Corporate | 9 August 2012 07:15
PATRIZIA Immobilien AG / Key word(s): Half Year Results/Quarter
Results
09.08.2012 / 07:15
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* Operating result (EBT adjusted) of EUR 7.2 million
* Equity ratio rises to 30.3%
* Assets under management increase to EUR 6.7 billion
* Positive prospects for the year as a whole - forecasts confirmed
Augsburg, August 9, 2012. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3)
continued its development into a European fully integrated real estate
investment company in the first half of 2012. PATRIZIA has an office in
London since mid-May 2012. In addition, it was able to prepare for the
opening of offices in Copenhagen and in Paris, which started operating
shortly after the end of the reporting period. The value of the real estate
portfolio managed by PATRIZIA increased over the first six months of the
year to a total of EUR 6.7 billion from EUR 5.2 billion at the balance
sheet date on December 31, 2011.
In the area of Residential Property Resale, PATRIZIA sold a total of 168
units from its own stock in the second quarter of the 2012 fiscal year,
which represents an increase of 4.3% over the second quarter of the
previous year. In the first half year, revenues in Residential Property
Resale decreased by 8.7% to EUR 41.8 million over the corresponding period
of the previous year. The main reason for this was the shift in sales from
current assets, which can be reported as revenues, to sales from
non-current assets, which are not reflected in sales revenues. In the
second quarter of 2012, sales of residential units from non-current assets
generated revenues of EUR 13.3 million. The average price per square meter
in the first half of the year rose slightly to EUR 2,316 (first half of
2011: EUR 2,295). The disposal of properties and the associated decrease in
the area available to rent resulted in a reduction in rental revenues of
around 22.3% to EUR 22.4 million. At the end of the first half year, the
average monthly rent per square meter fell to EUR 7.59 (first half of 2011:
EUR 7.95), due to the above-average share of sales in metropolitan areas.
In the Special Real Estate Solutions Segment, a 50:50 joint venture was
concluded in April 2012 for WohnModul I. The project partner is CA Immo.
The object of the joint venture is the development of the area known as
'Baumkirchen Mitte' in Munich with a project volume of approximately EUR
238 million. In future it is planned to enter into further co-investments,
which will allow PATRIZIA to significantly expand the volume of projects
and portfolios that it manages.
At EUR 7.2 million, EBT adjusted was almost seven times higher than in the
first half of 2011. The operating result is determined by eliminating
non-cash-flow-related effects, in particular the market valuation of
interest-hedging transactions.
At EUR 103.4 million, sales revenues for the first six months were around
3.0% down on those for the first half of 2011 (EUR 106.6 million). EBIT
fell by 16.6% to EUR 18.2 million. At EUR 5.3 million, the consolidated
result pursuant IFRS for the first half of 2012 was below the previous
year's figure of EUR 7.8 million. The main reason for this is the
significantly lower financial income compared with the corresponding
prior-year period. This was largely due to the market evaluation of
financial derivatives, which revealed relatively high valuation gains for
the first half of 2011.
The financing structure of PATRIZIA Immobilien AG once again improved in
the first half of 2012. The group's equity ratio continued to climb and at
the end of the first six months reached 30.3%. Bank loans decreased by EUR
61.7 million to EUR 631.6 million (-8.9%). After deducting cash and cash
equivalents of EUR 29.4 million, the net financial debt as at June 30,
2012, was thus EUR 602.2 million.
Based on performance in the first half of the year, the Managing Board is
optimistic to achieve the targets set for 2012 as a whole, which in
particular include the total sale of around 1,800 residential units as well
as a rise of around 20% in EBT adjusted. A major contribution here will be
made by the continuing expansion of the Service segment, where it is
planned to increase the share made to the consolidated profit to around
50%.
The complete interim report for the first half of 2012 can be accessed at
www.patrizia.ag/en/investor-relations/reports/quarterly-reports/2012.html
Augsburg, August 9, 2012
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
Verena Schopp de Alvarenga
T +49 821 50910-351
F +49 821 50910-399
investor.relations@patrizia.ag
Press
Andreas Menke
T +49 821 50910-655
F 49 821 50910-695
presse@patrizia.ag
End of Corporate News
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Language: English
Company: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg
Germany
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, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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