PATRIZIA SE
ISIN: DE000PAT1AG3
WKN: PAT1AG
13 August 2024 05:51PM

EQS-News: PATRIZIA H1 2024 financial results: EBITDA still impacted by volatile market environment, but platform shows slight improvement in operating expenses

PATRIZIA SE · ISIN: DE000PAT1AG3 · EQS - Company News
Country: Germany · Primary market: Germany · EQS NID: 1967287

EQS-News: PATRIZIA SE / Key word(s): Half Year Results/Half Year Report
PATRIZIA H1 2024 financial results: EBITDA still impacted by volatile market environment, but platform shows slight improvement in operating expenses

13.08.2024 / 17:51 CET/CEST
The issuer is solely responsible for the content of this announcement.


PATRIZIA H1 2024 financial results: EBITDA still impacted by volatile market environment, but platform shows slight improvement in operating expenses
  • AUM at EUR 56.0bn (FY 2023: EUR 57.3bn) reflecting moderate valuation effects in line with management expectations
  • EBITDA at EUR 19.2m (H1 2023: EUR 28.4m, -32.4% y-o-y), primarily driven by expected lower performance fees
  • Operating expenses down 1.8% y-o-y to EUR 130.7m
  • FY 2024 EBITDA guidance of EUR 30.0m - 60.0m confirmed with consolidation effects and one-off items possibly impacting FY 2024 financial results
  • Strategy 2030 announced with clear roadmap to grow AUM to EUR 100bn

 

Augsburg, 13 August 2024. PATRIZIA today published its H1 2024 financial results. In a market environment still characterised by continued high uncertainty, the first six months of the year showed ongoing pressure on revenues but first signs of improvement in operating expenses.

Market environment and financial results

In the first half of 2024, PATRIZIA was able to close transactions of almost EUR 1.5bn on behalf of its clients, with major acquisitions in the infrastructure, logistics and in the residential sector as well as via the Advantage Investment Partners (AIP) fund of funds platform. The majority of disposals involved commercial real estate.

While signed transactions still came in below last year’s level (-18.3% y-o-y), equity raised from clients for future investments in real assets increased by 82.6% to EUR 387.3m (H1 2023: EUR 212.1m).

Assets under management (AUM) showed a moderate decline in H1 2024 by -2.1% y-t-d to EUR 56.0bn (FY 2023: 57.3bn; H1 2023: EUR 57.9bn, -3.2% y-o-y) reflecting continued valuation pressure which is in line with management expectations.

Management fees decreased by -4.2% to EUR 115.5m (H1 2023: EUR 120.6m) as a result of lower development service fees and valuation effects.

Transaction fees increased by 19.5% to EUR 4.9m (H1 2023: EUR 4.1m).

Performance fees came in at EUR 16.9m (H1 2023: EUR 27.1m; -37.7%), driven by lower performance realisations for clients. As a result, total service fee income decreased by -9.6% to EUR 137.2m
(H1 2023: EUR 151.8m).

Net sales revenues and co-investment income came in at EUR 1.4m (H1 2023: EUR 2.9m; -52.1%) due to the negative earnings from a temporarily consolidated at-equity investment.

Operating expenses improved slightly by 1.8% to EUR -130.7m (H1 2023: EUR -133.1m) due to continued cost discipline. Staff costs as part of operating expenses decreased to EUR –83.6m (H1 2023: EUR -85.8m) as a result of the reorganisation measures implemented in 2023, despite inflation-driven salary adjustments made in H1 2024.

Other income rose by 65.0% to EUR 11.2m (H1 2023: EUR 6.8m) mainly due to the reversal of variable staff cost liabilities as part of active cost management.

Market-driven decrease in total service fee income – especially performance fees – could not be compensated by cost items and other income, resulting in an EBITDA decrease to EUR 19.2m (H1 2023: EUR 28.4m; -32.4%) and an EBITDA margin decrease to 13.8% (H1 2023: 18.3%; -4.5pp).

Results from fair value adjustments on temporarily consolidated properties and a y-o-y increase in income tax payments had a subsequent negative impact on the net result for the period.

PATRIZIA confirms its financial guidance for FY 2024 with AUM in a range between EUR 54.0bn - 60.0bn and an EBITDA of between EUR 30.0m - 60.0m, equivalent to an EBITDA margin of between 11.0% - 19.2% for FY 2024.

The guidance assumes that client investment activity will pick up in the second half of FY 2024. Due to material downside and upside risks stemming from temporarily consolidated assets and funds as well as potential non-operational one-off items, a narrowing of the guidance range is expected later in 2024.

