DGAP-Adhoc: POLIS Immobilien releases preliminary figures for 2008

POLIS Immobilien AG / Preliminary Results/Final Results

13.02.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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POLIS Immobilien releases preliminary figures for 2008

- Operating figures improved markedly 
- Targeted results not met due to changes in valuation of properties and
derivatives
- Planned dividend for 2008 curtailed 

Berlin, 13 February 2009 – The Berlin based POLIS Immobilien AG [ISIN:
DE0006913304] had successful business operations and gains on the sale of
investment properties in the 2008 fiscal year, but fell short of its
forecasted results.

Based on its preliminary figures, the specialist for office real estate was
able to increase its rental revenues by approximately 53 percent to
approximately EUR 15 million (prior year: EUR 9.8 million). Net rental
income increased in 2008 by 49 percent to approximately EUR 12.7 million
(prior year: EUR 8.5 million). While this development was positive, the
result from the revaluation of investment properties based on the appraisal
of Feri EuroRating AG totalled a negative EUR 1.9 million. POLIS had
presumed that its expenditures on modernization and its success in leasing
its properties would be reflected in results in revaluation of around EUR 7
million.

For the year 2008, the real estate holding and management company had
forecast a Result before taxes (EBT) of between nine and eleven million
Euro. POLIS had based the forecast on two main factors: planned growth in
the portfolio to EUR 350 million and a Result from the revaluation of
investment properties of approximately EUR 7 million. The actual EBT is
expected to total approximately EUR 1.2 million. The portfolio expanded at
a slower pace than originally planned (to current levels of approximately
EUR 278 million) following the conscious decision of management in the wake
of developments in the credit and capital markets to postpone further
investments. Given the shortfall in the portfolio volume, the resultant
shortfall in rental revenue to plan totalled approximately EUR 2 million.
In addition, the Result from the revaluation of investment properties and
derivates had a major effect on earnings. The write down on derivative
financial instruments totalling approximately EUR 2.5 million is the result
of the strong drop in interest rate levels as of the year end. This also
affected the results of the company pursuant to the German commercial code
which is the basis upon which dividends are calculated and paid. POLIS had
intended to pay a dividend for 2008 which will now be curtailed due to the
negative result pursuant to the German commercial code.

POLIS succeeded in selling two of its investment properties during the
reporting period, thus realizing gains and confirming its business model.
The real estate expert thereby generated sales proceeds of approximately
EUR 35.4 million and gains on the sales totaling of EUR 2.4 million.

As a part of its financial management, POLIS extended the maturity of its
debt to an average term of 4.8 years. With its equity ratio of 49 percent
as of December 31, 2008, POLIS has a solid balance sheet and also has
sufficient access to debt at attractive terms.

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Information and Explaination of the Issuer to this News:

The final figures will be disclosed on March 5, 2009 and the annual report
will be published on March 30, 2009. 

Investor Relations: Roger Sturm, POLIS Immobilien AG, Tel: +49 30 225
00-261, E-Mail: r.sturm@polis.de, URL: www.polis.de

Pressekontakt: Grit Pauli, HOSCHKE & CONSORTEN Public Relations GmbH, Tel:
+49 40 36 90 50-31, E-Mail: g.pauli@hoschke.de


DGAP 13.02.2009 
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Language:     English
Issuer:       POLIS Immobilien AG
              Rankestraße 5/6
              10789 Berlin
              Deutschland
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
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