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Download Annual Report PARTNERS GROUP ANNUAL REPORT 2006 NEW YORK SKYLINE FROM PARTNERS GROUP’S NEW YORK OFFICE 450 LEXINGTON AVENUE – 39TH FLOOR 2 WELCOME TO PARTNERS GROUP NEW YORK The office was opened in 2000 Head: Scott Higbee, Partner 3 KEY FIGURES Assets under management (in CHF bn) 20 18 17.3 16 14 12 10.9 10 8 7.5 6 5.3 4.1 4 3.1 3.8 2 1.7 0.6 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 Assets under management (in CHF bn) 0.3 6.4 17.3 0.8 0.8 Wealth management 0.5 2.7 Hedge funds 4.8 1.1 Private debt 10.9 0.5 1.9 0.6 12.7 Private equity 7.9 2005 Δ 2006 Number of employees 200 180 175 160 137 140 120 115 100 100 96 80 78 60 45 40 30 20 14 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 Share price PGHN (in CHF) 150 +133% 140 130 120 110 100 90 80 70 60 Mar 06 Jun 06 Sep 06 Dec 06 4 The figures in the table below have been adjusted to exclude changes in the fair value of derivatives arising from insurance contracts. 2006 2005 Average assets under management (in CHF bn) 14.1 9.2 Adjusted net revenue margin 1.43% 1.20% Adjusted net revenues (in CHF m) 201 110 Adjusted EBITDA margin 73% 61% Adjusted EBITDA (in CHF m) 147 67 Adjusted net profit (in CHF m) 141 66 Net cash provided by operating activities (in CHF m) 128.8 48.1 Net cash used in investing activities (in CHF m) -17.6 -6.0 Net cash used in financing activities (in CHF m) -26.2 -16.1 Cash and cash equivalents at end of year (in CHF m) 121.7 36.7 Shareholders’ equity (in CHF m) 273.5 120.2 Share information as of 31 December 2006 Share price CHF 147.00 Total shares 26’700’000 Market capitalization CHF 3.9 bn Free float 33% Diluted shares 27’436’335 Adjusted diluted earnings per share CHF 5.15 Bloomberg ticker symbol PGHN SW Reuters ticker symbol PGHN.S Forthcoming events 27 April 2007 Annual General Meeting 5 July 2007 Pre-close announcement AuM estimates as of 30 June 2007 27 August 2007 Interim report 5 TABLE OF CONTENTS Key figures Page 3 Message from the partnership Page 7 2006 at a glance - review of the financial performance Page 9 2006 at a glance - product overview Page 13 Industry trends in private equity Page 17 Industry trends in hedge funds Page 21 Corporate responsibility Page 25 Consolidated financial statements Page 27 Financial statements Partners Group Holding Page 93 Corporate governance Page 105 Contacts Page 121 6 WESTWARD VIEW FROM PARTNERS GROUP NEW YORK 7 MESSAGE FROM THE PARTNERSHIP Dear shareholders, clients and business partners 2006 was a landmark year for Partners Group, in which the IPO in March signified a milestone in the history of our company. Today, well into our second decade, we are pleased to be able to look back on a successful first year as a public company. Over the past 11 years, we have gradually and consistently built up our expertise, client base and assets under management and have emerged as one of the largest global alternative asset managers. With a view to the future, one declared goal of our IPO in March 2006 was ensuring the independence and continuity of our firm. As our assets have grown, so has our employee base and we currently count over 200 Partners Group team members (175 as of the end of December) in our offices around the globe. All employees are committed not only to the unique culture we live at Partners Group, but also to our passion for alternative investments and the long-term nature of our business. We consider human capital to be our most important asset and see employee retention over time as crucial to our success. Accordingly, a long-term incentive program designed to ensure employee continuity aligns employee interests with those of the firm. Our listing on the SWX Swiss Exchange has provided a transparent platform for valuing the company’s stock, thus reinforcing the long-term moti- vation and dedication of our team. Many of our clients and business partners have seen the IPO as an opportunity to participate in the success of Partners Group through our preferred allocation program, and 40% of the total free float was allocated to this group of investors, thereby alig- ning our goals with those of our clients. We are extremely pleased to still count these parties among our key investors today – an unmistakable sign of trust. After the IPO, all employees hold an interest in the company and a total of approximately 70% of the share capital is held by partners, principals and employees, thereby guaranteeing the future independence of Partners Group. We believe our indepen- dence from a larger financial institution gives us strategic autonomy and also allows us to distribute our products through a broad range of financial intermediaries, free