DGAP-News

IFM Publishes its Figures for Q3 2014 - Seite 2

start of construction. In a parallel development, we are in the process of
negotiating with potential occupiers of the commercial floor area and
buyers of the residential units.
The group's net asset position and financial position remain very robust,
and we assume that the results of our work during the first three quarters
of the ongoing year will provide a sound starting basis for the year as a
whole, as well as for the development during the final quarter and the
coming year 2015. Accordingly, we wish to reaffirm our assessment that the
successful development of IFM between now and the end of the year will make
a stronger contribution to the earnings performance again."

Group Revenue and Earnings Performance
The decline in consolidated revenues is essentially explained by the
cessation of rental income streams after selling the properties "Romeo &
Julia" and "Zeilgalerie" in Frankfurt am Main and "Office Tower" in
Darmstadt, and by the associable reduction in revenue from the recovery of
incidental expenses. The rent revenues added up to EUR 6.1 million during
the reporting period, which implies a 35.1 % drop year on year. Revenue
from the recovery of incidental expenses declined by 28.6 % to EUR 2.0
million in 2013 (previous year: EUR 2.8 million). The earnings from market
valuations of investment properties totalled EUR 0.2 million by the end of
the first nine months of 2014 (previous year: EUR 8.6 million). IFM
achieved a consolidated income after taxes in the amount of EUR -3.9
million during the first three quarters (prior-year period: EUR 0.5
million). This translates into a basic net income of EUR -0.41 (prior-year
period: EUR 0.06).

Consolidated Balance Sheet Performance
IFM Group's total assets dropped to EUR 226.7 million by 30 September 2014.
The 16.9 % one-year dip since the reporting date of the previous financial
year (31 December 2013: EUR 272.8 million) is explained by the fact that
the sale of the "Zeilgalerie" property was recognised in the time since, by
the reduction of the loan debt as a result of the transaction, and by the
deconsolidation of the "Zimmerstrasse / Mauerstrasse" property in Berlin.
The value of the investment property increased by 10.7 % to EUR 175.1
million by 30 September 2014 (up from EUR 158.2 million by 31 December
2013). The increase is essentially explained by the acquisition of the
"Ulmenstrasse 22" property in Frankfurt that was concluded during the
reporting period. This acquisition was also the main reason for the growth
in the value of investment property, which rose by 12.5 % to EUR 169.6