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Patrizia — PATRIZIA Immobilien — Q1 2016 Earnings Presentation

25 slides from Patrizia's earnings presentation, May 2016

  1. Slide 1: PATRIZIA Immobilien AG – A leading European real estate investment firm

    PATRIZIA Immobilien AG A leading European real estate investment firm 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: PATRIZIA − A leading European real estate investment firm

    PATRIZIA − A leading European real estate investment firm… Bricks & mortar. We are a leading European real 100% estate investment house providing real estate ASSETS UNDER MANAGEMENT (in EUR billion) real estate services as investment and asset manager for As of 31 December institutional and retail c

  3. Slide 3: Offering high-quality services across the property value chain

    …offering high-quality services across the property value chain… 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  Third party  EUR 2.2bn  Diversified  EUR 185m management: trans

  4. Slide 4: Generating income through 3rd party fees and invested equity

    …generating income through 3rd party fees and invested equity AuM Operating income Q1 2016 Q1 2016 Institutional Funds EUR 8,749m Retail Funds EUR 46m Third Party Business EUR 9.2m Co-Investments EUR 6,638m Fees Separate Accounts EUR 732m Income Streams EUR 16,165m Invested Equity Return on Equity C

  5. Slide 5: EUR 8.8bn funds for institutional and retail clients

    EUR 8.8bn funds for institutional and retail clients INSTITUTIONAL INVESTORS RESIDENTIAL: PATRIZIA WohnInvest KVG (founded by PATRIZIA in 2007) COMMERCIAL: PATRIZIA GewerbeInvest KVG (acquired from HSH Real Estate AG in 2011) PATRIZIA Real Estate Investment Management S.à r.l. (REIM)  Acquisition o

  6. Slide 6: Total of EUR 9.5bn third party AuM and EUR 5.9bn of invested equity

    Total of EUR 9.5bn third party AuM and EUR 5.9bn of invested equity PATRIZIA THIRD PARTY FUNDS AS OF 31 MARCH 2016  Third party business accounts for EUR 9.5bn or 57.9% of total assets under management  Approx. EUR 5.9bn invested equity, another EUR 1.5bn open equity commitments for further AuM gr

  7. Slide 7: Strategy of Principal and Co-Investments

    Strategy of Principal and Co-Investments CHARACTERISTICS  EUR 6.6bn AuM at EUR 2.7bn invested equity/EUR 185m PATRIZIA equity  Investing alongside institutional clients Co-  PATRIZIA offers co-investments of up to 10% Investments  Shows commitment to investment proposal  Secures additional serv

  8. Slide 8: Strategy: increase and diversify sustainable operating income

    Strategy: increase and diversify sustainable operating income  Grow assets under management to increase sustainable fees from third party management services  Expand product offering for third parties  Continue European expansion  Deliver international investment opportunities to PATRIZIA’s Germ

  9. Slide 9: Competitive advantages: direct access to investors and assets

    Competitive advantages: direct access to investors and assets DIRECT ACCESS TO EQUITY AND PROPERTIES  Direct access to broad and long standing institutional investor base Investors  Strong track record delivering stable and  200+ different investors attractive investment returns to clients  50%+

  10. Slide 10: Investors benefit from diversified product offering across Europe

    Investors benefit from diversified product offering across Europe Geographical Footprint Sectors * of Assets 2% 3% 6% 1% 2% 5% 3% 5% 38% 7% 16% 12% 67% 33% Residential Logistics Office Hotel Germany Nordics Retail Health UK & Ireland France & BeNeLux Light Industrial Other Netherlands Other as of 31

  11. Slide 11: 2016 with a strong start

    2016 with a strong start… FINANCIAL RESULTS Q1 2016: OPERATING INCOME (in EUR million) Operating income of EUR 216.9m Guidance  Harald: 202.7m at least excluding transaction-related taxes and minorities 250  Operating business: EUR 14.2m 216.9 (Q1 2015: EUR 7.5m; +90.3%)   Q1 2016 results fully

  12. Slide 12: Driven by contribution of Harald disposal

    …driven by contribution of Harald disposal… 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

  13. Slide 13: Supported by operating progress and increased fee income

    …and supported by operating progress and increased fee income… TOP LINE GROWTH DRIVEN BY INCREASE IN FEE INCOME (in EUR million) ALL FEE SEGMENTS 268.7 Strong development of fee income proceeding in Q1 2016  Solid fee growth with contributions from all 128.5 segments +552.3%  Acquisitions closed i

  14. Slide 14: Transaction fees as a sustainable part of total income

    …with transaction fees as a sustainable part of total income and… TRANSACTION VOLUME OF EUR 2.2BN IN Q1 2016 TRANSACTION VOLUME (in EUR billion) Strong transaction volume in Q1 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 2015  Disp

  15. Slide 15: Stable Assets under Management backed by strong transaction activities

    …stable Assets under Management backed 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 As of 31 March 2016 activities 18.6 16.6 +1.0 +0.1 16.5 Q1 2016 overview -1.2  EUR 2.2bn total transacti

  16. Slide 16: Investment income reveals PATRIZIA's outstanding investment competence

    Investment income reveals PATRIZIA’s outstanding investment competence Return of invested equity in Principal INVESTMENT INCOME Investments and in Co-Investments (in EUR million) 213.9 Investment discipline pays off:  Growth underlines strong performance and solid profitability of multiple equity i

  17. Slide 17: 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 3.6 Co-Investments Q1 2015 Q1 2016 Income Streams Separate Accounts Including + Return on Equity Equity Invest

  18. Slide 18: Increase in AuM results on growing sustainable operating income

    Increase in AuM results on growing sustainable operating income ASSETS UNDER MANAGEMENT OPERATING INCOME (in EUR billion) (in EUR million) Guidance Guidance: 18.6 at least 16.6 250 14.6 11.8 155.3 6.9 5.2 43.9 50.2 39.1 28.8 2011 2012 2013 2014 2015 2016e 2011 2012 2013 2014 2015 2016e PATRIZIA Immo

  19. Slide 19: 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 Total assets 1,197.7 1,631.8 Equity (excl. non-controlling partners) 726.6 521.6 Equity ratio 60.7% 32.0 % Bank loans 188.4 821.8 – Cash and cash equivalents 443.4 179.1 + Bonded loans (Schuldscheindarleh

  20. Slide 20: 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 contribute to a 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

  21. Slide 21: 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

  22. Slide 22: Appendix

    APPENDIX PATRIZIA Immobilien AG| © 2016 22

  23. Slide 23: PATRIZIA equity capital allocation

    PATRIZIA equity capital allocation IN EUR MILLION, AS OF 31.03.2016 ASSETS UNDER MANAGEMENT PATRIZIA INVESTED CAPITAL PARTICIPATION IN % THIRD PARTIES 9,527 0.0 0.0 CO-INVESTMENTS 6,638 185.0 RESIDENTIAL 5,101 147.2 GBW GmbH 3,311 55.4 5.1 WohnModul I SICAV-FIS 1,747 89.0 10.1 Others 43 2.8 10.0 COM

  24. Slide 24: 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

  25. Slide 25: 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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