Partners Group again reports strong result with adjusted net profit of CHF 210 million
Press release
Baar-Zug, 15 March 2010
Revenues stayed stable in 2009 compared to 2008, totaling CHF 325 million for the year (2008: CHF 328 million) despite a significantly reduced public/alternative strategies business. Revenues stemming from private markets activities continued to increase, rising by 6% compared to 2008.
As one of the few global asset managers, Partners Group has increased headcount to 361 employees as of 31 December 2009. Although the average number of employees increased compared to the previous year (average of 352 in 2009 compared to 309 in 2008), Partners Group's ongoing strong commitment to cost-conscious operations allowed this impact to be largely absorbed. As a result, EBITDA amounted to CHF 227 million in 2009, still broadly in line with the CHF 240 million in the previous year, with the slight decrease in the EBITDA margin to 70% (2008: 73%) reflecting this continued build-up of Partners Group's global team. Partners Group reconfirms its commitment to its mid-term target EBITDA margin of 70%.
Adjusted net profit1 amounted to CHF 210 million compared to CHF 213 million in 2008. The negative financial result in the first half of the financial year 2009 was neutralized in the second half and amounted to CHF 1 million for the full year 2009.
Due to its positive development and future outlook, Partners Group intends to propose an increased dividend of CHF 4.50 per share (2008: CHF 4.25) to shareholders at the annual general meeting of 6 May 2010, corresponding to a dividend yield of 3.1% (as of closing share price on 12 March 2010).
In addition to existing clients continuing to expand their private markets investment activities Partners Group also sees increasing interest from new clients, as investors new to the private markets asset class begin exploring its potential for the first time. In particular, interest from Asian clients continues to increase, accounting for 15% of total demand in 2009, with this shift expected to be sustained going forward. Partners Group reconfirms it expects demand from clients to reach CHF 4-5 billion in 2010.
Partners Group is pleased to have its standing in the industry confirmed by the Private Equity International and Private Equity Real Estate Awards 2009, two of the most prestigious in the private markets industry. Partners Group is honored to have been recognized as a clear industry leader by winning six categories in the various sectors and regions the firm is active in and placing second in three further categories.
Urs Wietlisbach, co-founder and Executive Vice Chairman, comments, "As clients continue to look for additional return sources to diversify their portfolios, the private markets asset class offers attractive alternatives. We expect client demand in 2010 to be focused on three main themes. Firstly, the unbroken growth in Asia and emerging markets will continue to attract clients' interest to this region. Secondly, this stage of the economic cycle has brought about interesting investment propositions in direct investing in small and mid caps and Partners Group is ideally positioned to access these opportunities thanks to its global network and specialized industry teams. Thirdly, the economic environment has resulted in capital solutions opportunities due to the contraction of debt markets, while inflation protection remains a topic with clients turning to infrastructure, real estate and mezzanine to address this risk."
Dr. Stephan Schäli, Partner and Chairman of the Global Portfolio Investment Committee, adds "As a globally integrated private markets manager, Partners Group was able to take full advantage of the market dislocation by focusing investment activities during 2009 mainly on the secondary market. Highly attractive opportunities were seen in this segment due to the acute distress experienced by a number of market participants who found themselves in liquidity-constrained situations. We acquired significant volumes of private equity portfolios as well as mezzanine and senior loans in this inefficient market through our global platform, all at substantial discounts to our fair value assessment."
Partners Group's senior management will hold a press conference to discuss the annual results today at 9.00 am CET at the SIX ConventionPoint in Zurich. Dial-in details for the conference call can be obtained using the contact details below.
The 2009 annual report of the company was published today at 7.00 am CET and is available for download at www.partnersgroup.com / Investors & Media / Financial Reports.
Key figures
|
(in CHF m) |
2008 |
2009 |
|
Net revenues |
328 |
325 |
|
EBITDA |
240 |
227 |
|
Adjusted net profit1 |
213 |
210 |
1 Adjusted = excluding changes in fair value of derivatives arising from insurance contracts, amounting to CHF -43 million in 2008 and CHF -6 million in 2009, resulting in an IFRS net profit of CHF 170 million in 2008 and CHF 205 million in 2009.
Key dates 2010
|
6 May 2010 |
Annual general meeting |
|
13 July 2010 |
Pre-close announcement AuM as of 30 June 2010 |
|
6 September 2010 |
Semi-annual results as of 30 June 2010
|
About Partners Group
Partners Group is a global private markets asset management firm with over CHF 25 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, London, Guernsey, Luxembourg, Singapore, Beijing, Tokyo and Sydney. The firm employs over 360 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 3.5 billion with a clear majority owned by its 36 Partners and all employees.
Investor relations contact:
Dr. Cyrill Wipfli, Partner
Chief Financial Officer
Phone: +41 41 768 85 71
E-mail: [email protected]
Media relations contact:
Tamara Krebs
Communications
Phone: +41 41 768 85 26
E-mail: [email protected]
www.partnersgroup.com
Press release
Baar-Zug, 15 March 2010
Revenues stayed stable in 2009 compared to 2008, totaling CHF 325 million for the year (2008: CHF 328 million) despite a significantly reduced public/alternative strategies business. Revenues stemming from private markets activities continued to increase, rising by 6% compared to 2008.
