FOR CLIENTS AND SHAREHOLDERS
Company Presentation
9M 2020 | November 2020
Agenda
- Equity Story
- Financials 9M 2020
- Appendix
PATRIZIA | © 2020 | 2 |
Equity Story
A leading partner for global real assets
Strong track record built over the past 36 years
36 | >46bn | Top 10 |
years of real estate | assets under | investment manager |
experience | management (EUR) | in Europe1 |
Strong local presence: | Strong performance: | Strong potential: |
24 | ~11% | 627m |
offices globally | average IRR for | available liquidity |
serving our clients | investments in Europe | for investments (EUR) |
Data as at 9M 2020 | 1 According to leading industry ranking by PropertyEU and Institutional Real Estate, both issued in 2019
PATRIZIA | © 2020 | 3 |
Equity Story
PATRIZIA's growth driven by client demand
AUM growth directly translates into growing and strongly recurring management fees
70 | 450 | ||||||||||
60 | 348.0 | 308.0 - 335.0 | +25.0% p.a. | ||||||||
320.2 | |||||||||||
50 | Total service fee | ||||||||||
300 | income1 | ||||||||||
198.0 | |||||||||||
40 | |||||||||||
211.9 | - | ||||||||||
188.6 | |||||||||||
30 | 165.2 | 175.3 | 190.9 | 192.0 | +27.1% p.a. | ||||||
140.0 | Management fees1 | ||||||||||
150 | |||||||||||
20 | 117.5 | 81.5 | 89.1 | 93.2 | |||||||
68.1 | |||||||||||
72.8 | |||||||||||
50.1 | 48.0 | ||||||||||
10 | 35.6 | +30.5% p.a. | |||||||||
- | |||||||||||
6.9 | 11.8 | 14.6 | 16.6 | 18.6 | 21.9 | 41.0 | 44.5 | 46.5 | AUM growth | ||
0 | 0 | ||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020e | |||
AUM (EUR bn) | Management fees (EUR m) | Total service fee income (EUR m) |
1 Fee income growth below AUM growth as DAWONIA management fee is not linked to AUM
PATRIZIA | © 2020 | 4 |
Equity Story
Predictable management fees and diversified client base
74% of our AUM have a maturitiy of more than 10 years
Maturity breakdown of AUM1
Equity commitments by clients2
78%
7%
14%
5%
74%
63% |
49% |
30% |
21% |
7% |
>10 years/unlimited | 5-10 years |
2-5 years | <2 years |
Top 1 | Top 5 | Top 10 | Top 25 | Top 50 | Top 100 |
Client | Clients | Clients | Clients | Clients | Clients |
1 Data as at 9M 2020 based on legal maturities of fund structures | 2 Data as at FY 2019 based on total equity commitments of active vehicles
PATRIZIA | © 2020 | 5 |
Equity Story
Attractive products across all asset and risk classes
Our pan-European investment strategies are designed to best serve our clients' needs
EUR
46.2bn
Assets under management
sqm | 77% | |
17.1m | ||
Real estate assets | Resilient Core and | |
under management | Core plus strategies | |
14%
4%
4%
AUM by
7% geography
12%
59%
3% 7% | 22% | |
12% | 35% | |
AUM by | AUM by | |
sector | risk style | 58% |
16% | 20% | |
26% |
Germany | UK & Ireland | |
France & Belgium | Nordics | |
Netherlands | Other |
Office | Residential | Core | Core plus | |||
Logistics & | ||||||
Retail | Industrial | Value add | ||||
Infrastructure | Other (Healthcare, | |||||
Hotel, etc.) |
Data as at 9M 2020; AUM based on total real estate/infrastructure under management and administration; AUM by risk style based on vehicle level breakdown
PATRIZIA | © 2020 | 6 |
Equity Story
A critical success factor: Local & sector expertise
Creating alpha in today's market requires insights, patience, local knowledge & active management capabilities
Outstanding screening and execution skills
>6,400
deals screened
(2019)
>109 | ~3days |
transactions made | on average 1 transaction |
(2019) | completed every 3 days |
Pan-European transactions, asset and development teams
Stockholm
Manchester | Copenhagen | |||
Hamburg | ||||
Dublin | ||||
Amsterdam | ||||
Thames Valley | Berlin | Warsaw | ||
London | Frankfurt | |||
Brussels | Augsburg (HQ) |
Paris | Zurich Munich |
Milan | |
Madrid |
Information as at FY 2019 ⚫ Local Asset & Development Management professionals (incl. local country teams) ⚫ Transactions professionals | |
PATRIZIA | © 2020 | 7 |
Equity Story
Long-term structural growth market
We are benefiting from the structural growth market for real estate investment management, despite short-term uncertainties
Demographic change
Aging population threatens conventional pension systems
Lower for longer
Low interest rate environment is here to stay
Consolidation
Clients focus on selected pan-European platforms with broad product offering
Our clients' capital is growing and hungry for yield
Increasing allocations to real estate (perceived resilient)
Clients reduce number of investment managers and seek reliable partners
PATRIZIA | © 2020 | 8 |
Equity Story
Investors' expectations are growing
Investors want more asset classes, bigger tickets and more global reach with preferred partners
2019:
USD 151.0bn
Record high in capital raised for Real Estate
USD 43.5bn
Combined volume three largest RE funds
39.0%
Drop in funds closed (only 295)
USD 625.0m
Growing average fund size
Source: Preqin - Real Estate Fundraising Sets New Records in 2019, Jan 2020
PATRIZIA | © 2020 | 9 |
Equity Story
Proven track record of accretive acquisitions
Rockspring and TRIUVA are now part of the ONE PATRIZIA world
Net purchase price reconciliation| EUR m | Run-rate EBIT reconciliation| EUR m | |||||||||||||||||||
35.4 | 22.0 | |||||||||||||||||||
349.3 | 313.9 | 40.0 | ||||||||||||||||||
18.0 | ||||||||||||||||||||
Purchase | Extraordinary | Net purchase | Recurring | M&A | Run-rate | |||||||||||||||
price | performance/ | price | EBIT acquired | efficiencies2 | EBIT acquired | |||||||||||||||
transaction fees | ||||||||||||||||||||
2018 of acquired | ||||||||||||||||||||
entities after | M&A EBIT | |||||||||||||||||||
taxes (25% | ||||||||||||||||||||
multiple 7.9x | ||||||||||||||||||||
assumption)1 | ||||||||||||||||||||
ROCE3 | ||||||||||||||||||||
12.7% | ||||||||||||||||||||
ROE4 | ||||||||||||||||||||
14.3% |
1 Not included in acquisition pricing | 2 Efficiencies realised, run-rate from 2019 | 3 Return on capital employed | 4 Return on equity based on equity ratio of 67% and tax rate assumption of 25%
