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    DGAP-News  460  0 Kommentare 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
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    DGAP-News 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 …