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. --------------------------------------------------------------------------- - 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. --------------------------------------------------------------------------- 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|]]]|] --------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------
DGAP-Adhoc: POLIS Immobilien AG presents preliminary figures for 2009
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