PATRIZIA SE NA O.N.
PATRIZIA SE NA O.N.
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Typ: Aktien
Ticker: PAT
ISIN: DE000PAT1AG3

DGAP-Adhoc: PATRIZIA Immobilien AG: Increase in guidance 2018 - Operating income H1 2018 of EUR 72.5m - Cost synergy details 2019

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DGAP-Ad-hoc: PATRIZIA Immobilien AG / Key word(s): Change in Forecast/Half Year Results
PATRIZIA Immobilien AG: Increase in guidance 2018 - Operating income H1 2018 of EUR 72.5m - Cost synergy details 2019

30-Jul-2018 / 15:08 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


  • Increase in guidance for 2018 operating income to EUR 100-110m
  • Operating income H1 2018 of EUR 72.5m (+106.6% y-o-y)
  • Cost synergies of around EUR 22m expected from 2019 onwards
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) increases its guidance for operating income for the business year 2018 from a range of EUR 85-100m to a range of EUR 100-110m.
 
According to preliminary H1 2018 results, PATRIZIA generated an operating income of EUR 72.5m, equivalent to a growth of 106.6% compared to the same period last year.
 
In line with the company's strategy the further reduction of principal investments had a significant positive impact on net sales revenues and co-investment income in the first half of 2018. A similar impact is not expected during the second half of 2018, given the majority of scheduled disposals were realised during the first half of 2018.
 
At the same time, cost efficiency measures related to the acquisition of SPI, TRIUVA and Rockspring took effect faster than anticipated during the first half of 2018. Therefore net operating expenses (Operating costs) of EUR 90.4m in the first half of 2018 came in better than internally expected. PATRIZIA hence adjusts its guidance for net operating expenses for the 2018 business year from a range of EUR 210-230m to a range of EUR 200-210m.
 
Compared to its original cost guidance 2018, PATRIZIA expects annual cost synergies from the integration of SPI, TRIUVA and Rockspring in the region of EUR 22m which, all else being equal, should show full effect from the 2019 business year onwards.
 
To realise the above cost synergies, the company expects restructuring costs in the region of EUR 30m likely to be booked during the second half of 2018 with no effect on operating income.
 
The full Interim Report for the first half of 2018 will be published on 7 August 2018.



Contact:
Martin Praum
Group Head of Investor Relations
Phone: +49 821 50910-402
[email protected]
 

30-Jul-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: PATRIZIA Immobilien AG
Fuggerstraße 26
86150 Augsburg
Germany
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: [email protected]
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

 
End of Announcement DGAP News Service

709175  30-Jul-2018 CET/CEST

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