IC Immobilien Holding AG
IC Immobilien Holding AG: Cost of Growth and Restructuring puts Strain on 2010 Year-End Results
IC Immobilien Holding AG / Key word(s): Final Results 14.07.2011 / 15:53 --------------------------------------------------------------------- -IC closes with a negative Result amounting to around EUR - 2.5m -10bn Assets under Management as Target for 2011 -Positive interim Results for 2011 Unterschleissheim near Munich, 14 July 2011 - IC Immobilien Holding AG concluded its 2010 financial year with an annual group deficit of around 2.471m euros. Substantial causes of the adverse variance were significantly lower than expected investment activity (minus one million euros), together with stricter valuation standards for outstanding debts (minus 1.5 million euros). A level of growth which surpassed expectations led to higher expenditure than planned (minus 0.5 million euros). Positive outlook for 2011: A modest trend is expected with regards to the transaction business. In terms of turnover, the fundamentally positive market trend shall continue to be shaped by investors taking a pronounced risk-averse approach and by prolonged funding negotiations. Transactions are taking a great deal longer compared with previous years, leading to a relatively low turnover. With regards to core business growth, the executive board of IC Immobilien Holding AG is proceeding on the assumption that the target of ten billion managed assets is to be achieved in 2011. During the first quarter, more than a quarter of a billion were acquired; during the second quarter negotiations were successfully closed on approximately 1.5 billion, subject to board approval. Significantly more than 50% of new customers are international clients. Although growth-induced expenditure is still also expected in 2011, IC's interim result will stand out as being markedly positive. Besides non-recurring items, the positive development of Fair Value REIT-AG has also been a contributing factor. Should this trend continue - an assumption based on current knowledge - an overall positive result is to be expected for 2011. Dr Oscar Kienzle, the current CEO, has resigned from his post, effective from the end of the general meeting being held on 23 August 2011. He has been put forward to be elected onto the company's supervisory board. About the IC Immobilien Gruppe: The IC Immobilien Gruppe focuses on asset and property management for German and international, institutional real estate investors. Besides this, the group, with its head office in Unterschleissheim near Munich, manages real estate funds issued both by the company and by third par-ties. With seven sites and around 200 employees, IC covers almost the whole of Germany and also has two further branch offices in North America. The IC Group provides services to a total of over 15,000 private and institutional investors and administrates an investment volume of more than 8.5 billion euros. End of Corporate News --------------------------------------------------------------------- 14.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: IC Immobilien Holding AG Ohmstraße 4 85716 Unterschleißheim Germany Phone: +49 (0)89 / 55227-362 Fax: +49 (0)89 / 55227-355 E-mail: stephan.holeczek@ic-group.de Internet: www.ic-group.de ISIN: DE0005632160 WKN: 563216 Listed: Freiverkehr in Berlin, Hamburg, München, Stuttgart; Open Market in Frankfurt End of News DGAP News-Service --------------------------------------------------------------------- 132107 14.07.2011
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found