POLIS Immobilien AG
POLIS Immobilien AG: POLIS Immobilien publishes preliminary figures for 2013
DGAP-News: POLIS Immobilien AG / Key word(s): Preliminary Results/Final Results 13.02.2014 / 15:30 --------------------------------------------------------------------- Corporate News POLIS Immobilien publishes preliminary figures for 2013 - Earnings before tax (EBT) climb from EUR 2.6 million to EUR 9.8 million - Funds from operations double to EUR 5.0 million - Letting ratio remains on the increase Berlin, 13 February 2014 - German real estate company POLIS Immobilien AG [ISIN: DE0006913304] today presented its preliminary figures for the period ended 31 December 2013. As expected, the specialist for the modernisation and management of office properties in established locations in Germany's leading office cities significantly improved its earnings and key operational figures in the past year. Although two fully let properties were sold, the good letting performance and the optimisation of lease agreements sent rental income rising by 13.8 percent to EUR 18.2 million. Letting some 18,884 square metres, the company again achieved a very high letting ratio. New leases were signed and existing ones extended for 11,454 square metres, while the leases for 7,430 square metres were renewed. The letting ratio climbed from 87 percent in the previous year to 93 percent. Moreover, the company optimised its property portfolio and increased its investment volume by acquiring one property and selling two smaller ones. The result from property management after maintenance and property management expenses was up by about 31 percent on the previous year to EUR 14.7 million. As had been expected, the funds from operations (FFO), which represent the operating result - adjusted for the result from revaluation, the sale of properties, the valuation result of financial derivatives and deferred taxes - climbed by an impressive 95 percent to EUR 5.0 million. 'We are very pleased with this performance and believe that our team and our portfolio put us in the perfect position to satisfy the growing demand in the market for office properties,' said Dr. Alan Cadmus, CEO of POLIS. At EUR 9.8 million, consolidated earnings before tax (EBT) clearly exceed the previous year's EUR 2.6 million. The improved result is attributable not only to the successful property management activities but, above all, also to the positive result from the valuation of financial derivatives of EUR 2.3 million, compared to a deficit of EUR -2.5 million in the previous year. Positive property valuation result As modernised properties were successfully let to new tenants and existing leases were renewed at better conditions, POLIS achieved a positive valuation result for many of its investment properties. Due to expiring leases, maintenance requirements or changed rent forecasts at individual locations, the market values of some properties showed a negative trend. In particular, the valuation result was reduced by EUR 2.2 million due to the depreciation of a property in Frankfurt am Main. The sole tenant had moved out and the property will now be fully modernised. On balance, the investment properties achieved a pleasant valuation result of EUR 1.9 million (previous year: EUR 2.4 million). Good capitalisation will facilitate planned acquisitions in 2014 Over the past three years, POLIS achieved a good letting performance, which has laid the basis for a sustainable improvement in their key earnings figures. Together with the excellent capitalisation, they will enable the company to seize opportunities for acquisitions as they arise. 'Our still high equity ratio of 48 percent, considerable liquid funds and unused credit lines will facilitate the acquisition of new properties,' said Michael Piontek, Chief Financial Officer of POLIS. 'Moreover, the A-rating recently awarded to our company will make it easier to finance the acquisition of new properties and give us access to additional sources of finance.' The Annual Report for the year ended 31 December 2013 will be made available for downloading on the company's website at www.polis.de/english/IR/berichte.php on 27 March 2014. POLIS Immobilien AG, which was founded in Berlin in 1998, is a listed real estate company that buys, refurbishes/revitalises, and manages office properties for its own portfolio. The company focuses on one market segment: office properties in inner-city locations at the most important German office centres. The company acquires properties that are either already renovated and are completely let, thereby generating stable cash flow, or properties that are vacant or require modernisation, and which offer specific value appreciation potential. This potential may be realised by corresponding modernisation measures or full revitalisation. As of 31 December 2013, POLIS Immobilien's real estate portfolio comprised a total of 26 properties with a market value of around EUR 316 million. POLIS Immobilien shares are listed on the regulated market (Prime Standard, ISIN: DE0006913304) of the Frankfurt Securities Exchange. Further information can be found at www.polis.de. Investor relations: Dr. Alan Cadmus POLIS Immobilien AG Tel: +49 30 225 00-250 Email: ir@polis.de Press contact: Britta Cirkel HOSCHKE & CONSORTEN Public Relations GmbH Tel: +49 40 36 90 50-56 Email: b.cirkel@hoschke.de End of Corporate News --------------------------------------------------------------------- 13.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: POLIS Immobilien AG Rankestraße 5/6 10789 Berlin Germany Phone: +49 30 225 00-261 Fax: +49 30 225 00-299 E-mail: info@polis.de Internet: www.polis.de ISIN: DE0006913304 WKN: 691330 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München End of News DGAP News-Service --------------------------------------------------------------------- 252560 13.02.2014
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