11.08.2022 PATRIZIA SE  DE000PAT1AG3

DGAP-News: PATRIZIA SE: PATRIZIA delivers robust performance in uncertain market environment


DGAP-News: PATRIZIA SE / Key word(s): Half Year Results/Half Year Report
PATRIZIA SE: PATRIZIA delivers robust performance in uncertain market environment

11.08.2022 / 17:34 CET/CEST
The issuer is solely responsible for the content of this announcement.

  • Assets under management increase to EUR 56.2bn (+16.7% y-o-y) and signed transaction volume improves 31.5% y-o-y
  • Total service fee income stable at EUR 161.6m (-1.8% y-o-y) with double-digit growth of the most important and recurring revenue contributor management fees to EUR 116.4m (+11.9% y-o-y)
  • EBITDA of EUR 54.5m (-9.5% y-o-y) shows resilience in volatile market, while PATRIZIA continues to invest and further internationalises the platform (Net operating expenses at
    EUR 114.6m, +4.5% y-o-y)
  • Strong balance sheet with available liquidity of EUR 401.2m to accelerate organic growth in infrastructure, expanding geographical footprint and taking advantage of new strategic opportunities

Augsburg, 11 August 2022. PATRIZIA SE, a leading partner for global real assets, published its H1 2022 financial results today. In a volatile and fast changing market environment driven by geopolitical risks, elevated inflation and rising interest rates, PATRIZIA continues to demonstrate a robust financial performance as well as resilience based on its asset-light investment management business model and its increasingly diversified international product offering in real estate and infrastructure.

Assets under management (AUM) recorded double-digit growth of 16.7% y-o-y to EUR 56.2bn, driven by the successful closing of the Whitehelm Capital acquisition, continued positive valuation effects as well as organic growth via new investment solutions offered to the Group's global client base.

PATRIZIA has strategically diversified its AUM base over the last few years, now offering a resilient mix of real estate and infrastructure (11% share) across geographies with meanwhile 47% of AUM in international, especially established European markets.

While the European real estate transaction market stagnated, PATRIZIA signed EUR 2.7bn in transactions (+31.5% y-o-y) and even closed EUR 3.6bn (+33.0% y-o-y) of transactions on behalf of its global clients in H1 2022.

Total service fee income remained virtually stable at 161.6m (-1.8% y-o-y). The strategic shift in favour of recurring management fees amounting to EUR 116.4m (+11.9% y-o-y) on the back of AUM growth largely compensated for the expected decrease in performance and transaction fees to EUR 33.8m (-14.3% y-o-y) and EUR 11.4m (-45.8% y-o-y), respectively.

Net operating expenses increased 4.5% y-o-y to EUR 114.6m driven by continued investments aimed at product diversification and further internationalisation of the platform.

As result, EBITDA came in at EUR 54.5m, a decline of 9.5% year-on-year compared with EUR 60.3m for H1 2021. However, EBITDA showed robustness in absolute terms in an extraordinary volatile market environment and is reflective of PATRIZIA’s resilience, improved revenue mix and future-proofed investments.

PATRIZIA’s solid balance sheet with a net equity ratio of 73.1% and available liquidity of EUR 401.2m is testament to the company’s strength and stability, which it will draw upon in uncertain times to capitalise on new profitable growth opportunities.

Christoph Glaser, CFO of PATRIZIA SE, commented: “PATRIZIA has fared well in a volatile market environment. We will closely monitor further developments and quickly adapt to any short-term market changes if and when they arise. At the same time, we will use our financial flexibility for a capital allocation which is focused on accelerating organic growth in infrastructure, expanding our geographical footprint and taking advantage of new strategic growth opportunities, including M&A. Likewise, investments in PATRIZIA shares remain an attractive option for us.”

Wolfgang Egger, CEO of PATRIZIA SE, added: “PATRIZIA has always been a strong and stable partner for our clients. For sure, we are facing continued uncertainty in a challenging market environment. But the structural demand for attractive long-term investment opportunities in real estate and infrastructure continues to grow. Our recent client survey confirmed 64% our clients want to increase their allocation to infrastructure. Today, we offer our clients a much broader range of investment opportunities in real estate and infrastructure, in both, equity and debt solutions. This makes us a preferred partner to navigate our clients through the current market uncertainty.”

PATRIZIA confirms its FY 2022 guidance, assuming a stabilisation scenario for the geopolitical environment and a decline in market uncertainties in the second half of 2022. Further details about H1 2022 financial results and the detailed FY 2022 guidance can be found here:

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 38 years. PATRIZIA manages more than EUR 56 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 23 years. You can find further information at www.patrizia.ag

Martin Praum                                                 
Head of Investor Relations & Group Reporting
Phone: +49 69 643505-1114                          
[email protected]

11.08.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Fuggerstraße 26
86150 Augsburg
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: [email protected]
Internet: www.patrizia.ag
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1419065

End of News DGAP News Service

1419065  11.08.2022 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 249,57 350,63 398,70 301,69 318,16 346,29 312,40
EBITDA1,2 95,79 120,78 136,92 115,69 128,92 78,93 54,10
EBITDA-Marge3 38,38 34,45 34,34 38,35 40,52 22,79
EBIT1,4 87,11 78,55 81,36 73,38 93,31 35,56 5,10
EBIT-Marge5 34,90 22,40 20,41 24,32 29,33 10,27 1,63
Jahresüberschuss1 58,90 58,12 56,35 40,68 51,81 7,25 -4,10
Netto-Marge6 23,60 16,58 14,13 13,48 16,28 2,09 -1,31
Cashflow1,7 17,20 -53,35 56,62 82,87 29,34 120,91 0,00
Ergebnis je Aktie8 0,60 0,57 0,58 0,42 0,54 0,08 -0,04
Dividende8 0,25 0,27 0,29 0,30 0,32 0,33 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

WKN Kurs in € Einschätzung Börsenwert in Mio. €
PAT1AG 7,410 Halten 684,32
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
18,07 25,33 0,71 9,32
0,64 5,66 2,19 12,13
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,33 0,34 4,59 12.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 14.08.2024 14.11.2024 22.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-5,41% -11,97% -9,63% -31,52%
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Immobilien (Wohn) , PAT1AG , PAT , XETR:PAT