Noratis - Exits likely to be postponed

Noratis continued expanding its portfolio in 2019 and plans further asset acquisitions in 2020. However, it also expects delays in project exits and has thus issued subdued full-year guidance. Over the longer term, Noratis stresses that asset sales will remain the main revenue and earnings driver while portfolio growth will be supported by equity funding from its new major shareholder. Noratis is committed to distributing 50% of its earnings to shareholders, but due to COVID-19 part of this year’s amount will be allocated to a dividend distribution reserve and a social fund. The proposed dividend of €0.80 per share (or 33% of FY19 net income) represents a yield of 4.1%.