12.11.2015
PATRIZIA Immobilien AG DE000PAT1AG3
DGAP-News: PATRIZIA Immobilien AG: Forecast raised further
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Quarter
Results/Forecast
PATRIZIA Immobilien AG: Forecast raised further
12.11.2015 / 07:00
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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]
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News Service
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412055 12.11.2015
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