Ad-hoc | 7 May 2008 07:26
PATRIZIA Immobilien AG / Quarter 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 disclosure in line with Article 15 of the Wertpapierhandelsgesetz
(WpHG – German Securities Trading Act) –
PATRIZIA: Extraordinary one-time effects negatively impacted net result of
the period
- Broad increase of revenues to EUR 46.6 million (Q1 2007: EUR 23.5
million). Without extraordinary one-time effects revenues amount to EUR
63.7 million.
- After elimination of all one-time effects, adjusted earnings before tax
amount to EUR -2.3 million
- Sale of 229 units satisfactory
Augsburg (Germany) – May 7, 2008: In the first quarter of 2008, PATRIZIA
Immobilien AG (ISIN DE000PAT1AG3) generated a net loss of EUR -18.1
million. The net loss was negatively impacted by extraordinary one-off
effects of EUR 16.4 million.
Revenues in the first quarter of 2008 almost doubled year-on-year, totaling
EUR 46.6 million. It must be noted that at EUR -17.1 million, revenues were
negatively impacted by the reverse transaction of a sale of 165 residential
units already notarized in fiscal year 2006. The individual sale of 144
units during the first three months of 2008 led to purchase price revenues
of EUR 21.4 million. The block sale in March 2008 of 85 Asset Repositioning
units contributed EUR 14.85 million to revenues. Rental income amounted to
EUR 19.1 million. Excluding the impact of the reverse transaction, revenues
amounted to EUR 63.7 million.
The reverse transaction also impacted EBIT, which fell 31.3 % year-on-year
to EUR 6.8 million. EBT of EUR -18.6 million was also extraordinarily
impacted by the fair value adjustments arising from the market valuation of
interest rate hedging transactions in the amount of EUR -10.3 million (Q1
2007: EUR 4.2 million). After elimination of all one-time effects, adjusted
EBIT amounts to EUR 12.9 million and adjusted EBT amounts to EUR -2.3
million.
In contrast, the resale figures were satisfying: at 229 units, an increase
of 169 % was achieved compared with the same period of the previous year
(85 units). At the same time, it was confirmed that the adjusted rental
income of EUR 18.3 million covers the interest expenses of EUR -17.5
million. The upcoming credit extensions in the first quarter were
negotiated early and extended in due time.
Despite the net loss, PATRIZIA is convinced that it will be able to
generate its forecast EBT of between EUR 25 million and EUR 30 million in
full-year 2008 purely from its operating activities.
The complete interim report for the first quarter of 2008 can be found at
www.investor.patrizia.ag.
Key figures first quarter 2008:
(in TEUR) Q1 2008 Q1 2007
Revenues 46,598 23,460
Revenues (adjusted) 63,681 23,460
EBITDA 6,967 10,098
EBIT 6,788 9,889
EBIT (adjusted) 12,851 6,455
EBT -18,644 4,163
EBT (adjusted) -2,268 -802
Management Board
Augsburg (Germany) – May 7, 2008
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
07.05.2008 Financial News transmitted by DGAP
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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, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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