InCity Immobilien AG confirms preliminary figures for the first half of 2008
Cologne (euro adhoc) -
- Group of companies achieves sales of 33.6 million EUR - Operating result (EBIT) improved to 5.6 million EUR - Positive outlook for 2008 as a whole confirmed
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3 September 2008 - InCity Immobilien AG, a group of companies specialised in the planning and realisation of high-quality properties in central urban locations, has today presented its six-monthly report 2008 and confirms the preliminary figures published on 14 August.
In the first six months of 2008, the InCity Group achieved sales of 33.6 million EUR under IFRS. This represents an increase of around 165% compared with the half-year result of 12.7 million EUR in 2007 (under German GAAP - HGB). The total operating performance of the group, corresponding to the sum of sales and changes in inventory, rose to 51.2 million EUR. The operating result (EBIT) improved to 5.6 million EUR in the reporting period. Net profit for the period increased to 2.9 million EUR. At 79.7 million EUR, the group´s total assets as of 30 June 2008 were considerably higher than the year-end figure of 58.2 million EUR. Liquid funds totalled 12.9 million EUR. Despite the payment of a dividend of 625,000 EUR, equity was 12.7 million EUR, considerably above the figure as of 31 December 2007 (10.5 million EUR) due to the positive development of results.
The company currently has orders on hand as well as property projects at the selling and the development stage with a sales volume in excess of 200 million EUR which will be realised in stages over the coming twelve to eighteen months. For 2008 as a whole, the Managing Board is expecting an increase in sales of 44% compared with the previous year to 77 million EUR with a total operating performance of around 90 million EUR, and an improvement in the operating result (EBIT) of over 50% to 11.1 million EUR. The target is to more than double the annual net profit in the financial year 2008 to 6.4 million EUR. Against this background, the Managing Board expects a significant increase in the dividend for the current financial year.
As of today, the half-year report 2008 of InCity Immobilien AG is available in German language on the company´s website at www.incity.ag.
About InCity Immobilien AG: InCity Immobilien AG specialises in the planning and realisation of high-quality property in central urban locations and enriches the residential spectrum by the "lifestyle" aspect for a clientele with a high purchasing power. InCity pools the experience accumulated through over 200 high-quality old building redevelopment and new building projects for discerning self-users and investors. The company creates exclusive, high-value residential space tailored to customers´ wishes in top locations of German metropolitan areas. With the focus on the regions Cologne/Bonn, Berlin and Weimar/Erfurt as well as Rhine-Main, InCity caters to the rapidly rising demand from highly solvent target groups for urban quality of life in the city centres of German growth regions. For more information: www.incity.ag
end of announcement euro adhoc
Further inquiry note:
InCity Immobilien AG
André Peto
Phone: +49 (0) 221 95 27 57 55
a.peto@incity.ag
Investor Relations, IR.on AG
Dariusch Manssuri
Phone: +49 (0) 221 91 40 970
dariusch.manssuri@ir-on.com
Branche: Real Estate
ISIN: DE000A0HNF96
WKN: A0HNF9
Börsen: Börse Frankfurt / free trade/entry standard
Börse Berlin / free trade