PATRIZIA | © 2020 | 10 |
Equity Story
Top investment managers accelerate growth | |||||
AUM of leading real estate investment managers have more than doubled since 2012 | |||||
To be a top 10 RE investment manager in 2023 you likely need: | AUM | ||||
EUR >60.0bn in Europe | |||||
EUR >140.0bn | |||||
EUR >140.0bn globally! | |||||
// | |||||
AUM | |||||
EUR 71.0bn | |||||
AUM | |||||
EUR >60.0bn |
AUM | AUM | ||||||||||||
EUR 34.0bn | |||||||||||||
EUR 32.0bn | |||||||||||||
AUM | |||||||||||||
EUR 15.0bn | |||||||||||||
No. 10 | |||||||||||||
No. 10 | No. 10 | No. 10 | No. 10 | No. 10 | |||||||||
Manager | Manager | Manager | Manager | Manager | Manager | ||||||||
Europe | worldwide | Europe | worldwide | Europe | worldwide | ||||||||
2012 | 2018 | 20231 | |||||||||||
Source: www.irei.com (Manager Europe); IPE Top 100 Manager worldwide | 1 PATRIZIA estimates | |||||||||||||
PATRIZIA | © 2020 | 11 | ||||||||||||
Equity Story
Relative attractiveness of real estate remains high
- but record low bond yields mean, that there may be a ceiling to the yield gap now
Bond-Yield-Gap
600
Office Spread BP | Retail Spread BP | Logistics Spread BP |
500
400
300
200
100
0
-100
2000 Q4 | 2002 Q4 | 2004 Q4 | 2006 Q4 | 2008 Q4 | 2010 Q4 | 2012 Q4 | 2014 Q4 | 2016 Q4 | 2018 Q4 |
Source: PATRIZIA, Refinitiv, PMA
PATRIZIA | © 2020
Equity Story
Investment pressure continues
Global under-allocation to real estate continues to drive growth
By type of investor | Allocations | ||||||
Average allocation to real estate | as % of overall portfolio | Increase | ||||||
63.6% | |||||||
Maintain | 28.1% | ||||||
Current allocation | Target allocation | Decrease | 8.3% | ||||
12.40% | |||||||
11.00% | 11.50% | Investment style preferences | |||||
10.10% | |||||||
9.60% | |||||||
Value add | |||||||
42.5% | |||||||
7.80% | Core | 37.5% | |||||
Opportunistic | 20.0% | ||||||
2020e | |||||||
EUR 98.1bn of new capital is expected to be invested into the global real estate sector in 2020
Pension Fund | SWF/Govt' Inst | Insurance Company |
Source: ANREV / INREV / PREA Investment Intentions Survey 2020; survey among 140 institutional investors, managing EUR 703.4bn real estate AUM | ||
PATRIZIA | © 2020 | 13 | |
Equity Story
Yield development
Office and logistic yields were moving sideways in the past quarters, retail shows an increasing trend
Office | Retail | Logistics | |||||||||||||||||||||||||||
Yield range | Yield range | Yield range | |||||||||||||||||||||||||||
European Prime Yield | European Prime Yield | European Prime Yield | |||||||||||||||||||||||||||
Long-term mean | Long-term mean | Long-term mean | |||||||||||||||||||||||||||
10.0% | 10.0% | 10.0% | |||||||||||||||||||||||||||
9.5% | 9.5% | 9.5% | |||||||||||||||||||||||||||
9.0% | 9.0% | 9.0% | |||||||||||||||||||||||||||
8.5% | 8.5% | 8.5% | |||||||||||||||||||||||||||
8.0% | 8.0% | 8.0% | |||||||||||||||||||||||||||
7.5% | 7.5% | 7.5% | |||||||||||||||||||||||||||
7.0% | 7.0% | 7.0% | |||||||||||||||||||||||||||
6.5% | 6.5% | 6.5% | |||||||||||||||||||||||||||
6.0% | 6.0% | 6.0% | |||||||||||||||||||||||||||
5.5% | 5.5% | 5.5% | |||||||||||||||||||||||||||
5.0% | 5.0% | 5.0% | |||||||||||||||||||||||||||
4.5% | 4.5% | 4.5% | |||||||||||||||||||||||||||
4.0% | 4.0% | 4.0% | |||||||||||||||||||||||||||
3.5% | 3.5% | 3.5% | |||||||||||||||||||||||||||
3.0% | 3.0% | 3.0% | |||||||||||||||||||||||||||
2.5% | 2014 Q4 | 2016 Q4 | 2018 Q4 | 2.5% | 2.5% | ||||||||||||||||||||||||
2000 Q4 | 2002 Q4 | 2004 Q4 | 2006 Q4 | 2008 Q4 | 2010 Q4 | 2012 Q4 | 2000 Q4 | 2002 Q4 | 2004 Q4 | 2006 Q4 | 2008 Q4 | 2010 Q4 | 2012 Q4 | 2014 Q4 | 2016 Q4 | 2018 Q4 | 2000 Q4 | 2002 Q4 | 2004 Q4 | 2006 Q4 | 2008 Q4 | 2010 Q4 | 2012 Q4 | 2014 Q4 | 2016 Q4 | 2018 Q4 | |||
Data as at 30.06.2020 | Source: PATRIZIA, PMA | |||||||||||||||||||||||||||||
PATRIZIA | © 2020 | 14 |
Equity Story
Global clients with a strong European base
Partnerships with a diverse mix of global institutional investors foster our understanding of clients' needs
1% 9% | Pension funds | ||
Insurance | |||
7% | |||
companies | |||
11% >400 | |||
44% | Savings banks | ||
Banks, endowments | |||
institutional | |||
investors | & corporates |
27% | Private investors |
Other | |
14% | Germany |
>20 | ||
10% | UK & Ireland | |
10% geographies | Rest of Europe | |
67% |
Rest of World
Data as at 9M 2020 ⚫ PATRIZIA client relationship offices
- Markets with existing institutional investors and/or PATRIZIA client relationship operations
PATRIZIA | © 2020 | 15 |
Equity Story
Leading capital raising activity in the market
PATRIZIA has invested significantly in its capital raising capabilities over the past years and is now reaping the rewards
73%
of equity raised
from existing clients
EUR bn
~12
of equity raised
2015-2019
Institutional equity raised | EUR m
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2015 | 2016 | 2017 | 2018 | 2019 |
New clients
Existing clients
Data as at FY 2019 | Leading: Positioned among Top 3 based on own competitor research | Equity raised including predecessor companies
PATRIZIA | © 2020 | 16 |
Equity Story
Investment Ecosystem
Strategic global innovation and technology activities
Our mission is to increase operational excellence, tech leadership and develop new business opportunities in a client centric approach by:
- Global and cross-industrial trend scouting
- Identifying and implementing innovative technologies
- Strategic investments into selected companies
- Constantly challenging the business model, processes and mindsets
Ecosystem | |
How will our business | |
model look like in future? | Product |
Processes |
Corporate
We have a strong partnership approach with our technology investments, as we believe open collaboration is most effective in supporting the establishment of industry solutions and transformation!
