PRESS RELEASE : INCITY GROUP CLOSES 2020 SLIGHTLY ABOVE FORECAST AND RECORDS GROUP PROFIT OF EUR 2.4 M

DGAP-News: InCity Immobilien AG / Key word(s): Annual Report 
INCITY GROUP CLOSES 2020 SLIGHTLY ABOVE FORECAST AND RECORDS GROUP PROFIT OF EUR 2.4 M 
2021-04-29 / 08:36 
The issuer is solely responsible for the content of this announcement. 
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INCITY GROUP CLOSES 2020 SLIGHTLY ABOVE FORECAST AND RECORDS GROUP PROFIT OF EUR 2.4 M 
  . InCity publishes annual report for 2020 and makes forecast for fiscal year 2021 
  . Single-entity financial statements also record clearly positive net income for the year of approx. EUR 4.5 m 
  . Net income for the year 2020 primarily influenced by sale of property at "Brönnerstrasse 13/15" 
  . A net loss between EUR -1.8 m and EUR -2.3 m is expected for the year 2021 at Group level, and a negative result 
    between EUR -0.1 m and EUR -0.6 m is expected at single-entity annual financial statement level. 
Frankfurt am Main, 29 April 2021. Today, InCity Immobilien AG ("InCity") published its annual report for fiscal year 
2020. Despite the challenging economic environment, the results at Group level at EUR 2.4 m were slightly above the 
forecast figures (between EUR 1.8 m and EUR 2.3 m). The net income at single-entity financial statement level was also 
positive at approximately EUR 4.5 m and was at the upper end of the initially planned range (between EUR 4.1 m and EUR 
4.6 m). The positive financial statements were significantly influenced by the sale of the portfolio property located 
at "Brönnerstrasse 13/15" in Frankfurt am Main with a positive contribution to consolidated earnings of around EUR 4.4 
m. For the current year, the Management Board expects a net loss of between EUR -1.8 m and EUR -2.3 m at Group level 
and between EUR -0.1 m and EUR -0.6 m at single-entity annual financial statement level, excluding earnings 
contributions from potential acquisitions or disposals. "However, the Group forecast must be evaluated under the 
premise that the HGB accounts do not reflect the value development of our portfolio," says Michael Freund, CEO of 
InCity. "This means that scheduled depreciation and amortisation reduce earnings, while appreciation in the value of 
our properties is not recognised." 
As of the balance sheet date on 31 December 2020, the InCity Group's portfolio included six residential and commercial 
buildings and two office properties in Berlin and Frankfurt am Main, making a total of eight portfolio properties (31 
December 2019: nine portfolio properties). On 3 January 2020, the change of ownership and transfer of risks and rewards 
took place as part of the sale of the property company holding the portfolio property located at "Brönnerstrasse 13/15" 
in Frankfurt am Main ("share deal"). 
Despite the crisis caused by COVID-19 in the past fiscal year, the rate of payment in the properties was very 
satisfactory. For example, the Federal German Act to Mitigate the Consequences of the COVID-19 Pandemic under Civil, 
Insolvency and Criminal Procedure Law (COVFAbG) allowed tenants to stop making rental payments in the period from 1 
April to 30 June 2020 if non-payment was due to the effects of the COVID-19 pandemic. Nevertheless, the payment rate 
was between 95% and 98% in the months concerned. "This represents a very good rate of payment in a crisis situation and 
highlights the value stability and crisis resilience of our portfolio of high-quality core properties," says Helge H. 
Hehl, CFO of InCity. 
The consolidated net income in fiscal year 2020 was clearly positive at EUR 2.4 m (prior year: consolidated net loss of 
EUR -1.9 m). At around EUR 6.5 m, Group EBITDA was also significantly better (EUR +4.6 m) than in the prior year (EUR 
1.9 m) and was also primarily influenced by the positive earnings contribution of around EUR 4.4 m from the sale of the 
portfolio property located at "Brönnerstrasse 13/15" as part of a share deal. In addition, the operating surplus from 
the managed property portfolio increased by around EUR 0.5 m. In the prior year, EBITDA also included an earnings 
contribution of EUR 0.3 m from the sale of the property company holding the portfolio property located at 
"Jacobsohnstrasse 27" in Berlin. The main changes in earnings below EBITDA are higher scheduled depreciation and 
amortisation, a lack of interest income from the current management of funds, as in the prior year, and slightly higher 
tax expenses. The Group's equity ratio was approximately 47% as of the balance sheet date (31 December 2019: 45%). This 
increase is mainly due to the consolidated net income achieved for the year. 
