POLIS Immobilien AG / Preliminary Results/Preliminary Results
18.02.2010 11:42
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Funds from operations (FFO) climb 24 percent to EUR 3.7 million
- Operating cash flow up 5.6 percent to EUR 9.4 million
- Earnings before taxes (EBT) at a negative EUR 6.8 million due to
valuation effects
Berlin, 18 February 2010 - Berlin-based POLIS Immobilien AG [ISIN:
DE0006913304] boosted its funds from operations, which are adjusted for
valuation gains and sales proceeds, by 24 percent to EUR 3.7 million in
the fiscal year 2009 (previous year: EUR 3.0 million). This key figure
testifies to the continued positive performance of the company. Operating
cash flow rose to EUR 9.4 million in the past fiscal year (previous year:
EUR 8.9 million).
Income from property management adversely affected by modernisation-related
vacancies and the general market situation
POLIS actively manages a portfolio of office properties in good downtown
locations of Germany's major business cities. The company also uses its
long-standing expertise for the realisation of office modernisation
projects. Four modernisation projects are currently under construction. Due
to the planned vacancies in these properties and the weakness of the
market, rental income declined by 7 percent to EUR 13.9 million (previous
year: EUR 15 million), while income from property management dropped by 9
percent to EUR 11.5 million (previous year: EUR 12.7 million). In spite of
the successful letting of 10,200 square metres, the letting ratio declined
to 69 percent of the lettable space (previous year: 81 percent).
Lower rental income forecast leads to negative valuation result
The office letting market closely correlates with the general economic
trend. Due to the current financial and economic crisis, lower rents are
therefore projected for all German cities. The revaluation of the company's
existing properties, which is regularly performed at the end of a year by
FERI EuroRating AG, therefore led to an unrealised loss of EUR 9.3 million
(previous year: EUR -1.9 million) in 2009. With reference to the investment
volume 2008, this represents a 3.2 percent change in the fair value. In
addition, the continued decline in market interest rates led to losses from
the remeasurement of financial derivatives in an amount of EUR 1.2 million
(previous year: EUR -2.6 million). Due to these non-cash effects totalling
EUR 10.5 million, earnings before taxes (EBT) declined to a negative EUR
6.8 million (previous year: EUR 1.2 million).
The net asset value (NAV) per share declined to EUR 13.27 in 2009 (previous
year: EUR 13.89), while earnings per share dropped to a negative EUR 0.60
(previous year: EUR 0.32). An equity ratio of 50 percent as of 31 December
2009 shows that POLIS' financial position remains sound.
Modernisation projects proceeding according to plan
Having completed the planning stage and obtained the building permits, four
modernisation projects of POLIS are currently under construction. Another
modernisation project has also obtained the building permit. Leases for
some of the properties undergoing modernisation have already been signed.
In the coming months, the company will focus on completing and letting the
revitalisation projects. As the transaction market recovers, opportunities
for the acquisition of new investment properties will arise and will be
seized by POLIS building on its good equity base.
--- End of ad-hoc release ---
The final figures and the Annual Report will be published on 31 March 2010.
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Information and Explaination of the Issuer to this News:
Investor Relations:
Dr. Alan Cadmus
POLIS Immobilien AG
Tel: +49 30 225 00-250
E-Mail: ir@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@hoschke.de
18.02.2010 11:42 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: POLIS Immobilien AG
RankestraÃe 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, München, Hamburg
End of News DGAP News-Service
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DGAP-Adhoc: POLIS Immobilien AG presents preliminary figures for 2009
| Source: EQS Group AG