InCity Real Estate AG: Preliminary 2023 Figures Show Estimated €6.0M Consolidated Net Loss

• InCity Immobilien AG reported a consolidated net loss of approximately EUR 6.0 million for the fiscal year 2023, falling below the revised earnings forecast of a net loss between EUR 5.0 million and EUR 5.5 million.
• The company's single-entity net loss for the year was approximately EUR 9.7 million, significantly below the revised forecast of between EUR -2.3 million and EUR 2.8 million.
• The externally assessed market value of all seven of the InCity Group’s portfolio properties fell by around 14% from EUR 207.0 million to EUR 177.5 million due to an increase in capitalisation rates.
• The Group’s equity ratio increased to approximately 49.5% despite the consolidated net loss for the year, mainly due to the balance sheet being contracted as a result of part handover of the office property and non-liquidity-related depreciations on the portfolio properties.
• The net asset value (NAV) of InCity AG’s shares was EUR 1.30 per share as of 31 December 2023, down from EUR 1.66 per share in 2022.
• Impairment testing of the long-term loans granted by InCity AG to the portfolio-managing subsidiaries led to permanent HGB impairments on the loans granted to three of the seven property companies holding the portfolio, totalling approximately EUR 7.1 million.

InCity Immobilien

0,00 %

-2,83 %

-6,36 %

-14,17 %

-20,16 %

-27,46 %

-14,17 %

-10,04 %

-90,64 %

ISIN:DE000A0HNF96WKN:A0HNF9

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