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Outlook 2018

Second increase in earnings forecast 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, the company expects its assets under management to increase to slightly over EUR 40.0bn by the end of 2018.

Operating income
Update on operating income guidance 2018: With H1 2018 results PATRIZIA increased its guidance from EUR 85.0 - 100.0m to EUR 100.0 – 110.0m based on cost efficiency measures of annualised EUR 22.0m (fully effective 2019 onwards). Following the strong 9M 2018 operating income of EUR 98.1m PATRIZIA once more increases its guidance significantly to slightly above EUR 140.0m. The increase relates to better than expected development of revenues in the fourth quarter of 2018, especially higher performance fees.

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

 

Original guidance
2018e

Updated guidance 
H1 2018

Updated guidance
9M 2018

Assets under management
(organic growth)

Growth of 
EUR 2.0 - 3.0bn

unchanged

unchanged

Assets under management
(including acquisitions)

Growth of 
EUR 18.9 - 19.9bn

unchanged

unchanged

Operating income

EUR 85.0 - 100.0m

EUR 100.0 - 110.0m

slightly >EUR 140.0m

Transaction volume

EUR 4.5 - 6.5bnunchanged

unchanged

Management fees

EUR 162.5 - 170.0m

unchanged

EUR 170.0 - 175.0m

Transaction fees

EUR 55.0 – 62.5

unchanged

EUR 50.0 - 60.0m

Performance fees

EUR 50.0 - 70.0m

unchanged

EUR 90.0 - 100.0m

Total service fee income

EUR 267.5 – 302.5m

unchanged

EUR 310.0 - 335.0m

Net sales revenues and
co-investment income

EUR 39.0m

unchanged

unchanged

Net operating expenses
(operating costs)

EUR 210.0 - 230.0m

EUR 200.0 - 210.0m

unchanged

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