DGAP-News: Publication of interim report: POLIS Immobilien reports significantly improved earnings and achieves major strategic goals
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Half Year Results/Half
Year Results
Publication of interim report: POLIS Immobilien reports significantly
improved earnings and achieves major strategic goals
04.08.2011 / 07:48
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- Rental income climbs 15 percent to EUR 7.4 million
- Improvement in important key figures
- Start of asset management for co-owned properties
Berlin, 4 August 2011 - At EUR 9.6 million, POLIS Immobilien AG [ISIN:
DE0006913304] reported greatly improved earnings before taxes in the first
half of the year as compared to the same period of the previous year (EUR
-1.6 million). The positive performance is attributable to completed
modernisation projects and growing rental income as well as to a good
valuation result from the revaluation of investment properties and interest
rate hedges, which became effective already in the first quarter of the
year. The specialist for the modernisation and management of office
properties increased its rental income by 15 percent on the previous year's
EUR 6.5 million to EUR 7.4 million and boosted the result from property
management to EUR 5.5 million (previous year: EUR 4.8 million). Funds from
operations (FFO), adjusted for the result from revaluation and the sale of
properties, remained unchanged at the previous year's EUR 1.4 million in
spite of higher interest expenses.
POLIS seizes opportunities in the flourishing office property market
POLIS Immobilien benefits from the positive economic situation in Germany,
which has seen a continued strong increase in demand for office properties.
In the first half of the year, the company signed leases and lease renewals
for a total of approx. 16,600 square metres; of these, 9,500 square metres
were new leases or expansions, while 7,100 square metres related to the
lease renewals. New leases for some 1,650 square metres and lease renewals
for 460 square metres were signed in July.The letting ratio was up by 8
percent on the previous year to 77 percent at the half-year stage. At the
beginning of the year, POLIS Immobilien acquired three properties in
Dresden, which marked the company's successful entry in the property market
of the Saxon capital. Among the properties valued by external appraiser
Feri EuroRating Services were the three properties in Dresden, which were
initially accounted for as of 31 March 2011. As of 30 June, the appraiser
determined a high market value of EUR 22.8 million for these properties.
This once again vindicated the company's decision to invest in Dresden.
Major strategic goals achieved
At the Annual General Meeting in May, the company had already announced its
intention to start offering asset management services for third parties
under participation of POLIS Immobilien AG for co-owned properties. This
promising business segment was launched in July when a foreign foundation
invested 85 percent in three investment properties of POLIS Immobilien and
signed a 10-year asset management contract with the company. POLIS
Immobilien continues to hold 15 percent in the properties under management.
In addition, the company was able to sell a property in Düsseldorf to a
foreign institutional investor. As a result of these transactions, funds in
excess of EUR 23 million will be released for reinvestment. 'We will now
seize opportunities to expand our property portfolio. Through cooperation
with the foreign foundation and potential follow-up projects we may
increase the assets under management to over EUR 350 million,' said Dr.
Alan Cadmus, CEO of POLIS Immobilien AG.
Shareholders benefit from possible dividend payment
The transactions allow POLIS Immobilien to achieve significant value
increases. With the remaining environment unchanged, the company will thus
probably generate a positive result to German Accounting Standards (HGB) in
2011. Barring unforeseen events, POLIS Immobilien should therefore be able
to pay a dividend for the year 2011. Dr. Alan Cadmus says: 'Our
shareholders can benefit from the fact that we focus on a further increase
in the rental level, the integration of the new Dresden operations
including a property that is yet to be acquired and the expansion of asset
management services for third parties.' Due to increased funding costs,
which are attributable to higher interest rates, FFO will remain at the
prior year level at approx. EUR 2 million in the current fiscal year but
are expected to rise sharply to approx. EUR 4 million next year. The
company anticipates being able to let additional properties by the end of
the year, which will result in a letting ratio in excess of 90 percent.
The report for the six-month period ended 30 June 2011 is available for
downloading on the company's website at
http://www.polis.de/IR/zwischenberichte.php.
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 30
June 2011, POLIS Immobilien's real estate portfolio comprised a total of 33
properties with a market value of around EUR 315 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
Tel: +49 30 225 00-250
E-mail: ir(at)polis.de
URL: www.polis.de
Public Relations
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
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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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134388 04.08.2011
Datum: 04.08.2011 - 07:48 Uhr
Sprache: Deutsch
News-ID 41804
Anzahl Zeichen: 0
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Kategorie:
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