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DGAP-News: PATRIZIA AG
/ Key word(s): 9 Month figures/Change in Forecast
PATRIZIA reports solid 9M 2020 results and specifies guidance for FY 2020 - Operating income of EUR 100.2m (+2.6% y-o-y) already exceeds lower end of FY 2020 guidance - Total service fee income increased by 6.2% y-o-y to EUR 248.1m driven by continued organic growth - Assets under management increased to EUR 46.2bn (up 4.0% y-t-d) - Guidance range for FY 2020 specified to EUR 110.0 - 130.0m based on good visibility into Q4 2020 pipeline
Total service fee income - which combines management, transaction and performance fees - stood at EUR 248.1m (+6.2%). The increase against the previous year is largely driven by continued growth in assets under management (AUM) and transaction activity for PATRIZIA's global client base. At the same time net operating costs increased 4.4% y-o-y to EUR 153.7m, well below the growth rate of total service fee income at 6.2% y-o-y. The continued growth in AUM, which increased 4.0% y-t-d, from EUR 44.5bn to EUR 46.2bn, resulted in increased management fees of EUR 145.0m in 9M 2020, compared to EUR 141.6m in 9M 2019 (+2.4%). Transaction fees increased strongly by 23.7% to EUR 29.1m vs EUR 23.5m in the comparable period last year as transaction activity started to pick up again after the European Covid-19 related lock downs phased out in the third quarter of 2020. Although overall real estate transaction activity is well below last year's levels, PATRIZIA's pan-European platform with local people on the ground in all relevant markets helped clients to access numerous attractive investments opportunities. This also led to a stable contribution of performance fees to total service fee income of EUR 74.1m in 9M 2020 (+8.0%). PATRIZIA has weathered the crisis successfully so far and despite rising market uncertainties has sufficient visibility on the remainder of the year to further specify the guidance range, which was broadened to EUR 100.0 - 140.0m at the beginning of the Covid-19 pandemic. PATRIZIA now expects an operating income in the range of EUR 110.0 - 130.0m for FY 2020. Wolfgang Egger, CEO of PATRIZIA AG, said: "PATRIZIA delivered on its promise to be a strong and reliable partner for our clients and shareholders during the first phase of the Covid-19 pandemic. We proved that we are able to execute attractive deals, even in the most difficult market environment. Despite the short-term uncertainties, we remain confident. Real asset investment management is a structural growth market and key growth drivers such as demographic change, a lower-for-longer interest rate environment and ongoing market consolidation remain valid in the long-term." Karim Bohn, CFO of PATRIZIA AG, said: "Thanks to the resilient business model, we achieved solid results even in times of the Covid-19 pandemic. This, together with our rock-solid balance sheet and our strong cash position proves the relative strength of PATRIZIA. Generating a profit of more than EUR 110.0m in FY 2020 in a challenging economic environment is a clear confirmation of the right strategy focus and the stability of PATRIZIA."
PATRIZIA: A leading partner for global real assets Head of Investor Relations Phone: +49 (0)821 50910-402
11.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
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| 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: | 1147477 |
| End of News | DGAP News Service |
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1147477 11.11.2020
