DGAP-News: IFM Immobilien AG: IFM ends the first half of 2011 with much higher profits
(firmenpresse) - DGAP-News: IFM Immobilien AG / Key word(s): Half Year Results/Interim
Report
IFM Immobilien AG: IFM ends the first half of 2011 with much higher
profits
18.08.2011 / 07:30
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Press Release
IFM ends the first half of 2011 with much higher profits
- Consolidated profit before tax almost doubled to EUR 4,496 thousand
- Consolidated profit significantly higher than in same period last year
at EUR 3,273 thousand
- Further leasing success in Eschborn, Frankfurt and Mainz
Frankfurt am Main, August 18, 2011 - The IFM Immobilien AG Group increased
its profitability significantly in the first half of the 2011 fiscal year.
At EUR 4,496 thousand, the consolidated profit before tax was almost twice
as high as in the comparable period of the previous year (EUR 2,307
thousand). At EUR 3,273 thousand, the consolidated profit after tax was
also significantly higher than in the first half of 2010 (EUR 2,027
thousand). Gross rental income decreased to EUR 8,551 thousand. The
complete IFM Immobilien AG semi-annual report for the first half of 2011
was published today on the Internet (www.ifm.ag).
Georg Glatzel, CEO of IFM Immobilien AG: 'We can be very pleased with our
results at the halfway point of the 2011 fiscal year. Following the
successful start to the year, our business continued to develop positively
in the second quarter. The significant increase in our profit, the equity
quota of a good 32% and an LTV of around 63% in relation to our Group's
real estate portfolio demonstrate the solid financial position IFM is in.
The success of our work can also be seen from the value appreciation of our
properties, which is a result of our investments and the leasing success we
have achieved. Particularly significant value appreciation was seen at
Maxxon in Eschborn and Zeilgalerie in Frankfurt in the second quarter, and
we have also been successful in leasing additional space at GutenbergPark
in Mainz and Romeo&Julia in Frankfurt. Given the positive development in
the first six months, we are anticipating a good result for the whole of
2011.'
Group revenue and results
Gross rental income decreased to EUR 8,551 thousand in the first half of
2011; in the first half of 2010 it was EUR 9,124 thousand. This decrease is
primarily the result of the deconsolidation of a sold property and planned
lower rental income in the properties during revitalization. At EUR 2,321
thousand, costs due to incidental expenses were noticeably lower than in
the comparable period of 2010. A significant reason for this is the
decrease in management costs by around 30 percent, which was achieved
through the revitalization measures at the Zeilgalerie. The income from
market assessment of investment properties, which is predominantly based on
revaluations following leasing success, totaled EUR 4,355 thousand in the
first half of 2011. The operating profit (earnings before taxes) increased
to EUR 4,496 thousand (1st half of 2010: EUR 2,307 thousand). The
consolidated profit after tax was EUR 3,273 (1st half of 2010: EUR 2,027
thousand). This equated to undiluted earnings per share in the amount of
EUR 0.35 (1st half of 2010: EUR 0.21).
Changes in Group balance sheet
The balance sheet increased to June 30, 2011 to EUR 350,669 thousand
(December 31, 2010: EUR 344,399 thousand). This rise is predominantly the
result of thefurther development of the IFM portfolio. The equity quota
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)
1st half Change inContact:
Performance figures in EUR thousand 2011 1st half 2010 %
Net real estate related result 8,551 9,124 -6.3%
Result due to sale of investment
properties 0.0 66,500 -100%
Result from market assessment of
investment properties 4,355 4,828 -9.8%
Other operating result -3,142 -4,747 -33.8%
Earnings before interest and taxes 7,131 8,443 -15.5%
Net finance result -2,635 -6,136 -57.1%
Operating profit 4,496 2,307 94.9%
Profit after taxes and minority
interests 3,253 2,007 62.1%
Earnings per share (undiluted in EUR) 0.35 0.21 66.7%
Balance sheet key figures in EUR June 30, December 31, Change in
thousand 2011 2010 %
Total assets 350,669 344,399 1.8%
Non-current assets 338,911 326,175 3.9%
- including: investment properties 326,800 314,900 3.8%
Equity 113,367 109,441 3.6%
- including: issued capital 9,350 9,350 0.0%
Equity ratio (in %) 32.3% 31.8% 1.6%
Liabilities 237,302 234,958 1.0%
- including financial liabilities 204,942 203,475 0.7%
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-Schibinger
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
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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136094 18.08.2011
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Datum: 18.08.2011 - 07:30 Uhr
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