Guidance FY 2020
Assets under management
Growth of EUR 3.4bn
Growth of EUR 2.0 – 3.5bn
EUR 110.0 – 130.0m
Assumptions for the more precise guidance
The guidance for assets under management (AUM) remains unchanged. PATRIZIA expects growth of between EUR 2.0 and 3.5bn and assets under management of between EUR 46.5 and 48.0bn.
Operating income guidancefor FY 2020 specified to EUR 110.0 - 130.0m (previously EUR 100.0 – 140.0m), as PATRIZIA now has sufficient visibility for the rest of the year despite the Covid-19 pandemic.
PATRIZIA is now anticipating management fees for asset and portfolio management services of between EUR 192.0 and 198.0m (previously EUR 190.0 – 200.0m). Transaction fees are expected to be between EUR 36.0 and 47.0m (previously EUR 30.0 – 40.0m) based on a signed transaction volume of EUR 4.0 and 5.0bn (previously EUR 3.5 – 5.5bn). Income from performance fees is determined by the yields achieved in excess of the agreed target yields. These result from the realisation of value-adding measures in particular. PATRIZIA has adjusted its performance fee guidance to between EUR 80.0 and 90.0m in 2020 (previously EUR 80.0 – 110.0m).
Total service fee income is now expected to be between EUR 308.0 and 335.0m (previously EUR 300.0 – 350.0m). In addition, net sales revenues and co-investment income guidance remains unchanged at EUR 20.0m.
Net operating expenses, which primarily comprise staff costs and non-staff operating expenses, are now forecasted at between EUR 208.0 and 215.0m (previously EUR 210.0 – 220.0m).
The Management Board and Supervisory Board of PATRIZIA AG are proposing that the HGB unappropriated profit for the 2019 financial year in the amount of EUR 500.8m can be used to pay a dividend of EUR 0.29 per share, with the remaining amount being carried forward to new account. Based on the share of the IFRS consolidated net profit for 2019 attributable to shareholders of EUR 52.9m, this corresponds to a pay-out ratio of 50.7%. The year-on-year growth rate of management fees (2019: 5.8% adjusted for non-periodic effects) and the year-on-year growth rate of assets under management (2019: around 8%) form the basis for the dividend proposal of the Management Board and Supervisory Board of PATRIZIA AG, which corresponds to an increase in the dividend of around 7% as against the previous year.
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