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| Datum : | 08.05.2014 |
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DGAP-News: POLIS Immobilien publishes figures for Q1 2014 |
| Meldung : | DGAP-News: POLIS Immobilien AG / Key word(s): Quarter Results/Quarter Results POLIS Immobilien publishes figures for Q1 2014 08.05.2014 / 07:50 --------------------------------------------------------------------- Corporate News POLIS Immobilien publishes figures for Q1 2014 - Rental income up 9 percent on previous year to EUR 4.6 million - Funds from operations up 16 percent on prior year quarter to EUR 1.65 million - Letting performance reaches approx. 8,210 square metres Berlin, 8 May 2014 - The operating figures of POLIS Immobilien AG [ISIN: DE0006913304] continued to improve as expected in the first three months of 2014. This was today reported by the Berlin-based company, which has specialised in the modernisation and management of office properties in established locations in Germany's leading office cities since 1998. POLIS boosted its rental income by 9 percent on the prior year quarter to EUR 4.6 million. Accordingly, the result from property management increased by 10 percent to EUR 3.8 million. "The increase in rental income is mainly attributable to the good letting result of the previous year. We expect to be able to boost our rental income even further as the year progresses," said Dr. Alan Cadmus, CEO of POLIS. Compared to the prior year quarter, the occupancy rate increased by 3 percent to 92 percent. Compared to year-end 2013, however, the occupancy rate declined by 1 percent, as the sole tenant of the property at Gutleutstraße 26 in Frankfurt moved out of the building. The building will be converted into a multi-tenant property this year. "This will result in a temporary vacancy of approx. 2.5 percent of the total lettable space in the portfolio, which has been largely compensated for in the first quarter," said Dr. Alan Cadmus. Against the background of the occupancy rate reached and the resulting decline in the available lettable space, POLIS achieved a letting performance of approx. 8,210 square metres in the first quarter of 2014. 2,370 square metres of the total relate to new lease agreements, while 5,840 square metres relate to lease renewals. Taking into account the leases that have been signed but will become effective only after the reporting period and the notices of termination received, the occupancy rate is expected to reach 93 percent, ignoring any further lettings in the course of the year. The first quarter of 2014 saw POLIS invest EUR 0.58 million in the modernisation of the investment properties (prior year period: EUR 2.7 million). The valuation of the investment properties as of 31 March 2014 vindicated the investments made and led to a positive change in the market value of EUR 0.76 million. Interest expenses increased by 5 percent to EUR 1.46 million as the company made greater use of loans. Due to the sharp drop in long-term interest rates, the valuation of the interest rate hedging instruments reduced the result by EUR 0.28 million, compared to a positive valuation result of EUR 0.96 million in the prior year period. As the improved operating result failed to offset the poorer valuation result of the interest rate derivatives, earnings before tax were down by 37 percent on the prior year quarter to EUR 2.1 million. The Group's net income amounted to EUR 1.8 million. The funds from operations (FFO), which represent the operating result - adjusted for the result from revaluation, the sale of properties, the valuation result of financial derivatives and deferred taxes - improved by 16 percent to EUR 1.65 million in the first three months of 2014 (previous year: EUR 1.42 million). Good capitalisation to facilitate financing of new acquisitions An equity ratio of 47 percent means that POLIS remains solidly finance, giving the company sufficient scope for new acquisitions. Operating cash flow is stable and sustainably positive. "Due to this financial strength, we believe we are able to continue our organic growth," said Michael Piontek, Chief Financial Officer of POLIS. He is confident that the company will report attractive new acquisitions in the near future. Business outlook Thanks to the high occupancy rate, the key performance indicators will continue to improve in the 2014 financial year. The occupancy rate is expected to increase to 95 percent of the total lettable space by the end of 2014. POLIS plans to further augment the result from property management in 2014 and aims for growth through the acquisition of additional investment properties. From today's point of view, the funds from operations will rise moderately in 2014 due to the higher result from property management and in spite of the burdens resulting from the conversion of the property at Gutleutstraße 26 in Frankfurt. Assuming an otherwise unchanged situation, earnings before tax (EBT) will be about EUR 2 million lower than in 2013 as no similarly positive result from financial derivatives as last year is expected in 2014. The report on the first quarter is available for downloading on the company's website at www.polisag.de/IR/zwischenberichte.php. 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 31 March 2014, POLIS Immobilien's real estate portfolio comprised a total of 25 properties with a market value of around EUR 315 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: Press contact: Dr. Alan Cadmus Britta Cirkel POLIS Immobilien AG HOSCHKE & CONSORTEN Public Relations GmbH Tel: +49 30 225 00 250 Tel: +49 40 36 90 50-56 E-Mail: ir@polis.de E-Mail: b.cirkel@hoschke.de URL: www.polis.de End of Corporate News --------------------------------------------------------------------- 08.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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@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 --------------------------------------------------------------------- 267084 08.05.2014 |
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