DGAP-News: PATRIZIA Immobilien AG: PATRIZIA ends the first half-year in line with expectations

DGAP-News: PATRIZIA Immobilien AG / Key word(s: Half YearResults/Interim ReportPATRIZIA Immobilien AG: PATRIZIA ends the first half-year in line withexpectations

10.08.2011 / 07:13

PATRIZIA ends the first half-year in line with expectations

  - Residential property resales increase: 161 units sold, 22% up on the    first quarter of 2011

  - Operating result (Adjusted EBT of EUR 1.1 million for the first half    of 2011, of which EUR 0. 5 million came in the second quarter

  - Forecast confirmed: operating profit of EUR 16-17 million for 2011

Augsburg, August 10, 2011. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3 endedthe first half of 2011 with an operating result of EUR 1.1 million. EUR 0.5million of this was generated in the second quarter. The trend in the firsthalf-year was as expected, since a growth in business is not anticipateduntil the second half of the year, as a result of new properties that havebeen released for sale.

Sales of single residential units increased significantly in the secondquarter. With 161 units sold, the residential property resale segmentsurpassed the first quarter (132 units by 22%, but was 9% below the verygood performance in the same quarter of the previous year (second quarterof 2010: 177 units. The selling price also increased slightly in thecourse of the year to EUR 2,324/sqm. As far as block sales are concerned, there have been no large volume transactions so far; in the firsthalf-year, several smaller transactions were completed, amounting to 132units (first half of 2010: 297 units, -55.6%. With a total of 425residential units sold, the first half of 2011 remained 35 % below the sameperiod of last year (657 units. The average monthly rent per square meterremained stable at EUR 7.95.  In accordance with the lower sales figures, consolidated revenues fell by30.4% to EUR 106.6 million (first half of 2010: EUR 153.1 million. EUR61.7 million was made from property sales, while a further EUR 28.8 millioncame from rental income and the two asset management companies generatedrevenues of EUR 8.2 million.

The market value adjustment of the interest rate hedges had a positiveeffect (EUR 10. 6 million on the finance result of EUR -11.1 million. Inthe second quarter alone, this effect was negative, amounting to EUR -1.4million. The adjusted cash finance result improved by 10.7% and came to EUR-21.7 million (first half of 2010: EUR -24.3 million. The financing costs(interest and margin are currently running at an average of 4.90%.

The EBIT in accordance with IFRS fell from EUR 29.3 million in the firsthalf of 2010 to EUR 21.8 million currently. By contrast, the pre-tax result(EBT under IFRS grew strongly from EUR -5.6 million to EUR 10. 7 million, as a result of the positive effect of the market value adjustment of theinterest rate hedges. A year-on-year comparison of quarters shows that, atEUR -1.5 million, the figure was below that for the same quarter of lastyear (second quarter of 2010: EUR -0.5 million. Adjusted for the non-casheffects of the interest rate hedges (EUR 10.6 million and for theamortization of the fund administration contracts (EUR -1. 0 million, whichare recorded as other intangible assets and which came about in the courseof the acquisition of PATRIZIA GewerbeInvest KAG mbH (formerly LB ImmoInvest GmbH, the operating result for the first six months of 2011 is EUR1.1 million (first half of 2010: EUR 5.0 million, -79%.

As a result of the financing of new investments in residential propertyresale and project development, bank loans increased slightly once again toEUR 849.9 million (March 31, 2011: EUR 834.8 million, in contrast to thetrend of previous quarters. Cash and cash equivalents also fell again as aconsequence of the capital contribution for the new finance; as of June 30, 2011 they amounted to EUR 21.4 million (March 31, 2011: EUR 42.2 million.The equity ratio of 24.7% could not quite be maintained at the level of theprevious quarter (March 31, 2011: 25.1%.

Outlook As previously indicated in connection with the figures for the firstquarter of 2011, we are now expecting business to pick up significantly inthe second half of the year. The first half-year should therefore not beregarded as representative for the whole year. We are seeing increasedactivity in block sales, in particular. As far as residential propertyresale is concerned, there are already signs of renewed growth in salesfigures: from the first to the second quarter, notarizations increasedconsiderably.

We can confirm our forecast of an adjusted pre-tax profit of EUR 16-17million for the fiscal year 2011.

The full Interim Report for the first half of 2011 is available at www.patrizia.ag/en/investor-relations/berichte/quartalsberichte. html

The Managing BoardAugsburg, August 10, 2011

PATRIZIA Immobilien AGPATRIZIA BürohausFuggerstrasse 2686150 AugsburgGermany

Listing: Frankfurt Stock Exchange, Official Market (Prime StandardISIN:  DE000PAT1AG3WKN:  PAT1AG

Contact

Investor RelationsMargit MillerTel: +49 (0 821 5 09 10-369Fax: +49 (0 821 5 09 10-399investor.relations@patrizia.ag

Press Andreas MenkeTel: +49 (0 821 5 09 10-655Fax: +49 (0 821 5 09 10-659presse@patrizia.ag

End of Corporate News

10.08.2011 Dissemination of a Corporate News, transmitted by DGAP – acompany of EquityStory AG. The issuer is solely responsible for the content of this announcement.

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Language:    English                                                Company:     PATRIZIA Immobilien AG                                              Fuggerstraße 26                                                     86150 Augsburg                                                      Germany                                                Phone:       +49 (0821 – 509 10-000                                Fax:         +49 (0821 – 509 10-999                                E-mail:      investor. relations@patrizia.ag                         Internet:    www.patrizia. ag                                        ISIN:        DE000PAT1AG3                                           WKN:         PAT1AG                                                 Listed:      Regulierter Markt in Frankfurt (Prime Standard;                    Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,                München, Stuttgart                                     

End of News    DGAP News-Service  

  135025 10. 08.

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