IFM Immobilien AG
IFM Immobilien AG: IFM Concludes Q1 with Negative Results while Outlook for 2014 as a Whole Remains Bright
DGAP-News: IFM Immobilien AG / Key word(s): Half Year Results 21.08.2014 / 14:08 --------------------------------------------------------------------- - Negative effect on earnings through follow-up costs for the sold "Zeilgalerie" asset - Consolidated profit at EUR -2.5 million (previous year: EUR 0.4 million) - Equity ratio climbs to 50.7 % - Focus to be on "Kureck" project during second semester Frankfurt am Main, 22 May2014 - German group IFM Immobilien AG concluded the first semester of its 2014 financial year with a negative result, but still expects to end the year as a whole with a positive result. Aside from the decrease in rent revenues and in earnings from market valuations of investment properties, the decline in operating profit is essentially explained - in analogy to the first quarter - by the subsequent costs of fireproofing the "Zeilgalerie" property in Frankfurt am Main that IFM disposed of. The operating profit (earnings before taxes) amounted to EUR -3.1 million (same quarter previous year: EUR 2.3 million). The consolidated income equalled EUR -2.5 million (H1 2013: EUR 0.4 million). The consolidated revenues for the first six months of 2014 dropped by 35.3 % down to EUR 5.4 million year on year (H1 2013: EUR 8.4 million). The quarterly report including the full-length consolidated financial statements of IFM Immobilien AG for H1 2014 was published online today (go to www.ifm.ag). Volker de Boer, Member of the Board of IFM Immobilien AG: "During the first semester of 2014, IFM Immobilien AG achieved a stable operative performance as a group. The fact that we had to post a negative mid-year result is explained primarily by the retroactive costs in connection with the fire prevention and protection work undertaken at the "Zeilgalerie" property already sold, and by the year-on-year decrease in rent revenues and in earnings from market valuations of investment properties. At the moment, we are in the process of negotiating the next property sales from our portfolio, meaning those where the development and revitalisation work we undertook is largely concluded. We are confident that we will be able to realise further transactions before the end of the ongoing financial year. That being said, our current activities focus on our project 'Kureck' in Wiesbaden. Here, we concentrate on creating the preconditions for a swift start of construction by cooperating closely with the municipal authorities. At the same time we are negotiating with potential tenants for the planned commercial floor area and with potential leads who wish to buy the planned residential units in order to be able to integrate their ideas in the planning effort early on. We assume that we will have made significant progress here, too, before the end of 2014. With a view of the pace of the progress we are trying to set for the 'Kureck' project in Wiesbaden, and to the further portfolio sales planned, we assume that the year as a whole will end with a positive results, and that we will start into 2015 on a sound basis." Group Revenue and Earnings Performance The decline in consolidated revenues is essentially explained by the cessation of rental income streams due to the disposal of the properties "Romeo & Julia," "Zeilgalerie" in Frankfurt am Main and "Office Tower" in Darmstadt, and by the associable reduction in revenues due to change of incidental expenses. With a total of EUR 4.0 million, the rental income of the first semester of 2014 declined by around 36.6 % year on year (EUR 6.4 million). The earnings from market valuations of investment properties totalled EUR 0.2 million by the end of the reporting period (H1 2013: EUR 6.8 million). IFM achieved a consolidated profit after taxes in the amount of EUR -2.5 million during H1 2014 (H1 2013: EUR 0.4 million). This translates into EUR -0.26 in basic earnings per share earnings per share (Q1 2013: EUR 0.04). Consolidated Balance Sheet Performance IFM Group's total assets dropped from EUR 272.8 million to EUR 230.7 million by 30 June 2014. The 15.5 % one-year dip since the reporting date of the previous financial year ending 31 December 2013 is essentially explained by the fact that the disposal of the "Zeilgalerie" property was recognised in the meantime, by the corresponding reduction of the loan debt as a result of the transaction, and by the deconsolidation of the "Zimmerstrasse / Mauerstrasse" property in Berlin. The value of the investment property increased by 11.3 % to EUR 167.8 million (up from EUR 150.7 million by 31 December 2013). The increase is attributable mainly to the acquisition of the "Ulmenstrasse 22" property in Frankfurt that was concluded during the reporting period. Other factors included the value-add restructuring work on the properties "Maxxon" in Eschborn, "Das Carré" in Heidelberg, and "GutenbergPark" in Mainz, as well as recent investments for the purpose of obtaining new or changed zoning, and investments in the planning efforts for the project sites of the "Kureck" property in Wiesbaden. The equity ratio, which stood at 43.8 % by the reporting date 2013, rose to 50.7 % by the end of the first semester of 2014. For inquiries, please contact: Peter Dietze-Felberg Dr. ZitelmannPB. GmbH Rankestrasse 17 D-10789 Berlin Tel.: +49 (0) 30 72 62 76-165 Fax: +49 (0) 30 72 62 76-162 E-mail: dietze@zitelmann.com Corporate contact: IFM Immobilien AG Karlo Schwöbel Frankfurt office: Heidelberg office: Ulmenstrasse 23-25 Karl-Ludwig-Strasse 2 D-60325 Frankfurt D-69117 Heidelberg T. +49 (0) 69 9686700-42 T. +49 (0) 6221 434 06-22 F. +49 (0) 69 9686700-25 F. +49 (0) 6221 434 06-66 E-mail: welcome@ifm.ag, www.ifm.ag About IFM Immobilien AG: IFM Immobilien AG is an investor and project developer specifically of commercial real estate, with an emphasis on office and downtown retail use types. In addition to conventional project development, its business operations include the redeveloping, restructuring and repositioning of commercial properties. The properties that IFM acquires are generally distinguished by what IFM deems an attractive risk / reward profile, great potential for development and appreciation, and preferred locations. Using this strategy and the group's core competencies in the areas of redevelopment, restructuring and repositioning, IFM Immobilien AG revitalises properties and thereby creates what it believes will be sustainable property values. Key Ratios of IFM Group (IAS/IFRS) Key performancein MM euros 01/01/2014 - 01/01/2013 - 30/06/2014 30/06/2013 Revenue (rental income and revenues due to 5.4 8.4 change of incidental expenses) Gain or loss on fair valuation of investment 0.2 3.6 properties Operating profit -3.1 2.3 Earnings after taxes and minority interests -2.5 0.4 Earnings per share (undiluted, in EUR) -0.26 0.04Balance sheet ratiosin MM euros 30 June 2014 31 December 2013 Total assets 230.7 272.8 Non-current assets 173.1 158.2 - including: Investment property 167.8 150.7 Equity: 116.9 119.4 - including: Subscribed capital 38.0 9.5 Equity ratio (in percent): 50.7 43.8 Debt capital 113.7 153.2 - including: Liabilities to banks 87.6 126.3--------------------------------------------------------------------- 21.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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 Germany Phone: +49 (0)6221-434 098 0 Fax: +49 (0)6221-434 098 66 E-mail: welcome@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 --------------------------------------------------------------------- 283357 21.08.2014
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