DGAP-News: PATRIZIA Immobilien AG: PATRIZIA ends the first half-year in line with expectations
(firmenpresse) - DGAP-News: PATRIZIA Immobilien AG / Key word(s): Half Year
Results/Interim Report
PATRIZIA Immobilien AG: PATRIZIA ends the first half-year in line with
expectations
10.08.2011 / 07:13
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PATRIZIA ends the first half-year in line with expectations
- Residential property resales increase: 161 units sold, 22% up on the
first quarter of 2011
- Operating result (Adjusted EBT) of EUR 1.1 million for the first half
of 2011, of which EUR 0.5 million came in the second quarter
- Forecast confirmed: operating profit of EUR 16-17 million for 2011
Augsburg, August 10, 2011. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) ended
the first half of 2011 with an operating result of EUR 1.1 million. EUR 0.5
million of this was generated in the second quarter. The trend in the first
half-year was as expected, since a growth in business is not anticipated
until the second half of the year, as a result of new properties that have
been released for sale.
Sales of single residential units increased significantly in the second
quarter. With 161 units sold, the residential property resale segment
surpassed the first quarter (132 units) by 22%, but was 9% below the very
good performance in the same quarter of the previous year (second quarter
of 2010: 177 units). The selling price also increased slightly in the
course of the year to EUR 2,324/sqm. As far as block sales are concerned,
there have been no large volume transactions so far; in the first
half-year, several smaller transactions were completed, amounting to 132
units (first half of 2010: 297 units, -55.6%). With a total of 425
residential units sold, the first half of 2011 remained 35 % below the same
period of last year (657 units). The average monthly rent per square meter
remained stable at EUR 7.95.
In accordance with the lower sales figures, consolidated revenues fell by
30.4% to EUR 106.6 million (first half of 2010: EUR 153.1 million). EUR
61.7 million was made from property sales, while a further EUR 28.8 million
came from rental income and the two asset management companies generated
revenues of EUR 8.2 million.
The market value adjustment of the interest rate hedges had a positive
effect (EUR 10.6 million) on the finance result of EUR -11.1 million. In
the second quarter alone, this effect was negative, amounting to EUR -1.4
million. The adjusted cash finance result improved by 10.7% and came to EUR
-21.7 million (first half of 2010: EUR -24.3 million). The financing costs
(interest and margin) are currently running at an average of 4.90%.
The EBIT in accordance with IFRS fell from EUR 29.3 million in the first
half of 2010 to EUR 21.8 million currently. By contrast, the pre-tax result
(EBT) under IFRS grew strongly from EUR -5.6 million to EUR 10.7 million,
as a result of the positive effect of the market value adjustment of the
interest rate hedges. A year-on-year comparison of quarters shows that, at
EUR -1.5 million, the figure was below that for the same quarter of last
year (second quarter of 2010: EUR -0.5 million). Adjusted for the non-cash
effects of the interest rate hedges (EUR 10.6 million) and for the
amortization of the fund administration contracts (EUR -1.0 million), which
are recorded as other intangible assets and which came about in the course
of the acquisition of PATRIZIA GewerbeInvest KAG mbH(formerly LB Immo
Invest GmbH), the operating result for the first six months of 2011 is EUR
1.1 million (first half of 2010: EUR 5.0 million, -79%).
As a result of the financing of new investments in residential property
resale and project development, bank loans increased slightly once again to
EUR 849.9 million (March 31, 2011: EUR 834.8 million), in contrast to the
trend of previous quarters. Cash and cash equivalents also fell again as a
consequence of the capital contribution for the new finance; as of June 30,
2011 they amounted to EUR 21.4 million (March 31, 2011: EUR 42.2 million).
The equity ratio of 24.7% could not quite be maintained at the level of the
previous quarter (March 31, 2011: 25.1%).
Outlook
As previously indicated in connection with the figures for the first
quarter of 2011, we are now expecting business to pick up significantly in
the second half of the year. The first half-year should therefore not be
regarded as representative for the whole year. We are seeing increased
activity in block sales, in particular. As far as residential property
resale is concerned, there are already signs of renewed growth in sales
figures: from the first to the second quarter, notarizations increased
considerably.
We can confirm our forecast of an adjusted pre-tax profit of EUR 16-17
million for the fiscal year 2011.
The full Interim Report for the first half of 2011 is available at
www.patrizia.ag/en/investor-relations/berichte/quartalsberichte.html
The Managing Board
Augsburg, August 10, 2011
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Stock Exchange, Official Market (Prime Standard)
ISIN: DE000PAT1AG3
WKN: 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 10-659
presse(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
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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135025 10.08.2011
Datum: 10.08.2011 - 07:13 Uhr
Sprache: Deutsch
News-ID 44284
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