DGAP-Media: IFM Immobilien AG: IFM boosts revenue to EUR 19.5 million
(firmenpresse) - IFM Immobilien AG / Enterprise
30.03.2010 07:45
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Press release
IFM boosts revenue to EUR 19.5 million
- Consolidated profit up significantly at EUR 1.8 million
- Earnings per share of EUR 0.19 (previous year: EUR 0.03)
- Company reviewing new investment opportunities
Frankfurt am Main / Heidelberg, March 30, 2010 - IFM Immobilien AG once
again enjoyed a successful performance in 2009, despite the challenges of
the economic environment. The investor and project developer of commercial
real estate focusing on office and downtown retail use was able to boost
the Group's revenue to EUR 19.5 million. The consolidated profit after
taxes was up from EUR 0.3 million in the previous year to EUR 1.8 million
this year. As a result, the earnings per share were EUR 0.19, up from EUR
0.03 in the previous year.
The operating profit (pre-tax profit) was down in the past year from EUR
4.8 million to EUR 3.6 million. This decline can be attributed to the
inclusion of the financing costs for the property Romeo&Julia. The
borrowing costs were capitalized as interest during construction in the
fiscal year 2008. An improvement was seen in the net financial result,
which was up at EUR -10.6 million from EUR -11.8 in the previous year. The
interest expense was up by 44.0 percent, climbing from EUR 7.9 million to
EUR 11.4 million.
The rise in revenue is based primarily on the extended basis of earnings
from the leasing success of properties developed by IFM, in particular the
Frankfurt office towers Romeo&Julia, and the consolidation of the
Zeilgalerie throughout the entire year. Of the Group's current assets, the
value of the portfolio increased from EUR 328.3 million at the end of 2008
to EUR 353.5 million.
Georg Glatzel, CEO of IFM Immobilien AG: 'In the midst of a challenging
market environment, we have proven that our business model works. For one,
we have achieved further key leasing successes. Romeo&Julia has a current
occupancy rate of about 70 percent of the office space. We were also able
to sell two properties - westendFirst and Ulmenstrasse 22 - at attractive
prices. In both of these sales, we gained an amount equal to the figure in
our balance sheets for these properties. This is proof of how close our
methods of valuation approximate the actual market values. With these
sales, we were able to double the total equity employed. We are currently
reviewing other opportunities to expand our portfolio further with new
investments.'
About IFM Immobilien AG:
IFM Immobilien AG is an investor and project developer involved
specifically in commercial real estate focusing on office and downtown
retail uses. Its business operations include redeveloping, restructuring
and repositioning commercial properties in addition to classic project
development activities. The property investments that IFM selects stand out
due to what IFM sees as an attractive risk/opportunity profile, great
potential for development and appreciation value in preferred locations.
Together with this strategy and the core competencies of redevelopment,
restructuring and repositioning, IFM Immobilien AG revitalizes properties
and creates what it believes will be sustainable property values.
Contact:For inquiries, please contact:
Dr. ZitelmannPB. GmbH
Peter Dietze-Felberg
Rankestr. 17
10789 Berlin
Tel.: +49 (0) 30 - 72 62 76 165
Fax: +49 (0) 30 - 72 62 76 1793
dietze(at)zitelmann.com, www.zitelmann.com
Corporate contact information:
IFM Immobilien AG
Regine Liebl
Ulmenstraße 22
60325 Frankfurt
T. +49 (0) 69 9686700-32
F. +49 (0) 69 9686700-25
Karl-Ludwig-Straße 2
69117 Heidelberg
T. +49 (0) 6221 434098-0
F. +49 (0) 6221 434098-66
welcome(at)ifm.ag, www.ifm.ag
30.03.2010 07:45 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: IFM Immobilien AG
Karl-Ludwig-Straße 2
69117 Heidelberg
Deutschland
Internet: www.ifm.ag
End of News DGAP-Media
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Datum: 30.03.2010 - 01:45 Uhr
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News-ID 1012205
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