Data as at H1 2020
PATRIZIA | © 2020
Selected Investments
BrickVest (February 2020)
- PATRIZIA acquires the platform, securing BrickVest's independence
- Global and open digital investment platform for real asset investments
- Connecting investor groups with deal sponsors and product providers
WiredScore (September 2019)
- PATRIZIA secures strategic stake
- Rating scheme for digital connectivity of commercial & residential properties
- Established and trusted benchmark in the built world
Cognotekt (July 2019)
- PATRIZIA acquires strategic stake
- Using state-of-the-art Natural Language Processing to increase accuracy in data and document processing
- Enables PATRIZIA to leverage it's AI competency
control.IT (May 2019)
- PATRIZIA acquires a strategic stake together with KGAL and HIH
- Leading service provider for asset and portfolio management software
- Creating standardised best-in-class SaaS solution for the real estate industry
EVANA (October 2018)
- PATRIZIA acquires strategic stake
- AI-drivenservice provider for document, data and process management
- Self-learningalgorithms to extract and evaluate large volumes of data
17
Equity Story
Selected indirect investments
Expanding PATRIZIA's global innovation ecosystem through investments in Venture Capital Funds
Pi Labs | Taronga Ventures | Camber Creek |
Description | UK Based PropTech Venture |
Capital Fund | |
Geographic Focus | Europe |
Investment Stage | pre-seed to Series A |
Complimentary Offering | In-house |
accelerator programme | |
Track Record | 3 funds launched |
51 portfolio investments | |
Rationale | PATRIZIA increases access to |
innovative real estate | |
technologies across Europe at | |
an early stage |
Australia Based PropTech | US Based PropTech Venture |
Venture Capital Fund | Capital Fund |
Asia Pacific & Global | North America |
Series A, B & C | 75% Seed/Series A, 25% Series |
B/C | |
Inhouse | In-house beta lab for piloting |
accelerator programme | solutions |
Advisory mandate for Super | 3 funds launched |
Fund | 22 portfolio investments |
6 Portfolio Investments | |
PATRIZIA increases access to | PATRIZIA increases access to |
innovative real estate | innovative real estate |
technologies across Asia- | technologies across North |
Pacific and globally | America |
PATRIZIA | © 2020
Equity Story
Social centrepiece: PATRIZIA Foundation
Creating an environment for education for more than 20 years
What we are doing
- Initiating child cares, hospitals and schools to give children a safe home, health and access to education
- Focusing on building communities for a future-oriented development
- Using sustainable and regional materials as part of the philosophy
Our success
- 17 children centers in 11 countries (4 continents)
- More than 220,000 children have benefited from the foundation
What we want to achieve
- Growing to help as many children as possible - worldwide
- Supporting the chance for a self-determined life
- Overall: Creating tales of joy
Our approach and promise
- 100% of the donations go into the projects
- PATRIZIA AG supports the foundation with up to 1% of the operating income which covers all administrative costs
- Volunteering as part of the corporate culture benefits the foundation
Helping in the crisis
- In April 2020, the "Corona Fund Education Healthcare" was initiated to support our Children's Centers which experience existential hardships due to the coronavirus pandemic.
Example: Primary School extension Buyamba, Uganda
Expand existing PATRIZIA Primary School in Buyamba (approx. 900 students) by 5 classrooms, 2 early childhood rooms, a kitchen,
a dormitory with 40 beds, 3 teacher accommodations and 5 cisterns
Data as at 9M 2020 | For further information, please visit: https://www.patrizia.foundation/en/
PATRIZIA | © 2020 | 19 |
Equity Story
Stronger for clients and shareholders
PATRIZIA share performance | as at 09.11.2020
30 30.00 | Closing price | YTD | L6M | L12M | ||||||||||||||||||||
EUR 21.45 | +7.1% | +7.6% | +16.4% | |||||||||||||||||||||
25 | 25.00 | |||||||||||||||||||||||
20 | 20.00 | |||||||||||||||||||||||
15 | 15.00 | |||||||||||||||||||||||
10 | 10.00 | |||||||||||||||||||||||
5.00 | ||||||||||||||||||||||||
EUR/share | ||||||||||||||||||||||||
0.00 | ||||||||||||||||||||||||
PATRIZIA on the capital market
- PATRIZIA is listed in the Prime Standard segment of Deutsche Börse AG and member of the SDAX, DIMAX, MSCI World Small Cap and other indices1
- Initial listing on 31 March 2006
- Market capitalisation as at 30.09.2020: EUR 2.1bn
- Average daily trading volume: ~94,526 shares
- 89,682,931 shares outstanding
2013 2014 2015 2016 2017 2018 2019 2020
Analyst recommendations | as at 09.11.2020 | Shareholder structure | as at 09.11.2020 |
8 | 5.87% | 2.89% | First Capital Partner GmbH 2 | |||
∅ target price: | Union Investment Privatfonds GmbH 3 | |||||
EUR 25.55 | Allianz SE 4 | |||||
29.39% | ||||||
51.81% | ||||||
2 | resulting upside6: | Other institutional shareholders | ||||
0 | +19.1% | Private shareholders | ||||
5.02% | PATRIZIA AG 5 | |||||
BUY | HOLD | SELL | 5.02% |
Source: Thomson Reuters, PATRIZIA share register | 1 CDAX, Classic All Share, DAX International Mid 100, DAXplus FAMILY 30, DAXsector Financial Services, DAXsubsector Real Estate, Prime All Share, S&P GIVI Global Index, S&P Global BMI, S&P Intrinsic Value Weighted Global Index , S&P Low Beta Global Index | 2 First Capital Partner GmbH is attributable to CEO Wolfgang Egger | 3 According to the voting rights notification of 31 October 2018 | 4 According to the voting rights notification of 13 March 2020 | 5 Treasury shares | 6 Based on closing price of EUR 21.45
PATRIZIA | © 2020 | 20 |
Equity Story
Growing dividends in line with our business development
Increase in dividend per share by 7.4% y-o-y for FY 2019
Dividend per share (EUR) | Dividend policy FY 2019 onwards | ||
0.29 | X% | Y% | |
0.27 | +7.4% | Basis for | |
dividend | |||
proposal | |||
FY 2018 | FY 2019 | Growth in management | Growth in AUM |
fees (y-o-y) | (y-o-y) | ||
