DGAP-News

InCity Immobilien AG: INCITY'S ON TARGET IN THE FIRST HALF OF 2022 AND IMPROVES GROUP RESULT

DGAP-News: InCity Immobilien AG / Key word(s): Half Year Results InCity Immobilien AG: INCITY'S ON TARGET IN THE FIRST HALF OF 2022 AND IMPROVES GROUP RESULT 15.09.2022 / 08:42 CET/CEST The issuer is solely responsible for the content of this announcement.

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 INCITY'S ON TARGET IN THE FIRST HALF OF 2022 AND IMPROVES GROUP RESULT 

• Semi-annual result for the Group financial statements of EUR -430 k (first half of 2021: EUR -802 k) and for the single-entity annual financial statements of EUR 21 k (first half of 2021: EUR 424 k) 
• Development of revenue and results according to plan – Management Board confirms forecast 
• Net asset value (NAV) increases slightly to EUR 1.89 per share as of 30 June 2022 
• Registered office to be moved from Frankfurt am Main to Berlin-Schönefeld 

Frankfurt am Main, 15 September 2022 – According to its semi-annual report published today, InCity Immobilien AG (“InCity AG”) generated a net income of EUR -430 k at Group level (same period of the prior year: EUR -802 k) and a net income of EUR 21 k at single-entity annual financial statement level (same period of the prior year: EUR 424 k) in the first six months of fiscal year 2022. The improved Group result is mainly attributable to the increased EBITDA and lower interest expenses. The decrease at single-entity annual financial statement level is primarily due to the fact that the current reporting period does not contain any positive earnings contributions from the sale of a property, as such contributions had an effect on the result of the same period of the prior year, in the form of a sale of 15% of the shares in a property company holding a portfolio property. “In the first six months of fiscal year 2022, revenue and results developed according to plan, both in the InCity Group and at InCity Immobilien AG. At the same time, our portfolio properties continue to have a very high occupancy rate. Our own project development activities, which we resumed in the past year, are also on target,” says CFO Helge H. Hehl.