Earnings Release • Nov 9, 2011
Earnings Release
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Corporate | 9 November 2011 07:29
PATRIZIA Immobilien AG: PATRIZIA increases its quarterly operating profit to EUR 4.5 million and confirms its outlook for 2011
PATRIZIA Immobilien AG / Key word(s): Quarter Results/Forecast
09.11.2011 / 07:29
PATRIZIA increases its quarterly operating profit to EUR 4.5 million and confirms its outlook for 2011
– First nine months concludes with an operating profit of EUR 5.5 million
– Residential property resale increases to 230 units in the 3 rd quarter
– Forecast for 2011 remains unchanged with an EBT adjusted of EUR 16-17 million
Augsburg, November 9, 2011. As previously announced, business activity at PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) picked up significantly in the third quarter of 2011. After an operating profit of EUR 1.1 million in the first half of the year it concluded the third quarter with an operating profit of around EUR 4.5 million.
A major contribution to this was made by increased residential property resale. Compared with the second quarter of 2011, sales climbed by around 43% to 230 individually sold units (2 nd quarter 2011: 161 units). However, the very good result of the third quarter of the previous year was not quite equaled (245 units). The average square meter price achieved of EUR 2,502 significantly exceeds the level of the previous quarters. Overall, revenues of EUR 46 million were generated from residential property resale. An appreciable increase was also achieved with block sales, but, with 129 units sold, activity in the field still remains restrained (first half of 2011: 132 units). Sales revenues here amounted to EUR 28.2 million, with the average sales price realized of EUR 2,606 / sqm even exceeding that seen in residential property resale. As of September 30, 2011, the average monthly rent per square meter across the existing portfolio was EUR 7.83 (June 30, 2011: EUR 7.95 / sqm).
The service field also experienced a significant improvement. The two asset management companies alone generated sales revenues of EUR 10.1 million in the third quarter (2 nd quarter 2011: EUR 4.1 million, 3 rd quarter 2010: EUR 0.9 million excluding PATRIZIA GewerbeInvest KAG).
In the third quarter of 2011 PATRIZIA achieved a negative IFRS pre-tax result of EUR -3.6 million. It should be noted that the market valuation of the interest hedging instruments affected the result adversely with EUR -7.6 million. After adjustments for non-cash effects, there was an operating profit (EBT adjusted) of EUR 4.5 million for the third quarter of 2011 and of EUR 5.5 million for the first nine months.
After the deduction of tax there was a profit for the period January to September of EUR 3.0 million and for the third quarter of 2011 a loss of EUR -4.8 million. The tax expense of the third quarter was mainly due to the creation of a tax provision.
The repayment of loans continued as a result of the successful sales. Since the end of 2010 bank liabilities have decreased by EUR 56.8 million, or 6.8%, to EUR 784.5 million. As of September 30, 2011, the group's equity ratio had reached the range of 25 – 30% with the targeted figure of 25.5%.
For the fourth quarter, in residential property resale we anticipate at least sales figures in the same amount than in the previous quarter. With this result we would nearly achieve the targeted volume of 800 units. Furthermore, negotiations are currently being conducted for several small and two large block sales transactions. The fund and service companies will also contribute improved results.
The complete interim report for the first three quarters can be accessed at www.patrizia.ag/investor-relations/berichte/quartalsberichte.html . It is currently only available in German.
An overview of key items in the consolidated income statement:
| EUR '000 | Q3 2011 | Q3 2010 | 9M 2011 | 9M 2010 |
| Revenues | 54,609 | 68,143 | 161,222 | 221,230 |
| Total operating performance | 46,822 | 45,932 | 179,363 | 123,413 |
| EBITDA | 14,967 | 15,680 | 38,237 | 45,377 |
| EBIT | 14,138 | 15,384 | 35,897 | 44,703 |
| EBIT adjusted 1 | 14,630 | 15,384 | 37,373 | 44,703 |
| Profit / loss before income taxes (EBT) | -3,631 | 6,690 | 7,059 | 1,138 |
| EBT adjusted 1, 2 | 4,459 | 3,122 | 5,511 | 8,168 |
| Net profit / loss | -4,788 | 4,640 | 3,013 | -1,064 |
1 adjusted for amortization on other intangible assets (fund management contracts)
2 in addition adjusted for profit/loss from interest hedges without cash effect
The Managing Board
Augsburg, November 9, 2011
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact
| Investor Relations Margit Miller Tel: +49 (0) 821 5 09 10-369 [email protected] |
Press Andreas Menke Tel: +49 (0) 821 5 09 10-655 [email protected] |
End of Corporate News
09.11.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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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: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| 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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| 145357 09.11.2011 |
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