German property company IVG Immobilien recorded a consolidated net loss of EUR 158 mln in 2009, down from a loss of EUR 451.7 mln the previous year, reflecting the first results of a restructuring programme implemented in the course of last year.
German property company IVG Immobilien recorded a consolidated net loss of EUR 158 mln in 2009, down from a loss of EUR 451.7 mln the previous year, reflecting the first results of a restructuring programme implemented in the course of last year.
According to the company's preliminary results, the value of its investment property portfolio fell EUR 64.1 mln last year, reflecting the fact that the company sold off properties at prices below their book value to safeguard its liquidity.
Revenues increased to EUR 838.8 mln from EUR 608.6 mln, mainly due to the completion and sale of a property in Italy, which generated EUR 287.5 mln in proceeds as well as proceeds from letting services for the IVG Caverns Fund, amounting to a total of EUR 43.1 mln.
Gerhard Niesslein, IVG's CEO, said: 'IVG responded to the turbulences caused by the financial and economic crisis in the markets by adopting a streamlined and modified business model. We will consistently follow the course that we have embarked upon and continue to reduce IVG’s debt and risks in the year 2010. This mainly includes the successful completion and sale of projects from our development pipeline as well as focusing on restructuring IVG’s operations.'