PATRIZIA AG

Earnings Release • May 7, 2013

News Details

Corporate | 7 May 2013 07:01

PATRIZIA Immobilien AG: After posting an operating result of EUR 7.7 million for the first quarter of 2013, PATRIZIA expects a further increase for the year as a whole

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

07.05.2013 / 07:01

---

PATRIZIA Immobilien AG: After posting an operating result of EUR 7.7 million for the first quarter of 2013, PATRIZIA expects a further increase for the year as a whole

– Operating result of EUR 7.7 million in the first quarter of 2013

– Sales revenues rise by 23% to EUR 53.3 million

– Profit for the period rises by 63% to EUR 5.2 million

– Outlook for 2013: Operating result between EUR 47 and 49 million

Augsburg, May 7, 2013. In the first three months of 2013, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) posted an operating result of EUR 7.7 million, on a par with the previous year. 30% of the result is attributable to services business. In terms of the quality of the result, it should be noted that the one-time purchasing fee for the LBBW transaction was received in the first quarter of the previous year. In the current year, the same result was achieved purely from normal business activities and without major one-time effects.

At EUR 42.1million, group revenues for the first quarter were almost 30% down on the same quarter in the previous year (EUR 59.7 million). This is attributable to a shift in sales revenues from real estate held in inventories in favor of sales of investment property, sales of which are not reported under revenues. Although, at 260 sold units, sales figures remained in line with the previous year, sales revenues achieved rose by 23% to EUR 53.3 million; however, only EUR 18.6 million of this amount is reported under revenues. The increase in sales revenues is in particular due to the fact that residential property resale prices climbed 17% to EUR 2,676 per sqm. At EUR 11.8 million, revenues from the services segment accounted for 28% of consolidated revenues.

In the first quarter, earnings before interest and tax (EBIT) totaled EUR 2.5 million (first quarter of 2012: EUR 12.8 million, -80%). The fact that there was no improvement in EBIT compared with the same quarter in the previous year was, among other things, due to the income from asset management of co-investments being shown in the investment result, which is assigned to the financial result. At EUR 6.5 million, these earnings from investments moved into positive figures (first quarter of 2012: EUR 0). The main driver here in terms of results is the co-investment Süddeutsche Wohnen. In addition to the regular asset-management fee, a performance fee was also received for the first time. The success of the co-investments is clearly reflected in the improvement in earnings before tax ( EBT ), which amounted to EUR 6.2 million (first quarter of 2012: EUR 4.3 million, +43%). The profit for the period rose by an impressive 63% to EUR 5.2 million. PATRIZIA also benefitted from a lower tax quota here.

Since the end of 2012, bank loans have fallen by EUR 5.1 million or 1.0% as a result of sales. Cash and cash equivalents more than tripled to EUR 119.1 million (December 31, 2012: EUR 38.1 million). In the second quarter, an amount of EUR 58 million will be invested for the 5.1% holding in GBW AG. The group’s equity ratio improved further to 36.1% (December 31, 2012: 35.4%). The group aims to increase this to 45% by the end of the year.

Outlook for 2013

Until now, last fiscal year’s operating result of EUR 43.9 million was set as the lower limit for the current fiscal year’s result. Since the start of the year decisions have been taken on several acquisition projects, with the successful bid for GBW AG undoubtedly the biggest influencing event. For 2013 PATRIZIA’s Managing Board now expects an operating result of between

EUR 47 and 49 million. It is intended that services will account for at least two-thirds of the result.

The full quarterly report for the first quarter of 2013 can be viewed at www.patrizia.ag/en/investor-relations/reports/quarterly-reports/2012.html .

Summary of key items in the income statement:

	Q1 2013 (EUR ‘000)	Q1 2012 (EUR ‘000)	Change in %
Revenues	42,101	59,735	-29.5
Total operating performance	39,061	48,250	-19.0
EBITDA	3,824	13,718	-72.1
EBIT	2,509	12,778	-80.4
EBT	6,230	4,347	43.3
Operating result 1	7,652	7,737	-1.1
Profit for the period	5,196	3,197	62.5

1 Adjusted for non-cash effects from amortization on other intangible assets (fund management contracts) and results from interest hedging transactions. Including realized value adjustments to investment property.

The Managing Board

Augsburg, May 7, 2013

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 P +49 821 50910-369 F +49 821 50910-399 margit.miller@patrizia.ag	Verena Schopp de Alvarenga P +49 821 50910-351 F +49 821 50910-399 verena.schoppdealvarenga@patrizia.ag

End of Corporate News

---

07.05.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.

The issuer is solely responsible for the content of this announcement.

DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Media archive at www.dgap-medientreff.de and www.dgap.de

---

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

- - -
209876  07.05.2013