PATRIZIA | © 2020 | 21 |
Equity Story
Strategy 2023 | A clear strategy…
Our aspiration for the next 3 - 5 years
Expand investment opportunities
Broad diversification through more geographies, more real assets & real estate debt
Strengthen footprint
Leading market insights through more international offices & more sector expertise
Build efficient platform
Best-in-classback-office & reporting based on smart IT, AI & automated services
Drive innovations
Early mover through anticipating market trends and changing tenant & client behaviour
Enhance stability
Reliable partner based on strong balance sheet, strong brand & increasing recurring income
PATRIZIA | © 2020 | 22 |
Equity Story
…makes PATRIZIA stronger for clients & shareholders
Our aspiration for the next 3 - 5 years
✓
1 | Real assets investment manager |
2
3
4
✓
More diversified product offering
✓
Larger international client base
✓
Early mover in automation & technology
✓
5 Stable income & higher company value
PATRIZIA | © 2020 | 23 |
Equity Story
Strategic Agenda | Expansion across 4 quadrants
Leverage existing platform offering governance, research, capital raising and market services - bolt on boutiques
Core | Core + | Value-add Opportunistic |
Equity
Real Estate
Debt
Private | Public |
Equity
Infrastructure
Debt
- Expansion into additional segments is the natural next step in the evolution of PATRIZIA
Equity = Strategies that target investment in real assets equity tranche; Secondaries = Strategies that target investment in secondary units of existing real assets funds/partnerships/joint ventures/or other relevant investment structures; Debt = Strategies that target investment in real assets debt tranche
PATRIZIA | © 2020 | 24 |
Equity Story
Over 3-5 years AUM could increase by ~15% p.a. incl. M&A…
AUM of EUR 60bn organically and EUR 80bn incl. M&A are achievable
EUR ~80.0bn
Illustrative example
EUR ~60.0bn
EUR 44.5 bn
3 - 5 | ||
2019 | years | Strategic |
target |
PATRIZIA | © 2020 | 25 |
Equity Story
- and directly translate into growth of fee income
Management fees could increase by 8 - 10% p.a. organically
Illustrative example
Performance fees | |||||||
EUR 91.8m | (hist. Ø: EUR 60.0m p.a.) | ||||||
Transaction fees | |||||||
(hist. Ø: EUR 55.0m p.a.) | |||||||
EUR ~250.0m | |||||||
EUR 65.3m | |||||||
EUR 190.9m
Management fees
3 - 5
years
2019Strategic target
PATRIZIA | © 2020 | 26 |
Equity Story
Strategy for our clients spurs further growth
Organic and inorganic growth lead to stronger platform
Status Quo | Measure | Mid-term target | ||||
Assets under | ||||||
Management | EUR 44.5bn | Grow 8 - 10% p.a. organically | EUR 60.0bn | |||
Structural growth market | ||||||
Mergers & Acquisitions | ||||||
EUR 44.5bn | Grow 15.0% p.a. (in)organically | +EUR 20.0bn | ||||
Active industry disruptor | Total EUR 80.0bn | |||||
Quality of earnings | Improve qualitiy of earnings by | |||||
57.0%1 | growing share of management | >70.0%1 | ||||
Increase share of recurring | ||||||
fees | ||||||
earnings | ||||||
Efficiency | EBITDAR margin²: 36.7% | Scalability | Stable EBITDAR margin, | |||
but higher quality earnings | ||||||
Digitalisation and scalability | Total cost ratio: 0.53% | Innovation & digitalisation | ||||
Total cost ratio: <40 bps | ||||||
Larger scale, improved earnings quality and reduced costs
Stronger for clients and shareholders
1 Management fee share of total service income | 2Excluding principal investments
PATRIZIA | © 2020 | 27 | |
Agenda
- Equity Story
- Financials 9M 2020
- Appendix
PATRIZIA | © 2020 | 28 |
Financials 9M 2020
Highlights
Solid financial results despite challenging market environment - FY 2020 guidance specified
9M 2020 | Assets under management1 | EUR bn |
|
- Operating income of EUR 100.2m in 9M 2020, already reaching the lower end of the broadened FY 2020 guidance range
- Assets under management (AUM) increased by 4.0% to EUR 46.2bn compared to EUR 44.5bn at YE 2019 and confirms resilience of AUM in challenging market environment
- Total service fee income increased by 6.2% y-o-y to EUR 248.1m, driven by continued growth in management, transaction and performance fees
Full-year guidance 2020
- Operating income guidance for FY 2020 specified to EUR 110.0m to 130.0m
- Level of FY2020 guidance achievement will depend on further Covid-19 pandemic impact on European real estate transaction markets during Q4 2020
- Organic net AUM growth expectation of EUR 2.0 - 3.5bn to between EUR 46.5 - 48.0bn unchanged
+4.0% | 46.2 | 46.5 - 48.0 | |||||
44.5 | 1.1 | ||||||
1.2 | Fund of funds | ||||||
45.1 | |||||||
43.2 | Funds under | ||||||
management | |||||||
31.12.2019 30.09.2020 2020e
Operating income | EUR m
110.0 - 130.0
97.7 +2.6% 100.2
9M 2019 | 9M 2020 | 2020e |
1 AUM definition from 3M 2020 onwards reflecting best practice standards like INREV / GIPS
Note: All percentage rates in this presentation refer to the comparable period of the previous year, unless stated otherwise
PATRIZIA | © 2020 | 29 |
Financials 9M 2020
Operating income
Continued growth in management, transaction and performance fees
Highlights
-
Total service fee income increased by 6.2% y-o-y to EUR
248.1m (9M 2019: EUR 233.7m) driven by: - Increased Management fees of EUR 145.0m (+2.4%)
- Transaction fees significantly up to EUR 29.1m (+23.7%) due to ongoing selective transaction activity for clients
- Performance fees remained a stable contributor to operating income with EUR 74.1m (+8.0%);
- Net sales revenues and co-investmentincome of EUR 14.4m:
- Co-investments contributed EUR 12.5m
Composition 9M 2020 | EUR m
| | ||||||||||
| -24.4% | +4.4% | |||||||||
+8.0% | |||||||||||
14.4 | |||||||||||
| 74.1 | ||||||||||
| +23.7% | -153.7 | |||||||||
+2.4% | 29.1 | | | ||||||||
+9.1% | |||||||||||
+2.6% | |||||||||||
-8.7 |
- Principal investments contributed EUR 1.9m
- Net operating expenses1 up 4.4% to EUR 153.7m mainly due to higher IT and personnel expenses as a result of continued investments into PATRIZIA's real asset platform - cost growth nevertheless remains below growth of total service fee income
