EQS-Adhoc

InCity Immobilien AG: ON THE BASIS OF PRELIMINARY FIGURES FOR 2023, INCITY ACHIEVES A CONSOLIDATED NET LOSS FOR THE YEAR OF APPROXIMATELY EUR 6.0 M AND A SINGLE-ENTITY NET LOSS FOR THE YEAR OF APPROXI - Seite 3

Due in particular to the decrease in the portfolio properties’ externally assessed market values as of the balance sheet date, impairment testing of the long-term loans granted by InCity AG to the portfolio-managing subsidiaries (“the equity-replacing loans”) led to permanent HGB impairments on the loans granted to three of the seven property companies holding the portfolio. These non-liquidity-related impairments on the loans granted total approximately EUR 7.1 m at InCity AG level, making them the reason for the significant deterioration in the net loss for the year at single-entity financial statement level in FY 2023 (EUR 9.7 m) compared to the mean value in the revised forecast from December 2023 (net loss of between EUR -2.3 m and EUR -2.8 m). In relative terms, these valuation allowances of EUR 7.1 m represent an impairment of approximately 7% on the loans to the seven portfolio-managing subsidiaries and do not affect liquidity. 

All the figures published here are provisional and have not been audited. The InCity Immobilien AG annual report for 2023 with the final figures will be published according to schedule on 25 April 2024.

Reporting and contact person:
Michael Freund
Management Board, CEO
InCity Immobilien AG
Zeppelinstrasse 1
12529 Schönefeld, Germany
Phone: [phone]
E-mail: [e-mail]

End of Inside Information

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05-Apr-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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Language:	English
Company:	InCity Immobilien AG
	Zeppelinstraße 1
	12529 Schönefeld
	Germany
Phone:	IR: [phone] PR: [phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.incity.ag
ISIN:	DE000A0HNF96
WKN:	A0HNF9
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Stuttgart, Tradegate Exchange
EQS News ID:	1873571