DGAP-Ad-hoc: PATRIZIA Immobilien AG boosts consolidated revenues to EUR 237.6 million and consolidated net income to EUR 32.4 million
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has met the growth targets it set itself for fiscal 2006. Group-wide sales rose to EUR 237.6 million, a year-on-year gain of 138.8%.
This significant jump is attributable primarily to increased revenues from the sale of residential property. In fiscal 2006, about 2,250 apartments were sold for a total of EUR 211.0 million (previous year: about 650 apartments/EUR 72.8
EBIT was up from EUR 25.5 million in 2005 to EUR 51.3 million in the fiscal year just ended, an increase of 101.1%. The financial result improved from minus EUR 5.4 million to minus EUR 4.1 million in fiscal 2006. Higher interest income from the temporary investment of cash receipts from the IPO was the main factor in this improvement.
Driven by sales growth, earnings before tax – one of the Group's most important anagement metric – surged 135.2% to EUR 47.2 million. Taxes on income totalled EUR 14.8 million for the year as a whole, equivalent to an average tax rate of 31.4% (against 17.1% in the previous year). In fiscal 2006, the Group thus generated net income of EUR 32.4 million, up from EUR
16.6 million a year earlier.
Total Group assets climbed EUR 147.3 million to EUR 374.7 million during the past fiscal year. On the assets side, inventories rose from EUR 189.5 million in 2005 to EUR 228.4 million. Cash in hand and balances in bank accounts totalled EUR 83.2 million at December 31, 2006. Some of these liquid funds are being kept in reserve to pay purchase prices due in the first quarter of 2007 for portfolios that were notarised in November and December 2006.
PATRIZIA is targeting further growth. At the same time, it is extremely important to the company's governing bodies that shareholders be allowed to participate directly in PATRIZIA's successful performance. Accordingly, the Managing Board and Supervisory Board have decided to propose to the Annual General Meeting on June 13, 2007 that about 24% of consolidated net income be used to pay a dividend. The dividend amount would thus be EUR 7,819,500, or EUR 0.15 per share.
In fiscal 2007, we expect both the Investments and Services segments to continue to grow. Last fiscal, we set ourselves the goal of doubling our operating earnings. We actually exceeded this target, increasing earnings before tax by 135.2% to EUR 47.2 million. Now, we have again set ourselves ambitious growth targets for the fiscal years ahead. For fiscal 2007, we aim to increase net income by nearly 50% year on year. Looking at our business as a whole, we are confident that we have created conditions that will allow us to meet our growth targets, assisted by strict cost discipline and subject to due provision for risk allocation. Our goal is to grow consistently and sustainably, and to further increase the value of the company. In light of current projections, the state of the economy and internal steps already taken by PATRIZIA, we believe that the positive development experienced in fiscal 2006 will continue through 2007.
The complete annual report for fiscal 2006 is available for download here.
The Managing Board
Augsburg, March 21, 2007
PATRIZIA Immobilien AG
Listing: Frankfurt Official Market (Prime Standard)
|Phone:||+49 (0) 821 5 09 10-360|
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|Issuer:||PATRIZIA Immobilien AG|
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