DGAP-News: IFM Immobilien AG: IFM profit increases significantly in 2010
(firmenpresse) - DGAP-News: IFM Immobilien AG / Key word(s): Final Results
IFM Immobilien AG: IFM profit increases significantly in 2010
24.03.2011 / 07:30
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Press Release
IFM profit increases significantly in 2010
- Operating profit increases to EUR 8.9 million
- Consolidated profit after taxes almost tripled to EUR 5.3 million
Frankfurt am Main, March 24, 2011 - The IFM Immobilien AG Group performed
solidly in the fiscal year 2010 and achieved a significant increase in
profit. Consolidated revenue fell slightly to EUR 18.2 million (previous
year: EUR 19.5 million). The operating profit (before tax) was EUR 8.9
million and thus 143.8 % above the value for the previous year (EUR 3.6
million). The consolidated profit was EUR 5.3 million, almost three times
that of the previous year. The annual report including the complete
consolidated financial statements of IFM Immobilien AG for 2010 was
published online today (www.ifm.ag).
Georg Glatzel, CEO of IFM Immobilien AG: 'Above all, we used 2010 to drive
the Group's consolidation forwards and to further develop our property
portfolio. This has allowed us to improve our performance significantly,
despite the market environment remaining challenging and affected by
uncertainty. We have shown that IFM is able to tap into sustainable value
potential by working consistently on the property, especially through
revitalization and repositioning. Our aims for 2011 are to further increase
our profitability, optimize costs structures and further hone our profile
on the market. In terms of perspectives, we are also considering
cooperation with third parties as a way to achieve new opportunities for
growth.
Highlights of the fiscal year 2010
The most important milestones in the fiscal year 2010 included the
completion of project development at Maxxon in Eschborn and further leasing
success in that property and many others. The occupancy rate at the Romeo&Julia office towers in Frankfurt, which were comprehensively revitalized by
IFM, has now increased to over 80 percent. A further focus was on progress
in gaining building permits for the Kureck project in Wiesbaden and for the
renovations on the Zeilgalerie in Frankfurt. The completion of the new
high-tech media facade at the Zeilgalerie in November 2010 marked the end
of the first main stage of construction, while the modern design of the
facade added new accents to the city's image and created a new public
perception of the building.
Group revenue and results
The consolidated revenue in the fiscal year 2010 was EUR 18.2 million,
slightly less than in the previous year (EUR 19.5 million). The decrease in
revenue is due firstly to the deconsolidation of a sold property and
secondly to a fall in rental income as a result of scheduled termination of
leases in connection with revitalization work, especially at the
Zeilgalerie in Frankfurt. Other operating income increased from EUR 0.9
million in the previous year to EUR 4.2 million. This includes a figure of
EUR 2.9 million of sale revenue from the sale of the property Ulmenstraße
22. At EUR 12.6 million, income from market assessment of investment
properties showed an increase of 13.8 % over the previous year (EUR 11.0
million). This is predominantly due to the revaluation of the book value of
the value appreciation for the property Romeo&Julia in Frankfurt, where
the leasing rate increased to over 80 %. Operating profit (before tax)
increased to EUR 8.9 million, after EUR 3.6 million in the previous fiscal
year. The consolidated profit after tax was EUR 5.3 million (2009: EUR 1.8
million). The undiluted result per share thus increased to EUR 0.57 (2009:
EUR 0.19).
Changes in Group balance sheet
The changes to the asset structure of the IFM Group as of December 31, 2010
in comparison to the previous reporting date of December 31, 2009 are
predominantly due to the sale of the properties westendFirst and
Ulmenstraße 22 in Frankfurt am Main and the development of the property
portfolio. Total net assets had declined at December 31, 2010 from EUR
372.6 million to EUR 344.4 million. The equity ratio increased to 31.8
percent (December 31, 2009: 27.4 percent).
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 January 1 - January 1 -Key figures from balance sheet
December 31, 2010 December 31, 2009
Revenue 18.2 19.5
Gain or loss on market assessment 12.6 11.0
of investment properties
Operating profit 8.9 3.6
Profit after taxes and minority 5.3 1.8
interests
Earnings per share (undiluted in 0.57 0.19
EUR)
EUR million December 31, 2010 December 31, 2009Contact:
Total assets 344.4 372.6
Non-current assets 326.2 294.0
- including: investment properties 314.9 287.0
Equity: 109.4 102.2
- including: Issued capital 9.4 9.4
Equity ratio (as a percentage) 31.8 27.4
liabilities 235.0 270.3
- including: Liabilities to banks 203.5 239.6
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
End of Corporate News
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Language: English
Company: IFM Immobilien AGKarl-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
End of News DGAP News-Service
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116747 24.03.2011Unternehmensinformation / Kurzprofil:
Datum: 24.03.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33559
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