DGAP-News: PATRIZIA Immobilien AG: PATRIZIA Immobilien AG has begun the fiscal year 2011 as anticipated
(firmenpresse) - DGAP-News: PATRIZIA Immobilien AG / Key word(s): Quarter
Results/Forecast
PATRIZIA Immobilien AG: PATRIZIA Immobilien AG has begun the fiscal
year 2011 as anticipated
11.05.2011 / 07:13
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PATRIZIA Immobilien AG has begun the fiscal year 2011 as anticipated
- Operating result (adjusted EBT) of EUR 0.6 million
- Integration of LB Immo Invest GmbH completed
- Strengthening of the equity ratio to 25.1 %
- Outlook confirmed: operating profit of EUR 16-17 million for 2011
Augsburg, May 11, 2011. In the first three months of 2011, PATRIZIA
Immobilien AG (ISIN DE000PAT1AG3) sold a total of 195 units, with an
average price per square meter of EUR 2,044 (Q1 2010: 183 units). In the
field of residential property resale, it was not possible to match the very
good figures of the same quarter of last year: with 132 units, the figure
fell below the level of sales for individual units in the first quarter of
2010 by 27.9 %. At EUR 2,260/sqm, the average sale price lay between the
level of the final quarter of 2010 (EUR 2,169/sqm) and that of the whole of
2010 (EUR 2,370/sqm). The first block sales were recognized in income, with
63 units sold at EUR 1,597/sqm (Q1 2010: no block sales, whole of 2010: EUR
1,625/sqm). Prices are strongly influenced by the regional composition of
the sales: the share of units sold in Munich fell to 38 % (2010: 77 %),
while the proportion in Hamburg rose to 38 % (2010: 23 %) because of the
two block sales. Across the whole portfolio, the average monthly rent per
square meter was EUR 7.99 (December 31, 2010: EUR 7.67/sqm) - an
improvement of 4.2 %.
Revenues in the first three months dropped by 7.7 % to EUR 50.6 million (Q1
2010: EUR 54.8 million), in particular because of the lower income from
sales (-10.6 %). The EBIT fell by 15.4 % to EUR 11.7 million (Q1 2010: EUR
13.9 million). By contrast, the earnings before tax (EBT) under IFRS rose
strongly from EUR -5.1 million in the same quarter of last year to EUR 12.2
million now. The reason for this is the market valuation of the interest
rate hedges, which amounted to EUR 12.1 million and was responsible for the
positive financial result. The cash financial result remained slightly
below last year's level at EUR -11.6 million (Q1 2010: EUR -11.7 million).
The rental income (EUR 14.4 million) exceeded the cash financial result by
23.6 %. PATRIZIA ended the first quarter of 2011 with a surplus for the
period of EUR 9.8 million, while the same quarter of last year resulted in
a loss of EUR -4.6 million.
After adjustment, the operating result (adjusted EBT) was EUR 0.6 million
and was below the figure for the same quarter of last year of EUR 2.1
million. In order to arrive at this operating result, the non-cash items
are omitted. These comprised, on the one hand, the market valuation of the
interest hedging instruments (EUR 12.1 million) and on the other, the
amortization of the fund management contracts under other intangible
assets, which came about as a result of the acquisition of LB Immo Invest
GmbH (EUR -0.5 million).
The equity ratio improved to 25.1 %, thereby reaching the lower limit of
the target. Despite new finance, bank loans fell slightly to EUR 834.8
million (-0.8 %), of which approximately 58 % are long-term loans.
Despite the weak first quarter in comparison to the previous year,the
Managing Board confirmed its forecast for the whole of 2011 of adjusted
pre-tax result (adjusted EBT) of EUR 16-17 million.
Current forecasts do not anticipate that business will pick up
significantly until the second half of the year. In the area of residential
property resale, the properties put on the market for the first time since
the beginning of the year will probably have an effect on income in the
third and fourth quarters. As far as block sales are concerned, the first
three months of 2011 should not be regarded as representative for the whole
year either. In the area of residential and commercial funds, the capital
promised by the fund investors will be invested over the coming months. In
particular, LB Immo Invest can now concentrate fully on new business,
following the change in ownership and successful integration into the
group.
In order to continue with the ongoing improvement of its financial
structure, PATRIZIA intends to reduce its loans by approximately EUR 230
million by the end of the year, although the repayments from real estate
sales have already been offset against new finance for purchases.
The full Interim Report for the first quarter of 2011 can be seen at
www.patrizia.ag/en/investor-relations/berichte/quartalsberichte.html
Augsburg, May 11, 2011
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstraße 26
86150 Augsburg
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact
Investor Relations
Margit Miller
Tel: +49 (0) 821 5 09 10-369
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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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
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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123951 11.05.2011
Datum: 11.05.2011 - 07:13 Uhr
Sprache: Deutsch
News-ID 34019
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