DGAP-News: IFM Immobilien AG: IFM Achieved Significant Growth in Profits in the First Quarter 2011
(firmenpresse) - DGAP-News: IFM Immobilien AG / Key word(s): Quarter Results/Interim
Report
IFM Immobilien AG: IFM Achieved Significant Growth in Profits in the
First Quarter 2011
19.05.2011 / 07:30
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Press Release
IFM Achieved Significant Growth in Profits in the First Quarter 2011
- Operating profits nearly doubled to EUR 2.2 million
- Consolidated profit increased to EUR 1.8 million (same quarter last
year: EUR 1.1 million)
- Increase in the value of properties through further leasing success
Frankfurt am Main, May 19, 2011 - The IFM Immobilien Group AG has enjoyed a
successful start to fiscal year 2011 and has achieved a significant growth
in profits compared to the previous year. Operating profits totaling EUR
2.2 million were nearly twice as high as in the first quarter of the
previous year (EUR 1.2 million). Operating profits which totaled EUR 1.1
million in the first quarter of 2010 increased to EUR 1.8 million. Rental
revenue declined to EUR 4.3 million (same quarter last year: EUR 4.8
million). The complete IFM Immobilien AG interim report for the first
quarter of 2011 was published today on the Internet (www.ifm.ag).
Georg Glatzel, CEO of IFM Immobilien AG: 'IFM has recorded a solid start in
fiscal year 2011. This is not evidenced by our strong growth in profits,
but also by the development of our ongoing projects. Particularly our
property Maxxon in Eschborn has achieved further leasing success, which in
turn has resulted in a corresponding value appreciation. We achieved
another important step at the Kureck in Wiesbaden, where we obtained a
building permit for the Palais located at Taunusstrasse 3. In light of the
performance in the first quarter, we have an optimistic outlook for the
coming months and we see very good opportunities for a continued successful
business performance for IFM this year.'
Group revenue and results
The Group's rental revenue declined to EUR 4.3 million in the first quarter
of 2011, after totaling EUR 4.8 million in the same quarter last year. The
decline is first and foremost due to the deconsolidation of the
westendFirst property, which was sold in 2010, as well as the planned
vacancies in connection with revitalization measures conducted at various
properties. The expenses for incidental costs declined to EUR 1.2 million
(same quarter last year: EUR 1.4 million). Here the complete revision of
the cost structure in connection with the management of the Zeilgalerie in
Frankfurt had a particularly positive effect. The income from the fair
valuation of investment properties totaled EUR 1.8 million in the first
quarter of 2011 compared with EUR 2.1 million in the first quarter of 2010.
This comprises primarily the valuations based on further leasing success in
the Maxxon property in Eschborn and the Romeo&Julia property in
Frankfurt. Operating profit (pre-tax profit) increased to EUR 2.2 million
(Q1 2010: EUR 1.2 million). The consolidated profit after taxes equaled EUR
1.8 million (Q1 2010: EUR 1.1 million). Undiluted earnings per share came
to EUR 0.19 after EUR 0.12 for the same quarter last year.
Changes in Group balance sheet
There were relatively minor changes to the asset structure of the IFM Group
as of March 31, 2011 in comparison to the previous reporting date of
December 31, 2010. The total net assets increased from EUR 344.4 million to
EUR 346.7 million as of March 31, 2011. The equity ratio rose to 32.3
percent (December 31, 2010: 31.8 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)
Key performance figures (EUR ChangesContact:
million) Q1 2011 Q1 2010 in %
Net real estate related Result 2,9 3,0 -5%
Result due to sale of investment
properties 0,0 2,7 -100%
Result from market assessment of
investment properties 1,8 2,1 -14%
Other operating result -1,5 -2,4 -38%
Earnings before Interest and Taxes 3,2 5,5 -41%
Net finance result -1,0 -4,3 -77%
Earnings before Taxes - Operating
profit 2,2 1,2 88%
Consolidated profit after taxes and
minority interests 1,8 1,1 56%
Earnings per share (undiluted in
EUR) 0,19 0,12 58%
March 31, December 31, Changes
Balance Sheet Key Figures 2011 2010 in %
Total Assets 346,7 344,4 1%
Non-Current Assets 331,3 326,2 2%
thereof: Investment properties 319,5 314,9 1%
Equity 111,9 109,4 2%
thereof: Issued Capital 9,4 9,4 0%
Equity ratio (in %) 32,3% 31,8% 2%
Liabilities 234,8 235,0 0%
thereof: Liabilities to banks 204,8 203,5 1%
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 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
End of News DGAP News-Service
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125329 19.05.2011Unternehmensinformation / Kurzprofil:
Datum: 19.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 34145
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Kategorie:
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