DGAP-News: PATRIZIA Immobilien AG / Key word(s): Quarter Results/Forecast PATRIZIA Immobilien AG: Forecast raised further 12.11.2015 / 07:00 --------------------------------------------------------------------- Growth trend speaks for itself PATRIZIA: Forecast raised further - Strong operating result of EUR 115.3 million for the first nine months - Assets under management total EUR 16 billion - More precise figure of EUR 145-160 million announced for 2015 - Similar magnitude forecast for 2016 Augsburg, 12 November 2015. PATRIZIA Immobilien AG ended the third quarter of 2015 with the best operating result in its history of EUR 98.5 million (Q3 2014: EUR 4.9 million). After nine months, the company had achieved an operating result of EUR 115.3 million (9M 2014: EUR 26.3 million, +338%). At EUR 109.8 million, earnings from participations made the largest contribution. The sale of the Süddeutsche Wohnen Group (SÜDEWO) was a major factor behind this significant jump in results. The first and main tranche of the contribution to results of EUR 96.5 million from the sale was posted in the third quarter and is composed of the performance-based payment of EUR 85.4 million and the returns on the equity share of EUR 11.1 million. A second tranche of EUR 19.7 million is still pending for the final quarter. After 9 months, EBT (IFRS) rose from EUR 15.5 million in the previous year to EUR 109.6 million. In the first nine months, the profit for the period rose to EUR 92.4 million (first nine months of 2014: EUR 14.9 million). Since the second quarter of 2015, the balance sheet has been influenced by the temporary recognition of the bridge investments in the company's own books and the associated external financing. In a quarterly comparison for 2015, the equity ratio improved from 28% to 31% as at 30 September 2015. Bank loans reduced slightly to EUR 880 million. Assets under management Assets under management fell following the sale of SÜDEWO and amounted to EUR 16 billion as at 30 September. Property assets managed by PATRIZIA are expected to increase by EUR 2 billion net by year end, to a target of EUR 16.6 billion. The total transaction volume for the first nine months was EUR 5.2 billion, including real estate purchases of EUR 3.2 billion and real estate sales of EUR 2.0 billion. Following the establishment of a new subsidiary for pan-European business with logistics facilities and the acquisition of a team of logistics experts, PATRIZIA can now also offer its clients investment opportunities throughout Europe in the increasingly important market of logistics facilities. PATRIZIA has also made further acquisitions during the current fourth quarter. In the Netherlands, for example, it acquired a premium retail portfolio of EUR 340 million for the special real estate fund "PATRIZIA Dutch High Street Fund 1". PATRIZIA GrundInvest KVG made acquisitions of EUR 128 million. The properties will be incorporated into real estate funds for private investors, which will launch in 2016. Outlook For 2015 overall, PATRIZIA's Managing Board forecasts an operating result of EUR 145-160 million. The forecast includes the first property sale from the "Manchester First Street" bridge investment, which is expected to be completed by the end of the year. In contrast, no sales proceeds are expected from the "Harald" bridge investment in the final quarter. Provided that the full sale (recognised in profit/loss) of the two bridge investments is completed in the coming year, PATRIZIA's Managing Board is forecasting an operating result of a similar magnitude for 2016. The current size of PATRIZIA's portfolio provides a stable foundation for the planned two-year result. The full quarterly report for the first nine months of 2015 can be viewed at www.patrizia.ag/en/investor-relations/financial-reports/quarterly-reports Summary of the key items in the income statement EUR '000 3rd 3rd 9 months 9 months 2014 quarter quarter 2015 2014 2015 2014 01.07. - 01.07. - 01.01. - 01.01. - 01.01. - 30.09.2015 30.09.2014 30.09.2015 30.09.2014 31.12.2014 Revenues 134,760 53,462 237,567 138,111 291,815 Total operating 67,455 46,485 163,368 145,684 205,468 performance EBITDA 6,707 -1,302 12,405 11,451 13,642 EBIT 4,816 -3,094 7,045 6,392 6,702 EBT 97,979 297 109,627 15,487 41,998 Operating 98,504 4,883 115,315 26,333 50,210 result1 Profit for the 82,225 -421 92,372 14,890 35,020 period 1 Adjusted for amortisation on other intangible assets (fund management contracts), unrealised value adjustments to investment property (affects only the entire year 2014) and non-cash effects from interest rate and currency hedging transactions. Realised changes in the value of investment property have been added. PATRIZIA Immobilien AG: With 800 employees in more than ten countries, PATRIZIA Immobilien AG has been active on the real-estate market as an investor and service provider for more than 30 years. PATRIZIA's range includes the purchase, management, value increase and sale of residential and commercial real estate over own licensed investment platforms. As a recognised business partner of large institutional investors and private investors, the Company operates in all major European countries and covers the entire value. At present, the Company manages real estate assets worth EUR 16 billion, primarily as a co-investor and portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit www.patrizia.ag. The Managing Board 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 T +49 821 50910-369 [email protected] Verena Schopp de Alvarenga T +49 821 50910-351 [email protected] --------------------------------------------------------------------- 12.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart End of News DGAP News Service --------------------------------------------------------------------- 412055 12.11.2015