145.0 | |||
97.7 | |||
9M 2019 | |||
Operating | Manage- | Trans- | Perfor- |
income | ment | action | mance |
fees | fees | fees |
Total service fee income
EUR 248.1m; +6.2%
100.2 | |||
9M 2020 | |||
Net sales | Net | D&A, | Operating |
revenues | operating | financial | income |
and co- | expenses1 | result and | |
investment | other items | ||
income | |||
change y-o-y | |||
|
1 Inter alia netted against other operating income of EUR 11.5m; excluding EUR 5.8m non-capitalisable expenses for investments in the future PATRIZIA | © 2020
30
Financials 9M 2020
Total service fee income
PATRIZIA continues to grow while still delivering superior investment performance for clients
Highlights
- Total service fee income increased by 6.2% y-o-y to EUR 248.1m (9M 2019: EUR 233.7m)
- Increased Management fees of EUR 145.0m (+2.4%) due to organic growth of AUM
- Recurring management fees contributed 58.4% to total service fee income
- Fees are partly included in revenues (EUR 137.9m) and partly in income from participations (EUR 7.1m)
- Transaction fees significantly up to EUR 29.1m (+23.7%) due to ongoing selective transaction activity for clients
- Acquisition fees: EUR 17.5m vs disposal fees: EUR 11.5m
- Performance fees of EUR 74.1m in 9M 2020 as a stable contributor to overall financial results and partly included in:
- Revenues (EUR 48.5m)
- Income from participations (EUR 16.6m)
- Operating income from participations (EUR 9.0m)
- Guidance for FY 2020:
- Total service fee income of EUR 308.0m - EUR 335.0m
1 EUR 165.2m excluding SÜDEWO performance fee | 2 At mid-point of guidance range PATRIZIA | © 2020
Total service fee income | EUR m
100%2 | |||||||||||||||||||||||||||
348.0 | |||||||||||||||||||||||||||
320.2 | 308.0 - 335.0 | ||||||||||||||||||||||||||
268.6 | 91.8 | 90.0 | 29% | ||||||||||||||||||||||||
92.5 | 248.1 | - | |||||||||||||||||||||||||
80.0 | |||||||||||||||||||||||||||
103.4 | |||||||||||||||||||||||||||
47.0 | 11% | ||||||||||||||||||||||||||
211.9 | 65.3 | ||||||||||||||||||||||||||
188.6 | 74.1 | - | |||||||||||||||||||||||||
52.4 | |||||||||||||||||||||||||||
36.0 | |||||||||||||||||||||||||||
29.2 | 66.9 | ||||||||||||||||||||||||||
140.0 | 25.0 | 29.1 | |||||||||||||||||||||||||
117.5 | 19.7 | 70.3 | 51.8 | 198.0 | 60% | ||||||||||||||||||||||
13.4 | 58.7 | ||||||||||||||||||||||||||
52.2 | 175.3 | 190.9 | - | ||||||||||||||||||||||||
54.1 | 145.0 | 192.0 | |||||||||||||||||||||||||
50.1 | 68.1 | 81.5 | 89.1 | 93.2 | |||||||||||||||||||||||
2013 | 2014 | 20151 | 2016 | 2017 | 2018 | 2019 | 9M | 2020e | |||
2020 | |||||||||||
Management fees | Transaction fees | ||||||||||
Performance fees | SÜDEWO performance fee | ||||||||||
31
Financials 9M 2020
Transaction fees
PATRIZIA is still active for its global client base despite challenging Covid-19 market environment
Highlights
- Ongoing transaction activity for PATRIZIA's global client base drove transaction fee growth to EUR 29.1m in 9M 2020 (+23.7%)
- European transaction activity was slowly picking up in Q3 2020, but still down 18.7% y-o-y
- The FY 2020 guidance range for transaction fees was specified upwards to EUR 36.0 - 47.0m for FY 2020 (from EUR 30.0 - 40.0m)
Transaction volume (closed/signed) | EUR bn
closed | 9.0 | signed | |||||||||
Ø EUR | 7.2 | 3.5 | |||||||||
5.9bn | 6.0 | 5.2 | |||||||||
4.8 | 5.1 | ||||||||||
4.1 | 3.0 | 2.5 | 2.6 | ||||||||
0.5 | 1.9 | 2.8 | |||||||||
0.7 | 5.0 | ||||||||||
5.5 | 1.1 | ||||||||||
4.3 | 4.2 | - | |||||||||
3.4 | 3.2 | 3.5 | 1.5 | ||||||||
2.5 | |||||||||||
4.0 | |||||||||||
2013 | 2014 | 20152 | 20162 | 2017 | 2018 | 2019 | 9M | 2020e |
Acquisitions | Disposals | 2020 | ||||||
European transaction volume| EUR bn1 | Transaction fees | EUR m | ||||||||||||||||||||||||||||
• Transaction activity in Europe dropped 18.7% y-o-y in 9M 2020 | Ø EUR | 70.3 | |||||||||||||||||||||||||||
57.8m | 65.3 | ||||||||||||||||||||||||||||
58.7 | |||||||||||||||||||||||||||||
22.2 | |||||||||||||||||||||||||||||
330.9 | 290.9 328.4 | 315.0 | 344.5 | 54.1 | 52.2 | 51.8 | 52.4 | ||||||||||||||||||||||
23.9 | |||||||||||||||||||||||||||||
246.1 | 17.0 | 17.7 | 26.7 | 20.3 | 21.7 | 29.1 | |||||||||||||||||||||||
200.9 | 172.3 | ||||||||||||||||||||||||||||
48.1 | 47.0 | ||||||||||||||||||||||||||||
11.5 | |||||||||||||||||||||||||||||
37.1 | 34.5 | 32.0 | 31.4 | 30.7 | 41.4 | - | |||||||||||||||||||||||
17.5 | |||||||||||||||||||||||||||||
36.0 | |||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 9M | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 9M | 2020e | |||||||||||||
2020 | Acquisition fees | Disposal fees | 2020 | ||||||||||||||||||||||||||
1 Source: PATRIZIA, RCA All Property | 2 2016 transaction volume includes sale of Harald portfolio worth EUR 1.1bn; 2015 includes sale of SÜDEWO and acquisition of Harald portfolio totalling EUR 2.5bn
PATRIZIA | © 2020 | 32 |
Financials 9M 2020
Performance fees
Superior returns for clients translate into attractive performance fees
- Performance fees of EUR 74.1m in 9M 2020 as a stable contributor to overall financial results
- Performance fee guidance for FY 2020 specified to EUR 80.0 - 90.0m (from EUR 80.0 - 110.0m) as Q4 2020 will likely include more acquisitions than disposals for clients on the European transaction market (disposals typically trigger generation of performance fees)
Distribution of net IRRs by invested equity1 | Performance fees | EUR m |
6.0% median IRR | 10.5% | |
12,000 | weighted IRR | |
10,000
8,000
6,000
4,000
2,000
0
< 0% | 0-4% | 4-8% | 8-12% | 12-20% | > 20% | |||||||
Core | Core+ | Value add | Opportunistic | |||||||||
| 80.0 - 90.0 |
68.6 +8.0% 74.1
9M 2019 | 9M 2020 | 2020e |
1 Data as at 30 June 2020 return distribution includes performance of institutional investor vehicles with an invested equity exceeding EUR 50m and inception before 03.2020, in total EUR 34.6bn; past performance is not indicative of future results; returns weighted by invested equity; returns are presented including leverage, net of costs, taxes and fees.
