DGAP-News: IC Immobilien Holding AG: Cost of Growth and Restructuring puts Strain on 2010 Year-End Results
(firmenpresse) - DGAP-News: IC Immobilien Holding AG / Key word(s): Final Results
IC Immobilien Holding AG: Cost of Growth and Restructuring puts Strain
on 2010 Year-End Results
14.07.2011 / 15:53
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-IC closes with a negative Result amounting to around EUR - 2.5m
-10bn Assets under Management as Target for 2011
-Positive interim Results for 2011
Unterschleissheim near Munich, 14 July 2011 - IC Immobilien Holding AG
concluded its 2010 financial year with an annual group deficit of around
2.471m euros.
Substantial causes of the adverse variance were significantly lower than
expected investment activity (minus one million euros), together with
stricter valuation standards for outstanding debts (minus 1.5 million
euros). A level of growth which surpassed expectations led to higher
expenditure than planned (minus 0.5 million euros).
Positive outlook for 2011: A modest trend is expected with regards to the
transaction business. In terms of turnover, the fundamentally positive
market trend shall continue to be shaped by investors taking a pronounced
risk-averse approach and by prolonged funding negotiations. Transactions
are taking a great deal longer compared with previous years, leading to a
relatively low turnover.
With regards to core business growth, the executive board of IC Immobilien
Holding AG is proceeding on the assumption that the target of ten billion
managed assets is to be achieved in 2011. During the first quarter, more
than a quarter of a billion were acquired; during the second quarter
negotiations were successfully closed on approximately 1.5 billion, subject
to board approval. Significantly more than 50% of new customers are
international clients.
Although growth-induced expenditure is still also expected in 2011, IC's
interim result will stand out as being markedly positive. Besides
non-recurring items, the positive development of Fair Value REIT-AG has
also been a contributing factor. Should this trend continue - an assumption
based on current knowledge - an overall positive result is to be expected
for 2011.
Dr Oscar Kienzle, the current CEO, has resigned from his post, effective
from the end of the general meeting being held on 23 August 2011. He has
been put forward to be elected onto the company's supervisory board.
About the IC Immobilien Gruppe: The IC Immobilien Gruppe focuses on asset
and property management for German and international, institutional real
estate investors. Besides this, the group, with its head office in
Unterschleissheim near Munich, manages real estate funds issued both by the
company and by third par-ties. With seven sites and around 200 employees,
IC covers almost the whole of Germany and also has two further branch
offices in North America. The IC Group provides services to a total of over
15,000 private and institutional investors and administrates an investment
volume of more than 8.5 billion euros.
End of Corporate News
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Language: English
Company: IC Immobilien Holding AG
Ohmstraße 4
85716 Unterschleißheim
Germany
Phone: +49 (0)89 / 55227-362
Fax: +49 (0)89 / 55227-355
E-mail: stephan.holeczek(at)ic-group.de
Internet: www.ic-group.de
ISIN: DE0005632160
WKN: 563216
Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Open
Market in Frankfurt
End of News DGAP News-Service
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132107 14.07.2011
Datum: 14.07.2011 - 15:53 Uhr
Sprache: Deutsch
News-ID 34614
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Kategorie:
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