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Outlook 2018

Earnings forecast raised for 2018


Assets under management
Assets under management are expected to see organic growth of between EUR 2.0bn and EUR 3.0bn in the 2018 financial year. Taking into account the acquisitions of TRIUVA and Rockspring Property Investment Managers, the company expects its assets under management to increase to just over EUR 40.0bn by the end of 2018.

Operating income
Cost efficiency measures related to the acquisitions of SPI, TRIUVA and Rockspring took effect faster than anticipated during the first half of 2018. Therefore net operating expenses (operating costs) of EUR 90.4m in the first half of 2018 came in better than internally expected. PATRIZIA hence adjusts its guidance for net operating expenses for the 2018 business year from a range of EUR 210-230m to a range of EUR 200-210m. The guidance for operating income rises accordingly to EUR 100.0-110.0m compared to the original guidance of EUR 85.0-100.0m.

Compared to its original cost guidance 2018, PATRIZIA expects annual cost synergies from the integration of SPI, TRIUVA and Rockspring in the region of EUR 22m which, all else being equal, should show full effect from the 2019 business year onwards. To realise the above cost synergies, the company expects restructuring costs in the region of EUR 30m likely to be booked during the second half of 2018 with no effect on operating income.

Expected development of results of operations and assumptions concerning the guidance for 2018
 

 

Original guidance 2018

Updated guidance 2018

Assets under management
(organic growth)

Growth of EUR 2.0 – 3.0bn

Unchanged

Assets under management
(including acquisitions)

Growth of EUR 18.9 – 19.9bn

Unchanged

Transaction volume

EUR 4.5 - 6.5bn

Unchanged

Management fees

EUR 162.5 – 170.0m

Unchanged

Transaction fees

EUR 55.0 – 62.5

Unchanged

Performance fees

EUR 50.0 – 70.0m
 

Unchanged

Total service fee income

EUR 267.5 – 302.5m

Unchanged

Net sales revenues and co-investment income

EUR 39.0m

Unchanged

Net operating expenses (operating costs)

EUR 210.0 – 230.0m

EUR 200.0 – 210.0m

Operating income

EUR 85.0 – 100.0m

EUR 100.0 – 110.0m

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