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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
IFM Immobilien AG: IFM Concludes Q1 with Negative Results while
Outlook for 2014 as a Whole Remains Bright
21.08.2014 / 14:08
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- 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
- 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
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