- WKN: PAT1AG
- ISIN: DE000PAT1AG3
- Land: Deutschland
Nachricht vom 11.05.2022 | 17:35
PATRIZIA AG: PATRIZIA 3M 2022 financial results: Solid financial performance and continued AUM growth – FY 2022 guidance adjusted
DGAP-News: PATRIZIA AG
/ Key word(s): Quarterly / Interim Statement/Quarter Results
- Strong AUM growth to EUR 55.3bn (+13.8% y-t-d) driven by Whitehelm Capital consolidation
- Management fees of EUR 54.7m grew 7.4% y-o-y due to continued growth in AUM
- EBITDA of EUR 26.4m (-16.8% y-o-y) below last year’s levels due to ongoing strategic investments
- Strong balance sheet: Net equity ratio of 71.5% and available liquidity of close to EUR 500.0m
- Guidance for FY 2022 adjusted to an EBITDA range of EUR 100.0 – 120.0m due to increased market uncertainties
Assets under Management (AUM) increased 13.8% y-t-d to EUR 55.3bn as at 31 March 2022
Infrastructure now represents 12% of PATRIZIA’s AUM (up from 4% as at 31 December 2021) and the geographic split of AUM has internationalised further with now 47% of AUM invested outside of Germany (compared to 40% at 31 December 2021).
In the first quarter of FY 2022, PATRIZIA signed EUR 1.1bn in transactions for its global clients, an increase of 16.4% y-o-y. In the same period, EUR 1.3bn of transactions were closed (+153.8% y-o-y).
Total service fee income showed resilience while the mix of revenues was further improved. In line with strategy, management fees increased by 7.4% y-o-y to EUR 54.7m. Performance fees amounted to EUR 25.9m, an increase of 2.8% y-o-y. Transaction fees of EUR 2.2m decreased by two-thirds as the majority of transactions signed during 3M 2022 were transacted for funds with (all-in) management fee structures. Taking all three revenue streams together, total service fee income increased by 0.1% y-o-y to EUR 82.8m.
Net sales revenues and co-investment income increased 99.6% y-o-y to EUR 5.0m. This was primarily driven by the profitable sale of one of the last remaining balance sheet properties in the UK.
Net operating expenses increased 14.8% y-o-y to EUR 61.4m. The increase resulted in particular from the growth of workforce and cost aimed at further diversifying and globalising the company. In addition, one-off effects in other operating expenses related to the consolidation of Whitehelm Capital.
EBITDA as a result came in at EUR 26.4m, a decrease of 16.8% compared the previous year period, which is reflective of PATRIZIA’s resilience, improving revenue mix and future oriented investments.
Christoph Glaser, CFO of PATRIZIA AG, commented: “PATRIZIA operates a robust and profitable business with a solid balance sheet. Both the net equity ratio of 71.5% and the available liquidity of EUR 496.5m are proof of PATRIZIA's strength. This gives the company flexibility to continue on its growth trajectory including a broader product offering for our clients. Not only does PATRIZIA intend to achieve further organic growth by investing in product offering, technology and sustainability, but it also remains a strong market player in an industry that is consolidating.”
Thomas Wels, Co-CEO of PATRIZIA AG, added: “We are monitoring the market actively for further attractive M&A opportunities - in line with our mid-term strategy. The recent acquisition of Whitehelm Capital opens up new opportunities to maximise the structural, long-term growth market of infrastructure and decarbonisation.”
Due to increased geopolitical and macroeconomic risks as well as a strategic review of technology investments, PATRIZIA’s Management Board responds to increasingly challenging market conditions and has therefore adjusted the FY 2022 guidance to an EBITDA range of EUR 100.0 – 120.0m from EUR 120.0 – 145.0m. For further details, we refer to the tables below and chapter 7 of the 3M 2022 Interim Statement.
|Phone:||+49 (0)821 - 509 10-000|
|Fax:||+49 (0)821 - 509 10-999|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1349861|
|End of News||DGAP News Service|
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