DGAP-News: POLIS Immobilien publishes preliminary figures for 2012
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Final Results/Forecast
POLIS Immobilien publishes preliminary figures for 2012
06.03.2013 / 07:45
---------------------------------------------------------------------
Corporate News
POLIS Immobilien publishes preliminary figures for 2012
- Funds from Operations (FFO) more than doubled to EUR 2.6 million
- Michael Piontek appointed new Chief Financial Officer
Berlin, 06 March 2013 - POLIS Immobilien AG [ISIN: DE0006913304] today
published financial figures for the past year. This was the third
consecutive time that the company achieved a very good letting result and
continued to reduce the modernisation-related vacancies. New lettings
totalled 17,790 square metres. The improved letting performance sent rental
income and the result from property management rising by 8 percent each to
EUR 16.02 million and EUR 11.2 million, respectively. As had been expected,
funds from operations, which reflect the operating result adjusted for the
result from revaluation, the sale of properties, the valuation result of
financial derivatives and deferred taxes, more than doubled to EUR 2.6
million (2011: EUR 1.2 million).
The specialist for the modernisation and management of office properties in
established locations in Germany's leading office cities achieved a
positive valuation result of EUR 2.4 million for the portfolio properties.
The previous year's higher valuation result of EUR 4.5 million was
influenced by the non-recurrent effect of the first-time valuation of the
investment properties at the company's new location in Dresden. The
valuation result shows that the high modernisation investments of the past
years have led to value increases. Another positive aspect is the renewal
of leases for some 15,365 square metres, which will improve the stability
of future earnings. 'All value-enhancing measures and investments are
geared to the wishes of the tenants. This ultimately pays off in the form
of high tenant satisfaction and long-term tenant retention,' says Dr. Alan
Cadmus, CEO of POLIS.
What had not been expected, however, was the continued decline in market
interest rates, which again led to non-cash valuation losses from interest
rate hedges in the amount of EUR 2.5 million (2011: EUR 3.7 million).
Together with the lower valuation result from investment properties, this
decline was also the reason for the reduction in consolidated net income
before taxes (IFRS), which amounted to EUR 2.6 million in 2012 (2011: EUR
3.2 million).
To reduce its exposure to financing-related valuation effects and open up
financial scope for new acquisitions, POLIS successfully restructured part
of its debt capital, renewed loan agreements and interest rate hedges and
reduced the interest rate hedge ratio in the second half of the year. The
company now has credit lines available for new acquisitions, which it
intends to use in the current fiscal year. Special opportunities will
result from the new 'Third-party Asset Management' unit, which aims to
offer investors a share in POLIS' high-quality properties and to manage the
assets and properties for them. An equity ratio of 49 percent means that
POLIS remains soundly financed.
As a result of an internal restructuring, in the context of which
significant hidden reserves were disclosed in October 2012, the company
posted a net income of EUR 6.2 million according to German accounting
standards(HGB), which is the relevant result for payment of a dividend. As
this is exclusively the result of an internal, non-cash process, the
Management Board will propose to carry the HGB profit forward to new
account.
Michael Piontek to become new CFO
Since the former Chief Financial Officer left the company in July 2012, Dr.
Alan Cadmus has been the sole member of the Management Board. Michael
Piontek has now been appointed Chief Financial Officer with effect from 1
April 2013. He previously worked as Head of Accounting and Finance at
Berlinovo Immobilien GmbH and Managing Director of its subsidiary, IBV
GmbH. Having worked in the banking sector for many years, he joined the
Berlin government in 2003, where he was in charge of risk limitation and
winding up the risk positions of the former Bankgesellschaft Berlin.
Michael Piontek holds an MBA in Financial Management.
Successful letting performance continues in the new year
The quality-oriented business model and the homogeneous property portfolio
suggest that the successful letting performance will continue next year. Up
to the end of February 2013, the company had signed new and renewed
existing leases for 5,000 square metres. The key operating figures will
continue to improve in the fiscal year 2013 due to the increased lettings.
The company aims to stabilise the letting ratio at over 90 percent of all
properties by the end of 2013. Moreover, POLIS plans to further increase
the result from property management and to purchase new properties with the
aim of generating additional growth. From today's point of view, funds from
operations will rise to over EUR 4.0 million in 2013 and to over EUR 5.0
million in 2014. More projects with third parties are expected to boost the
assets under management to over EUR 350 million.
The key figures for the financial year 2012 can be found at
www.polis.de/IR/finanzberichte.php. The 2012 Annual Report will be
published on 28 March 2013.
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
December 31 2012, POLIS Immobilien's real estate portfolio comprised a
total of 29 properties with a market value of around EUR 290 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
E-Mail: ir(at)polis.de
URL: www.polis.de
Press Contact
Britta Cirkel
HOSCHKE&CONSORTEN Public Relations GmbH
Tel: +49 40 36 90 50- 56
E-Mail: b.cirkel(at)hoschke.de
End of Corporate News
---------------------------------------------------------------------
06.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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(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
---------------------------------------------------------------------
203118 06.03.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="Gossan and Owner of High Efficiency Magnesium Production Process Fail to Conclude Definitive Agreement
Datum: 06.03.2013 - 07:45 Uhr
Sprache: Deutsch
News-ID 236400
Anzahl Zeichen: 4716
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 207 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: POLIS Immobilien publishes preliminary figures for 2012"
steht unter der journalistisch-redaktionellen Verantwortung von
POLIS Immobilien AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
