a sustainable part of total income

    …with transaction fees as a sustainable part of total income TRANSACTION VOLUME TRIPLED TO EUR 2.2BN TRANSACTION VOLUME (in EUR billion) Strong transaction volume in Q1 2016: As of 31 March 2016  Increase to EUR 2.2bn vs. EUR 0.7bn in Q1 2015 7.2  Acquisitions of EUR 1.0bn, up from EUR 0.7bn in Q1

  9. Slide 9: Investment income reveals PATRIZIA’s outstanding investment competence

    Investment income reveals PATRIZIA’s outstanding investment competence INVESTMENT INCOME STRONGLY UP INVESTMENT INCOME (in EUR million) As of 31 March 2016 213.9 Invested equity in Principal Investments and in Co-Investments Investment discipline pays off:  Excluding Harald, investment income is up

  10. Slide 10: Strong operational start of 2016 reflected in financial results

    Strong operational start of 2016 reflected in financial results Operating Income Q1 2016 – EUR m Institutional Funds Third Party Business: Third Party Business Retail Funds +155.6% 9.2 Fees Co-Investments 3.6 Q1 2015 Q1 2016 Income Third Party Investments Streams Including + Return on Equity Co-Inve

  11. Slide 11: Development of operating income

    Development of operating income RECONCILIATION TO OPERATING INCOME in TEUR like-for-like LIKE-FOR-LIKE COMMENTS Q1 2016 Q1 2016 Q1 2015 change incl. Harald excl. Harald in % EBITDA 280,180 15,127 5,266 187.3 Increase driven by rise in Amortisation of fund management contracts, operating activities (

  12. Slide 12: Conservative balance sheet paves ground for future growth…

    Conservative balance sheet paves ground for future growth… IN EUR MILLION 31.03.2016 31.12.2015 COMMENTS Total assets 1,197.7 1,631.8 Harald sale: Equity (excl. non-controlling partners) 726.6 521.6 • decrease of balance sheet Equity ratio 60.7% 32.0 % and bank loans • increase in cash results in Ba

  13. Slide 13: …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 443.4m or EUR 345.7m freely available cash  Pay-out of transaction related taxes and minorities of approx. EUR 87.3m expected during

  14. Slide 14: Outlook: Well on track for another successful year

    Outlook: Well on track for another successful year POSITIVE MOMENTUM CONTINUES IN Q1 2016 OPERATING INCOME GUIDANCE Guidance confirmed: (in EUR million) As of 31 March 2015  Operating income to reach at least EUR 250m Guidance: at least 250  Assets under Management to grow by EUR 2.0bn 216.9  Str

  15. Slide 15: Appendix

    APPENDIX PATRIZIA Immobilien AG| © 2016 15

  16. Slide 16: Harald contribution to Q1 2016 results

    Harald contribution to Q1 2016 results Harald only Comments 3 months 2016 EUR'000 01.01.-31.3.2016 Revenues 426.329 Asset deals booked as Income from the sale of investment property 0 • revenues and Changes in inventories -335.199 • change in inventories Revenues include rental income until closing

  17. Slide 17: P&L Q1 2016 excluding Harald

    P&L Q1 2016 excluding Harald Q1 2016 Q1 2015 Comments without Harald EUR'000 01.01. - 31.03.2016 01.01. - 31.03.2015 Revenues increase driven by Revenues 62,009 47,282 • Increase in 3rd party fee income Income from the sale of investment property 333 1,586 • Disposal of Plot 5 in Manchester Changes

  18. Slide 18: P&L Q1 2016 including Harald

    P&L Q1 2016 including Harald 3 months 2016 3 months 2015 EUR'000 01.01.-31.3.2016 01.01.-31.3.2015 Revenues 488,338 47,282 Income from the sale of investment property 333 1,586 Changes in inventories -350,092 -7,679 Other operating income 2,929 1,134 Income from the deconsolidation of subsidiaries 1

  19. Slide 19: Balance sheet – assets

    Balance sheet – assets ASSETS COMMENTS EUR'000 31.03.2016 31.12.2015 A. Non-current assets Goodwill 610 610 Includes mainly fund management contracts of PATRIZIA Other intangible assets 36,914 37,417 GewerbeInvest Software 8,444 9,225 Investment property 16,643 20,802 Principal Investments at fair v

  20. Slide 20: Balance sheet – equity/liabilities

    Balance sheet – equity/liabilities EQUITY AND LIABILITIES COMMENTS EUR'000 31.03.2016 31.12.2015 A. Equity Share capital 76,324 76,324 Capital reserve 191,637 191,637 Retained earnings Legal reserves 505 505 Increase due to Harald transaction Non-controlling shareholders 36,976 18,190 Currency trans

  21. Slide 21: Financial calendar

    Financial calendar 2016 May 10  Interim report for the first quarter of 2016 June 16  Annual General Meeting, Augsburg 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

  22. Slide 22: 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

PATRIZIA Immobilien — Q1 2016 Earnings Presentation on 6ix