DGAP-News: POLIS Immobilien publishes preliminary figures for 2011
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Final
Results/Preliminary Results
POLIS Immobilien publishes preliminary figures for 2011
27.02.2012 / 07:31
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Corporate News
POLIS Immobilien publishes preliminary figures for 2011
- Earnings before taxes (IFRS) climb approx. 66 percent to EUR 3.2
million (previous year: EUR 2.0 million)
- Record letting result of the previous year exceeded
- Letting ratio to pass 84 percent mark in 2012
Berlin, 27 February 2012 - POLIS Immobilien AG [ISIN: DE0006913304] has
today published the preliminary and unaudited figures for the year 2011. At
the operating level, 2011 was a very successful financial year for POLIS
Immobilien: According to International Financial Reporting Standards, the
specialist for the modernisation and management of office properties
generated earnings before taxes of EUR 3.2 million, which represents a 66
percent increase on the previous year's EUR 2.0 million. With an equity
ratio of 49 percent the specialist for the modernisation and management of
office properties remains soundly financed.
POLIS again achieved an excellent letting result, with new lettings
totalling 19,900 square metres. Together with another 2,300 square metres
for which a letter of intent has been signed, this adds up to 21,200 square
metres, which even exceeds the record result of the previous year.
Moreover, leases for roughly 10,700 square metres were renewed, partly at
much better conditions. Due to the excellent letting result, the letting
ratio climbed to 80 percent (excluding one property earmarked for sale),
compared to 73 percent at the end of 2010. In this context, it should be
noted that four fully let investment properties have been sold and three
partly let properties have been added. The letting ratio will rise to over
84 percent as tenants physically occupy already a significantly rented
space. Due to the good letting results of the past two years, POLIS
Immobilien generated much higher rental income. Together with the rents
generated by the investment properties at the company's new location,
Dresden, POLIS was able to compensate for the rental income previously
generated by four properties sold in 2011; total rental income even climbed
by roughly 14 percent to EUR 14.9 million (previous year: EUR 13.1
million). At the same time, income from property management rose by 8
percent to EUR 10.3 million (previous year: EUR 9.6 million).
Funds from operations, which reflect the operating result adjusted for the
result from revaluation and the sale of properties, the valuation result of
financial derivatives and deferred taxes, declined to EUR 1.2 million
(previous year: EUR 2.0 million). This was primarily due to increased
interest expenses and income taxes. POLIS Immobilien expects funds from
operations to rise sharply in 2012 due to a further increase in rental
income and a decline in letting expenses. 'As the economic situation
remains stable, we expect the positive trend in the office property market
to continue well into the new year,' said Dr. Alan Cadmus, CEO of POLIS
Immobilien AG.
Successful letting activity at new location in Dresden and entry into new
business segment, namely third party asset management
At the beginning of last year, POLIS Immobilien opened a new location in
Dresden, which was built up in the further course of the yearand has
achieved good letting results. Among other this transaction contributed to
the good valuation result of EUR 4.5 million, which has been confirmed by
external appraiser Feri EuroRating Services. Moreover POLIS Immobilien
generated additional income from sales of EUR 0.9 million. This means that
the value gains achieved in the past and included in the last valuation
have not only been realised but even exceeded, and in four cases the
company was able to prove that the valuations were sound and in line with
the market. Finally, POLIS Immobilien signed up a foreign investor for
investments in three investment properties, which marked the company's
lucrative entry into a new business segment, namely third party asset
management.
First dividend postponed
As already announced in an ad-hoc press release published on 8 February
2012, the company did not generate a net profit under German accounting
standards (HGB) in spite of the good operating performance and the positive
result under IFRS. At approx. EUR -1 million, the result for the year was
negative. On the one hand, this was attributable to non-cash valuation
losses from interest rate hedges. As market rates continued to decline in
the fourth quarter, the company incurred a valuation loss of roughly EUR 4
million from derivative financial instruments. The company uses interest
rate hedges to hedge at least 50 to 70 percent of its loans against changes
in interest rates. If market interest rates decline, this leads to non-cash
valuation losses for POLIS Immobilien. On the other hand, a valuation loss
arose from individual investment properties due to the termination of a
large-scale lease and maintenance needs of one specific property. While
this valuation loss must be recognised in full under German accounting
standards (HGB), the positive changes in the fair values of other
investment properties cannot be recognised under HGB. As a result, the
company sees no basis for paying out a dividend for the financial year
2011.
Good start to current financial year
By the end of February 2012, the company had signed new or renewed existing
leases for 2,200 square metres. 'The good letting performance in the
normally weak months of January and February is very encouraging,' said
Cadmus. The company expects to be able to let all available properties in
2012 except for the vacancies caused by normal fluctuation. In view of the
positive letting performance, POLIS Immobilien projects a further rise in
rental income, an improved result from property management and an increase
in funds from operations.
The Annual Report will be published on 30 March 2012.
POLIS Immobilien AG, which was founded in Berlin in 1998, is 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 2011, POLIS Immobilien's real estate portfolio comprised a total
of 29 properties with a market value of around EUR 289 million. POLIS
Immobilien shares are listed on the regulated market (Prime Standard) of
the Frankfurt Securities Exchange. Further information can be found at
www.polis.de.
Investor Relations
Dr. Alan Cadmus
POLIS Immobilien AG
Phone: +49 30 225 00 250
Email: ir(at)polis.de
URL: www.polis.de
Press contact
Britta Cirkel
HOSCHKE&CONSORTEN Public Relations GmbH
Phone: +49 40 36 90 50- 56
Email: b.cirkel(at)hoschke.de
End of Corporate News
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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(at)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
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158077 27.02.2012
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Datum: 27.02.2012 - 07:31 Uhr
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