PATRIZIA | © 2020 | 33 |
Financials 9M 2020
Performance fees
Visibility until 2025 due to Dawonia performance fee claims
Performance fee pool1 - Illustrative example | EUR m
- Due to performance fee claim on Dawonia3 of EUR 362.3m pre-tax(EUR 295.3m after tax; see also page 44), good visibility on overall performance fee income over the next years
- Operating income contribution from performance fees over next five years depends on client preferences and disposal activity in funds
72.5 | 72.5 | 72.5 | 72.5 | 72.5 |
Ø
52.9
2013-2020e | 2021e | 2022e | 2023e | 2024e | 2025e |
Performance fees p.a. on average
Performance fee potential from other funds
Dawonia performance fee claim due in 2023 (pre tax) if split over 5 years
PATRIZIA | © 2020 | 34 |
Financials 9M 2020
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 %1 |
50 | 46.5 - 48.0 1% | 180 | 50.0% | |||||||||||||||||||
45 | 1.21% | 46.2 | 41.4% | |||||||||||||||||||
1% | 160 | 42.9% | 45.0% | |||||||||||||||||||
44.5 | 38.7% | |||||||||||||||||||||
38.9% | 34.0 - 41.0% | |||||||||||||||||||||
40 | ||||||||||||||||||||||
41.0 | 140 | 34.8% | 40.0% | |||||||||||||||||||
0.97% | 0.98% | |||||||||||||||||||||
35 | 1% | 33.9% | 39.0% | 41.0% | ||||||||||||||||||
0.82% 0.80% | 120 | 30.4% | 36.2% | 36.7% | 35.0% | |||||||||||||||||
30 | ||||||||||||||||||||||
1% | 23.8% | 28.8% | 30.0% | |||||||||||||||||||
100 | ||||||||||||||||||||||
25 | 0.49 | |||||||||||||||||||||
25.0% | ||||||||||||||||||||||
- | ||||||||||||||||||||||
20 | 21.9 | 0.53% | 0.53% | 1% | 80 | 20.0% | ||||||||||||||||
0.45% | 0.46 | 18.2% | ||||||||||||||||||||
18.6 | 60 | |||||||||||||||||||||
15 | ||||||||||||||||||||||
16.6 | 0% | 15.0% | ||||||||||||||||||||
14.6 | 13.3% | |||||||||||||||||||||
40 | ||||||||||||||||||||||
10 | 11.8 | 9.6% | 10.0% | |||||||||||||||||||
0% | ||||||||||||||||||||||
5 | 20 | 5.0% | ||||||||||||||||||||
0 | 0% | 0 | 20152 20163 2017 | 0.0% | ||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 9M | 2020e | 2013 | 2014 | 2018 | 2019 | 9M | 2020e | ||||||||
2020 | 2020 |
AUM | EBITDAR | incl. principal | EBITDAR | excl. principal | |||||||
Total cost ratio (in %) | Margin (in %) | investments | Margin (in %) | investments | |||||||
• Total cost ratio = Net operating expenses (incl. staff costs) divided | • Margin transformation of business model completed, | ||||||||||
by average AUM | i.e. from volatile principal investment to stable service fee income |
1 EBITDAR values slightly adjusted compared to IFRS P&L in order to enable better operational like-for-like comparison | 2 2015 excluding SÜDEWO exit fee | 3 2016 excluding Harald profit
PATRIZIA | © 2020 | 35 |
Financials 9M 2020
Guidance for FY 2020
Guidance for FY 2020 specified on the basis of increased visibility for Q4 2020
Assumptions for FY 2020
• Specified operating income guidance for FY 2020e of |
EUR 110.0 to 130.0m reflects the already reached lower |
end of former guidance range of EUR 100.0 - 140.0m as |
per 9M 2020 and visibility for Q4 2020 |
• Total service fee income: EUR 308.0 - 335.0m |
(from EUR 300.0 - 350.0m) |
• Management fees: EUR 192.0 - 198.0m |
(from EUR 190.0 - 200.0m) |
• Transactions fees: EUR 36.0 - 47.0m |
(from EUR 30.0 - 40.0m) |
• Performance fees: EUR 80.0 - 90.0m |
(from EUR 80.0 - 110.0m) |
• Net sales revenues and co-investment income: |
EUR 20.0m (unchanged) |
• Net operating expenses1: EUR 208.0 - 215.0m |
Income composition FY 2020e | EUR m
72% 73%
87%
90.0 20.0
70% | - | |||||||
74% | 80.0 | |||||||
-215.0 | ||||||||
47.0 | 87% | |||||||
198.0 | - | 83% | ||||||
- | - | -208.0 | ||||||
36.0 | ||||||||
192.0 | ||||||||
134.5 | ||||||||
-10.0 | 130.0 | |||||||
- | ||||||||
110.0 | ||||||||
(from EUR 210.0 - 220.0m) |
• Transaction volume: EUR 4.0 - 5.0bn |
(from EUR 3.5 - 5.5bn) |
• Assets under management: EUR 46.5 - 48.0bn |
(unchanged) |
¹ Excluding EUR 11.6m investments in the future |
PATRIZIA | © 2020
FY 2019 | |||
Operating | Manage- | Trans- | Perfor- |
income | ment | action | mance |
fees | fees | fees |
Total service fee income
308.0 - 335.0
FY 2020e
Net sales | Net | D&A, | Operating |
revenues | operating | financial | income |
and co- | expenses1 | result and | |
investment | other items | ||
income |
% figure shows
9M 2020 vs 2020e at mid-point
36
Financials 9M 2020
Solid financial position
Rock-solid balance sheet and strong cash position make PATRIZIA well prepared for the crisis
- Strong balance sheet ratios and capital structure to facilitate further profitable growth
Strong balance sheet | ||||
EUR m | 30.09.2020 | |||
Total assets | 1,913.7 | |||
Equity (excl. non-controlling | 1,218.3 | |||
interests) | ||||
Equity ratio | 63.7% | |||
Cash and cash equivalents | 437.5 | |||
+ Deposits and securities | +220.8 | |||
- Bank loans (for temporarily | -46.9 | |||
warehoused assets) | ||||
- Bonded loans | -300.0 | |||
= Net cash | 311.4 | |||
Net equity ratio1 | 77.8% | |||
Significant liquidity | ||||
EUR m | 30.09.2020 | |||
Bank balances, cash, | 658.3 | |||
deposits and securities | ||||
- Regulatory reserve for asset | -31.1 | |||
management companies | ||||
- Transaction related liabilities | -0.0 | |||
and blocked cash | ||||
- Liquidity in closed-end funds | -0.0 | |||
business property companies | ||||
= Available liquidity2 | 627.2 | |||
¹ Net equity ratio: Equity (excl. non-controlling interests) divided by total net assets (total assets less liabilities covered by cash in hand)
2 In addition 2,668,545 PATRIZIA treasury shares (worth EUR 55.1m as at 04.11.2020) which could be used as M&A currency (among other things)
PATRIZIA | © 2020 | 37 |
Agenda
- Equity Story
- Financials H1 2020
- Appendix
PATRIZIA | © 2020 | 38 |
Appendix
Our competitive edge
Excellent market access and local knowledge are key to our strong investment performance for clients
Transactions
Fundraising
Financing
Investment
Track Record
Product
Offering
Expertise
Data as at 3M 2020
PATRIZIA | © 2020
- Transactions worth EUR ~42bn completed since 2013
- Transaction market expected to remain active resulting in a estimated transaction volume of EUR 4.0 - 5.0bn for FY 2020
- EUR ~16bn of equity raised since 2013
- >400 institutional investors, largely invested in multiple products
- Broad range of direct and indirect investment opportunities
- EUR 15.3bn of credit volume under management as at 9M 2020
- More than 100 financial institutions providing debt funding
- 84% of loans with fixed interest rates, 16% with floating rates
- Consistently producing positive and competitive returns for institutional, private and (semi-)professional investors
- Superior returns for value-add and private equity investments
- Multi-fundplatform offering clients geographical, asset and risk diversification across investment products
- Investments through regulated funds, separate accounts and co-investment vehicles
- Integrated pan-European asset management team with more than 150 professionals in more than 15 European countries
- 36 years of experience in the real estate market
- Top provider of German Spezialfonds (BVI 2018)
'Turn to' real estate investment manager
Direct access to institutional investors worldwide
Best-in-class financing capabilities
Strong investment track record
Attractive product offering across all asset and risk classes
European network with experienced local teams
39
Appendix
Global Perspective with Local Expertise & Presence
PATRIZIA offers investment solutions with global reach & opportunity
24
PATRIZIA offices globally to service clients & manage real assets locally
40+
boutique operating partners worldwide managed by PATRIZIA Global Partners
Data as at 30 June 2020.
