Partners Group (PGHN SW) Switzerland
Financials
The level of accrued revenue on the balance sheet stands at a massive CHF 739m - this might not seem like such a big increase from 2021 level of CHF 719m, but consider that performance fees in 2022 were only CHF 269m vs. CHF 1,197m in 2021. It therefore seems odd that the accrued revenue balance increased even while performance fees declined drastically. It is also odd that the "long-term" portion (not expected to convert to cash in the next 12 months) has hardly declined at all. Investors should seek clear explanations from management, especially given the risk around the recognition of performance fees has been picked up as a "Key Audit Matter" in the Auditor's report.
Edition: 157
- 31 March, 2023