PATRIZIA Immobilien AG / Quarter Results
11.11.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc disclosure in line with Article 15 of the WpHG
PATRIZIA generates EUR 9.2 million in adjusted earnings before tax in Q3
2008
- Market valuation of interest rate hedges negatively impacts profit to
the amount of EUR -10.0 million
- Net profit before tax, calculated in accordance with IFRSs, thus
amounts to EUR 1.8 million for the first nine months of the year
- Block sales develop to become a highly profitable sales channel
Augsburg (Germany) November 11, 2008. In the first nine months of 2008,
PATRIZIA Immobilien AG (ISIN: DE000PAT1AG3) generated net profit after
taxes of EUR 1.3 million, in accordance with IFRSs however, the Company
recorded a loss of EUR -0.6 million for Q3. However this figure was
negatively impacted to the amount of EUR -10.0 million due to the updated
market valuation of interest rate hedges. The pre-tax profit (EBT) for the
first nine months of 2008 adjusted for all items not impacting liquidity,
amounted to EUR 7.2 million.
This enabled the Company to once again gradually increase its operating
performance over the first three quarters of 2008 and increasingly generate
positive liquid returns from operations. Although EBT in Q1 was still
slightly negative at EUR -2.3 million after adjustment for all one-time
items not impacting liquidity, the Company generated slightly positive EBT
(adjusted) in Q2 of EUR 0.2 million. Despite the continuing difficult
market environment, EBT (adjusted) was already at EUR 9.2 million in Q3.
Despite the block sale of Dresden Altmarktkarree 1, a comparison of the
quarters shows that revenues fell by EUR 41.4 million. Due to the fact that
this project was reported under the Investment property item, the purchase
price of EUR 70.0 million was not posted as revenues but rather as profit
from the disposal of assets under the item Income from the sale of
investment property. Revenues for the first three quarters of 2008 amounted
to EUR 139.7 million, significantly higher than same period of the previous
year (EUR 99.8 million). Rental income of EUR 18.5 million continues to
cover interest expenses for bank loans of EUR -17.7 million.
In terms of demand, we are sensing increased reservation on the part of
private apartment purchasers. The number of privatized units dropped to 83
in the period from July to September (Q2: 103 units). A total of 330 units
were privatized over the first three quarters of the year. The average
price per square meter in individual sales of EUR 2,230 remained at the
same high rate compared with the prices per square meter generated in the
previous quarter. In contrast, block sales are developing to become a
highly profitable sales channel: in the first nine months of 2008, we
notarized four block sales with a total of 518 residential and commercial
units.
Due to the cash inflows from real estate sales, we managed to drive forward
the repayment of loans. The equity ratio in the Group increased slightly to
21.7%. As of September 30, 2008 total bank loans amounted to EUR 1,189.1
million a reduction of EUR 72.9 million in comparison with December 31,
2007. At the end of Q3 2008, bank loans due in less than 12 months amounted
to EUR 598 million. Despite the financial market crisis, these were
extended by around EUR 530 million to March 31, 2009 a second tranche was
then extended by about EUR 50 million to June 30, 2009.
However in light of the developments of the financial market crisis in
recent weeks and the existing uncertainty of investors, we do not expect
transaction business to pick up in Q4 2008, despite the normal seasonality
of the business. It is difficult to say at present whether and when the
block sales already being negotiated will be executed. At present, we
believe that our forecast for 2008 of EUR 25 million to EUR 30 million in
earnings before tax will not be achieved. For now, we are unable to say to
what extent our forecast of a positive liquid profit will need to be
adjusted. If the general uncertainty among investors diminishes again, we
expect the transaction market for small high-quality residential real
estate portfolios to recover quickly.
The complete interim report for the third quarter of 2008 can be found at
www.patrizia.ag.
Key figures 3rd quarter 2008:<pre>
3rd quarter 2008 3rd quarter 2007
(in EUR000)
Revenues 41,410 41,387
EBITDA 26,556 77,651
EBIT 26,416 77,458
EBIT (adjusted) 26,416 10,433
EBT -811 53,998
EBT (adjusted) 9,229 -6,557</pre>
Management Board
Augsburg (Germany) November 11, 2008
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
D 86150 Augsburg
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
Claudia Kellert
Tel.: +49 (0) 821 5 09 10-360
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
DGAP 11.11.2008
---------------------------------------------------------------------------
Language: English
Issuer: PATRIZIA Immobilien AG
Fuggerstraße 26 86150 Augsburg
Deutschland
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, Hannover, Stuttgart, München, Hamburg, Düsseldorf
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: PATRIZIA Immobilien AG generates EUR 9.2 million in adjusted earnings before tax in Q3 2008
| Source: EQS Group AG