PATRIZIA | © 2020
⚫ PATRIZIA offices globally | ◼ Markets with PATRIZIA operations & clients |
⚫ Operating partner offices | ◼ Markets with PATRIZIA Children Foundation projects |
40
Appendix
Product overview
Direct & indirect investment opportunities allow our clients to achieve their individual portfolio objectives
Commingled Funds
Club Deals/JVs | Separate Accounts | Global Partner Products Management Mandates |
- Open-/closed-endedfunds
- Specific themes
- Institutional, private and (semi-)professional investors
• Targeted business | • | Individual, nimble | • | Indirect real estate |
strategy | strategies | investing across the | ||
• Small club of like-minded | • | Designed to achieve | globe | |
institutional partners | specific objectives of | • | Allows broad | |
institutional investors | diversification of clients' | |||
real estate exposure |
- Advisory services
- Asset, development management and/or platform for direct real estate investments or funds
PanEuropean | Gran Via 21 | European Diversified 1 | PMM Global IV | Madame Tussauds | |||||
Europe, commercial | Spain, retail & hotel | Europe, diversified | Global, diversified | London, leisure | |||||
PATRIZIA | © 2020 | 41 | ||||||||
Appendix
PRODUCTS
PATRIZIA's closed-end funds with an anniversary and strong fund performance
Facts
Over time
Outlook
Q4
PATRIZIA | © 2020
-
The team PATRIZIA GrundInvest celebrates its
5th anniversary. - The investment volume is over 1 billion Euro.1
- More than 7,000 participations were made by investors.1
- Average payout of 4.3 % p.a. in 2020 across all funds (equally weighted).1
- Average occupancy rate of 97.62 % across all funds (equally weighted).2
- Development of the property values of the public funds (managed by PATRIZIA GrundInvest) shows a positive trend since business started in 2015.1
- Expansion of the Fund "Europe Residential Plus"
- Acquisition of additional properties
- Increase in fundraising
- Development of a new additional product-linefor retail investors
1 Data as at 09/2020 | 2 Data as at 08/2020 |
Development of the property values of the public funds
(managed by PATRIZIA GrundInvest)
Index 2015 = 100
42
Appendix
Top 10 EU investment managers
Investors' preference for diversification drives European consolidation
EUR 23.7bn | Increase by +96% | EUR 46.5bn |
Average AUM | Average AUM | |
of the Top 10 in 2012 | of the Top 10 in 2018 |
Pos. | Investment Manager | AUM (EUR) |
1 | AXA Real Estate | 42bn |
2 | CBRE Global Investors | 39bn |
3 | Aviva Investors | 28bn |
4 | Aberdeen Asset Management | 23bn |
5 | IVG Immobilien AG | 20bn |
6 | AEW Global | 19bn |
7 | UBS Global Asset Management (UK) | 17bn |
8 | RREEF Real Estate | 17bn |
9 | Prudential Property Investment Managers | 17bn |
10 | LaSalle Investment Management | 15bn |
Pos. | Investment Manager | AUM (EUR) |
1 | Swiss Life Asset Managers | 69bn |
2 | AXA Investment Managers - Real Assets | 66bn |
3 | Blackstone | 46bn |
4 | Aberdeen Standard Investments | 46bn |
5 | Credit Suisse Real Estate Investment Mgt. | 45bn |
6 | CBRE Global Investors | 45bn |
7 | PATRIZIA1 | 45bn |
8 | Aviva Investors | 39bn |
9 | Deka Immobilien Investment/WestInvest | 36bn |
10 | M&G Real Estate | 32bn |
Source: www.irei.com; only assets in Europe | 1 PATRIZIA as at FY 2019, including a small portion of non-European assets via PATRIZIA Multi Managers; ranking adjusted accordingly
PATRIZIA | © 2020 | 43 |
Appendix
Capital allocation
Assets under | Invested capital | Invested capital | Participations | ||
As at 30.09.2020 | management | (fair value) | (at cost) | ||
EUR m | EUR m | EUR m | in % | ||
Third-party business | 39,876.4 | 0.0 | |||
Co-Investments | 6,315.8 | 496.5 | 91.4 | ||
Residential | 5,435.6 | 479.8 | 77.3 | ||
Dawonia GmbH | 4,828.0 | 158.91 | 51.7 | 5.1 | |
Dawonia performance fee claims | 295.31 | 0.0 | 0.1 | ||
WohnModul I SICAV-FIS | 607.5 | 25.5 | 25.5 | 10.1 | |
Other | 0.11 | 0.1 | 0.0 | ||
Commercial Germany | 878.0 | 14.3 | 11.3 | ||
Alliance | 236.2 | 5.71 | 5.3 | 5.1 | |
Seneca | 159.1 | 3.41 | 1.8 | 5.1 | |
PATRoffice | 0.31 | 0.2 | 6.3 | ||
TRIUVA/IVG logistics | 482.8 | 4.21 | 3.4 | 2.1 | |
TRIUVA/IVG commercial | 0.81 | 0.7 | 11.0 | ||
Commercial International | 2.3 | 2.4 | 2.8 | ||
Citruz Holding LP (UK) | 2.3 | 0.01 | 0.4 | 10.0 | |
First Street Development LTD (UK) | 2.4 | 2.4 | 10.0 | ||
Principal investments | 23.4 | 23.4 | |||
Other balance sheet items | 371.2 | 2 | |||
Tied-up investment capital | 46,215.7 | 891.1 | |||
Available liquidity | 627.2 | ||||
Total investment capital | 46,215.7 | 1,518.3 | |||
of which debt (bonded loans) | 300.0 | ||||
of which equity PATRIZIA (excl. non-controlling interests) | 1,218.3 |
1 After deduction of deferred taxes from the valuation according to IFRS 9 | 2 Including goodwill and fund management contracts
PATRIZIA | © 2020 | 44 |
Appendix
Reconciliation of operating income
EUR k | 9M 2020 | 9M 2019 | Change |
EBITDA | 101,837 | 95,104 | 7.1% |
Amortisation of other intangible assets¹, software and rights of use, | |||
depreciation of property, plant and equipment as well as financial | |||
investments | -29,157 | -31,473 | -7.4% |
EBIT | 72,680 | 63,631 | 14.2% |
Finance income/expenses | -2,762 | -2,965 | -6.9% |
Result from currency translation | -8,001 | 82 | < - 1.000,0% |
EBT | 61,917 | 60,749 | 1.9% |
Amortisation of fund management contracts and licenses as well as | |||
financial investments | 17,069 | 19,954 | -14.5% |
Realised changes in value of investment property (net) | 0 | 3,960 | -100.0% |
Reorganisation result | 0 | 9,354 | -100.0% |
Non-cash currency effects | 6,389 | -643 | < - 1.000,0% |
Operating income from participations (IFRS 9) | 9,001 | 4,337 | 107.5% |
Investments in the future | 5,826 | 0 | / |
Operating income | 100,202 | 97,709 | 2.6% |
