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INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST

Für Sie zusammengefasst
  • InCity reports €1.7m loss in H1 2024, on track.
  • Equity ratio stable at 48.6%, NAV at €1.30/share.
  • Annual forecast confirmed: loss expected €3.5m-€4m.

EQS-News: InCity Immobilien AG / Key word(s): Half Year Results
INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST

19.09.2024 / 08:35 CET/CEST
The issuer is solely responsible for the content of this announcement.


INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST
  • Semi-annual net loss of EUR 1.7 m at Group level
  • Continued solid equity ratio and financial stability
  • Net asset value (NAV) unchanged at EUR 1.30 per share as of 30 June 2024
Schönefeld, 19 September 2024 – In its semi-annual financial statements for the first six months of the current fiscal year 2024 published today, InCity Immobilien AG (“InCity AG”) reports a semi-annual net loss of EUR 1.7 m at Group level which is primarily characterised by depreciation of the property portfolio in accordance with the German Commercial Code (HGB) of approximately EUR 0.9 m and by investments in portfolio properties of approximately EUR 0.8 m. 
“The results for the first half of the year are in line with our plans and, with regard to operating business performance, we can confirm the forecast for this fiscal year that we issued as part of the annual report for 2023,” says Michael Freund, CEO of InCity Immobilien AG.

 
As of the reporting date on 30 June 2024, the InCity Group’s property portfolio was unchanged, comprising seven residential and office buildings in Berlin and Frankfurt am Main with HGB carrying amounts amounting to approximately EUR 143 m as of the reporting date (31 December 2023: about EUR 144 m). 

The InCity Group’s sales revenue in the first half of 2024 (approx. EUR 4.1 m; prior year: approx. EUR 3.7 m) was mainly attributable to income from the rental of portfolio properties (approx. EUR 3.8 m; prior year: approx. EUR 3.5 m), which was increased due to new rentals of modernised residential units and rent adjustments in particular.

Continuously high equity ratio and financial stability

The InCity Group’s equity ratio was 48.6% as of 30 June 2024 (31 December 2023: about 50.0%) and the net asset value (NAV) of InCity AG’s shares was EUR 1.30 per share as of 30 June 2024, unchanged from 31 December 2023. 
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EQS-News INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST EQS-News: InCity Immobilien AG / Key word(s): Half Year Results INCITY CLOSES FIRST HALF OF 2024 ACCORDING TO PLAN WITH A CONSOLIDATED LOSS AND CONFIRMS ANNUAL FORECAST 19.09.2024 / 08:35 CET/CEST The issuer is solely responsible for the content …