On the basis of interim figures for 2021, InCity achieves a consolidated net income of approx. EUR 1.0 m and a net income of approx. EUR 2.1 m in the single-entity company

At the level of the consolidated financial statements, and taking into account mutually offsetting one-off effects, the deviations from the adjusted forecast are primarily due to the fact that, compared to the adjusted forecast, additional expenses in the area of risk provisions for companies associated with the former business model (‚Altgesellschaften‘) and project companies were more than offset by lower non-allocable operating costs in individual portfolio companies than were originally planned (EUR +0.5 m in total).

At the level of the company’s single-entity annual financial statements, the deviations from the upper range of the forecast as of the end of June 2021 are primarily due to one-off effects in the investment result not included in the adjusted forecast that relate to the amortisation of financial assets outside the reporting period (EUR -0.6 m) and loss absorption from a subsidiary (EUR -0.3 m). These were only partially offset by lower other operating expenses than planned (EUR +0.2 m).

In addition, it should be noted in light of the value development of the property portfolio held by InCity that the result of the consolidated financial statements under commercial law does not reflect the positive portfolio performance, as the substantial increases in the value of the property portfolio are not reflected in HGB accounting, while at the same time the scheduled depreciation of the property portfolio in the amount of around EUR 1.9 m (prior year: EUR 1.9 m) has a negative effect on the result in the reporting year.