PATRIZIA SE
PATRIZIA AG: PATRIZIA reports solid FY 2020 results and expects profitable growth to continue
throughout FY 2021
^
DGAP-News: PATRIZIA AG / Key word(s): Preliminary Results/Annual Results
PATRIZIA AG: PATRIZIA reports solid FY 2020 results and expects profitable
growth to continue throughout FY 2021
24.02.2021 / 17:35
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
PATRIZIA reports solid FY 2020 results and expects profitable growth to
continue throughout FY 2021
- Operating income of EUR 116.5m fully in line with FY 2020 guidance
- Assets under management increased by 5.7% y-o-y to EUR 47.0bn
- Guidance range for FY 2021 operating income of EUR 100.0 - 145.0m
Augsburg, 24 February 2021. PATRIZIA AG, a leading partner for global real
assets, had a solid FY 2020 despite the challenging market environment due
to the Covid-19 pandemic. Based on preliminary financial results, PATRIZIA
achieved an operating income of EUR 116.5m, which is only 13.4% below last
year's level and fully in line with the FY 2020 year-end guidance. It is
proof of the strong and reliable business model even in an adverse economic
and market environment.
Even during one of the worst economic environments globally, PATRIZIA
managed to receive equity commitments of EUR 1.9bn, of which more than half
came from international clients. Over 30 new domestic and international
institutional clients were welcomed to the PATRIZIA platform thereby
increasing the strong, diversified client base to over 450. PATRIZIA further
expanded its position as a leading partner for global real assets in 2020,
now ranking among the top 3 fully independent investment managers for real
estate in Europe.
The resilience of investment strategies and the successful business
expansion is reflected in further increased assets under management to EUR
47.0bn, an increase of 5.7% y-o-y. The focus on Core/Core+ and selected
Value Add investment strategies as well as crises resistant asset classes
like residential and logistics helped to withstand pressure from increased
market uncertainties.
Recurring management fees increased by 1.3% y-o-y to EUR 193.4m, which
proves the stability and resilience of the business model. Adjusted for
aperiodic items in the previous year, management fees increased by 3.4%
y-o-y. Following Covid-19 lock-downs in Europe, transaction activity in the
overall real estate market was down 27% y-o-y. Against this headwind,
PATRIZIA signed 5.4bn and closed EUR 6.9bn of transactions for its global
client base. This translates into transaction fees of EUR 48.1m in FY 2020.
Performance fees of EUR 86.1m remained a stable contributor to operating
income. Total service fee income - which combines management, transaction
and performance fees - came in at EUR 327.6m, only 5.9% below last year's
level. At the same time, tight cost control led to net operating expenses
decreasing 3.3% y-o-y to EUR 219.7m.
For FY 2021, PATRIZIA expects an operating income in a range of EUR 100.0m
to 145.0m. The range is underpinned by the assumption that assets under
management and management fees will continue to grow further compared to FY
2020, stabilising operating income at a high level overall.
Wolfgang Egger, CEO of PATRIZIA AG, said: "We were able to raise around EUR
1.9bn of fresh equity for investments in resilient markets in Europe. Our
clients trust us even in difficult times for three reasons: We are a
forward-thinking partner, we invest responsibly and we have an extensive
track record of delivering value. Together with our strong performance on
real asset transaction markets, this validates the long-term value drivers
of real asset investment management: demographic change, a lower-for-longer
interest rate environment and ongoing market consolidation."
Karim Bohn, CFO of PATRIZIA AG, said: "Our very solid balance sheet and a
high degree of financial flexibility will continue to provide stability and
further growth opportunities for PATRIZIA in the future. During FY 2020, we
were able to show further cost-discipline while at the same time growing our
recurring management fees."
Guidance
range
2021
EUR m 2020 2019 Ch- min max
an-
ge
Management fees 193.4 190.9 1.- 204.0 208.0
3%
Transaction fees 48.1 65.3 -2- 50.0 60.0
6.-
4%
Performance fees 86.1 91.8 -6- 60.0 90.0
.3-
%
Total service fee income 327.6 348.0 -5- 314.0 358.0
.9-
%
Net sales revenues and 20.2 23.8 -1- 5.0 20.0
co-investment income 4.-
8%
Net operating expenses¹ -219.7 -227.2 -3- -209.0 -223.-
.3- 0
%
Depreciation and -11.6 -10.1 15- -10.0 -10.0
amortisation, net finance .1-
costs and other items %
Operating income 116.5 134.5 -1- 100.0 145.0
3.-
4%
¹ From 2020 onwards
excluding
non-capitalisable
expenses for investments
in the future
Guidance
range
2021
EUR bn 31.12.2020 31.12.2019 Ch- min max
an-
ge
Assets under management 47.0 44.5 5.- 50.0 53.0
7%
Guidance
range
2021
EUR bn 2020 2019 Ch- min max
an-
ge
Equity raised 1.9 3.2 -4-
1.-
6%
Transaction volume - 5.4 9.0 -3- 6.0 9.0
signed 9.-
2%
Transaction volume - 6.9 7.6 -9-
closed .7-
%
PATRIZIA: A leading partner for global real assets
As a company with operations around the world, PATRIZIA has been offering
investment opportunities in real estate and infrastructure assets for
institutional, semi-professional and private investors for 37 years.
PATRIZIA manages more than EUR 47 billion in assets and employs over 800
professionals at 24 locations worldwide. Through its PATRIZIA Foundation,
the company is committed to social responsibility. The Foundation has helped
over 230,000 children in need worldwide gain access to education and thus,
has given them the chance of a better life over the last 21 years. You can
find further information at www.patrizia.ag
Contact:
Martin Praum
Head of Investor Relations
Phone: +49 (0) 821 5 09 10-402
investor.relations@patrizia.ag
---------------------------------------------------------------------------
24.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: PATRIZIA AG
Fuggerstraße 26
86150 Augsburg
Germany
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@patrizia.ag
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1170878
End of News DGAP News Service
---------------------------------------------------------------------------
1170878 24.02.2021
°
PATRIZIA AG: PATRIZIA reports solid FY 2020 results and expects profitable growth to continue throughout FY 2021 (english)
Am 24. Februar 2021 um 17:35 Uhr
Teilen
Teilen
© dpa-AFX - 2021
