DGAP-News: PATRIZIA Immobilien AG: PATRIZIA Immobilien AG significantly improves operating results and provides more details on 2010 forecast

| Source: EQS Group AG EQS Group AG 

PATRIZIA Immobilien AG / Half Year Results/Forecast

11.08.2010 07:06 

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PATRIZIA Immobilien AG significantly improves operating results and
provides more details on 2010 forecast

  - Increase in operating results (adjusted EBT) of EUR 12.3 million to EUR
    5.0 million in first half of 2010

  - 177 apartments resold in second quarter of 2010 (+20.4%), 360 in the
    first half of the year (+40.1%)

  - Two block sales with 297 units realized (first half of 2009: 0) 

  - Bank liabilities cut to below EUR 1 billion

  - Forecast quantified: adjusted EBT of around EUR 10 million for year as
    a whole

Augsburg, August 11, 2010 - With second quarter operating pre-tax earnings
(adjusted EBT) of EUR 2.9 million, PATRIZIA Immobilien AG (ISIN
DE000PAT1AG3) exceeded its already good first quarter results (EUR 2.1
million) by 36% and even topped its second quarter results from 2009 (EUR
-2.5 million) by 217%. PATRIZIA generated adjusted EBIT of EUR 5.0 million
in the first half of 2010 - an increase of EUR 12.3 million or 170% as
against the negative result of the previous year. The decisive factor in
the increase was significantly higher sales proceeds and good development
in the Services segment.

176 residential units and 1 commercial unit were resold in the second
quarter. This was slightly below the first quarter figure of 183 units, but
an increase of 20.4% over the second quarter of 2009 (147 units). The
number of residential property resales rose in the first half to 360 units
(first half of 2009: 257 units), resulting in revenues of EUR 60.8 million
(first half of 2009: EUR 39.6 million). The average sales price obtained
rose again and amounted to EUR 2,505/sqm. Two block sales with a total of
297 units generated purchase price revenues of EUR 47.2 million,
corresponding to an average price of EUR 1,987/sqm. Rental revenues
decreased to EUR 32.8 million (first half of 2009: EUR 35.3 million) due to
the reduced portfolio of 10,463 units currently. Average rent remained
steady over the course of the year at EUR 7.73/sqm.

Revenues were increased in the Services segment by 18.5% in the first half
to EUR 5.6 million, while its EBT rose by a remarkable 43.1% to EUR 1.8
million. Growth drivers here were the purchase fees for the acquired
properties of the funds.

At EUR 972.8 million, our bank loans were down by 9.1% from their levels as
of the end of 2009 (December 31, 2009: EUR 1,070.2 million). The financial
result (IFRS) improved only slightly compared with the prior-year period,
as the changes in value of the interest rate hedging instruments had a
stronger impact at EUR -10.6 million (first half of 2009: EUR -8.3
million). In contrast, the financial result adjusted for this valuation
effect and impacting liquidity improved by 11.9% to EUR -24.3 million
(first half of 2009: EUR -27.6 million).

Against the background of this marked improvement in earnings in the first
six months - specifically adjusted pre-tax earnings of EUR 5.0 million
compared with EUR 2.4 million for the whole of 2009 - we are now specifying
more details on our outlook for 2010 as a whole: If general conditions
remain the same, the second half of the year should be able to maintain the
same operating level as the first half, so all in all we believe adjusted
pre-tax earnings (adjusted EBT) of around EUR 10 million is achievable.

The complete Interim Report for the first half of 2010 can be viewed at
http://www.patrizia.ag/en/investor_relations/reports/quarterly_reports.html


Managing Board
Augsburg (Germany) - August 11, 2010

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   
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


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Language:     English
Company:      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 Hamburg, München, Düsseldorf, Berlin, Stuttgart, Hannover
 
End of News                                     DGAP News-Service
 
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