PATRIZIA Immobilien AG: Positive half-yearly results and confirmation of the forecast for 2014

Augsburg (pta006/06.08.2014/07:00 UTC+2) Key points:
- Operating result increases to EUR 21.5 million (+18.3%)
- Assets under management rose to EUR 13.3 billion
- Acquisition of a portfolio in the Netherlands
- 2014 forecast confirmed: operating result of at least EUR 50 million

In the first half of 2014, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) continued its systematic growth path. From the end of the 2013 fiscal year to 30 June 2014, assets under management rose 12.7% to EUR 13.3 billion. For the 2014 fiscal year as a whole, PATRIZIA has set itself the goal of increasing assets under management by EUR 2 billion.

In the first half of the year, the operating result, the Group's principal control parameter, climbed 18.3% to EUR 21.5 million (first half of 2013: EUR 18.1 million). 59% of the result was generated by Management Services. Earnings before finance income and income taxes (EBIT) in the first six months of 2014 amounted to EUR 9.5 million, up 21.1% year-on-year (first half of 2013: EUR 7.8 million). After six months, earnings before tax (EBT) amounted to EUR 15.2 million (first half of 2013: EUR 17.8 million). Net profit for the period amounted to EUR 15.3 million after six months (first half of 2013: EUR 17.7 million).

In the first half of 2014, consolidated revenues fell 5.7% to EUR 84.6 million versus EUR 89.8 million in the previous year. This was because the purchasing fee for the acquisition of GBW provided a major one-off effect in the first half of 2013. Revenues from co-investments were EUR 11.5 million, while revenues from third parties amounted to EUR 37.5 million. Total Management Services revenues were EUR 49.0 million after six months (first half of 2013: EUR 36.8 million).

Income from participations amounted to EUR 8.3 million in the first half of 2014 (first half of 2013: EUR 15.8 million) and includes the quarterly pro-rata advance profit distributions of the co-investments Südewo (EUR 3.6 million) and GBW (EUR 4.7 million). Since 1 January 2014, the advance profit distributions have been calculated on an exact monthly basis in order to achieve a more transparent income statement. From January to June, the co-investment WohnModul I produced earnings from companies accounted for using the equity method of EUR 1.6 million (first half of 2013: EUR 0).

The Group's financial situation continued to improve. Bank loans declined by 25.8% to EUR 238.5 million (31 December 2013: EUR 321.6 million). At the start of April 2014, the short-term interim financing of EUR 64.4 million relating to the temporary acquisition of share certificates in the special fund "PATRIZIA Res Publica Hessen II" was repaid in full. The Group's equity ratio improved by a further 5.3 percentage points to 47.2% (31 December 2013: 41.9%).

At the end of July, PATRIZIA signed the purchase agreement to acquire a broadly diversified portfolio of around 5,500 units in the Netherlands. PATRIZIA is acquiring this Dutch portfolio for the co-investment WohnModul I and will take over fund and asset management. The purchase price amounts to EUR 578 million. The transaction should be completed by the end of the year. The purchase agreement is still subject to approval by various governing organs of the seller.

Outlook for 2014
PATRIZIA is continuing its path of systematic European expansion. This encourages the Managing Board of PATRIZIA Immobilien AG to confirm its forecast of an operating result of at least EUR 50 million for 2014. As already announced, around 50% of the contributions to earnings that are expected for 2014 will not be received until the fourth quarter, due to the scheduled collection of dividends and performance fees. PATRIZIA is thus on track to achieve its earnings and growth forecast for 2014.

The Managing Board

The complete report for the first half of 2014 can be viewed at
www.patrizia.ag/en/investor-relations/financial-reports/quarterly-reports/.

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Emitter:	PATRIZIA Immobilien AG Fuggerstraße 26 86150 Augsburg Germany
Contact Person:	Verena Schopp de Alvarenga
Phone:	+49 821 50910-351
E-Mail:	investor.relations@patrizia.ag
Website:	www.patrizia.ag
ISIN(s):	DE000PAT1AG3 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Hannover, Munich, Stuttgart