IC Immobilien Holding AG
IC Immobilien Holding AG: IC Reports Shift in Trend in Annual Result and Cash Flow
IC Immobilien Holding AG / Half Year Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- - First Quarter still Impacted by One-Time Effects - Results of the second quarter suggest a shift in trend - Improved results for the second semester expected Unterschleissheim near Munich, August 14, 2009 - IC Immobilien Holding AG, having concluded the 2008 financial year with a loss of 7.67 million Euros, reports a shift in trend that started with the second quarter 2009. Compared to the first semester 2008, the mid-year net loss reduced itself from a negative 1.95 million Euros to a negative 1.14 million Euros. At the same time, cash flow from operations rose from 0.2 million Euros to 1.4 million Euros year-on-year. The semi-annual loss is essentially explained by another, if clearly lower, dip of the quoted price for Fair Value REIT-AG shares, and this in turn impacted the interest of about 18% that IC holds in the company. Over the past 18 months, these equities holdings of IC Group suffered depreciations of approximately 11 million Euros. 'It needs to be remembered here that these depreciations represent valuation losses and not an actually realised loss. Suppose the interest we hold in Fair Value REIT-AG was itemised in the balance sheet not at its quoted price but at its current real estate value, the reported share capital of IC Group would improve by more than 8 million Euros,' said Dr. Oscar Kienzle, CEO of IC Immobilien Holding AG. At the same time, Kienzle remains less than satisfied with the investment business, which has largely collapsed due to the financial market crisis. 'We clearly missed our targets here, but given the well-filled order books we have reason to expect a substantial improvement during the second half-year. We did assume a weaker performance for the first six months compared to the second semester and 2009 as a whole, because we were implementing a number of restructuring measures within the group. Yet the losses due to one-time effects in a difficult market environment caused us additional impact,' said Kienzle. Even the results of the second quarter, however, already suggest a shift in trend for IC. 'This coincides with the belief, shared by a majority of the market players that we have seen not only the formation of a stable basis by now, but also first signs of a rebound. We assume that our profit/ loss for the second semester will clearly outperform that of the first six month,' Kienzle went on to say. About IC Real Estate Group: The IC Real Estate Group (IC Group) is a full-service provider whose various member companies offer real estate-related services as a one-stop shop to private and institutional investors. The group has been active in the real estate sector since 1988, both as asset/ property manager and as initiator of closed-end funds. It has a staff of currently 160 employees, working out of 9 locations in Germany and North America. The group currently manages an investment volume of approximately 5.3 billion Euros for about 28,000 private and institutional investors. Stephan Holeczek IC Immobilien Holding AG Ohmstrasse 4 85716 Unterschleissheim Tel.: +49 (0)89 / 55 22 7 - 362 Fax: +49 (0)89 / 55 22 7 - 355 E-mail: investor.relations@ic-group.de 14.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: 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 Berlin, München, Hamburg, Stuttgart; Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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