1 In particular fund management contracts transferred as part of the recent acquisitions
PATRIZIA | © 2020 | 45 |
Appendix
Consolidated income statement
EUR k | 9M 2020 | 9M 2019 | Change % | |
Revenues | 223,157 | 242,920 | -8% | |
Income from the sale of investment property | 0 | 273 | -100% | |
Changes in inventories | -650 | -23,130 | -97% | |
Other operating income | 11,501 | 9,514 | 21% | |
Income from the deconsolidation of subsidiaries | 116 | 585 | -80% | |
Total operating performance | 234,124 | 230,162 | 2% | |
Cost of materials | -4,117 | -3,209 | 28% | |
Cost of purchased services | -12,479 | -11,278 | 11% | |
Staff costs | -98,981 | -92,677 | 7% | |
Other operating expenses | -51,206 | -47,472 | 8% | |
Impairment losses for trade receivables and contract assets | 57 | -486 | -112% | |
Income from participations | 27,036 | 29,126 | -7% | |
Earnings from companies accounted for using the equity method | 9,149 | 292 | > 1.000% | |
Cost from the deconsolidation of subsidiaries | -1,746 | 0 | / | |
EBITDAR | 101,837 | 104,458 | -3% | |
Reorganisation expenses | 0 | -9,354 | -100% | |
EBITDA | 101,837 | 95,104 | 7% | |
Amortisation of other intangible assets, software and rights of use, | ||||
depreciation of property, plant and equipment as well as financial | ||||
investments | -29,157 | -31,473 | -7% | |
Earnings before interest and taxes (EBIT) | 72,680 | 63,631 | 14% | |
Financial income | 2,154 | 1,384 | 56% | |
Financial expenses | -4,916 | -4,349 | 13% | |
Result from currency translation | -8,001 | 82 | < - 1.000% | |
Earnings before taxes (EBT) | 61,917 | 60,749 | 2% | |
Income taxes | -16,561 | -14,760 | 12% | |
Net profit for the period | 45,356 | 45,989 | -1% | |
PATRIZIA | © 2020 | 46 | |||
Appendix
Consolidated balance sheet | Assets
EUR k | 30.09.2020 | 31.12.2019 |
A. Non-current assets | ||
Goodwill | 211,323 | 210,292 |
Other intangible assets | 115,671 | 131,895 |
Software | 16,084 | 10,326 |
Rights of use | 25,801 | 24,988 |
Investment property | 1,835 | 1,835 |
Equipment | 6,301 | 6,056 |
Associated companies accounted using the equity method | 34,322 | 69,035 |
Participations | 552,917 | 525,716 |
Non-current borrowings and other loans | 35,048 | 28,276 |
Deferred taxes | 20,606 | 17,305 |
Total non-current assets | 1,019,908 | 1,025,724 |
B. Current Assets | ||
Inventories | 21,577 | 113,208 |
Securities | 11 | 1,011 |
Current tax assets | 16,310 | 17,318 |
Current receivables and other current assets | 418,443 | 380,735 |
Cash and cash equivalents | 437,497 | 449,084 |
Total current assets | 893,838 | 961,356 |
Total assets | 1,913,745 | 1,987,080 |
PATRIZIA | © 2020 | 47 |
Appendix
Consolidated balance sheet | Equity and liabilities
EUR k | 30.09.2020 | 31.12.2019 | ||
A. Equity | ||||
Share capital | 89,683 | 91,060 | ||
Capital reserves | 128,652 | 155,222 | ||
Retained earnings | ||||
Legal reserves | 505 | 505 | ||
Currency translation difference | -10,099 | -4,818 | ||
Remeasurements of defined benefit plans according to | ||||
IAS 19 | -3,459 | -3,459 | ||
Revaluation reserve according to IFRS 9 | 108,000 | 78,721 | ||
Consolidated unappropriated profit | 905,047 | 889,160 | ||
Non-controlling interests | 32,800 | 30,359 | ||
Total equity | 1,251,128 | 1,236,750 | ||
B. Liabilities | ||||
NON-CURRENT LIABILITIES | ||||
Deferred tax liabilities | 113,742 | 112,178 | ||
Retirement benefit obligations | 27,020 | 27,564 | ||
Bonded loans | 300,000 | 300,000 | ||
Non-current liabilities | 20,581 | 25,094 | ||
Leasing liabilities | 18,880 | 15,841 | ||
Total non-current liabilities | 480,224 | 480,677 | ||
CURRENT LIABILITIES | ||||
Short-term bank loans | 46,900 | 93,194 | ||
Other provisions | 8,869 | 9,254 | ||
Current liabilities | 95,062 | 101,186 | ||
Short-term leasing liabilities | 7,179 | 9,328 | ||
Tax liabilities | 24,383 | 56,692 | ||
Total current liabilities | 182,393 | 269,653 | ||
Total equity and liabilities | 1,913,745 | 1,987,080 | ||
PATRIZIA | © 2020 | 48 | |||
Appendix
Financial calendar
2021
February | 25 | ➢ Preliminary results 2020 |
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 dial-in numbers are provided in advance.
For further information, please visit: www.patrizia.ag.
PATRIZIA | © 2020 | 49 |
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 | ||
MAXIMILIAN GERBER | VERENA SCHOPP DE ALVARENGA | ||
Associate | Investor Relations | Senior Associate | Investor Relations | ||
T | +49 821 50910-351 | T | +49 821 50910-403 |
F | +49 821 50910-399 | F | +49 821 50910-399 |
M | +49 151 24506188 | M | +49 151 58339292 |
investor.relations@patrizia.ag | investor.relations@patrizia.ag |
Disclaimer
The information contained herein is directed only at professional clients and intended solely for use by the recipient. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA AG or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive. PATRIZIA AG and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice.
This document contains specific forward-looking statements that relate in particular to the business development of PATRIZIA AG and the general economic and regulatory environment and other factors to which PATRIZIA AG is exposed to. These forward-looking statements are based on current estimates and assumptions by the Company made in good faith, and are subject to various risks and uncertainties that could render a forward-looking estimate or statement inaccurate or cause actual results to differ from the results currently expected. PATRIZIA AG does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this publication. Due to commercial rounding of figures and percentages small deviations may occur.
11 November 2020, PATRIZIA AG
PATRIZIA | © 2020 | 50 |
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Patrizia Immobilien AG published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 15:16:00 UTC