PATRIZIA Immobilien AG / Interim Report/Quarter Results
10.11.2009
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PATRIZIA Immobilien AG posts clear increase in property resale business and
confirms outlook for 2009
- Third quarter of 2009 closes with a return to a positive operating
result of EUR 4.4 million
- Property resale figures for previous year almost matched after only
nine months
- Initial two small-scale block sales realized
- Positive operating result also confirmed for the year as a whole
Augsburg, November 10, 2009. After nine months, PATRIZIA Immobilien AG
(ISIN DE000PAT1AG3) has almost matched the property resale figures of the
previous year with 473 sold apartments (2008: 476 units).Of these, 216
units alone were sold in the third quarter of 2009 - an increase of 47 %
compared with the second quarter of the current fiscal year. Two initial
small-scale block sales of 33 and 36 units confirm our confidence that the
transaction business with institutional investors will improve to the end
of the year.
Higher sales figures also increased revenues from EUR 41.4 million in the
third quarter of 2008 to a current EUR 62.1 million. Both rents at an
average EUR 7.75/sqm, as well as sales prices at EUR 2,341/sqm, remain
stable at a high level. Revenues for the first nine months amount to EUR
154.7 million (+10.7 %). Lower block sales (Q3 2008: 357 units) are only
noticeable in the key income figures, as the sale of investment property in
the previous year was not included in revenues but as income from the sale
of investment property in the Group's total operating performance.
Alongside this, the Services segment showed very encouraging growth with a
revenue contribution of around 5 %, and confirms our strategy of
successively further expanding this segment.
In the third quarter, PATRIZIA achieved a slightly positive IFRS pre-tax
result of EUR 0.1 million. However, it must be taken into account that the
fair value measurement of the interest rate hedging instruments negatively
impacted the profit by EUR 4.3 million. Adjusted for this effect not
impacting liquidity, EBT (adjusted) of EUR 4.4 million resulted for Q3 2009
- the first positive operating three-month result in the current fiscal
year. However, this profit cannot fully compensate for the operating losses
of the first two quarters totaling EUR -7.2 million, meaning that viewed
over the first nine months of 2009, pre-tax profit remains negative at an
adjusted EUR -2.8 million. We expect that the earnings
contribution of the last quarter of 2009 will cover the outstanding loss,
and we therefore continue to anticipate a positive operating result for
2009 as a whole.
The fair value measurement of interest rate hedges not impacting liquidity
was recorded at a total of EUR -12.6 million in the first three quarters of
2009. After taking taxes into account, this results in a net loss in
accordance with IFRS for the period from January to September of EUR -16.0
million, and for Q3 2009 of EUR -2.2 million.
In the course of sell-offs, we increased the repayment of our loan. Since
the end of 2008, we lowered the level of bank loans by EUR 78.8 million, or
6.8 %, to EUR 1,083 million. We want to increase the Group's equity ratio,
unchanged at 19.2 % in the third quarter 2009, to at least 25 %.
The complete interim report for the third quarter of 2009 can be found at
www.patrizia.ag.
Management Board
Augsburg (Germany), November 10, 2009
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact
Investor Relations
Claudia Kellert
Tel: +49 / 821 / 5 09 10-3 60
Fax: +49 / 821 / 5 09 10-3 99
investor.relations@patrizia.ag
Press
Andreas Menke
Tel: +49 / 821 / 5 09 10-6 55
Fax: +49 / 821 / 5 09 10-6 95
presse@patrizia.ag
10.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: PATRIZIA Immobilien AG
FuggerstraÃe 26
86150 Augsburg
Deutschland
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@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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DGAP-News: PATRIZIA Immobilien AG: PATRIZIA posts clear increase in property resale business and confirms outlook for 2009
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