Strategy update

PATRIZIA has announced a new mid-term strategy with the ambition to reach EUR 100bn AUM within the next five years. The Company’s clear ambition is to become the go-to manager for smart Real Asset solutions by focusing on five key growth areas: Living, Value-add Strategies, Re-Infra & Smart City Solutions, European Infrastructure, and its Independent Advantage Investment Partners (fund of funds) platform.

PATRIZIA will leverage its strong position in Germany with attractive real asset offerings and continue to grow internationally with a focus on its large scalable discretionary flagship funds in real estate and infrastructure, alongside creating a new ‘Re-Infra’ asset class that leverages the synergies between the two.

To effectively execute on its new mid-term strategy PATRIZIA has established a new Group Executive Committee (GEC) as part of a larger organisational adjustment. The new smaller GEC consists of six Executive Directors as the ultimate decision-making body for PATRIZIA’s business operations and responsible for implementing its growth strategy, replacing the former Executive Committee.

Statements by CEO and CFO

Asoka Wöhrmann, CEO of PATRIZIA SE comments: “We manage through a continued uncertain market environment, but we remain cautiously optimistic for the full year. We are seeing some operational improvements with more equity raised than last year, but continued pressure on revenues. However, we will remain cost conscious and stay close to our clients. We are offering them a broad range of smart investment solutions for real estate and infrastructure which helps them diversify their portfolios for long-term stable and attractive returns. Our clear ambition as a smart real assets manager of choice is to leverage our strong position in Germany, significantly grow in Europe and attract more international investors to our growing real estate, infrastructure and Re-Infra investment platform.”

Martin Praum, CFO of PATRIZIA SE adds: “The first half 2024 financial performance was still impacted by the current challenging market environment. The cost measures initiated by management show first smaller positive effects and we will continue focussing on platform efficiency improvements. In addition, consolidation effects, non-recurring expenses and other income items continue to characterise the financial results in the first half of the year and will likely also impact the second half of the year. With our solid balance sheet, we also realised investment opportunities for our clients and will remain an active buyer with the available firepower in our managed funds.”

 

PATRIZIA: A leading partner for global real assets

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 40 years. PATRIZIA manages approx. EUR 56bn in assets and employs around 900 professionals at 27 locations worldwide. PATRIZIA has been making an impact since 1984 by helping children in need, since 1992 in close collaboration with Bunter Kreis (“colourful circle”) in Germany for aftercare of children with severe diseases and since 1999 through its support for the PATRIZIA Foundation. The PATRIZIA Foundation has given more than 700,000 children and young people worldwide access to education, healthcare, and a safe home to get the chance to live a better self-determined life over the last 25 years. You can find further information at www.patrizia.ag and www.patrizia.foundation/en.

 

Contact

Dr Janina Rochell 

Director | Investor Relations

Phone: +49 821 509 10 600 

investor.relations@patrizia.ag



13.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: PATRIZIA SE
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: 1967287

 
End of News EQS News Service

1967287  13.08.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 350,63 398,70 301,69 318,16 346,29 292,43 285,00
EBITDA1,2 120,78 136,92 115,69 128,92 78,93 54,10 50,00
EBITDA-Margin3 34,45 34,34 38,35 40,52 22,79 18,50 17,54
EBIT1,4 78,55 81,36 73,38 93,31 35,56 5,10 8,00
EBIT-Margin5 22,40 20,41 24,32 29,33 10,27 1,74 2,81
Net Profit (Loss)1 58,12 56,35 40,68 51,81 7,25 -4,10 0,00
Net-Margin6 16,58 14,13 13,48 16,28 2,09 -1,40 0,00
Cashflow1,7 -53,35 56,62 82,87 29,34 120,91 73,83 80,00
Earnings per share8 0,57 0,58 0,42 0,54 0,08 0,07 0,09
Dividend per share8 0,27 0,29 0,30 0,32 0,33 0,34 0,28
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: BDO

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
Patrizia
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
PAT1AG DE000PAT1AG3 SE 711,11 Mio € 31.03.2006 Halten 8FWG9V9V+V9
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
20,26 26,31 0,77 10,65 0,63 9,63 2,43
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,33 0,34 0,28 3,64%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
04.06.2025 14.05.2025 13.08.2025 14.11.2024 21.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,92%
7,70 €
ATH 28,29 €
-4,84% -3,55% -6,10% -6,44% -58,38%

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