Corporate | 7 November 2013 07:00
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PATRIZIA Immobilien AG / Key word(s): Quarter Results/Forecast
PATRIZIA Immobilien AG: PATRIZIA stands by its operating result target – Operating result of EUR 18.7 million after 9 months – Weak third quarter of 2013 ends with EUR 0.5 million – Portfolio acquisitions offset losses for individual transactions – Prospect of additional new business Augsburg, 7 November 2013. After the first three quarters, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has posted an operating result of EUR 18.7 million, of which only EUR 0.5 million is attributable to the third quarter. Although only 40% of the operating result target set in May had been achieved by 30 September, the Managing Board believes the forecast can still be met. The main contributory factor here will be the acquisition fees for portfolio purchases made but where the fees will not be received until the deals are closed in the fourth quarter. The segment Management Services (revenues from co-investments and business with third parties) already accounts for 72% of the operating result. As at 30 September, assets under management amounted to EUR 10.7 billion. In the first nine months of 2013, consolidated revenues decreased slightly by 4.4% to EUR 155.4 million. A major reason for the fall was the sale of an increasing volume of real estate that is reported as non-current assets and not included in revenues. Total sales revenues rose by 2.4% to EUR 163.4 million (first nine months of 2012: EUR 159.6 million). This was accompanied by an improvement in sales figures from own investments, with a rise of almost 25% to 1,200 residential units. A further amount of EUR 55.5 million was generated by the Services segment (first nine months of 2012: EUR 45.6 million, +21.6%), including EUR 26.7 million from co-investments and EUR 28.8 million from service business with third parties. The expansion of Management Services through the establishment of new co-investments is reflected in the investment result, which is assigned to the financial result. After nine months, earnings from investments had increased to EUR 15.8 million (first nine months of 2012: EUR 5.4 million). Besides income from the Süddeutsches Wohnen GmbH co-investment, this item also includes the asset management fee for GBW AG, which was acquired in April. WohnModul I produced a result from participations valued at equity of EUR 0.6 million. Combined with a significant improvement in the financial result, this led to a 22.5% rise in EBT to EUR 20.0 million (first nine months of 2012: EUR 16.3 million). After all adjustments there was an operating result of EUR 18.7 million, following EUR 26.1 million in the previous year (-28.4%). In the first nine months, the profit for the period rose by 67.7% to EUR 19.7 million (first nine months of 2012: EUR 11.7 million) and was favourably influenced by a tax refund in the third quarter. Bank loans fell by almost one third (-30.3%) or EUR 157.3 million to EUR 363.7 million compared with the end of 2012. Cash and cash equivalents more than doubled to EUR 79.5 million (31 December 2012: EUR 38.1 million). In the third quarter of 2013 the second tranche of EUR 3.2 million relating to the investment in GBW AG was invested. Overall, PATRIZIA invested EUR 23.1 million in co-investments in the third quarter. The Group’s equity ratio improved further to 39.7% (31 December 2012: 35.4%).
New co-investments and mandates
The other financial targets, which include reducing debts to EUR 350 million (with around EUR 270 million in bank loans and just under EUR 80 million in two bonds), are linked to achievement of the operating result target. The current equity ratio of 39.7% will also have achieved the target of 45.0% by the end of the year. In terms of operating business, notarial deeds indicate that the company will sell more than its 2013 target of 1,800 residential units.
The full quarterly report for the first three quarters of 2013 can be viewed at
The Managing Board
PATRIZIA Immobilien AG
Listing: Frankfurt Official Market (Prime Standard)
End of Corporate News 07.11.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group 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 | ||
| 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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| 238387 07.11.2013 |