As one of the few global asset managers, Partners Group has increased headcount to 361 employees as of 31 December 2009. Although the average number of employees increased compared to the previous year (average of 352 in 2009 compared to 309 in 2008), Partners Group's ongoing strong commitment to cost-conscious operations allowed this impact to be largely absorbed. As a result, EBITDA amounted to CHF 227 million in 2009, still broadly in line with the CHF 240 million in the previous year, with the slight decrease in the EBITDA margin to 70% (2008: 73%) reflecting this continued build-up of Partners Group's global team. Partners Group reconfirms its commitment to its mid-term target EBITDA margin of 70%.
Adjusted net profit1 amounted to CHF 210 million compared to CHF 213 million in 2008. The negative financial result in the first half of the financial year 2009 was neutralized in the second half and amounted to CHF 1 million for the full year 2009.
Due to its positive development and future outlook, Partners Group intends to propose an increased dividend of CHF 4.50 per share (2008: CHF 4.25) to shareholders at the annual general meeting of 6 May 2010, corresponding to a dividend yield of 3.1% (as of closing share price on 12 March 2010).
In addition to existing clients continuing to expand their private markets investment activities Partners Group also sees increasing interest from new clients, as investors new to the private markets asset class begin exploring its potential for the first time. In particular, interest from Asian clients continues to increase, accounting for 15% of total demand in 2009, with this shift expected to be sustained going forward. Partners Group reconfirms it expects demand from clients to reach CHF 4-5 billion in 2010.
Partners Group is pleased to have its standing in the industry confirmed by the Private Equity International and Private Equity Real Estate Awards 2009, two of the most prestigious in the private markets industry. Partners Group is honored to have been recognized as a clear industry leader by winning six categories in the various sectors and regions the firm is active in and placing second in three further categories.
Urs Wietlisbach, co-founder and Executive Vice Chairman, comments, "As clients continue to look for additional return sources to diversify their portfolios, the private markets asset class offers attractive alternatives. We expect client demand in 2010 to be focused on three main themes. Firstly, the unbroken growth in Asia and emerging markets will continue to attract clients' interest to this region. Secondly, this stage of the economic cycle has brought about interesting investment propositions in direct investing in small and mid caps and Partners Group is ideally positioned to access these opportunities thanks to its global network and specialized industry teams. Thirdly, the economic environment has resulted in capital solutions opportunities due to the contraction of debt markets, while inflation protection remains a topic with clients turning to infrastructure, real estate and mezzanine to address this risk."
Dr. Stephan Schäli, Partner and Chairman of the Global Portfolio Investment Committee, adds "As a globally integrated private markets manager, Partners Group was able to take full advantage of the market dislocation by focusing investment activities during 2009 mainly on the secondary market. Highly attractive opportunities were seen in this segment due to the acute distress experienced by a number of market participants who found themselves in liquidity-constrained situations. We acquired significant volumes of private equity portfolios as well as mezzanine and senior loans in this inefficient market through our global platform, all at substantial discounts to our fair value assessment."
Partners Group's senior management will hold a press conference to discuss the annual results today at 9.00 am CET at the SIX ConventionPoint in Zurich. Dial-in details for the conference call can be obtained using the contact details below.
The 2009 annual report of the company was published today at 7.00 am CET and is available for download at www.partnersgroup.com / Investors & Media / Financial Reports.
Key figures
|
(in CHF m) |
2008 |
2009 |
|
Net revenues |
328 |
325 |
|
EBITDA |
240 |
227 |
|
Adjusted net profit1 |
213 |
210 |
1 Adjusted = excluding changes in fair value of derivatives arising from insurance contracts, amounting to CHF -43 million in 2008 and CHF -6 million in 2009, resulting in an IFRS net profit of CHF 170 million in 2008 and CHF 205 million in 2009.
Key dates 2010
|
6 May 2010 |
Annual general meeting |
|
13 July 2010 |
Pre-close announcement AuM as of 30 June 2010 |
|
6 September 2010 |
Semi-annual results as of 30 June 2010
|
About Partners Group
Partners Group is a global private markets asset management firm with over CHF 25 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds, structured products and customized portfolios for an international clientele of institutional investors, private banks and other financial institutions. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, London, Guernsey, Luxembourg, Singapore, Beijing, Tokyo and Sydney. The firm employs over 360 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of over CHF 3.5 billion with a clear majority owned by its 36 Partners and all employees.
Investor relations contact:
Dr. Cyrill Wipfli, Partner
Chief Financial Officer
Phone: +41 41 768 85 71
E-mail: [email protected]
Media relations contact:
Tamara Krebs
Communications
Phone: +41 41 768 85 26
E-mail: [email protected]
www.partnersgroup.com