Corporate | 11 May 2011 07:13
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PATRIZIA Immobilien AG / Key word(s): Quarter Results/Forecast
PATRIZIA Immobilien AG has begun the fiscal year 2011 as anticipated – Operating result (adjusted EBT) of EUR 0.6 million – Integration of LB Immo Invest GmbH completed – Strengthening of the equity ratio to 25.1 % – Outlook confirmed: operating profit of EUR 16-17 million for 2011 Augsburg, May 11, 2011. In the first three months of 2011, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) sold a total of 195 units, with an average price per square meter of EUR 2,044 (Q1 2010: 183 units). In the field of residential property resale, it was not possible to match the very good figures of the same quarter of last year: with 132 units, the figure fell below the level of sales for individual units in the first quarter of 2010 by 27.9 %. At EUR 2,260/sqm, the average sale price lay between the level of the final quarter of 2010 (EUR 2,169/sqm) and that of the whole of 2010 (EUR 2,370/sqm). The first block sales were recognized in income, with 63 units sold at EUR 1,597/sqm (Q1 2010: no block sales, whole of 2010: EUR 1,625/sqm). Prices are strongly influenced by the regional composition of the sales: the share of units sold in Munich fell to 38 % (2010: 77 %), while the proportion in Hamburg rose to 38 % (2010: 23 %) because of the two block sales. Across the whole portfolio, the average monthly rent per square meter was EUR 7.99 (December 31, 2010: EUR 7.67/sqm) – an improvement of 4.2 %. Revenues in the first three months dropped by 7.7 % to EUR 50.6 million (Q1 2010: EUR 54.8 million), in particular because of the lower income from sales (-10.6 %). The EBIT fell by 15.4 % to EUR 11.7 million (Q1 2010: EUR 13.9 million). By contrast, the earnings before tax (EBT) under IFRS rose strongly from EUR -5.1 million in the same quarter of last year to EUR 12.2 million now. The reason for this is the market valuation of the interest rate hedges, which amounted to EUR 12.1 million and was responsible for the positive financial result. The cash financial result remained slightly below last year's level at EUR -11.6 million (Q1 2010: EUR -11.7 million). The rental income (EUR 14.4 million) exceeded the cash financial result by 23.6 %. PATRIZIA ended the first quarter of 2011 with a surplus for the period of EUR 9.8 million, while the same quarter of last year resulted in a loss of EUR -4.6 million. After adjustment, the operating result (adjusted EBT) was EUR 0.6 million and was below the figure for the same quarter of last year of EUR 2.1 million. In order to arrive at this operating result, the non-cash items are omitted. These comprised, on the one hand, the market valuation of the interest hedging instruments (EUR 12.1 million) and on the other, the amortization of the fund management contracts under other intangible assets, which came about as a result of the acquisition of LB Immo Invest GmbH (EUR -0.5 million). The equity ratio improved to 25.1 %, thereby reaching the lower limit of the target. Despite new finance, bank loans fell slightly to EUR 834.8 million (-0.8 %), of which approximately 58 % are long-term loans. Despite the weak first quarter in comparison to the previous year, the Managing Board confirmed its forecast for the whole of 2011 of adjusted pre-tax result (adjusted EBT) of EUR 16-17 million. Current forecasts do not anticipate that business will pick up significantly until the second half of the year. In the area of residential property resale, the properties put on the market for the first time since the beginning of the year will probably have an effect on income in the third and fourth quarters. As far as block sales are concerned, the first three months of 2011 should not be regarded as representative for the whole year either. In the area of residential and commercial funds, the capital promised by the fund investors will be invested over the coming months. In particular, LB Immo Invest can now concentrate fully on new business, following the change in ownership and successful integration into the group. In order to continue with the ongoing improvement of its financial structure, PATRIZIA intends to reduce its loans by approximately EUR 230 million by the end of the year, although the repayments from real estate sales have already been offset against new finance for purchases.
The full Interim Report for the first quarter of 2011 can be seen at
Augsburg, May 11, 2011
PATRIZIA Immobilien AG
Listing: Frankfurt Official Market (Prime Standard)
Contact
Investor Relations
Press
End of Corporate News 11.05.2011 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 | |
| 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 | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart | |
| End of News | DGAP News-Service |
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