Josef Bieri Investment Solutions Switzerland, Sandra Pajarola Private Equity Directs & Primaries, Martin Ruetz Private Equity Secondaries and Walter Keller Co-Head Private Equity Directs & Primaries A VALUE INVESTOR THROUGHOUT THE ECONOMIC CYCLE IN DUE DILIGENCE ON AN INVESTMENT ANNUAL REPORT 2009 OPPORTUNITY FROM A DISTRESSED SELLER David Punda and Andreas Baumann Private Equity Directs & Primaries and Passion for Private Markets Robert Lustenberger Investment Solutions Switzerland. Passion for Private Markets PARTNERS GROUP – ANNUAL REPORT 2009 – ANNUAL GROUP PARTNERS ZUG | SAN FRANCISCO | NEW YORK | LONDON | GUERNSEY | LUXEMBOURG | SINGAPORE | BEIJING | TOKYO | SYDNEY 173.indd 1 11.03.2010 18:11:30 Josef Bieri Investment Solutions Switzerland, Sandra Pajarola Private Equity Directs & Primaries, Martin Ruetz Private Equity Secondaries and Walter Keller Co-Head Private Equity Directs & Primaries A VALUE INVESTOR THROUGHOUT THE ECONOMIC CYCLE IN DUE DILIGENCE ON AN INVESTMENT ANNUAL REPORT 2009 OPPORTUNITY FROM A DISTRESSED SELLER David Punda and Andreas Baumann Private Equity Directs & Primaries and Passion for Private Markets Robert Lustenberger Investment Solutions Switzerland. Passion for Private Markets PARTNERS GROUP – ANNUAL REPORT 2009 – ANNUAL GROUP PARTNERS ZUG | SAN FRANCISCO | NEW YORK | LONDON | GUERNSEY | LUXEMBOURG | SINGAPORE | BEIJING | TOKYO | SYDNEY 173.indd 1 11.03.2010 18:11:30 141 KEY FIGURES CONTACTS Investor relations Zug: 2008 2009 Zugerstrasse 57 Number of professionals Dr. Cyrill Wipfl i, Partner Average assets under management (in CHF bn) 24.4 24.8 6341 Baar-Zug 361 professionals Chief Financial Offi cer Switzerland 400 Net revenue margin 1.34% 1.31% Phone: +41 41 768 85 85 361 Phone +41 41 768 85 71 350 344 Fax: +41 41 768 85 58 Net revenues (in CHF m) 328 325 Email cyrill.wipfl [email protected] 300 273 EBITDA margin 73% 70% San Francisco: 150 Spear Street 250 EBITDA (in CHF m) 240 227 Media relations 18th Floor 200 San Francisco, CA 94105 175 Financial result (in CHF m) –10 1 Tamara Krebs USA 150 137 Adjusted net profi t (in CHF m)1 213 210 Communications Phone: +1 415 537 85 85 Fax: +1 415 537 85 58 10 offi ces 100 Phone +41 41 768 85 26 around the world 50 Email [email protected] New York: Cash and cash equivalents at end of year (in CHF m) 187 170 450 Lexington Avenue 0 05 06 07 08 09 39th Floor www.partnersgroup.com New York, NY 10017 Shareholders’ equity (in CHF m) 357 458 USA [email protected] Return on shareholder’s equity (ROE)1 59% 46% Phone: +1 212 763 47 00 Assets under management Fax: +1 212 763 47 01 (in CHF bn) Equity ratio1 83% 84% London: 1 Angel Court 30 1 adjustment made to exclude effects from derivatives arising from insurance contracts 24.7 19th Floor CHF 25.7 billion 25 22.5 London EC2R 7HJ assets under management 20 19.4 United Kingdom Phone: +44 20 7260 1700 15 12.6 Fax: +44 20 7260 1701 10 7.6 Share information as of 31 December 2009 Guernsey: 4.7 5.0 5 3.3 Tudor House, 3rd Floor 1.9 1.0 Le Bordage 0 Share price CHF 130.60 05 06 07 08 09 St Peter Port GY1 1BT Guernsey Private markets Public markets/affiliates Total shares 26’700’000 Phone: +44 1481 711 690 Market capitalization CHF 3.5 bn Fax: +44 1481 730 947 1.31% Free fl oat (SIX) 40.56% net revenue margin Adjusted net profit Luxembourg: (in CHF m) Diluted shares 26’426’110 55, avenue de la gare 1611 Luxembourg Adjusted diluted earnings per share1 CHF 7.96 250 228 Phone: +352 27 48 28 1 Fax: +352 27 48 28 28 213 210 Dividend2 CHF 4.50 200 Dividend yield2 3.45% Singapore: 150 141 61 Robinson Road #16-01 Robinson Centre 100 Bloomberg ticker symbol PGHN SW Singapore 068893 66 Phone: +65 62 48 35 35 CHF 325 million 50 Reuters ticker symbol PGHN.S Fax: +65 62 48 35 36 net revenues 0 Bejing: 05 06 07 08 09 1 adjustment made to exclude changes in fair value of derivatives arising from insurance contracts Excel Center 2 as per proposal to be submitted to the annual general meeting of shareholders #1105, No 6 Wudinghou Street Xicheng District Beijing 100140 Share price development China Forthcoming events Phone: +86 10 8356 1600 200% Fax: +86 10 8356 1601 175% 6 May 2010 Annual general meeting of shareholders Tokyo: 150% CHF 227 million Partners Group Otemachi First Square 13 July 2010 Pre-close announcement assets under management as of 30 June 2010 EBITDA 125% +107% East Tower 4F 1-5-1 Otemachi, Chiyoda-ku 100% 6 September 2010 Interim report as of 30 June 2010 Tokyo 100-0004 75% Japan 50% Phone: +81 3 5219 1321 