Guidance FY 2021
Assets under management
Growth of EUR 3.0 – 6.0bn
|Operating income||EUR 100.0 – 145.0m|
After the end of H1 2021 the company continues in a spirit of optimism and expects to successfully exploit market opportunities for its institutional, (semi-)professional and private investors in the form of attractive real asset fund products. On this basis, PATRIZIA is anticipating strong transaction performance and growth in assets under management, which should lead to a further increase in fee income from investment management. The guidance is hence unchanged to the guidance published in the Group’s FY2020 Annual Report.
Assets under management (AUM) are expected to see organic growth of between EUR 3.0 - 6.0bn in the 2021 financial year. All in all, the company expects its assets under management to increase to EUR 50.0 - 53.0bn by the end of 2021.
PATRIZIA is forecasting operating income of between EUR 100.0 - 145.0m in 2021.
PATRIZIA is anticipating management fees for asset and portfolio management services of between EUR 204.0m - 208.0m. The company expects the majority of net growth in assets under management to have a positive impact on management fees only in the second half of 2021 as the respective transactions are closed.
The company has a well filled transaction pipeline for the remainder of the year and is forecasting transaction fees of between EUR 50.0 - 60.0m based on a signed transaction volume of between EUR 6.0 - 9.0bn.
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 expects to generate performance fees of between
EUR 60.0 - 90.0m in 2021.
Total service fee income is expected to amount to between EUR 314.0 - 358.0m.
In 2021, net sales revenues and co-investment income are expected to lie between EUR 5.0 - 20.0m.
Net operating expenses, which primarily comprise staff costs and non-staff operating expenses, are forecasted at between EUR -209.0 and -223.0m.
Depreciation and amortisation, financial result and other items of around EUR -10.0m are forecast for 2021.
A more precise forecast will be issued in the course of the year based on the company’s operating performance.
The Management Board and Supervisory Board of PATRIZIA AG are proposing that the HGB unappropriated profit for the 2020 financial year in the amount of EUR 476.7m can be used to pay a dividend of EUR 0.30 per share, with the remaining amount being carried forward to new account. Based on the share of the IFRS consolidated net profit for 2020 attributable to shareholders of EUR 37.7m, this corresponds to a pay-out ratio of 73.5%. The year-on-year growth rate of management fees compared to the previous year of 1.3% and the year-on-year growth rate of assets under management compared to the previous year of 5.7% 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 3.4% as against the previous year.
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