Half Year 2024 Patrizia SE Earnings Call Transcript
Key Points
- Patrizia AG (WBO:P1Z) has set an ambitious vision for 2030, aiming to become a EUR100 billion AUM manager, focusing on smart real asset solutions.
- The company has identified key growth areas, including living, value-add real estate, European infrastructure, and smart cities, which are expected to drive future growth.
- Patrizia AG (WBO:P1Z) plans to raise EUR30 billion of equity across its five key investment strategies over the next five years.
- The company is focusing on enhancing earnings quality by transitioning to a sustainable recurring fee-earning business model.
- Patrizia AG (WBO:P1Z) has a strong balance sheet and plans to leverage its existing expertise and capabilities without relying on M&A for growth.
- AUM decreased by 2% year-to-date and 3% compared to the previous year, driven by valuation pressures.
- Management fees are down 4.2% year-on-year, primarily due to lower AUM valuation and reduced development service fees.
- Performance fees have decreased by almost 40% year-on-year, contributing to a drop in EBITDA.
- The company is currently experiencing revenue pressure, with overall revenues down 10% compared to last year.
- Patrizia AG (WBO:P1Z) is facing challenges in achieving profitability, with a reliance on one-off items and consolidation effects impacting EBITDA.
Good afternoon, everyone, and welcome to our analyst and investor call for the first half of 2024 results. I'm happy to have our CEO, Asoka Wohrmann; and our COO, Christoph Glaser, together with me in the room today.
We will present to you an overview of the operating business, the strategy, about the market environment, and the financials for the first half; and we'll give an update regarding the guidance for the full year. And certainly, there will be a Q&A session afterwards.
We will refer to the results presentation for the first six months, which you can find on our website in the IR section home, and the most recent publications. The presentation includes figures regarding the first half, details about the guidance.
And as usual, in case of questions, the IR team is more than happy to take your calls. This call will be recorded and will be made available on our website, and also, there will be a call transcript for further reference.
With that, I'd like to hand over to Asoka to start the presentation and give
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