DGAP-News: IFM Immobilien AG: IFM Achieves Positive Nine-Month Result
(firmenpresse) - DGAP-News: IFM Immobilien AG / Key word(s): Interim Report/Quarter
Results
IFM Immobilien AG: IFM Achieves Positive Nine-Month Result
21.11.2013 / 08:00
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- Operating profit at EUR 2.4 million (same period last year: EUR 8.6
million)
- Consolidated profit at EUR 0.5 million (prior-year quarter: EUR 5.7
million)
- Earnings per share at EUR 0.06 (prior-year quarter: EUR 0.60)
Frankfurt am Main, 21 November 2013 - IFM Immobilien AG concluded the first
three quarters of its 2013 financial year with a consolidated profit of 0.5
million euros (prior-year period: 5.7 million euros). The operating profit
(earnings before taxes) equalled 2.4 million euros at the end of the
reporting period. At the end of the same period last year, the earnings
after taxes had equalled 8.6 million Euros. The decline in operating profit
resulted primarily from a decrease in rent revenues and the diminished
result from the assessment of investment properties, both of which are
essentially explained by the disposal of the 'Romeo&Julia' property in
Frankfurt am Main. On top of that, expenses for the implemented
restructuring and outsourcing measures impacted the results. Overall, the
consolidated revenues at the end of the nine-month period of 2013 added up
to 12.2 million euros, down from 14.7 million euros reported for the same
period last year. To download the Group's full-length interim report for
the first three quarters of 2013, which was published today, please go to
the homepage of IFM Immobilien AG at (www.ifm.ag).
Volker de Boer, Member of the Board of IFM Immobilien AG: 'For IFM, the
first nine months of the ongoing financial year stood under the sign of two
issues. One was the consistent continuation of our operating activities,
while the other concerned the restructuring of our group in order to
strengthen its competitive position. These restructuring processes will be
largely completed by the end of the year. In addition to the outsourcing of
the Accounting and Property Management divisions as well as the outsourcing
of the document management, this also includes the relocation of IFM within
Frankfurt. In the operating business, we took advantage - as planned - of
the current market conditions to dispose of several assets. For instance,
we sold 'Zeilgalerie' shopping centre in Frankfurt am Main and the 'Office
Tower' scheme in Darmstadt, with sales negotiations concerning another
asset currently under way. At the same time, we are taking a
forward-looking perspective: In the future, we will concentrate more
strongly on our core competence in project development. We are pursuing our
ongoing capital works project 'Kureck' in Wiesbaden in close coordination
with the relevant planning authorities of the City of Wiesbaden, and are
simultaneously probing the market in depth with the intent to acquire
additional projects. IFM's net worth and finances are rock solid. I assume
that the results of our efforts during the first three quarters have
created a sound starting basis for the year as a whole and the subsequent
quarters, and that we will conclude the ongoing financial year with a
positive result. Once the restructuring measures undertaken this year are
completed, the successful performance of IFM will be more visibly reflected
in the earnings performance.'
Group Revenue and Earnings Performance
The consolidated revenues decreased from 14.7 million euros to 12.2 million
euros during the reporting period. This is mainly explained by diminished
rent revenues and reduced revenues due to change of incidental expenses
because of the disposal of the 'Romeo&Julia' property in Frankfurt.
Collectively, the rent revenues totalled 9.4 million euros (prior-year
period: 11.6 million euros) while the result from the assessment of
investment properties added up to 5.4 million euros (Q1-Q3 2012: 8.8
million euros). At the end of the year's first three quarters, this
resulted in 0.5 million euros in consolidated earnings after taxes
(prior-year period: 5.7 million euros). The undiluted earnings per share
amount to 0.06 euros (Q1-Q3 2012: 0.60 euros).
Consolidated Balance Sheet Performance
By 30 September 2013, the total assets of the IFM Group equalled 286.7
million euros, down from 366.5 million euros at the last balance sheet date
of 31 December 2012. This dip of nearly 22 % is mainly attributable to the
sale of the 'Romeo&Julia' property and the resulting reduction of the
Group's debt. Non-current assets held for sale added up to 88.5 million
euros by the balance sheet date. This item includes the two properties
'Zeilgalerie' in Frankfurt am Main and 'Office Tower' in Darmstadt now
sold. On 31 December 2012, the item showed a total of 94.7 million euros.
The equity ratio stood at 43.1 % by 30 September 2013, substantially
exceeding the ratio of 33.3 % reported by the balance sheet date of the
previous year.
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 76-162
E-mail: friedrichs(at)zitelmann.com
Corporate contact:
IFM Immobilien AG
Karlo Schwöbel
Frankfurt office: Heidelberg office:
Ulmenstrasse 23-25 Karl-Ludwig-Strasse 2
D-60325 Frankfurt D-69117 Heidelberg
T. +49 (0) 69 9686700-42 T. +49 (0) 6221 434 06-22
F. +49 (0) 69 9686700-25 F. +49 (0) 6221 434 06-66
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 use
types. In addition to conventional project development, its business
operations include the redeveloping, restructuring and repositioning of
commercial properties. The properties that IFM acquires are generally
distinguished by what IFM deems 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
revitalises properties and thereby creates what it believes will be
sustainable property values.
Key Ratios of IFM Group (IAS/IFRS)
Key performance
in MM euros 01/01-30/ 01/01-30/Balance sheet ratios
09/2013 09/2012
Revenue (rental income and revenues due to change 12.2 14.7
of incidental expenses)
Gain or loss on fair valuation of investment 5.4 8.8
properties
Operating profit 2.4 8.6
Profit after taxes and minority interests 0.5 5.7
Earnings per share (undiluted, in Euro) 0.06 0.60
in MM euros 30 September 2013 31 December 2012End of Corporate News
Total assets 286.7 366.5
Non-current assets 181.0 262.9
- including:
investment properties 174.2 256.1
Equity: 123.5 122.1
- including: issued capital 9.5 9.5
Equity ratio (in percent): 43.1 33.3
Debt Capital155.6 244.4
- including: liabilities to banks
126.9 213.7
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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
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