EQS-News

InCity Immobilien AG: INCITY’S DEVELOPMENT IS ON TARGET FOR THE FIRST HALF OF 2023 – VERY GOOD LETTING SITUATION CONTINUES

EQS-News: InCity Immobilien AG / Key word(s): Half Year Results InCity Immobilien AG: INCITY’S DEVELOPMENT IS ON TARGET FOR THE FIRST HALF OF 2023 – VERY GOOD LETTING SITUATION CONTINUES 14.09.2023 / 08:34 CET/CEST The issuer is solely responsible for the content of this announcement.

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INCITY’S DEVELOPMENT IS ON TARGET FOR THE FIRST HALF OF 2023 – VERY GOOD LETTING SITUATION CONTINUES

• Semi-annual net loss of EUR -1.16 m at Group level and of EUR -60 k at single-entity financial statement level
• Group results under commercial law still primarily influenced by scheduled depreciation of portfolio properties
• Continued solid equity ratio and financial stability
• Net asset value (NAV) unchanged at EUR 1.66 per share as of 30 June 2023

Schönefeld, 14 September 2023 – In its semi-annual financial statements for 2023 published today, InCity Immobilien AG (“InCity AG”) reports a semi-annual net loss of EUR 1.16 m at Group level for the first six months of 2023. The single-entity financial statements recorded a semi-annual net loss of EUR 60 k. This means that the Company’s revenue and results developed according to plan as of the middle of the year. As in the previous reporting periods, the Group result is again primarily due to the scheduled depreciation of the property portfolio in accordance with the German Commercial Code (HGB). In the first half of 2023, this depreciation amounted to approximately EUR 919 k (first half of 2022: EUR 919 k) and had an accordingly negative effect on the result. By contrast, the HGB result does not reflect the market values of the portfolio properties and the resulting hidden reserves, which remain high. 
“Our results for the first half of the year are in line with our planning. In view of the challenging economic market environment, the continuing very good letting situation of our portfolio properties and the progress according to plan of our project development activities are particularly positive. In light of development in the first half of 2023, the Management Board therefore confirms the forecast which it issued as part of the 2022 annual report”, says CFO Helge H. Hehl.