IFM Immobilien AG / Quarter Results
21.05.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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IFM Immobilien Group Still on Track for Success in Q1 2008 After-tax profit for quarter is EUR 0.55 million Consolidated revenues more than double to EUR 3.43 million Real estate portfolio appreciates further
Frankfurt am Main, May 21, 2008: IFM Immobilien AG, an investor and project
developer in commercial real estate, with an emphasis on office and
downtown retail uses, booked a positive performance in the first three
months of 2008, continuing the trend from last year. Revenues were up
substantially, and earnings improved significantly as well, despite
one-time expenses. IFM Immobilien AG published its report for the first
quarter of 2008 on the Internet today (www.ifm.ag).
Said Georg Glatzel, CEO of IFM Immobilien AG: 'We are off to a successful
start in 2008. The figures for the first three months show that weve held
steady on our successful track from last year. The highlights for the
quarter include a nomination for the renowned MIPIM Award, for our
Companys revitalization of the 'westendFirst' property in Frankfurt am
Main. The nomination shows that our business model has also impressed
international experts. Additionally, we intensified our preparations for
IFMs change to the Prime Standard segment of the Frankfurt Stock Exchange,
where our stock has now been listed since April 30. We view these
developments as positive indicators for 2008 as a whole.'
Group revenue and earnings performance
Consolidated revenue, which comes primarily from rental income, rose to
EUR 3.43 million in the first quarter of 2008 (Q1 2007: EUR 1.72 million).
The increase derived especially from higher rental income from several
properties acquired in 2007 'Maxxon' in Eschborn, 'Kureck' in Wiesbaden,
and the 'Office Tower' in Darmstadt as well as the advancement of the
leasing process at the 'GutenbergPark' property in Mainz.
Earnings before taxes improved from a loss of EUR 0.24 million to a profit
of EUR 0.62 million. This figure includes one-time expenses of EUR 0.4
million occasioned by the recognition of most of the costs of moving IFM
stock to the Prime Standard segment.
The consolidated profit after taxes and minority interests rose to EUR
0.55 million (Q1 2007: EUR 0.26 million). Earnings per share increased to
EUR 0.06 (Q1 2007: EUR 0.03).
Consolidated balance sheet performance
Total consolidated assets for the first quarter came to EUR 273.1 million.
Non-current assets came to EUR 243.0 million at March 31, 2008. The value
of investment property increased to EUR 141.0 million as a consequence of
appreciation at the 'Kureck' property in Wiesbaden. The recognized value of
property under development rose to EUR 88.0 million because of the progress
of construction work at the 'Romeo & Julia' property in Frankfurt am Main.
After the first three months of 2008, the Group maintained a solid equity
ratio of 35%.
Outlook
Management has reconfirmed its aim of growing the IFM Immobilien Group
further. The project development business in particular is to expand. In
this connection, the Executive Board expects the 'Romeo & Julia' high-rise
project to be completed by the end of 2008.
The existing portfolio, including ongoing project developments, is expected
to rise to about EUR 500 million within the medium term.
Additionally, the Executive Board is actively exploring the market for ways
of realizing the appreciation of the existing portfolio through sales. It
is not out of the question that some properties might be sold as early as
this year.
'Because of our positive performance in the first quarter, we expect
consolidated revenues to rise further in 2008,' said Glatzel.
About IFM Immobilien AG:
IFM Immobilien AG is an investor and project developer particularly engaged
in commercial real estate, with an emphasis on office and downtown retail
uses. In addition to conventional project development, its business also
includes redeveloping, restructuring and repositioning commercial
properties. The properties that IFM acquires generally stand out for what
IFM sees as an attractive risk-opportunity profile, extensive potential for
development and appreciation, and preferred locations. Applying this
strategy in combination with its core competences in redevelopment,
restructuring and repositioning, IFM Immobilien AG helps revitalize
properties, and thus generates what it believes will be sustainable
property values.
For inquiries, please contact:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Tel: +49 (0) 5404 91 92 0
Fax:+49 (0) 5404 91 92 29
office@elsner-kommunikation.de
Company contact:
Karl-Ludwig-Straße 2
69117 Heidelberg
T. +49 (0) 6221 434098-0
F. +49 (0) 6221 434098-66
Ulmenstraße 23-25
60325 Frankfurt
+49 (0) 69 7040386-0
+49 (0) 69 7040386-25
info@ifm.ag, www.ifm.ag
DGAP 21.05.2008
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Language: English
Issuer: IFM Immobilien AG
Karl-Ludwig-Straße 2
69117 Heidelberg
Deutschland
Phone: +49 (0)6221-434 098 0
Fax: +49 (0)6221-434 098 66
E-mail: info@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
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DGAP-News: IFM Immobilien Group Still on Track for Success in Q1 2008
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