ifm immobilien ag (IFM) Snapshot

IFM Immobilien AG reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported operating profit of EUR 0.5 million compared to EUR 2.7 million a year ago. Consolidated profit was EUR 0.2 million compared to EUR 1.8 million a year ago. Earnings per share were EUR 0.02 compared to EUR 0.19 a year ago. Consolidated revenues totaled EUR 4.4 million, down from EUR 4.8 million for the same quarter last year. The drop in revenue is mainly explained by the fact that rental income and revenues due to change of incidental expenses were reduced by the disposal of the 'Romeo & Julia' property in Frankfurt. Earnings before taxes were EUR 0.5 million compared to EUR 2.7 million a year ago.

The supervisory board of IFM Immobilien AG appointed Jekaterina Sch-rling and Thomas Schulze Wischeler as members of the company's management board. On the board, Ms Sch-rling will assume the role of Chief Financial Officer, whereas Mr. Schulze-Wischeler will serve as Chief Investment Officer. This brings the number of board members up to four.

IFM Immobilien AG reported consolidated earnings results for the year ended December 31, 2012. For the year, the company reported revenue of EUR 19.9 million against EUR 17.6 million a year ago. Operating profit was EUR 6 million against EUR 8.9 million a year ago. Profit after taxes and minority interests was EUR 4.6 million or EUR 0.49 per undiluted share against EUR 5.8 million or EUR 0.61 per undiluted share a year ago. The decline in earnings year on year is essentially explained by the expenditures that accrued in connection with the disposal of the Romeo & Julia property in Frankfurt during the year under review, whereas the corresponding sales proceeds will not contribute to earnings until the first quarter of the 2013 fiscal year. The rise in group Revenue was essentially due to the fact that the ramifications of the planned vacancies in the revitalization context were more than offset by a further increase in occupancy rates at other projects, specifically the properties Romeo & Julia in Frankfurt and Maxxon in Eschborn.