DGAP-News: IFM Immobilien AG: Positive Business Performance of IFM Continues in Q1 2010
(firmenpresse) - IFM Immobilien AG / Quarter Results/Interim Report
20.05.2010 07:30
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Positive Business Performance of IFM Continues in Q1 2010
Consolidated Income Rises to 1.1 Million Euros
Frankfurt am Main, May 20, 2010: Notwithstanding the persistently difficult
market environment, the group IFM Immobilien AG has reported positive
growth for the first quarter of 2010. Sales revenues equalled 4.8 million
Euros. The net operating profit came to 5.4 million Euros, while the
consolidated income rose to 1.1 million Euros, up from 0.46 million Euros
for the same period last year. To download the full-length interim report
for the first three months of 2010, please visit IFM Immobilien AG on the
Internet (www.ifm.ag).
Georg Glatzel, CEO of IFM Immobilien AG: 'We consider the results of the
first quarter of 2010 as a sound basis for continued positive growth in the
ongoing year. Regardless of the pace at which Germany's economic
stabilisation will proceed, we believe that IFM is very well positioned on
the market. Particularly the past few months have shown that our
portfolio's focus on high-end office and retail properties in prime
locations represents a segment that has seen a comparatively lively tenant
demand even in times of an altogether sluggish take-up. The fact that we
managed to translate this focus into corresponding economic success is due
not least to the professional letting management of IFM and the innovative
approaches it pursues in marketing its real estate. Following the great
start during the first quarter, we are facing the remainder of the 2010
financial year with optimism. The demanding current market environment
offers special opportunities for anti-cyclical investments, and we will
carefully analyse and exploit these whenever out investment criteria are
met.'
Year-to-Date Highlights
Among the essential milestones of the three opening months of 2010 count
the sales of the assets westendFirst and Ulmenstrasse 22 that, while
transacted in December 2009, were closed during Q1 2010 and included in
that quarter's income statement. IFM collected a total of more than 66.4
million Euros through these two transactions, more than doubling the equity
originally committed, and significantly bolstering the company's liquidity.
The sales proceeds from these two properties give IFM ample financial
leverage to take advantage of current market opportunities for new
investments.
IFM also has new achievements to report from its ongoing projects.
Prominent cases in point are the procurement of the zoning for the
conversion of Zeilgalerie, including a high-end façade design, and new
forward lease commitments signed for the Maxxon business park in Eschborn.
Group Revenue and Earnings Performance
During the first three months of 2010, the consolidated revenues equalled
4.8 million Euros. The slight 3.4 percent year-on-year decrease (Q1 2009:
5.0 million Euros) is explained by the sale of the westendFirst property as
at March 1, 2010, on the one hand, and by the tenant removal efforts
undertaken in conjunction with the Zeilgalerie project development, on the
other hand. Other operative earnings added up to 3.4 million Euros, up from
0.4 million Euros in Q1 2009, and include a 2.87 million Euro item that
represents the sales profit from the disposal of the Ulmenstrasse 22
property. The consolidated earnings after taxes came to 1.1 million Euros,
compared to after-tax earnings of 0.5 million Euros for the first quarter
of 2009. This translates into 0.12 Euros in earnings per share (up from
0.05 Euros for the same period last year).
Consolidated Balance Sheet Performance
As at March 31, 2010, the asset structure of IFM Group was essentially
defined by the sales of the two properties westendFirst and Ulmenstrasse 22
in Frankfurt am Main, as well as by the ongoing development of the real
estate portfolio since the balance sheet date of December 31, 2009. During
the first three months of 2010, the Group's total assets decreased from
372.6 million Euros to 335.9 million Euros. Due to a slight increase in
equity that coincided with the decline in total assets, the equity ratio
rose to 31.1 percent (up from 27.4 percent as at December 31, 2009).
Outlook
The Executive Board of IFM Real Estate AG deems the business development
seen so far a solid basis for the 2010 financial year as a whole. It
continues to uphold it objective to proceed with the group's growth course,
and will concentrate on the ongoing project developments and the portfolio
management, as well as on new investment opportunities and possibly on
anti-cyclical commitments.
For inquiries, please contact:
Dr. ZitelmannPB. GmbH
Holger Friedrichs
Rankestr. 17
10789 Berlin
Tel.: +49 (0) 30 - 72 62 76 157
Fax: +49 (0) 30 - 72 62 76 1793
friedrichs(at)zitelmann.com, www.zitelmann.com
Company contact:
IFM Immobilien AG
Regine Liebl
Ulmenstr. 22 Karl-Ludwig-Str. 2
60325 Frankfurt 69117 Heidelberg
Tel.: +49 (0) 69 9686700-32 +49 (0) 6221 434098-0
Fax: +49 (0) 69 9686700-25 +49 (0) 6221 434098-66
welcome(at)ifm.ag, www.ifm.ag
About IFM Immobilien AG:
IFM Immobilien AG is an investor and project developer specifically of
commercial real estate, with an emphasis on office and downtown retail
uses. In addition to conventional project development, its business
operations include the redeveloping, restructuring and repositioning of
commercial properties. The properties that IFM acquires generally stand out
due to what IFM sees as an attractive risk/reward profile, great potential
for development and appreciation, and preferred locations. Using this
strategy and the company's core competencies in the areas of redevelopment,
restructuring and repositioning, IFM Immobilien AG revitalizes properties
and thus creates what it believes will be sustainable property values.
Key Ratios of IFM Group (IAS / IFRS)
Performance ratios
in MM Euros Q1 2010 Q1 2009Balance sheet ratios
Revenues 4.81 4.98
Gain or loss on fair valuation of investment 2.10 3.72
properties
Operating profit 1.20 0.98
Profit after taxes and minority interests 1.10 0.55
Earnings per share (undiluted, in Euro) 0.12 0.05
in MM Euros March 31, December 31,Contact:
2010 2009
Total assets 335.9 372.6
Non-current assets 299.8 294.0
- including: investment properties 292.4 287.0
Equity: 104.3 102.2
- including: subscribed capital 9.4 9.4
Equity ratio (in percent): 31.1 27.4
Borrowings 231.6 270.4
- including: long-term borrowings, including 201.9 232.2
liabilities to banks
For inquiries, please contact:
Dr. ZitelmannPB. GmbH
Holger Friedrichs
Rankestr. 17
10789 Berlin
Tel.: +49 (0) 30 - 72 62 76 157
Fax: +49 (0) 30 - 72 62 76 1793
friedrichs(at)zitelmann.com, www.zitelmann.com
Corporate contact information:
IFM Immobilien AG
Regine Liebl
Ulmenstraße 22
60325 Frankfurt
T. +49 (0) 69 9686700-32
F. +49 (0) 69 9686700-25
Karl-Ludwig-Straße 2
69117 Heidelberg
T. +49 (0) 6221 434098-0
F. +49 (0) 6221 434098-66
welcome(at)ifm.ag, www.ifm.ag
20.05.2010 07:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: IFM Immobilien AG
Karl-Ludwig-Straße 2
69117 Heidelberg
Deutschland
Phone: +49 (0)6221-434 098 0
Fax: +49 (0)6221-434 098 66
E-mail: welcome(at)ifm.ag
Internet: www.ifm.ag
ISIN: DE000A0JDU97
WKN: A0JDU9
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Stuttgart
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Datum: 20.05.2010 - 07:30 Uhr
Sprache: Deutsch
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