DGAP-News: PATRIZIA Immobilien AG: PATRIZIA - Results forecast achieved, operating result of EUR 43.9 million includes realized value adjustments to investment property for the first time
(firmenpresse) - DGAP-News: PATRIZIA Immobilien AG / Key word(s): Final Results/Real
Estate
PATRIZIA Immobilien AG: PATRIZIA - Results forecast achieved,
operating result of EUR 43.9 million includes realized value
adjustments to investment property for the first time
21.03.2013 / 07:00
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PATRIZIA - Results forecast achieved, operating result of EUR 43.9 million
includes realized value adjustments to investment property for the first
time
- EBT adjusted of EUR 20.3 million meets forecast growth of 20%
- Operating result totals EUR 43.9 million after taking realized fair
value adjustments to investment property of EUR 23.6 million into
account
- Equity ratio climbs by 7 percentage points to 35.4%
- Bank loans again decrease by 25% to EUR 521 million
- Shareholders once more share in profits with bonus shares in allocation
ratio of 10:1
- Results forecast for 2013 will be specified with report on first
quarter
Augsburg, March 21, 2013. PATRIZIA Immobilien AG (ISIN DE000PAT1AG)
achieved EBT adjusted, not yet revised to take account of non-cash effects,
of EUR 20.3 million in the past fiscal year and thus met its forecast of a
20% increase (previous year: EUR 16.7 million). When the cash-related fair
value adjustments realized through sales of investment property are
included in the operating result, there was a significant increase in
profits from EUR 28.8 million to the current level of EUR 43.9 million
(+52.6%). When looking at the sources, 51% of earnings across all segments
in 2012 came from services (2011: 34%). Our aim was a share attributable to
our service business of around 50%, which we thus achieved. Assets under
management reported growth of over 30% to EUR 6.9 billion at the end of
2012, of which around 90% are managed on behalf of third parties and almost
25% are located outside of Germany.
Decreased revenues despite higher sales volumes and growth in fund business
In 2012, consolidated revenues fell by 14.8% to EUR 229.2 million (2011:
EUR 269.0 million). This was mainly due to the fact that 64% of the units
sold came from non-current assets and that the selling prices totaling EUR
178.3 million are, in accordance with IFRS, not reported in revenues (2011:
EUR 90.1 million). With EUR 67.3 million, the Services segment, where sales
are inherently lower but margins higher, now accounts for 29.4% of
consolidated revenues. Revenue volumes at PATRIZIA no longer allow fiscal
years to be compared with each other in a meaningful way.
Investment results show the success of our co-investments
Consolidated earnings before interest and tax (EBIT) in the reporting year
fell by 18.1% to EUR 44.7 million (2011: EUR 54.6 million). Increased staff
and material costs resulted in subdued earnings growth. PATRIZIA generated
investment income from co-investments totaling EUR 7.0 million (2011: TEUR
5). The result was influenced to a large extent by the LBBW transaction.
The investment results and the improved financial result led to earnings
before tax (EBT) increasing by 43.8% to EUR 28.6 million. The financial
result improved by one third to EUR -23.1 million (2011: EUR -34.7
million).
Earnings situation significantly improved
The reconciliation of EBT in accordance with IFRS to EBT adjusted was
previously effected exclusively via an adjustment to non-cash-related
components of the results. Beginning with the consolidated financial
statements for 2012, we have started to include the fair value - and
therefore cash-related - changes in investment property that are realized
through sales in EBT adjusted. Explanation:
Approximately half of the real estate portfolios purchased in 2006/2007
following our stock exchange listing was classified as investment property
in accordance with IFRS and as such reported at fair value in accordance
with external valuation. The revaluations totaling EUR 69.5 million
performed in 2007 were eliminated from the presentation of EBT adjusted for
2007, which at the time contributed to a negative EBT adjusted value of EUR
-12.4 million.
Following the completion of repositioning measures, PATRIZIA has generated
appreciable sales revenues from investment property since 2011. As these
sales revenues almost doubled in 2012 and, at EUR 178.3 million, for the
first time exceeded sales revenues from current assets (EUR 106.2 million),
PATRIZIA has now started to report the fair value adjustments that result
from this in the operating result. In 2012 value adjustments totaling EUR
23.6 million were realized through sales (2011: EUR 12.0 million, +95.7%),
which increased the operating result from EUR 20.3 million to EUR 43.9
million. The operating result derived in this way climbed by 52.6% over the
previous year and will replace EBT adjusted reported previously as the
control variable in the Group.
Net profit increases by 88.7%
In accordance with IFRS, PATRIZIA achieved a net profit for the year of EUR
25.5 million, following EUR 13.5 million in the previous year. PATRIZIA
also benefited here from a lower tax quota.
Level of debt reduced, equity ratio increases
Bank loans were reduced by 24.9% to EUR 521.1 million as a result of
successful sales of real estate. In turn, cash and cash equivalents
improved by 19.8% to EUR 38.1 million. PATRIZIA thus has a stable base with
which to enter into further co-investments. The equity ratio increased by 7
percentage points to 35.4% and thus clearly exceeded the target of 30%. The
return on equity (in relation to the operating result) amounted to 13.0%.
Appropriation of net profits
The Managing Board and Supervisory Board will submit a proposal to the
Annual General Meeting on June 12, 2013 that the net profit of PATRIZIA
Immobilien AG for 2012 be entirely carried forward to a new account. As in
the previous year, it is planned to issue new shares 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 2013 fiscal year.
Outlook for 2013
The 2012 operating result totaling EUR 43.9 million provides the initial
basis and therefore the lower limit for the target to be achieved for the
current fiscal year. We will make a more precise forecast when we publish
the consolidated financial statements for the first quarter on May 7, 2013.
By then, decisions should have been taken on several projects that are
currently underway, allowing us definitively to assess their impact on the
operating result. Notwithstanding the actual figure decided upon, at least
two-thirds of the result should come from Services.
The full annual report for the 2012 fiscal year can be viewed at
www.patrizia.ag/en/investor-relations/reports/annual-reports.html
Augsburg, March 21, 2013
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
P +49 821 50910-369
F +49 821 50910-399
margit.miller(at)patrizia.ag
Verena Schopp de Alvarenga
P +49 821 50910-351
F +49 821 50910-399
verena.schoppdealvarenga(at)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(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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Datum: 21.03.2013 - 07:00 Uhr
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