The result at single-entity annual financial statement level was also clearly positive at around EUR 4.5 m (prior year: 
EUR 39 k) and was also influenced by the positive earnings contribution from the sale of the property located at 
"Brönnerstrasse 13/15". In particular, other operating expenses that were lower than planned (around EUR +0.2 m) meant 
that the single entity net income for the year was at the upper end of the original planning range. 
The 2021 fiscal year will be characterised by a clearly negative net income, particularly in the consolidated financial 
statements. Excluding earnings contributions from potential acquisitions or disposals, the Management Board currently 
expects the InCity Group's net loss for the year to be between EUR -1.8 m and EUR -2.3 m and InCity AG's net loss to be 
between 
EUR -0.1 m and EUR -0.6 m. However, this Group forecast must still be evaluated under the premise that the HGB accounts 
do not reflect the true value development of the property portfolio, as scheduled amortisation and depreciation in the 
current fiscal year 2021 will reduce earnings by around EUR 1.9 m, while increases in value will not be recognised. 
By contrast, InCity's positive development can be seen in a third-party market valuation of its eight portfolio 
properties as of 31 December 2020. Based on this market valuation amounting to EUR 218.9 m and taking into account the 
other Group balance sheet items, a net asset value of EUR 1.68 per share results (31 December 2019: EUR 1.62 per 
share). 
InCity AG plans to continue to expand its property portfolio. "We will only take action if our strict requirements as 
to intrinsic value and return are fulfilled. In addition, we still want to keep our options open and take advantage of 
opportunities to sell properties if we judge that this is in the best interest of the company," says Michael Freund, 
CEO of InCity. Beyond this - or rather building on its solid property portfolio - InCity plans to again increase its 
activities in the areas of project development and project participations. This also includes services for third 
parties such as project management activities in connection with new construction projects. In a further step, the 
Group plans to expand this area and thus increase the associated revenues. 
During the preparation of the annual report, the impact of the COVID-19 virus pandemic on the economic situation was 
still not definitively predictable or quantifiable. However, based on the solid and secured financing and on the 
quality of the property portfolio, which mainly includes properties in prime locations, InCity believes that it is 
still very well positioned. 
The annual report is available on the company's homepage (www.incity.ag) and printed versions can be sent upon request. 
Details on the portfolio properties can be found in the updated company presentation, which can also be viewed on the 
website. 
Contacts for enquiries: 
InCity Immobilien AG             Press                                       Investor relations 
Beethovenstrasse 71                  Thomas Luber                          Helge H. Hehl, CFA 
60325 Frankfurt am Main           Tel.: [phone]      Tel.: [phone] 
Germany                                   [e-mail]                       [e-mail] 
www.incity.ag 
About InCity Immobilien AG 
As a multi-disciplinary real estate company, InCity Immobilien AG (referred to in the following as InCity AG) is 
dedicated to creating and increasing the value of real estate and operates in the fields of asset management and 
project development. For its property portfolio, InCity AG focuses on the real estate markets of the two major cities 
Berlin and Frankfurt am Main and pursues a sustainable investment strategy. The decisive factors here are location, 
property quality and long-term value stability. Accordingly, the portfolio consists of high quality core properties 
with value stability in Berlin as well as properties in locations in Frankfurt that are attractive in the long term 
which range in value between EUR 5 m and EUR 50 m. In addition, InCity AG assumes comprehensive and individually 
developed asset management contracts for third parties that are adjusted to meet the needs of the respective property 
or portfolio. Visit the website for further information about the company: www.incity.ag 
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2021-04-29 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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Language:     English 
Company:      InCity Immobilien AG 
              Beethovenstraße 71 
              60325 Frankfurt am Main 
              Germany 
Phone:        IR: [phone] PR: [phone] 
Fax:          [phone] 
E-mail:       [e-mail] 
Internet:     www.incity.ag 
ISIN:         DE000A0HNF96 
WKN:          A0HNF9 
Listed:       Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Stuttgart, Tradegate 
              Exchange 

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