Fax: +81 3 5219 1400 25% 0% Sydney: AMP Center -25% L34, 50 Bridge Street -50% Sydney, NSW 2000 CHF 210 million -75% Bloomberg European Australia adjusted net profi t Banks&Financials -56% Phone: +61 2 8216 0885 -100% Fax: +61 2 8216 0883 Mar Dec Dec Dec Dec 06 06 07 08 09 173.indd 2 11.03.2010 18:11:45 141 KEY FIGURES CONTACTS Investor relations Zug: 2008 2009 Zugerstrasse 57 Number of professionals Dr. Cyrill Wipfl i, Partner Average assets under management (in CHF bn) 24.4 24.8 6341 Baar-Zug 361 professionals Chief Financial Offi cer Switzerland 400 Net revenue margin 1.34% 1.31% Phone: +41 41 768 85 85 361 Phone +41 41 768 85 71 350 344 Fax: +41 41 768 85 58 Net revenues (in CHF m) 328 325 Email cyrill.wipfl [email protected] 300 273 EBITDA margin 73% 70% San Francisco: 150 Spear Street 250 EBITDA (in CHF m) 240 227 Media relations 18th Floor 200 San Francisco, CA 94105 175 Financial result (in CHF m) –10 1 Tamara Krebs USA 150 137 Adjusted net profi t (in CHF m)1 213 210 Communications Phone: +1 415 537 85 85 Fax: +1 415 537 85 58 10 offi ces 100 Phone +41 41 768 85 26 around the world 50 Email [email protected] New York: Cash and cash equivalents at end of year (in CHF m) 187 170 450 Lexington Avenue 0 05 06 07 08 09 39th Floor www.partnersgroup.com New York, NY 10017 Shareholders’ equity (in CHF m) 357 458 USA [email protected] Return on shareholder’s equity (ROE)1 59% 46% Phone: +1 212 763 47 00 Assets under management Fax: +1 212 763 47 01 (in CHF bn) Equity ratio1 83% 84% London: 1 Angel Court 30 1 adjustment made to exclude effects from derivatives arising from insurance contracts 24.7 19th Floor CHF 25.7 billion 25 22.5 London EC2R 7HJ assets under management 20 19.4 United Kingdom Phone: +44 20 7260 1700 15 12.6 Fax: +44 20 7260 1701 10 7.6 Share information as of 31 December 2009 Guernsey: 4.7 5.0 5 3.3 Tudor House, 3rd Floor 1.9 1.0 Le Bordage 0 Share price CHF 130.60 05 06 07 08 09 St Peter Port GY1 1BT Guernsey Private markets Public markets/affiliates Total shares 26’700’000 Phone: +44 1481 711 690 Market capitalization CHF 3.5 bn Fax: +44 1481 730 947 1.31% Free fl oat (SIX) 40.56% net revenue margin Adjusted net profit Luxembourg: (in CHF m) Diluted shares 26’426’110 55, avenue de la gare 1611 Luxembourg Adjusted diluted earnings per share1 CHF 7.96 250 228 Phone: +352 27 48 28 1 Fax: +352 27 48 28 28 213 210 Dividend2 CHF 4.50 200 Dividend yield2 3.45% Singapore: 150 141 61 Robinson Road #16-01 Robinson Centre 100 Bloomberg ticker symbol PGHN SW Singapore 068893 66 Phone: +65 62 48 35 35 CHF 325 million 50 Reuters ticker symbol PGHN.S Fax: +65 62 48 35 36 net revenues 0 Bejing: 05 06 07 08 09 1 adjustment made to exclude changes in fair value of derivatives arising from insurance contracts Excel Center 2 as per proposal to be submitted to the annual general meeting of shareholders #1105, No 6 Wudinghou Street Xicheng District Beijing 100140 Share price development China Forthcoming events Phone: +86 10 8356 1600 200% Fax: +86 10 8356 1601 175% 6 May 2010 Annual general meeting of shareholders Tokyo: 150% CHF 227 million Partners Group Otemachi First Square 13 July 2010 Pre-close announcement assets under management as of 30 June 2010 EBITDA 125% +107% East Tower 4F 1-5-1 Otemachi, Chiyoda-ku 100% 6 September 2010 Interim report as of 30 June 2010 Tokyo 100-0004 75% Japan 50% Phone: +81 3 5219 1321 Fax: +81 3 5219 1400 25% 0% Sydney: AMP Center -25% L34, 50 Bridge Street -50% Sydney, NSW 2000 CHF 210 million -75% Bloomberg European Australia adjusted net profi t Banks&Financials -56% Phone: +61 2 8216 0885 -100% Fax: +61 2 8216 0883 Mar Dec Dec Dec Dec 06 06 07 08 09 173.indd 2 11.03.2010 18:11:45 5 TABLE OF CONTENTS Key fi gures 3 Message from the partnership 7 2009 at a glance – review of the fi nancial performance 9 Partners Group – an integrated private markets asset manager 15 Corporate responsibility 21 Consolidated fi nancial statements 27 Financial statements Partners Group Holding AG 107 Corporate governance 123 Contacts 141 170.indd 5 11.03.2010 18:15:00 6 SEIZING THE MARKET CONSOLIDATION OPPORTUNITY Alfred Gantner Executive Chairman, Steffen Meister Chief Executive Officer and Cyrill Wipfli Chief Financial Officer 170.indd 6 11.03.2010 18:15:00 7 MESSAGE FROM THE PARTNERSHIP Dear clients, business partners and shareholders Looking back on the fi nancial year 2009, we observe that many of the developments and changes we anticipated at the beginning of the year have evolved further.