PATRIZIA Immobilien AG / Quarter Results/Miscellaneous
11.05.2010 07:29
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
PATRIZIA Immobilien AG Closes First Quarter with an Operating Profit of EUR
2.1 million
* Operating profit (adjusted EBT) increases by EUR 6.8 million.
* Residential property resales rise by 66.4 % to 183 units
* Outlook confirmed: tangible improvement in EBT compared to 2009
Augsburg (Germany) - May 11, 2010. In the first three months of 2010,
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) followed on seamlessly from the
good residential property resale figures of 2009. With 183 units sold, it
maintained the level of sales generated in the fourth quarter of 2009 (184
units). Compared to the first quarter of the previous year, sales rose by
66.4 %, or 73 units (first quarter of 2009: 110 units sold). The average
sales price grew again, reaching EUR 2,492 per sqm (fourth quarter of 2009:
EUR 2,395 per sqm; 2009 as a whole: EUR 2,351 per sqm). No block sales were
realized in the first three months of 2010.
The sale of 181 residential and two commercial units resulted in purchase
price revenues of EUR 31.0 million (first quarter of 2009: 110 units; EUR
17.2 million). The rise in consolidated revenues by a total of 21.6 % to
EUR 54.8 million is attributable to this increased number of residential
property resales, which more than compensated declines in the other
segments. Rental revenues declined by 5.3 % against the same quarter of the
previous year from EUR 17.6 million to EUR 16.7 million due to the
decreasing portfolio. It should be noted here that our real estate
portfolio has declined by 8.5 % since March 31, 2009. The average monthly
rent across the portfolio as a whole was EUR 7.72 per sqm as at March 31,
2010 (December 31, 2009: EUR 7.82 per sqm), corresponding to a reduction of
1.3 %. The Services segment contributed EUR 1.8 million to revenues, which
was significantly lower than the good contribution in the previous year's
quarter (first quarter of 2009: EUR 2.9 million; -39.6 %). This was because
in the first three months of 2010 it has not yet been possible to recognize
any substantial purchase fees for acquisitions made by the funds.
The key earnings figures improved considerably against the comparable
quarter of the previous year, with EBIT in the reporting period amounting
to EUR 13.9 million compared to EUR 10.4 million in the first quarter of
2009. After deduction of the financial result, EBT under IFRSs was EUR -5.1
million in the first quarter of 2010 (first quarter of 2009: EUR -16.0
million). The financial result improved from EUR -26.4 million to EUR -18.9
million in a quarterly comparison and was negatively influenced by the
market valuation of interest rate hedges in the amount of EUR -7.2 million.
In the previous year, the market valuation amounted to EUR -11.3 million.
When adjusted for such effects not impacting liquidity, operating EBT -
termed adjusted EBT - totaled EUR 2.1 million (first quarter of 2009: EUR
-4.7 million; +145 %). After taking taxes into account, we again recorded a
loss in accordance with IFRSs of EUR -4.6 million for the period January
through March 2010 (first quarter of 2009: EUR -14.9 million).
Due to sales, combined with loan repayments of EUR 42.1 million, the equity
ratio of the Group improved to 20.2 % (March 31, 2009: 18.7 %; December 31,
2009: 20.0 %). Bank loans thereby fell to EUR 1,029.9 million as at the
balance sheet date.
The Managing Board also expects positive EBT for the second quarter of 2010
and confirms its forecast of a tangible improvement in EBT compared to 2009
over 2010 as a whole, provided that the positive trend continues and that
the banking and government financing crisis does not negatively impact
developments. The lower limit of our target equity ratio of 25 % to 30 %
should be reached by the end of 2010 given these conditions.
In addition, the Supervisory Board of PATRIZIA Immobilien AG resolved to
extend the contracts of Managing Board members Arwed Fischer (CFO) and
Klaus Schmitt (COO) by a further five years in each case.
The complete interim report for the first quarter of 2010 can be found at
http://www.patrizia.ag/en/investor_relations/reports/quarterly_reports.htm
l.
Managing Board
Augsburg, May 11, 2010
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
WKN: PAT1AG
Contact
Investor Relations
Margit Miller
Tel: +49 (0) 821 5 09 10-369
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
11.05.2010 07:29 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
---------------------------------------------------------------------------
Language: English
Company: PATRIZIA Immobilien AG
FuggerstraÃe 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, München, Hannover, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-News: PATRIZIA Immobilien AG: PATRIZIA Immobilien AG Closes First Quarter with an Operating Profit of EUR 2.1 million
| Source: EQS Group AG