DGAP-News: PATRIZIA Immobilien AG: PATRIZIA meets forecast, increasing operating pre-tax earnings from EUR 0.8 million to EUR 2.4 million
(firmenpresse) - PATRIZIA Immobilien AG / Final Results/Forecast
25.03.2010 07:07
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PATRIZIA meets forecast, increasing operating pre-tax earnings from EUR 0.8
million to EUR 2.4 million
- Residential Property Resale up 38% to 657 units; block sales at 289
units remain below previous year's level (722 units)
- Recognition of amounts confirmed for real estate portfolios
- EBT under IFRS of EUR -8.0 million negatively impacted by market
valuation of interest rate hedges in the amount of EUR -10.4 million.
- Operating EBT adjusted (adjusted for measurement effects of interest
hedges) improves from EUR 0.8 million to EUR 2.4 million
Augsburg, March 25, 2010. PATRIZIA Immobilien AG (ISIN DE000PAT1AG) has met
its forecast for 2009 and generated positive operating earnings of EUR 2.4
million.
Revenues improved by 13.4% to EUR 250.9 million. This was due in particular
to higher revenues from real estate sales: The sale of 657 units in
Residential Property Resale (previous year: 476) generated in revenues of
EUR 99.0 million (previous year: EUR 73.9 million); in Asset Repositioning
revenues of EUR 49.0 million (previous year: EUR 40.6 million) were
generated from the sale of 263 units. Growth in the Services segment
contributed EUR 10.5 million to revenues (+68%). This was offset by lower
rental income of EUR 70.1 million, which was 3.9% lower than the previous
year (EUR 73.0 million) due to the continued sale of rented property.
Proceeds from the sale of investment property were significantly below the
prior year's levels at EUR 0.4 million (2008: EUR 21.7 million), as only a
block sale of 26 units from non-current assets was completed in 2009. The
initial consolidation of our former joint venture in Project Development
contributed to other operating income. In all, total operating performance
was EUR 159.3 million, EUR 12.3 million lower than 2008.
In the wake of reduced real estate portfolios, cost of materials dropped by
7.6% to EUR 60.9 million. Of this, EUR 21.4 million were capitalizable
costs, for instance for modernization measures. After deducting all expense
items, EBIT calculated in accordance with IFRSs dropped from EUR 64.1
million to EUR 56.1 million (-12.4%).
The financial result improved by 33.6% to EUR -64.1 million. This is
primarily due to the market valuation of interest rate hedges, which had a
negative impact of EUR -10.4 million in 2009. In 2008, this valuation
effect had been EUR -32.8 million. Pure interest expenses for bank loans
plus expenses from interest hedges dropped from EUR 72.5 million in 2008 to
EUR 60.1 million. After deduction of the financial result, PATRIZIA
generated earnings before taxes (EBT) in accordance with IFRSs of EUR -8.0
million - a significant improvement over the previous year (EUR -32.4
million). After tax, there was a consolidated net loss for the year of EUR
-9.5 million (previous year: EUR -34.1 million).
To portray the operating earnings power of PATRIZIA, we use EBT adjusted.
We adjust EBT under IFRS (EUR -8.0 million) by the non-cash effect of the
market valuation of the interest rate hedges (EUR -10.4 million). After
eliminating this negative effect, EBT adjusted was EUR 2.4 million, for an
improvement of EUR 1.6 million compared with the previous year's slightly
positive value.
The Group's bank loans were reduced in 2009 by 7.9%, or by EUR 91.5
million, to EUR 1,070 million. The repayments and renewals due this year
for some EUR 171.7 million are not excessive and therefore do not pose a
financial obstacle for PATRIZIA, especially since there were no value
adjustments to our portfolio in 2009. The Group's equity ratio was 20.0% as
of the balance sheet date.
Taking into account current equity requirements for the issue of new loans,
and the efforts to reinforce the equity situation in general, the Managing
Board and Supervisory Board will propose to the Annual General Meeting on
June 23, 2010 that the net profit of PATRIZIA Immobilien AG for 2009 be
entirely carried forward.
2010 outlook
As the financial and economic crisis subsides, the transaction market for
real estate should continue to grow. The first weeks of the year have shown
that in Residential Property Resale, the trend toward home ownership
continues. We are also beginning to see the green shoots of recovery for
the transaction market in smaller portfolios. We intend to conclude the
current financial year with a noticeable improvement in results over 2009.
The complete annual report for 2009 is available at www.patrizia.ag
Augsburg (Germany) - March 25, 2010
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
Margit Miller
Tel.: +49 / 821 / 5 09 10-369
Fax: +49 / 821 / 5 09 10-399
investor.relations(at)patrizia.ag
Press
Andreas Menke
Tel.: +49/ 821 / 5 09 10-655
Fax: +49 / 821 / 5 09 10-695
presse(at)patrizia.ag
25.03.2010 07:07 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.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(at)patrizia.ag
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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Datum: 25.03.2010 - 07:07 Uhr
Sprache: Deutsch
News-ID 18022
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