PATRIZIA Immobilien AG / Final Results
25.03.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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PATRIZIA - Bank loans extended and real estate portfolio value retention
confirmed
- Upcoming bank loans of EUR 530 million due for refinancing end of
March 2009 have been extended by further 24 months
- No value adjustments to the market value of our real estate portfolio
- Real estate sales increased by 146% to 1,198 units
- Positive operating EBT (adjusted for effects not impacting liquidity)
of EUR 0.8 million - an increase of EUR 13.3 million compared to
previous year
- Improvement in available liquidity by EUR 13.9 million to EUR 67.9
million
- Earnings before tax in accordance with IFRS amounted to EUR -32.4
million, impacted by the fair value measurement of interest rate
hedging transactions of EUR -32.8 million
Augsburg (Germany) - March 25, 2009. Despite the market environment
becoming more difficult in the course of the year, PATRIZIA Immobilien AG
(ISIN DE000PAT1AG) sold a total of 1,198 residential and commercial units
in fiscal year 2008 (2007: 487 units). The growth in sales and the higher
level of rental income led to an increase in revenues of 14.5% to EUR 221.3
million. Operating earnings before tax (EBT adjusted) amounted to EUR 0.8
million. As a result, the Group's operating earnings power was raised by
EUR 13.3 million in comparison to the previous year.
Of the 1,198 units, 476 units were sold in individual privatization and 722
units were sold in block sales. Revenues from the sale of real estate held
in inventories amounted to EUR 114.5 million. Sales of investment property
are posted as pure income of EUR 21.7 million (difference between purchase
price and decrease in book value) in the profit and loss account. Rental
revenues, at EUR 73.0 million, contributed 33% to consolidated revenues of
EUR 221.3 million - an increase of 16.8% compared to the previous year.
Rental income exceeds the interest balance of EUR 63.7 million by 14.6%,
meaning that the cost of financing is fully covered by rental income.
The cost of materials of EUR 66.0 million contains items such as
non-capitalizable maintenance expenses of EUR 17.3 million (2007: EUR 7.7
million) which we used to further heighten the appeal and the quality of
our real estate. After deduction of all expense items, EBIT in accordance
with IFRSs dropped from EUR 111.0 in the previous year to EUR 64.1 million
and EBT from EUR 63.2 million to EUR -32.4 million. It must be borne in
mind that results from adjustments (not impacting liquidity) of investment
property of EUR 69.5 million had a positive effect on the key earnings
figures in 2007.
The market valuations of our interest rate hedging transactions had a
particular impact on earnings before taxes in accordance with IFRSs. While
these had a positive effect of EUR 6.1 million in 2007, results from the
market valuation of interest rate hedging transactions had a negative
impact on EBT (in accordance with IFRSs) for 2008 of EUR 32.8 million.
To present the PATRIZIA operating profits in a more easily understood
manner, we adjusted the key earnings figures for one-time effects not
affecting liquidity. This chiefly concerns the effects of the market
valuation of our interest rate hedging transactions as well as the positive
effects of the adjustments to investment property from the previous year.
Thus, PATRIZIA generated operating EBIT (adjusted) of EUR 64.5 million
(previous year: EUR 41.6 million), representing an increase of 55.3%.
Operating earnings before tax (EBT adjusted) climbed by EUR 13.3 million to
EUR 0.8 million (2007: EUR -12.4 million). To strengthen the Company's
equity in a market environment that continues to be unpredictable, the
Managing Board and the Supervisory Board will propose to the Annual General
Meeting on June 23, 2009 that the net profit of PATRIZIA Immobilien AG for
2008 be entirely carried forward.
Cash and cash equivalents available to the Group rose over the course of
the year by EUR 13.9 million (25.7%) to EUR 67.9 million. At the same time,
we reduced our bank loans by EUR 100.3 million to EUR 1,161.7 million. The
upcoming bank loans of EUR 530 million due for refinancing on March 31,
2009 have been extended until March 31, 2011. Expected financing costs for
fiscal year 2009 will be on the same level than 2008.
In the current market environment, many factors support the acquisition of
quality real estate in attractive locations in Germany: increasing demand
for residential space in main economic centers, low interest rates, high
volatility on the capital markets and the value stability of real estate of
our quality. The value retention of our real estate has affirmed our view
that we are providing high quality products to the market. For this reason,
we will continue focusing on the sale of real estate in fiscal year 2009.
Despite the confirmed quality of our real estate, we are unable to provide
a detailed, quantitative forecast for the current fiscal year due to the
current market conditions, the temporary restraint of private and
institutional investors and the unfavorable economic developments. However,
we anticipate a positive operating result for fiscal year 2009.
The complete Annual Report for the 2008 fiscal year can be found at
www.patrizia.ag.
Augsburg (Germany), March 25, 2009
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 25.03.2009
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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
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DGAP-News: PATRIZIA Immobilien AG: Bank loans extended and real estate portfolio value retention confirmed
| Source: EQS Group AG