Corporate | 12 August 2008 07:27
PATRIZIA Immobilien AG / Half Year Results
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PATRIZIA Immobilien AG – closes 1st half-year of 2008 with a profit
- Increase in sales and income from operating business
- Sales prices generated confirm good quality of the real estate
portfolio
Augsburg, August 12, 2008. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3)
generated earnings before taxes of EUR 21.3 million in Q2 2008, thus more
than offsetting the loss in Q1. However, it must be taken into account that
the market valuation of the interest rate hedging instruments positively
affected the result with EUR 21.1 million. Profit after taxes of EUR 1.8
million was generated over the whole of the 1st half-year.
In a quarterly comparison, sales rose by 11% to EUR 51.7 million. EUR 14.3
million is the result of individual privatization of 103 residential units
and EUR 8.9 million from a block sale of 52 units. At EUR 19.2 million,
rental income contributed most to sales. The sale of the Dresden
Altmarktkarree II development project for EUR 14.0 million will not be
reported in sales, but rather as income from the sale of investment
property under construction of EUR 4.1 million.
Reported EBIT for the first six months of the year amounts to EUR 24.1
million; EBT is EUR 2.7 million. Adjusted for one-time effects which
impacted Q1 2008 by EUR 6.1 million, the adjusted EBIT amounts to EUR 30.2
million. After additional adjustment for one-time effects from the market
valuation of interest rate hedging transactions of EUR 10.8 million, there
is an adjusted EBT of EUR -2.1 million for the first six months. During the
2nd quarter, PATRIZIA achieved another slightly positive adjusted EBT of
EUR 0.2 million.
The sales figures in Residential Property Resale decreased in the 2nd
quarter of 2008 from 144 in the first three months to 103 units. Although
the current inflation rate is positive for the real estate investment
class, we continue to perceive a restrained attitude among private capital
investors regarding investment decisions for real estate. Nevertheless, at
EUR 2,213/sqm in Residential Property Resale and EUR 2,195/sqm in Asset
Repositioning the average sales price achieved remains at a high level. Our
prices per square meter clearly show the good quality and attractive
location of our real estate.
The Group’s equity ratio improved from 19.6% in the 1st quarter to 21.3%.
Bank loans also decreased slightly to EUR 1,238 million as at June, 30
2008. Bank loans due within 12 months at the end of 2007 have been extended
for the most part past the end of the 2008 fiscal year.
Despite the results of the 1st half-year of 2008 and taking into account
the seasonal nature of the real estate business, the Managing Board is
retaining its forecast of EUR 25 million to EUR 30 million earnings before
taxes for 2008 as a whole. The Managing Board expects that the continued
course of the usually stronger 2nd half-year for the real estate sector
will ensure the forecast is fulfilled.
The complete interim report for the 1st half-year of 2008 can be found at
www.investor.patrizia.ag.
Management Board
Augsburg (Germany) – August 12, 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
12.08.2008 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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