IFM Immobilien AG / Half Year Results
26.08.2009
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 AG's success continues in first half of 2009
Revenue growth of 50 percent to EUR 10.1 million
Frankfurt am Main, August 26, 2009: IFM Immobilien AG continued a
successful business performance in the first half of 2009 despite the
increasingly bleak economic environment. The investor and developer of
commercial real estate projects increased its consolidated revenue by 50 %
to EUR 10.1 million. The consolidated post-tax profit resulted in a
positive EUR 1.0 million. IFM Immobilien AG published its interim report
for the first half of 2009 today on the Internet (www.ifm.ag).
Georg Glatzel, CEO at IFM Immobilien AG: 'IFM's success story continues.
Our company has demonstrated that, thanks to our business model, we are
still in an excellent position even amidst the current economic crisis. Our
business model requires we take a clear approach; we only invest in
properties in prime locations that have a high potential for development.
By following this strategy, we have established a high-quality portfolio
that is in demand despite difficult economic conditions. In addition, the
increasing leasing rate of our Romeo & Julia office towers is a further
confirmation of IFM's competence in developing innovative leasing and
marketing concepts. In view of this background, we believe our company is
well equipped to hold its own in the market and continue on the path of
success.'
Highlights of the year to date
IFM secured a key leasing success at the beginning of 2009 with the
completion of the Frankfurt am Main property Romeo & Julia. Additional
leasing contracts were signed in July with several well-known law firms. As
a result, 50% of the property's office space has already been leased out at
this exclusive address.
Group revenue and results
The Group's consolidated revenue rose to EUR 10.1 million in the first half
of 2009 (First Half 2008: EUR 6.8 million). This growth was mostly a result
of additional rental income from the Zeilgalerie in Frankfurt am Main,
acquired in 2008, as well as from the continued leasing of other
properties. The consolidated profit after taxes came to EUR 1.0 million
(First Half 2008: EUR 2.3 million). The earnings per share were equal to
EUR 0.11 (same period 2008: EUR 0.27).
Changes in Group balance sheet
The net asset structure of the IFM Immobilien Group at June 30, 2009 was
affected positively by the additional expansion of the property portfolio,
in contrast to the net asset structure reported at December 31, 2008. Total
net assets increased to EUR 361.6 million from EUR 355.4 million at the
previous reporting date. Real estate assets were up from EUR 319.5 million
to EUR 332.5 million. The equity ratio was reported at 28 percent.
Outlook
The Executive Board views the strong results of the first half of 2009 as a
solid foundation on which to continue this year. They expect to see an
additional increase in the Group's consolidated revenue for 2009 from last
year's revenue.
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
For inquiries, please contact:
Frank Elsner / Frank Paschen
Frank Elsner Kommunikation für Unternehmen GmbH
Tel: +49 (0) 5404 91 92 0
Fax: +49 (0) 5404 91 92 29
office@elsner-kommunikation.de
Corporate contact information:
IFM Immobilien AG
Regine Liebl
UlmenstraÃe 22
60325 Frankfurt
T. +49 (0) 69 9686700-32
F. +49 (0) 69 9686700-25
welcome@ifm.ag, www.ifm.ag
Karl-Ludwig-StraÃe 2
69117 Heidelberg
T. +49 (0) 6221 434098-0
F. +49 (0) 6221 434098-66
DGAP 26.08.2009
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Language: English
Issuer: IFM Immobilien AG
Karl-Ludwig-StraÃe 2
69117 Heidelberg
Deutschland
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
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DGAP-News: IFM Immobilien AG's success continues in first half of 2009
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