EANS-News: InCity Immobilien AG
InCity Immobilien AG maintains strong growth
track
Cologne (euro adhoc) -
- InCity Group publishes preliminary figures for the financial year 2008 - Net profit up by 70% - Positive outlook for 2009
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
companies/Preliminary figures
23 March 2009 - InCity Immobilien AG, a group of companies specialised in planning and realising high-quality properties in central urban locations, has published today its preliminary figures for the financial year 2008. The results in accordance with IFRS underline the company's sustainable business model, even in a market environment which has significantly deteriorated.
In the financial year 2008, InCity Group achieved sales of EUR 60.2 million, an increase of 12.7% compared to the previous year (EUR 53.4 million in 2007). The operating result (EBIT) went up by 24.7% to EUR 9.1 million from EUR 7.3 million in 2007. Annual net profit came to EUR 5.1 million, exceeding the previous year's amount by 70.0% (EUR 3.0 million in 2007). The total operating performance of the group - the sum of sales and changes in inventory for work and services in progress - amounted to EUR 77.8 million in 2008, increasing by 15.4%.
Given increased financing costs in the third and fourth quarter and enhanced risk management, Managing Board member André Peto is satisfied with the results: "Our positive development in 2008 confirms that we are on the right track with our company policy. On the one hand, focussing exclusively on properties in top locations has proven to be an approach insulated against times of crisis, while on the other, the targeted expansion of our product portfolio for retail properties has enabled us to improve our flexibility. We are now able to increasingly exploit our core competencies, allowing us to take advantage of opportunities in the market." André Peto is also confident about 2009: "Given our extensive project pipeline and the substantially declining short-term interest rates since the beginning of the year we expect a further improvement of our performance."
The final figures for the financial year 2008 will be published at the beginning of April on the company's website www.incity.ag.
About InCity Immobilien AG:
InCity Immobilien AG specialises in the planning and realisation of high-quality property in inner city locations. The company develops and markets both residential and retail properties using its inhouse expertise to minimise project running time and to deliver high value added in the process. InCity pools the experience accumulated through about 250 high-quality heritage building redevelopment and new building projects for discerning self-users and investors. The company creates exclusive, high-value space tailored to customers' needs in top locations of German metropolitan areas. InCity underlines its corporate responsibility towards society and the environment through participation in the UN Global Compact, the international initiative of the United Nations for the promotion of social and environmental principles. Further 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
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