|
DGAP-News: PATRIZIA AG
/ Key word(s): Preliminary Results/Annual Results
PATRIZIA with strong momentum in client business 2019
Augsburg, 17 February 2020. PATRIZIA AG, the global partner for pan-European real estate investment, recorded an operating income of EUR 134.5m in 2019, exceeding the FY 2019 guidance of EUR 120.0m to 130.0m. This compares to an operating income of EUR 141.4m in FY 2018, which contained significant revenue contribution from phase-out sale of principal investments and co-investment income. Excluding the sale of principal investments and co-investment income operating income increased 10.3% y-o-y. Major driver for the strong results was organic growth generated throughout 2019 with a solid increase in management fees (up 8.8% y-o-y to EUR 190.9m), significant growth in transaction fees (up 24.8% to EUR 65.3m) and performance fees on continued high levels (down 0.7% y-o-y to EUR 91.8m) while cost growth (up 8.1% y-o-y to EUR 227.2m, adjusted up 4.5% y-o-y) remained below the growth of total service fee income (up 8.7% y-o-y to EUR 348.0m). Net operating expenses included non-capitalised technology expenses of EUR 7.6m to future-proof the PATRIZIA platform. On an adjusted basis operating cost growth was only 4.5% y-o-y. Non-capitalised technology expenses will be adjusted in operating income going forward. Karim Bohn, CFO of PATRIZIA AG, said: "We have delivered on what we promised. The strong set of results confirm the leading position PATRIZIA has extended in all major European real estate investment markets. I am especially pleased with the momentum we have built up and the outperformance delivered to our clients. While the overall European real estate transaction volume slightly declined y-o-y in 2019, PATRIZIA was able to gain market share and deliver strong growth in transactions to our clients." Wolfgang Egger, CEO of PATRIZIA AG, said: "At the same time we have invested significantly in new technologies to become the innovation and tech leader in the European real estate investment industry to guide our clients through the coming change. We will continue to grow to the benefit of our clients, and our shareholders." Based on the continued organic growth, PATRIZIA expects to generate a 2020 operating income in the range of EUR 120.0m to 140.0m. In 2020 PATRIZIA expects a significantly lower revenue contribution from phase-out sale of principal investments and co-investment income - fully in line with strategy. The guidance therefore implies continued organic growth in total service fee income - especially management fees - and lower net operating expenses, further improving the quality of earnings. Strong position in European transaction market In total, PATRIZIA signed EUR 5.5bn of acquisitions in 2019, an increase of 60.5% on the prior year (2018: EUR 3.4bn) and EUR 3.5bn of disposals, up 4.1% (2018: EUR 3.3bn). Total transaction volume in Europe declined slightly by 2.4% y-o-y from EUR 315.2bn in 2018 to EUR 307.7bn in 2019, confirming market share gains for PATRIZIA. Equity entrusted to PATRIZIA and number of institutional clients increased PATRIZIA added more than 20 new institutional domestic and international investors to its client base during 2019, bringing the total to over 400. At the same time 73.1% of equity entrusted to PATRIZIA during 2019 came from investors with multiple fund investments on PATRIZIA's platform. Full set of results due 19 March 2020
1) FY 2019 includes non-capitalised technology expenses of EUR 7.6m, net operating expenses guidance for FY 2020 adjusted for non-capitalised technology expenses of EUR 11.6m
PATRIZIA AG:
17.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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: | |
| Internet: | |
| 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: | 976993 |
| Â | |
| End of News | DGAP News Service |
|
|
976993Â Â 17.02.2020Â
