07.11.2013
PATRIZIA Immobilien AG DE000PAT1AG3
DGAP-News: PATRIZIA Immobilien AG: PATRIZIA stands by its operating result target
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Quarter
Results/Forecast
PATRIZIA Immobilien AG: PATRIZIA stands by its operating result target
07.11.2013 / 07:00
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- Operating result of EUR 18.7 million after 9 months
- Weak third quarter of 2013 ends with EUR 0.5 million
- Portfolio acquisitions offset losses for individual transactions
- Prospect of additional new business
Augsburg, 7 November 2013. After the first three quarters, PATRIZIA
Immobilien AG (ISIN DE000PAT1AG3) has posted an operating result of EUR
18.7 million, of which only EUR 0.5 million is attributable to the third
quarter. Although only 40% of the operating result target set in May had
been achieved by 30 September, the Managing Board believes the forecast can
still be met. The main contributory factor here will be the acquisition
fees for portfolio purchases made but where the fees will not be received
until the deals are closed in the fourth quarter. The segment Management
Services (revenues from co-investments and business with third parties)
already accounts for 72% of the operating result. As at 30 September,
assets under management amounted to EUR 10.7 billion.
In the first nine months of 2013, consolidated revenues decreased slightly
by 4.4% to EUR 155.4 million. A major reason for the fall was the sale of
an increasing volume of real estate that is reported as non-current assets
and not included in revenues. Total sales revenues rose by 2.4% to EUR
163.4 million (first nine months of 2012: EUR 159.6 million). This was
accompanied by an improvement in sales figures from own investments, with a
rise of almost 25% to 1,200 residential units. A further amount of EUR 55.5
million was generated by the Services segment (first nine months of 2012:
EUR 45.6 million, +21.6%), including EUR 26.7 million from co-investments
and EUR 28.8 million from service business with third parties.
The expansion of Management Services through the establishment of new
co-investments is reflected in the investment result, which is assigned to
the financial result. After nine months, earnings from investments had
increased to EUR 15.8 million (first nine months of 2012: EUR 5.4 million).
Besides income from the Süddeutsches Wohnen GmbH co-investment, this item
also includes the asset management fee for GBW AG, which was acquired in
April. WohnModul I produced a result from participations valued at equity
of EUR 0.6 million. Combined with a significant improvement in the
financial result, this led to a 22.5% rise in EBT to EUR 20.0 million
(first nine months of 2012: EUR 16.3 million). After all adjustments there
was an operating result of EUR 18.7 million, following EUR 26.1 million in
the previous year (-28.4%). In the first nine months, the profit for the
period rose by 67.7% to EUR 19.7 million (first nine months of 2012: EUR
11.7 million) and was favourably influenced by a tax refund in the third
quarter.
Bank loans fell by almost one third (-30.3%) or EUR 157.3 million to EUR
363.7 million compared with the end of 2012. Cash and cash equivalents more
than doubled to EUR 79.5 million (31 December 2012: EUR 38.1 million). In
the third quarter of 2013 the second tranche of EUR 3.2 million relating to
the investment in GBW AG was invested. Overall, PATRIZIA invested EUR 23.1
million in co-investments in the third quarter. The Group's equity ratio
improved further to 39.7% (31 December 2012: 35.4%).
New co-investments and mandates
In July, the Deikon portfolio comprising 86 German retail properties for
EUR 178 million was notarised in a co-investment structure, with closing of
the deal expected in November 2013. The second British co-investment,
Winnersh Holdings LP, amounting to EUR 285 million was completed in July
2013. The deal for the Hessen portfolio amounting to EUR 0.8 billion will
also be closed in 2013.
Outlook for 2013
PATRIZIA's Managing Board still does not see any reason to adjust the
results forecast for 2013 and still expects to end the financial year with
an operating result of at least EUR 47 million. This is because PATRIZIA is
currently engaged in promising negotiations to complete a further portfolio
acquisition by the end of the year. If this transaction is secured - and
the signs are currently very promising - the acquisition fee will mean the
forecast will be achieved.
The other financial targets, which include reducing debts to EUR 350
million (with around EUR 270 million in bank loans and just under EUR 80
million in two bonds), are linked to achievement of the operating result
target. The current equity ratio of 39.7% will also have achieved the
target of 45.0% by the end of the year. In terms of operating business,
notarial deeds indicate that the company will sell more than its 2013
target of 1,800 residential units.
The full quarterly report for the first three quarters of 2013 can be
viewed at
www.patrizia.ag/en/investor-relations/reports/quarterly-reports/2013.html.
The Managing Board
Augsburg, 7 November 2013
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstraße 26
86150 Augsburg (Germany)
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
WKN: PAT1AG
Contact
Investor Relations
Verena Schopp de Alvarenga
T +49 821 50910-351
F +49 821 50910-399
[email protected]
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: [email protected]
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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