from the constraints resulting from actual or perceived conflicts of interest or cap- tive arrangements. This provides a platform for further dynamic growth without impediment. An additional goal of our IPO was the achievement of increased international visibility and the furthering of our standing as a global leader in the industry. The strong, above-target asset growth in 2006 as well as the overall business development have confirmed the strategic and operational validity of this step. The strong growth of Partners Group has caused us to rethink our corporate organization and adopt a revised structure, which allows the company to profit from economies of scale for systems, resources and networks. This reorganization has culminated in the definition of two central investment management departments, private alternative investment strategies and public alter- native investment strategies. These departments each include three of our six established business lines; private alternative investment strategies comprises private equity, private debt and private real estate, while public alternative investment strate- gies encompasses hedge funds, alternative beta strategies and listed investment strategies. Viewed in overall terms, the year has been a positive one for the private equity industry and we saw strong returns for our pri- vate equity, private debt and listed private equity products. The more subdued development of the global hedge fund industry has produced reasonable returns yielding a considerable spread over money market rates, while our own multi-strategy pro- gram, alternative beta strategies, has shown a further solid year with a double-digit return. Today, we are delighted to present investors and public markets alike with solid results – not only in terms of our financial results but also of the ensuing positive share price development. Credit Suisse named PGHN the best-performing Western European IPO with an issue size over EUR 500 million. In addition, our industry recognition was further emphasized by Private Equity International electing Partners Group the best global fund of funds for 2006. We are proud that we have once again managed to live up to our credo of “under-promise and over-deliver”. We are optimistic about our outlook, for 2007 and beyond. Partners Group is well-positioned to further grow its alternative asset management business. We anticipate a number of highlights for the coming financial year, including the launch of significant successor funds of our private equity and private debt products, the inaugural CLO program, a further roll-out of our alternati- ve beta strategies program, and the build-up of our private real estate and infrastructure practice. We thank you for your trust in us and look forward to a twelfth year of exercising our passion for alternative investments. Alfred Gantner Steffen Meister Executive Chairman CEO 8 P A S S I O N F O R C O N T I N U I T Y 9 2006 AT A GLANCE – REVIEW OF THE FINANCIAL PERFORMANCE We have determined three strategic sponding to an increase of CHF 6.4 bil- value drivers to be crucial to the suc- lion. Gross growth of CHF 7.2 billion was cessful expansion and development of reduced by redemptions of CHF 0.8 bil- our business, (i) assets under manage- lion, which stem almost exclusively from ment, (ii) profitability, and (iii) earnings hedge funds and listed private equity predictability. We define our assets products and mandates. under management to reflect our fee basis and analyze our profitability by Total growth of AuM represents CHF 4.8 distinguishing between revenue mar- billion in private equity (including CHF gins and EBITDA margins, which are 0.4 billion listed private equity), CHF 0.5 calculated for recurring and non-recur- billion in private debt, CHF 0.8 billion in ring inflows. The predictability of our hedge funds, and CHF 0.3 billion from earnings is based on the characteriza- our wealth management practice. tion of investment mandates according to duration as well as the quality of our Assets raised from a variety of sources earnings, measured through determi- Institutional investors are continuously ning those fees which are predictable. increasing their allocations to the alter- native asset class, resulting in a strong In this review, we use adjusted figures growth in market size, while our track which exclude changes in fair value of record and long-term expertise allows derivatives arising from insurance con- us to further grow our market share. tracts relating to two capital-protected products. These are summarized in the Our focus on further developing our exi- table below.
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