Ad-hoc | 21 March 2007 07:16
PATRIZIA Immobilien AG / Final Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad-hoc press release
pursuant to Section 15 of the German Securities Trading Act (WpHG):
PATRIZIA Immobilien AG boosts consolidated revenues to EUR 237.6 million
and consolidated net income to EUR 32.4 million
Augsburg, March 21, 2007. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has
met the growth targets it set itself for fiscal 2006. Group-wide sales rose
to EUR 237.6 million, a year-on-year gain of 138.8%. This significant jump
is attributable primarily to increased revenues from the sale of
residential property. In fiscal 2006, about 2,250 apartments were sold for
a total of EUR 211.0 million (previous year: about 650 apartments/EUR 72.8
million).
EBIT was up from EUR 25.5 million in 2005 to EUR 51.3 million in the fiscal
year just ended, an increase of 101.1%. The financial result improved from
minus EUR 5.4 million to minus EUR 4.1 million in fiscal 2006. Higher
interest income from the temporary investment of cash receipts from the IPO
was the main factor in this improvement.
Driven by sales growth, earnings before tax – one of the Group's most
important management metric – surged 135.2% to EUR 47.2 million. Taxes on
income totalled EUR 14.8 million for the year as a whole, equivalent to an
average tax rate of 31.4% (against 17.1% in the previous year). In fiscal
2006, the Group thus generated net income of EUR 32.4 million, up from EUR
16.6 million a year earlier.
Total Group assets climbed EUR 147.3 million to EUR 374.7 million during
the past fiscal year. On the assets side, inventories rose from EUR 189.5
million in 2005 to EUR 228.4 million. Cash in hand and balances in bank
accounts totalled EUR 83.2 million at December 31, 2006. Some of these
liquid funds are being kept in reserve to pay purchase prices due in the
first quarter of 2007 for portfolios that were notarised in November and
December 2006.
PATRIZIA is targeting further growth. At the same time, it is extremely
important to the company's governing bodies that shareholders be allowed to
participate directly in PATRIZIA's successful performance. Accordingly, the
Managing Board and Supervisory Board have decided to propose to the Annual
General Meeting on June 13, 2007 that about 24% of consolidated net income
be used to pay a dividend. The dividend amount would thus be EUR 7,819,500,
or EUR 0.15 per share.
In fiscal 2007, we expect both the Investments and Services segments to
continue to grow. Last fiscal, we set ourselves the goal of doubling our
operating earnings. We actually exceeded this target, increasing earnings
before tax by 135.2% to EUR 47.2 million. Now, we have again set ourselves
ambitious growth targets for the fiscal years ahead. For fiscal 2007, we
aim to increase net income by nearly 50% year on year. Looking at our
business as a whole, we are confident that we have created conditions that
will allow us to meet our growth targets, assisted by strict cost
discipline and subject to due provision for risk allocation. Our goal is to
grow consistently and sustainably, and to further increase the value of the
company. In light of current projections, the state of the economy and
internal steps already taken by PATRIZIA, we believe that the positive
development experienced in fiscal 2006 will continue through 2007.
The complete annual report for fiscal 2006 is available for download at
www.patrizia.ag.
The Managing Board
Augsburg, March 21, 2007
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstraße 26
D – 86150 Augsburg
Admitted to trading on the Official Market (Prime Standard) of the
Frankfurt Stock Exchange.
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
Claudia Kellert
Phone +49 (0)821 50910-360
Fax:+49 (0)821 50910-399
investor.relations@patrizia.ag
Press
Astrid Schüler
Phone +49 (0)821 50910-623
Fax +49 (0)821 50910-695
presse@patrizia.ag
DGAP 21.03.2007
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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
www: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: MDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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