DGAP-Ad-hoc: PATRIZIA Immobilien AG meets its forecast with consolidated net profit of EUR 48 million
In the 2007 fiscal year, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) achieved the consolidated net profit forecast of 48.0 MEUR, thus generating an increase over the previous year (2006: 32.4 MEUR) of 48.3 %.
Revenues declined by around 18.7 % from 237.6 MEUR to 193.3 MEUR due to lower resale figures in Residential Property Resale and unrealized block sales. 64.5 MEUR, or 33.4 %, of this resulted from the property resale of 487 units (previous year: 152.2 MEUR). By contrast, the broad extension of the real estate portfolio led to rental income rising year-on-year by
around 386 % to 62.5 MEUR, thus contributing to 32 % of the Group’s revenues.
The earnings from the resale of residential units are therefore below our expectations. Conversely, under consideration of the difficult market environment, the real estate purchases were pleasing with a total of 2,166 notarized units.
The key earnings figures have risen in comparison with the previous year, since write-ups on parts of the portfolio amounting to 69.5 MEUR that were recognized during 2007 have taken effect. EBIT climbed 116.6 % to 111.0 MEUR (previous year: 51.3 MEUR) and EBT rose 33.8 % to 63.2 MEUR (previous year: 47.2 MEUR). After taking income taxes into account, consolidated net profit stands at 48.0 MEUR.
To strengthen the Company’s equity in the currently unpredictable market environment and with respect to the source of profit in 2007, the Managing and Supervisory Boards of PATRIZIA Immobilien AG will propose to the 2008 Annual General Meeting that the 2007 retained earnings be fully carried forward to new account.
PATRIZIA Immobilien AG’s total assets have more than quadrupled over the fiscal year to 1,643.2 MEUR. Inventories rose from 228.4 MEUR to 793.4 MEUR, while investment property amounted to 711.6 MEUR (previous year: 0 EUR). Overall, on the balance sheet date PATRIZIA held real estate with a carrying amount of 1,525.2 MEUR (previous year: 228.4 MEUR).
Of our current bank liabilities of 1,262.0 MEUR reported as at December 31, 2007, 48.1 % or 606.4 MEUR are due in more than one year. Interest rate hedges have been entered into for around 82 % of existing bank liabilities. As a result of the effects of the continuing US mortgage crisis on the German real estate market and given constant market conditions, we expect consolidated profit before income taxes for 2008 of between 25 MEUR and 30
MEUR. This forecast purely includes the earnings from rental income, the resale of real estate portfolios and service fees from the Service segment; possible effects of the revaluation of the real estate portfolios or from interest rate hedges were not taken into account.
In addition to Residential Property Resale, we also further developed the other high-return business segments – Asset Repositioning, Project Development and Investment Management – in fiscal year 2007. It is our aim to generate continuous income for PATRIZIA in the Services segment. We laid the foundations for this in the 2007 fiscal year. By setting up two open-ended real estate funds for institutional investors and by establishing our co-investment with two international pension funds, we offer tailored solutions for investors. Due to our high-quality real estate portfolios in attractive locations throughout Germany, our wide-ranging knowledge of real estate, our track record, and our experienced investment
and asset management, we believe we are well positioned beyond the current fiscal year.
The complete Annual Report for the 2007 fiscal year can be found here.
Augsburg (Germany) – April 2, 2008
PATRIZIA Immobilien AG
Listing: Frankfurt Official Market (Prime Standard)
|Phone:||+49 (0) 821 5 09 10-360|
|Fax:||+49 (0) 821 5 09 10-399|
|Phone:||+49 (0) 821 5 09 10-655|
|Fax:||+49 (0) 821 5 09 10-695|
Finanznachrichten übermittelt durch die DGAP
|Issuer:||PATRIZIA Immobilien AG|
|Phone:||+49 (0)821 - 509 10-000|
|Fax:||+49 (0)821 - 509 10-999|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Hamburg, Düsseldorf, Stuttgart|
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