IC Immobilien Holding AG
IC Immobilien Holding AG: IC Immobilien Holding AG Confirms Turnaround and Expects Positive Result for the Year
IC Immobilien Holding AG / Half Year Results/Development of Sales 13.08.2010 12:18 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- -Company reports positive semiannual result -Management efficiency boosted, costs lowered -Transaction business in the investment division lags behind expectations -Positive outlook for second half-year and the year 2010 as a whole Unterschleissheim near Munich, August 13, 2010; IC Immobilien Holding AG completed the first half-year of its 2010 financial year with a net income of 115,400 Euros. This confirms the shift in trend that the second semester of 2009 seemed to suggest, whereas the first six months of 2009 had returned a loss of 1.14 million Euros. At 5.14 million Euros, turnover proceeds fell nearly 14 percent short of the same period in 2009 (5.95 million Euros). Then again, the turnover drop was more than offset by the effects of measures undertaken to improve the cost structure, and by net income from investments, which at 809,800 Euros more than quadrupled compared to the first six months of last year (182,700 Euros). While the net operating profit was negative at -255,000 Euros, it was a step up from that of the first half-year of 2009 (-1.11 million Euros). Management efficiency boosted, costs lowered: 'IC Group has responded to the market changes precipitated by the financial crisis by launching a number of initiatives for streamlining its work flows and for tightening its cost structure. At the same time we did not neglect to keep investing in a high-powered infrastructure. The measures have already made a positive impact on our business performance,' elaborated Dr. Oscar Kienzle, CEO of IC Immobilien Holding AG. Transaction business in the investment division undercuts expectations: The transaction business in the investment division still lagged far behind expectations during the first semester of 2010, yet there are increasing signs that suggest a brightening market environment in this segment. Particularly the persistently low interest level and the gradually resurgent willingness to lend on the part of the banks provide favourable parameters for real estate investments because investors are able to exploit a positive leverage of debt financing irrespective of the high margins of the financing banks. Positive outlook for second semester and the year 2010 as a whole: The Management Board of IC Immobilien Holding AG takes a positive view of the prospects for the second half-year as well as for the business development for the year 2010 as a whole. The Board assumes that the market recovery now underway will definitely gather momentum and favourably impact the sales and income performance for IC Real Estate Group in the remaining months of the year. The continued positive environment for real estate investments is likely to improve not just the net income from the ongoing management mandates but in particular the transaction profits of the second semester, and noticeably so. IC moreover believes that the measures implemented in recent months to enhance the cost structure, and the investments it undertook in its own infrastructure, have boosted the company's competitive edge. About IC Immobilien Gruppe: IC Real Estate focuses on real estate services for German and international institutional investors. In addition, it assumes management tasks both for real estate funds launched both in its own right and for third parties. At the end of 2009, IC Group had approximately 5 billion Euros in assets under management. With nine branch offices and a staff of about 140 professionals, the company operates virtually nationwide. IC Group manages a total of about 28,000 private and institutional investors. Contacts Stephan Holeczek IC Immobilien Holding AG Ohmstrasse 4 85716 Unterschleissheim, Germany Tel.: +49 (0)89 / 55 22 7 - 362 Fax: +49 (0)89 / 55 22 7 - 355 E-mail: investor.relations@ic-group.de 13.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: IC Immobilien Holding AG Ohmstraße 4 85716 Unterschleißheim Deutschland 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 Hamburg, München, Berlin, Stuttgart; Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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