DGAP-News: IFM Immobilien AG: IFM Concludes Q1 2013 with a Profit, as Repositioning Drive Progresses
(firmenpresse) - DGAP-News: IFM Immobilien AG / Key word(s): Quarter Results/Interim
Report
IFM Immobilien AG: IFM Concludes Q1 2013 with a Profit, as
Repositioning Drive Progresses
23.05.2013 / 07:30
---------------------------------------------------------------------
- Operating profit at EUR 0.5 million (same quarter last year: EUR 2.7
million)
- Consolidated profit at EUR 0.2 million (same quarter last year: EUR 1.8
million)
- Earnings per share at EUR 0.02 (same quarter last year: EUR 0.19)
Frankfurt am Main, 23 May 23 2013 - At the end of the first quarter of its
2013 fiscal year, IFM Immobilien AG Group achieved a consolidated profit of
EUR 0.2 million (same quarter previous year: EUR 1.8 million). The
operating profit (earnings before taxes) for the period under review
totalled EUR 0.5 million. The year-on-year decline (down from EUR 2.7
million) is essentially explained by the fact that the result from the
assessment of investment properties, which includes realised investments
and successful lettings at the various properties, was diminished by the
disposal of the 'Romeo&Julia' property in Frankfurt am Main. The Group's
consolidated revenues totalled EUR 4.4 million at the end of the first
three months of 2013, down from EUR 4.8 million for the same quarter last
year. The full-length interim report of IFM Immobilien AG Group for Q1 2013
was published on the company's homepage today (www.ifm.ag).
Said Volker de Boer, CEO of IFM Immobilien AG: 'We used the first quarter
to create a stable status quo for the coming months - not just with a view
to the year-end result, but also in regard to structures and the way in
which IFM positions itself. Following the sale of the 'Romeo&Julia'
property in Frankfurt, we are currently scanning the market for
opportunities to sell other portfolio properties and inversely to acquire
new projects. In a parallel move, we will keep driving the restructuring
process within IFM Group forward toward its conclusion. This means we will
not only need to optimise our cost structures and the efficiency of
processes among affiliated entities, but will also have to reposition IFM
and return the Group to its origins: In the future, we will intensify our
focus on Frankfurt am Main as a prime location, while possibly adding
project developments and equity investments in other cities counting among
Germany's 'Big Five.'
Performance of Group Revenue and Consolidated Profit
The drop in consolidated revenues from EUR 4.8 million to EUR 4.4 million
is mainly explained by the fact that rental income and revenues due to
change of incidental expenses were reduced by the disposal of the 'Romeo&Julia' property in Frankfurt. Rental income added up to EUR 3.3 million
during the quarter under review (Q1 2012: EUR 3.8 million), whereas the
result from the assessment of investment properties equalled EUR 1.0
million (Q1 2012: EUR 2.7 million). IFM achieved a consolidated profit
after taxes in the amount of EUR 0.2 million during the year under review
(Q1 2012: EUR 1.8 million). This results in undiluted earnings per share of
EUR 0.02 (Q1 2012: EUR 0.19).
Changes in the Consolidated Balance Sheet
The total assets of IFM Group decreased from EUR 366.5 million to EUR 299.7
million by the balance sheet date of 31 March 2013, which implies a
year-on-year decline by 18.2% since the previous balance sheet date of 31
December 2012 that is essentially due to the sale of the 'Romeo&Julia'
property in Frankfurt, and the corresponding reduction in liabilities. The
value of investment properties totalled EUR 257.3 million by the end of the
quarter under review, thereby exceeding the year-end total of 2012 (EUR
256.1 million) by EUR 1.2 million or 0.5%. With the 'Romeo&Julia'
property sold, the value of non-current asset held for sale, which had
totalled EUR 94.7 million by 31 December 2012, were reduced to zero. The
equity ratio, which has equalled 33.3 % by the balance sheet date of the
previous year, rose to 40.9 % as at 31 March 2013.
For inquiries, please contact:
Holger Friedrichs
Dr. ZitelmannPB. GmbH
Rankestrasse 17
D-10789 Berlin
Tel.: +49 (0) 30 72 62 76-157
Fax: +49 (0) 30 72 62 76-163
E-mail: friedrichs(at)zitelmann.com
Corporate contact:
IFM Immobilien AG
Karlo Schwöbel
Ulmenstrasse 37-39
D-60325 Frankfurt am Main
Tel.: +49 (0) 69 9686700-42
Fax:. +49 (0) 69 9686700-25
E-mail: 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 Figures for the IFM Group (IFRS)
Key performance figures
EUR million 1 Jan - 31 1 Jan. - 31Balance sheet key figures
Mar 2013 Mar. 2012
Revenue (rental income and income due to 4.4 4.8
change of incidental expenses)
Result from market assessment of 1.0 2.7
investment properties
Earnings before taxes - operating profit 0.5 2.7
Profit after taxes attributable to IFM 0.2 1.8
shareholders
Earnings per share (undiluted, in EUR) 0.02 0.19
EUR million 31 March 2013 31 December 2012End of Corporate News
Total assets 299.7 366.5
Non-current assets 263.8 262.9
- thereof:
investment properties 257.3 256.1
Equity: 122.6 122.1
- thereof: issued capital 9.5 9.5
Equity ratio (percent): 40.9 33.3
Total liabilities 177.0 244.4
- thereof: liabilities to banks
148.3 213.7
---------------------------------------------------------------------
23.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: IFM Immobilien AG
Karl-Ludwig-Straße 2
69117 Heidelberg
Germany
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
End of News DGAP News-Service
---------------------------------------------------------------------
212607 23.05.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 262760
Anzahl Zeichen: 10419
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 222 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: IFM Immobilien AG: IFM Concludes Q1 2013 with a Profit, as Repositioning Drive Progresses"
steht unter der journalistisch-redaktionellen Verantwortung von
IFM Immobilien AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
