DGAP-News: PATRIZIA Immobilien AG: PATRIZIA - Results forecast achieved, operating EBT rises from EUR 12.8 million to EUR 16.7 million
(firmenpresse) - DGAP-News: PATRIZIA Immobilien AG / Key word(s): Final
Results/Forecast
PATRIZIA Immobilien AG: PATRIZIA - Results forecast achieved,
operating EBT rises from EUR 12.8 million to EUR 16.7 million
28.03.2012 / 07:40
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Augsburg, March 28, 2012. In the past 2011 fiscal year, PATRIZIA Immobilien
AG (ISIN DE000PAT1AG) posted an operating profit (EBT adjusted) of EUR 16.7
million (2010: EUR 12.8 million); this was in the upper reaches of its
forecast of EUR 16 - 17 million. Contributory factors included an increase
in apartment sales with stable prices and a growth in fund business.
In 2011 745 residential units with an average sales price of EUR 2,360/sqm
were privatized (previous year: 801 units, EUR 2,370/sqm). Block sales
totaling 1,097 units rose by 9.5% on the previous year. The average sales
price of EUR 1,679/sqm was 3.3% up on the previous year (2010: EUR
1,625/sqm). In 2011 PATRIZIA thus sold a total of 1,842 units to private
and institutional investors (2010: 1,803 units, +2.2%). Looking at both
sales channels, the average sales price per square meter of EUR 1,995
(2010: EUR 1,951/sqm) marked a further year-on-year increase. The sales
forecast of around 800 units for privatization and 1,000 for block sales
was thus achieved.
The sale of real estate held in inventories produced sales revenues of EUR
158.9 million (2010: EUR 242.8 million). Sales revenues from investment
property that are not shown under revenues rose to EUR 90.1 million (2010:
EUR 43.9 million). From the total sales volume of EUR 249.0 million, were
EUR 138.8 million (55.7%) realized through residential property resale and
EUR 110.2 million (44.3%) through block sales. In the previous year, an
amount of EUR 42.4 million was attributable to project development sales,
but no project was completed in 2011. Due to the reduction in the
inventory, rental income fell by 13.3% to EUR 55.3 million (2010: EUR 63.8
million), while the average rent remained stable at EUR 7.69/sqm (end of
2010: EUR 7.67/sqm). The two asset management companies contributed EUR
26.1 million to group revenues (2010: EUR 5.0 million). The marked increase
of 522% was largely due to the initial consolidation of LB Immo Invest
GmbH, which was acquired in January and which now goes under the name of
PATRIZIA GewerbeInvest KAG mbH. Other services such as purchases and sales
for third parties and also asset and property management accounted for
sales revenues of EUR 10.5 million (2010: EUR 6.0 million).
At the end of 2011, PATRIZIA's portfolio included 7,548 units of which 75%
are in TOP 5 cities, especially 29% are in Munich. PATRIZIA invested EUR
3.6 million in current maintenance (2010: EUR 6.9 million). EUR 15.1
million was spent on renovation and reconstruction activities (2010: EUR
20.2 million), of which EUR 11.5 million could be capitalized. Assuming an
average portfolio size of around 628.000 sqm for 2011, annual costs for
current maintenance amount to EUR 5,66/sqm and renovation and
reconstruction costs amounted to EUR 23,99/sqm. Rental revenues less
expenses for current maintenance exceeded the adjusted financial result of
EUR -39.9 million by 29.9%.
Improved earnings situation
Compared with the previous year, EBIT as calculated in accordance with IFRS
fell from EUR 61.2 million to EUR 54.6 million (-10.8%), while EBT rose
from EUR 11.5 million to EUR 19.9 million (+73.3%) because in addition to
the operating increase, this indicator was also affected by changes in the
value of interest hedging instruments in an amount of EUR +5.1 million
(previous year: charge of EUR -1.6 million). After adjustments for non-cash
effects, EBIT adjusted amounted to EUR 56.6 million (2010: EUR 60.9
million), while EBT adjusted amounted to EUR 16.7 million (2010: EUR 12.8
million).
The financial result improved by 30.2% to EUR -34.7 million. This was
primarily due to the repayment of the bank loans as a result of increased
sales. Pure interest expenses for bank loans plus expenses from interest
hedges dropped from EUR -48.3 million in 2010 to EUR -38.9 million.
Indebtedness continues to fall, equity ratio improves
Bank liabilities fell by EUR 148.0 million or 17.6% to EUR 693.4 million.
At the year-end, the group's equity ratio of 28.1% achieved the target
range of 25-30% (December 31, 2010: 24.3%). At the end of 2011, 84.0% of
bank liabilities were interest-hedged; the hedged interest rate was 4.00%.
Financing costs (interest rate plus margin) amounted to 4.92%.
Appropriation of net profits
The Managing Board and Supervisory Board will submit a proposal to the
Annual General Meeting on June 20, 2012 that the net profit of PATRIZIA
Immobilien AG for 2011 be entirely carried forward to a new account. New
shares should be issued under a capital increase from retained earnings,
with shareholders having an entitlement in a ratio of 10 to 1. The new
shares will carry dividend rights from the beginning of the 2012 fiscal
year.
Outlook for 2012
Out of our own stock we would again like to sell around 1,800 apartments in
2012. As regards the two sales channels, residential property resale should
account for around 800 units and block sales for around 1,000 units,
although there may be some internal shifts. The two asset management
companies should invest a further total of EUR 500 - 700 million, and the
entire service sector should account for around 40% of the operating
profit. In terms of operating result, the key growth driver will be the
acquisition of LBBW Immobilien GmbH by the consortium headed by PATRIZIA:
In addition to the one-off purchase fee, we expect asset management fees of
around EUR 4.5 million for the 2012 fiscal year.
Provided we achieve our planned purchasing and sales targets we expect to
increase operating profit by around 20% in 2012.
The full annual report for the 2011 fiscal year can be viewed at
http://www.patrizia.ag/en/investor-relations/reports/annual-reports.html.
Augsburg, March 28, 2012
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg (Germany)
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
Verena Schopp de Alvarenga
Tel.: +49 (0) 821 5 09 10-351
Fax: +49 (0) 821 5 09 10-399
investor.relations(at)patrizia.ag
Press
Andreas Menke
Tel.: +49 (0) 821 5 09 10-655
Fax: +49 (0) 821 5 09 10-695
presse(at)patrizia.ag
End of Corporate News
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28.03.2012 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,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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(at)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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