DGAP-News: PATRIZIA Immobilien AG / Key word(s): Quarter
Results/Forecast
PATRIZIA Immobilien AG: PATRIZIA increases its quarterly operating
profit to EUR 4.5 million and confirms its outlook for 2011
09.11.2011 / 07:29
---------------------------------------------------------------------
PATRIZIA increases its quarterly operating profit to EUR 4.5 million and
confirms its outlook for 2011
- First nine months concludes with an operating profit of EUR 5.5 million
- Residential property resale increases to 230 units in the 3rd quarter
- Forecast for 2011 remains unchanged with an EBT adjusted of EUR 16-17
million
Augsburg, November 9, 2011. As previously announced, business activity at
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) picked up significantly in the
third quarter of 2011. After an operating profit of EUR 1.1 million in the
first half of the year it concluded the third quarter with an operating
profit of around EUR 4.5 million.
A major contribution to this was made by increased residential property
resale. Compared with the second quarter of 2011, sales climbed by around
43% to 230 individually sold units (2nd quarter 2011: 161 units). However,
the very good result of the third quarter of the previous year was not
quite equaled (245 units). The average square meter price achieved of EUR
2,502 significantly exceeds the level of the previous quarters. Overall,
revenues of EUR 46 million were generated from residential property resale.
An appreciable increase was also achieved with block sales, but, with 129
units sold, activity in the field still remains restrained (first half of
2011: 132 units). Sales revenues here amounted to EUR 28.2 million, with
the average sales price realized of EUR 2,606 / sqm even exceeding that
seen in residential property resale. As of September 30, 2011, the average
monthly rent per square meter across the existing portfolio was EUR 7.83
(June 30, 2011: EUR 7.95 / sqm).
The service field also experienced a significant improvement. The two asset
management companies alone generated sales revenues of EUR 10.1 million in
the third quarter (2nd quarter 2011: EUR 4.1 million, 3rd quarter 2010: EUR
0.9 million excluding PATRIZIA GewerbeInvest KAG).
In the third quarter of 2011 PATRIZIA achieved a negative IFRS pre-tax
result of EUR -3.6 million. It should be noted that the market valuation of
the interest hedging instruments affected the result adversely with EUR
-7.6 million. After adjustments for non-cash effects, there was an
operating profit (EBT adjusted) of EUR 4.5 million for the third quarter of
2011 and of EUR 5.5 million for the first nine months.
After the deduction of tax there was a profit for the period January to
September of EUR 3.0 million and for the third quarter of 2011 a loss of
EUR -4.8 million. The tax expense of the third quarter was mainly due to
the creation of a tax provision.
The repayment of loans continued as a result of the successful sales. Since
the end of 2010 bank liabilities have decreased by EUR 56.8 million, or
6.8%, to EUR 784.5 million. As of September 30, 2011, the group's equity
ratio had reached the range of 25 - 30% with the targeted figure of 25.5%.
For the fourth quarter, in residential property resale we anticipate at
least sales figures in the same amount than in the previous quarter. With
this result we would nearly achieve the targeted volume of 800 units.
Furthermore, negotiations are currently being conducted for several small
and two large block sales transactions. The fund and service companies will
also contribute improved results.
The complete interim report for the first three quarters can be accessed at
www.patrizia.ag/investor-relations/berichte/quartalsberichte.html. It is
currently only available in German.
The Managing Board
Augsburg, November 9, 2011
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
investor.relations@patrizia.ag
Press
Andreas Menke
Tel: +49 (0) 821 5 09 10-655
presse@patrizia.ag
End of Corporate News
---------------------------------------------------------------------
09.11.2011 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
FuggerstraÃe 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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
145357 09.11.2011
DGAP-News: PATRIZIA Immobilien AG: PATRIZIA increases its quarterly operating profit to EUR 4.5 million and confirms its outlook for 2011
| Source: EQS Group AG