Patrizia Immobilien AG reported group earnings results for the first quarter of 2013. In the first three months of 2013, the company posted an operating result of EUR 7.7 million, on a par with the previous year. At EUR 42.1 million, group revenues for the first quarter were almost 30% down on the same quarter in the previous year that is EUR 59.7 million. This is attributable to a shift in sales revenues from real estate held in inventories in favor of sales of investment property, sales of which are not reported under revenues. Although, at 260 sold units, sales figures remained in line with the previous year, sales revenues achieved rose by 23% to EUR 53.3 million; however, only EUR 18.6 million of this amount is reported under revenues. The increase in sales revenues is in particular due to the fact that residential property resale prices climbed 17% to EUR 2,676 per sqm. At EUR 11.8 million, revenues from the services segment accounted for 28% of consolidated revenues. In the first quarter, earnings before interest and tax (EBIT) totaled EUR 2.5 million compared to EUR 12.8 million first quarters of 2012. The fact that there was no improvement in EBIT compared with the same quarter in the previous year was, among other things, due to the income from asset management of co-investments being shown in the investment result, which is assigned to the financial result. The profit for the period rose by an impressive 63% to EUR 5.2 million. For the period, EBITDA was EUR 3.8 million against EUR 13.7 million a year ago. EBIT was EUR 2.5 million against EUR 12.8 million a year ago. EBT was EUR 6.2 million against EUR 4.3 million a year ago. For 2013, the company's managing board now expects an operating result of between EUR 47 million and EUR 49 million. It is intended that services will account for at least two-thirds of the result.

Patrizia Immobilien AG, Q1 2013 Earnings Call, May 07, 2013

Patrizia Immobilien AG announced consolidated earnings results for the year 2012. For the period, the company reported revenues were EUR 229,238,000 compared to EUR 269,007,000 for the same period a year ago. EBITDA was EUR 49,280,000 compared to EUR 58,125,000 for the same period a year ago. EBIT was EUR 44,739,000 compared to EUR 54,631,000 for the same period a year ago. EBT was EUR 28,621,000 compared to EUR 19,906,000 for the same period a year ago. Consolidated annual profit was EUR 25,455,000 compared to EUR 13,493,000 for the same period a year ago. Adjusted EBT was EUR 20,324,000 compared to EUR 16,712,000 for the same period a year ago. The decrease in revenue was mainly due to the fact that 64% of the units sold came from non-current assets and that the selling prices totaling EUR 178.3 million are, in accordance with IFRS, not reported in revenues compared to EUR 90.1 million in 2011. With EUR 67.3 million, the Services segment, where sales are inherently lower but margins higher, now accounts for 29.4% of consolidated revenues. Revenue volumes at PATRIZIA no longer allow fiscal years to be compared with each other in a meaningful way.