DGAP-News: IFM Immobilien AG: IFM achieves significant growth in profits
(firmenpresse) - IFM Immobilien AG / Key word(s): Quarter Results/Interim Report
19.11.2010 07:30
---------------------------------------------------------------------------
Press Release
IFM achieves significant growth in profits
Consolidated profit increases to EUR 3.4 million in the third quarter
Frankfurt am Main, November 19, 2010 - IFM Immobilien AG Group has enjoyed
a successful strategic and operating performance in the first three
quarters of the fiscal year 2010. A significant growth in profits was
achieved compared to the same period of the previous year. Revenues totaled
EUR 13.6 million. Operating income increased to EUR 11.2 million, and the
consolidated profit after taxes increased to EUR 3.4 million (same period
previous year: EUR 1.3 million). The complete IFM Immobilien AG interim
report for the first nine months of 2010 was published today on the
Internet (www.ifm.ag).
Georg Glatzel, CEO of IFM Immobilien AG: 'After just the first three
quarters of the current fiscal year, we have already achieved a higher
profit than in the whole of the fiscal year 2009. Over the past few months,
we have consistently driven the consolidation of the Group forwards and
concentrated on the further development of our portfolio. This is reflected
in the positive development of our business figures, and we are confident
that we will meet the goals we set ourselves for 2010.'
Highlights of the year to date
The most important milestones in the first nine months of the fiscal year
2010 included the completion of the Maxxon development in Eschborn, as well
as further significant leasing successes in various properties. The Romeo&Julia office towers in Frankfurt, which were comprehensively revitalized by
IFM, are already over 80 percent leased, after the real estate firm
Colliers and Baring Asset Management GmbH leased 800 and 400 square meters
respectively, and the law firm WilmerHale increased their existing space in
the building by an additional 750 square meters. In the first half year,
IFM had already gained Polimeri Europa GmbH and GMS Global Media Services
GmbH as tenants for the Maxxon property in Eschborn.
Another highlight is the new high-tech media facade of the Zeilgalerie in
Frankfurt, which will be completed in the next week. Once the building
permit was obtained, construction work began on the renovations to the
property in early summer. The tenant Benetton, who already occupied space
in the property, has now concluded a new 10-year lease agreement, which
also increases its store space to a total of 1,000 square meters. The
fashion group now runs a flagship store for its United Colors of Benetton
and Sisley brands here.
Group revenue and results
The consolidated revenue for the first nine months of 2010 was EUR 13.6
million. The around ten percent decline compared with the same period of
the previous year (EUR 15.1 million) was due in part to the sale of the
westendFirst property as of March 1, 2010 and the associated
deconsolidation, as well as to the termination of leases at the Zeilgalerie
for project development activities. Other operating income amounted to EUR
3.8 million after EUR 0.8 million in the first nine months of 2009. This
figure includes an amount of EUR 2.87 million, which was gained from the
sale of the Ulmenstrasse 22 property. After taxes, a consolidated profit of
EUR 3.4 million was achieved by September 30, 2010; in the same period of
the previous year the consolidated profit after taxes was EUR 1.3 million.
This is equivalent to earnings per share of EUR 0.36 (same quarter previous
year: EUR 0.14). The consolidated profit came to EUR 1.4 million in the
third quarter; (third quarter 2009: EUR 0.3 million).
Changes in Group balance sheet
The asset structure of the IFM Group as of September 30, 2010 was primarily
affected by the sale of the westendFirst and Ulmenstrasse 22 properties in
Frankfurt am Main, as well as the ongoing development of the property
portfolio since the balance sheet reporting date December 31, 2009. Total
net assets were down from EUR 372.6 million to EUR 341.2 million in the
first three months of 2010. Due to a slight increase in Group equity,
combined with the decrease in total net assets, the equity ratio rose to
31.3 percent (December 31, 2009: 27.4 percent).
Outlook
The Executive Board of IFM Immobilien AG considers the positive operative
development over the first three quarters of 2010 to be a good indication
that the IFM Group will continue to strengthen its position in the market
in 2010 as a whole.
About IFM Immobilien AG:
IFM Immobilien AG is an investor and project developer involved
specifically in commercial real estate focusing on office and downtown
retail uses. Its business operations include redeveloping, restructuring
and repositioning commercial properties in addition to classic project
development activities. The property investments that IFM selects stand out
due to what IFM sees as an attractive risk/opportunity profile, great
potential for development and appreciation value in preferred locations.
Together with this strategy and the core competencies of redevelopment,
restructuring and repositioning, IFM Immobilien AG revitalizes properties
and creates what it believes will be sustainable property values.
Key Figures for the IFM Group (IAS/IFRS)
Performance figures
EUR million 01.01.- 01.01.-
30.09.2010 30.09.2009
Revenue 13.6 15.1
Gain or loss on market assessment of 6.6 6.8
investment properties
Operating profit 4.2 2.5
Profit after taxes and minority interests 3.4 1.4
Earnings per share (undiluted in EUR) 0.36 0.14
EUR million 3. Quarter 3. QuarterKey figures from balance sheet
2010 2009
Revenue 4.4 5.0
Gain or loss on market assessment of 1.8 2.8
investment properties
Operating profit 1.9 1.0
Profit after taxes and minority interests 1.4 0.3
Earnings per share (undiluted in EUR) 0.15 0.03
EUR million 30. September 31. December 31Contact:
2010 2009
Total assets 341.2 372.6
Non-current assets 314.8 294.0
- including: investment properties 303.8 287.0
Equity: 106.7 102.2
- including: Issued capital 9.4 9.4
Equity ratio (as a percentage) 31.3 27.4
Liabilities 234.4 270.3
- including: Long-term liabilities incl. 180.7 232.2
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
19.11.2010 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
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 Hamburg, Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:
Datum: 19.11.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 32669
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 250 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: IFM Immobilien AG: IFM achieves significant growth in profits"
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).
