PATRIZIA AG

Earnings Release • Nov 8, 2012

News Details

Corporate | 8 November 2012 07:00

PATRIZIA Immobilien AG: PATRIZIA Immobilien AG continues successful business performance in Q3 2012

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

08.11.2012 / 07:00

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* Operating result (EBT adjusted) increase to EUR 12.9 million
* Equity ratio rises to 31.7%
* Assets under management reach EUR 6.8 billion
* Positive outlook for 2012 as a whole - forecasts confirmed

Augsburg, November 8, 2012. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3)
continued its successful business performance in the third quarter of the
business year as well. An important milestone in its further development
towards becoming a fully integrated real estate investment company
throughout Europe was the opening of two new offices in Copenhagen and
Paris. In addition, a capital increase from company funds was performed in
the course of further corporate growth, with bonus shares being issued in a
ratio of 10:1. Almost EUR 300 million was invested on behalf of funds
managed by PATRIZIA in the period January - September 2012. The value of
the real estate portfolio managed by PATRIZIA increased over the first nine
months of the year to a total of EUR 6.8 billion from EUR 5.2 billion at
the balance sheet date on December 31, 2011.

In the area of Residential Property Resale, PATRIZIA sold a total of 219
units from its own stock in the third quarter. Reported sales in the area
of Residential Property Resale decreased by 4.3% to EUR 67 million in the
first nine months of the current fiscal year compared to the corresponding
period of the previous year. When proceeds from sales of non-current assets
are included, total revenues for the first nine months of 2012 totaled EUR
112.8 million. This represents an increase of 22.3% over the previous year
(first nine months 2011: EUR 92.2 million).

Sales growth (+0.9% compared with the previous year) resulted from a
significant increase in revenues from services, in particular from the
successful completion of the Süddeutsche Wohnen transaction and the
substantial expansion of co-investments. This contrasts with the fall in
rental revenues due to disposals and the shift from sales from current
assets, which are reported as sales revenues, to sales from non-current
assets, which are not reflected in sales revenues. These amounted to EUR
88.4 million in the reporting period after EUR 54.0 million in the first
nine months of 2011. As a result of disposals and the associated reduction
in rented space, rental revenues for the first three quarters decreased by
approximately 22.8% to EUR 33.0 million compared with the corresponding
period of the previous year.

In the Special Real Estate Solutions segment a further property was
acquired in Munich for WohnModul I in the third quarter. It is a 65,000 sqm
development site in Munich-Obersendling with an investment volume of
approximately EUR 300 million.

EBT adjusted in the first nine months of 2012 totaled EUR 12.9 million,
more than double the figure for the corresponding period of the previous
year (EUR 5.5 million). The operating result is determined by eliminating
non-cash-flow-related effects, in particular the market valuation of
interest-hedging transactions. The major reasons for the positive
development were the growth in residential property resale and the
significantly higher revenues from the provision of services. EBT according
to IFRS also increased by more than 100% and amounted to EUR 16.3 million
at September 30, 2012 (September 30, 2011: EUR 7.1 million). At EUR 162.6
million, sales revenues for the first nine months were just one percent
higher than in the same period of the previous year (EUR 161.2 million). At
EUR 11.7 million, the consolidated result according to IFRS for the first
nine months of 2012 was almost four times higher than the corresponding
period of the previous year (EUR 3.0 million). The financing structure of
PATRIZIA Immobilien AG continued to improve in the first nine months of
2012. The equity ratio increased again to 31.7% at the end of the reporting
period. Bank loans decreased by EUR 90.7 million to EUR 602.6 million
(-13.1%). After deducting cash and cash equivalents of EUR 68.9 million,
the net financial debt at September 30, 2012, was thus EUR 533.7 million.

PATRIZIA has set itself the goal of increasing adjusted earnings before
taxes (EBT adjusted) for the whole of 2012 by approximately 20% compared
with 2011 and of selling around 1,800 residential units. Given the
developments over the first nine months, the Managing Board continues to
maintain this ambitious goal.

The complete consolidated interim report for the first nine months of 2012
can be accessed at
http://www.patrizia.ag/en/investor-relations/reports/quarterly-reports/201
2.html.

Augsburg, November 8, 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
T +49 821 50910-351
F +49 821 50910-399
investor.relations@patrizia.ag

Press
Andreas Menke
T +49 821 50910-655
F +49 821 50910-695
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

191779 08.11.2012