PATRIZIA AG

Earnings Release • May 10, 2012

News Details

Corporate | 10 May 2012 07:00

PATRIZIA Immobilien AG: PATRIZIA Immobilien AG enjoys a successful start to the 2012 fiscal year

PATRIZIA Immobilien AG / Key word(s): Quarter Results/Forecast

10.05.2012 / 07:00

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* Operating result (adjusted EBT) of EUR 4.1 million

* Strengthening of the equity ratio to 29.1%

* Outlook: operating profit of EUR 20 million for 2012

Augsburg, May 10, 2012. In the first three months of the 2012 fiscal year,
PATRIZIA Immobilien AG (ISIN DE000PAT1AG) sold a total of 260 units from its
own stock. The business volume in this segment thus grew 33.3% on the
corresponding quarter in the previous year. Additionally further 29 units
from the co-investment WohnModul I were sold.

In the first quarter, revenues in residential property resale rose by 18.4%
to EUR 24.5 million. This was mainly due to the marked increase in apartment
sales compared with the same quarter in the previous year. The average price
increased slightly to EUR 2,287/sqm (first quarter of 2011: EUR 2,260/sqm).

Due to the disposal of properties and the consequently reduced area
available to rent, rental revenues decreased by around 20.5% to EUR 11.4
million. Due to the above-average sales in metropolitan areas, the average
monthly rent per square meter fell to EUR 7.60/sqm (first quarter of 2011:
EUR 7.99/sqm). At EUR 59.7 million, sales revenues for the first three
months were around 18.1% up on the same quarter of 2011 (EUR 50.6 million).
EBITDA increased by 10.2% to EUR 13.7 million; EBIT grew by 9.0% to EUR 12.8
million.

EBT adjusted of EUR 4.1 million was almost six times that achieved in the
first quarter of 2011. The operating result is determined by eliminating
non-cash-flow-related effects, including the market valuation of
interest-hedging transactions.

At EUR 3.2 million, the consolidated result pursuant to IFRS for the first
quarter of 2012 was significantly below the previous year's figure of EUR
9.8 million and was in particular attributable to the marked reduction in
financial income compared with the corresponding prior-year period. This
itself was largely due to the market evaluation of financial derivatives,
which revealed higher valuation gains for the first quarter of 2011.

The group's equity ratio improved to 29.1% and thus remains in the upper
reaches of our target range of 25 - 30%. Bank loans decreased to EUR 658.3
million (-5.1%). After deducting cash and cash equivalents of EUR 37.2
million, the net financial debt as at March 31, 2012 was thus EUR 621.1
million.

The Managing Board believes the first-quarter figures confirm PATRIZIA's
chosen strategy. It is optimistic it will achieve the targets set for 2012
as a whole, which include the total sale of around 1,800 residential units
and a rise of around 20% in EBT adjusted.

The complete interim report for the first quarter of 2012 can be accessed at

http://www.patrizia.ag/en/investor-relations/reports/quarterly-reports/2011
.html.

Augsburg, May 10, 2012

PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg (Germany)

Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG

Contact:

Investor Relations
Verena Schopp de Alvarenga
Tel.: +49 (0) 821 5 09 10-351
Fax: +49 (0) 821 5 09 10-399
investor.relations@patrizia.ag

Press
Andreas Menke
Tel.: +49 (0) 821 5 09 10-655
Fax: +49 (0) 821 5 09 10-695
presse@patrizia.ag

End of Corporate News

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Language: English
Company: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg
Germany
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@patrizia.ag
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart

End of News DGAP News-Service

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