Patrizia SE (WBO:P1Z)
€ 8 0.01 (0.13%) Market Cap: 694.14 Mil Enterprise Value: 971.22 Mil PE Ratio: 0 PB Ratio: 0.61 GF Score: 66/100
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Q1 2019 Patrizia Immobilien AG Earnings Call Transcript

May 16, 2019 / 01:00PM GMT
Release Date Price: €19.2 (+4.80%)
Karim Bohn
Patrizia AG - CFO & Member of the Managing Board

Good afternoon, everyone, to the earnings call on the financials for the first quarter of 2019. We had a solid start in 2019 with further improved quality of our operating income whereas our assets under management were virtually stable at EUR 40.9 billion. We have increased our recurring management fees year-on-year. Operating income is down 43.9% due to an extraordinary strong first quarter in 2018. However, the first quarter of 2018 benefited from a high positive impact from net sales revenues and co-investment income, mainly from the disposal of remaining principal investments. In the first quarter of 2018, we produced EUR 24.6 million of sales income compared to EUR 2.5 million in the first quarter of 2019. If you adjust this effect -- if you adjust the effect from the sales of legacy assets, our operating income is actually up 18.4% year-on-year which -- with management fees up 24.2% and all the transaction fees up 18.7% year-on-year, even though the markets have declined to almost 30% in the first quarter of this year.

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