IFM Immobilien AG
IFM Immobilien AG: IFM Profit/Loss for 2013 Impacted by Restructuring and One-off Effects
DGAP-News: IFM Immobilien AG / Key word(s): Final Results 28.03.2014 / 18:29 --------------------------------------------------------------------- - Successful implementation of restructuring measures and Portfolio reshuffle - Operating profit at EUR -3.4 million (previous year: EUR 6.0 million) - Consolidated profit at EUR -3.5 million (previous year: EUR 4.6 million) - Earnings per share at EUR -0.38 (previous year: EUR 0.49) Frankfurt am Main, 28 March 2014 - During its 2013 financial year, the group IFM Immobilien AG successfully completed extensive restructuring measures, and continued to pursue the planned disposal of properties held in the existing portfolio along with the acquisition of new projects. Aside from completing the sale of the "Romeo & Julia" property in Frankfurt am Main that had been initiated the previous year, the group signed agreements for the disposal of three properties in the course of the year, these being "Zeilgalerie" in Frankfurt am Main, "Office Tower" in Darmstadt, and "Zimmer-/Mauerstrasse" in Berlin. At the same time, IFM acquired the property "Ulmenstrasse 22" in Frankfurt am Main. Despite the reassuring operational performance, the profit/loss for the year was impacted by one-off effects in connection with the property sales and the restructuring measures undertaken, causing the IFM Group to end the 2013 financial year with a negative operating profit (earnings before taxes) in the amount of EUR -3.4 million (previous year: EUR 6.0 million). The consolidated income before taxes came to EUR -3.5 million (prior-year period: EUR 4.6 million). Consolidated revenue dropped by 18.7 % to EUR 16.2 million in 2013 (previous year: EUR 19.9 million). The annual report including the full-length consolidated financial statements of IFM Immobilien AG for 2013 was published online today (go towww.ifm.ag). Volker de Boer, Member of the Board of IFM Immobilien AG: "IFM Immobilien AG faced major challenges in 2013. On the one hand, the group had to implement the objectives defined the previous year - specifically to sell portfolio properties, to raise the occupancy level at the remaining properties, to (re)focus on the project development and revitalisation business as core competency of IFM, and to acquire new properties. On the other hand, we had to accomplish an extensive in-house restructuring program, the idea being to make the IFM Group as a whole leaner and more agile. These objectives we achieved on all major counts. At the same time, the conceptual redevelopment of the "Kureck" project in Wiesbaden and the effort to raise the occupancy rate especially at our "Maxxon" property in Eschborn have taken centre stage in the ongoing financial year. We made serious headway with either project. At the "Maxxon," we have since managed to bring the occupancy up to around 95 %, and expect to achieve fully occupancy at this asset no later than year-end 2014. Having largely completed the restructuring of IFM by the end of 2013, the positive effects of the measures will outweigh the encumbrances going forward. As far as the negative effects on earnings from the performance of certain properties are concerned, we are confident that we will manage to address these issues short-term, so that they will have no negative impact on the profit/loss of the ongoing year, and IFM will return to profits in 2014." Group Revenue and Earnings Performance The decline in consolidated revenue to EUR 16.2 million is essentially due to the disposal of the properties "Romeo & Julia" and "Office Tower" and the associable reduction of the gross lettable area held in the portfolio. With a total of EUR 12.2 million, the rental income of the year under review was around 21.9 % lower than the previous year (EUR 15.6 million). The earnings from market valuations of investment properties totalled EUR 9.7 million by the end of the 2013 fiscal year (previous year: EUR 10.6 million). IFM achieved a consolidated income after taxes in the amount of EUR -3.5 million during the year under review (2012: EUR 4.6 million). This results in a basic net income per share of EUR -0.38 (previous year: EUR 0.49). Consolidated Balance Sheet Performance IFM Group's total assets dropped from EUR 366.5 million to EUR 272.8 million by 31 December 2013. The 25.6 % one-year dip since the reporting date of 31 December 2012 is essentially attributable to the fact that the disposal of the "Romeo & Julia" property was recognised in the meantime, as well as to the disposals of the "Office Tower" in Darmstadt, to a corresponding reduction of the loan debt, and to the adjustments of the mark-to-market valuations of properties. The value of the investment property decreased by 41.2 % to EUR 150.7 million. This is explained mainly by the disposal of the "Office Towers" and the deeds signed for the properties "Zeilgalerie" and "Zimmer-/Mauerstrasse," which had to be posted as non-current assets held for sale by the reporting date. The equity ratio, which stood at 33.3 % by the reporting date 2012, rose to 43.8 % by the end of the 2013 financial year. For inquiries, please contact: Peter Dietze-Felberg Dr. ZitelmannPB. GmbH Private limited company (GmbH) Rankestrasse 17 D-10789 Berlin Tel.: +49 (0) 30 72 62 76-165 Fax: +49 (0) 30 72 62 76-162 E-mail: dietze@zitelmann.com Corporate contact: IFM Immobilien AG Karlo Schwöbel Frankfurt office: Heidelberg office: Ulmenstrasse 23-25 Karl-Ludwig-Strasse 2 D-60325 Frankfurt D-69117 Heidelberg T. +49 (0) 69 9686700-42 T. +49 (0) 6221 434 06-22 F. +49 (0) 69 9686700-25 F. +49 (0) 6221 434 06-66 E-mail: welcome@ifm.ag, www.ifm.ag About IFM Immobilien AG: IFM Immobilien AG is an investor and project developer specifically of commercial real estate, with an emphasis on office and downtown retail use types. In addition to conventional project development, its business operations include the redeveloping, restructuring and repositioning of commercial properties. The properties that IFM acquires are generally distinguished by what IFM deems an attractive risk / reward profile, great potential for development and appreciation, and preferred locations. Using this strategy and the group's core competencies in the areas of redevelopment, restructuring and repositioning, IFM Immobilien AG revitalises properties and thereby creates what it believes will be sustainable property values. Key Ratios of IFM Group (IAS/IFRS) Key performancein MM euros 01/01-31/ 01/01-31/ 12/2013 12/2012 Revenue (rental income and revenues due to change 16.2 19.9 of incidental expenses) Gain or loss on fair valuation of investment 4.9 10.6 properties Operating profit -3.4 6.0 Profit after taxes and minority interests -3.6 4.6 Earnings per share (undiluted, in Euro) -0.38 0.49Balance sheet ratiosin MM euros 31 December 2013 31 December 2012 Total assets 272.8 366.5 Non-current assets 158.1 262.9 - including: Investment property 150.7 256.1 Equity: 119.4 122.1 - including: Subscribed capital 9.5 9.5 Equity ratio (in percent): 43.8 33.3 Debt capital 153.2 244.4 - including: Liabilities to banks 126.3 213.7End of Corporate News --------------------------------------------------------------------- 28.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: IFM Immobilien AG Karl-Ludwig-Straße 2 69117 Heidelberg Germany Phone: +49 (0)6221-434 098 0 Fax: +49 (0)6221-434 098 66 E-mail: welcome@ifm.ag Internet: www.ifm.ag ISIN: DE000A0JDU97 WKN: A0JDU9 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 260468 28.03.2014
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