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POLIS Immobilien AG: POLIS Immobilien publishes preliminary figures for 2013

DGAP-News: POLIS Immobilien AG / Key word(s): Preliminary
Results/Final Results
POLIS Immobilien AG: POLIS Immobilien publishes preliminary figures
for 2013

13.02.2014 / 15:30

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Corporate News

POLIS Immobilien publishes preliminary figures for 2013

- Earnings before tax (EBT) climb from EUR 2.6 million to EUR 9.8 million

- Funds from operations double to EUR 5.0 million

- Letting ratio remains on the increase

Berlin, 13 February 2014 - German real estate company POLIS Immobilien AG
[ISIN: DE0006913304] today presented its preliminary figures for the period
ended 31 December 2013. As expected, the specialist for the modernisation
and management of office properties in established locations in Germany's
leading office cities significantly improved its earnings and key
operational figures in the past year.

Although two fully let properties were sold, the good letting performance
and the optimisation of lease agreements sent rental income rising by 13.8
percent to EUR 18.2 million. Letting some 18,884 square metres, the company
again achieved a very high letting ratio. New leases were signed and
existing ones extended for 11,454 square metres, while the leases for 7,430
square metres were renewed. The letting ratio climbed from 87 percent in
the previous year to 93 percent. Moreover, the company optimised its
property portfolio and increased its investment volume by acquiring one
property and selling two smaller ones.

The result from property management after maintenance and property
management expenses was up by about 31 percent on the previous year to EUR
14.7 million. As had been expected, 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 - climbed by an impressive 95 percent to EUR 5.0 million.
'We are very pleased with this performance and believe that our team and
our portfolio put us in the perfect position to satisfy the growing demand
in the market for office properties,' said Dr. Alan Cadmus, CEO of POLIS.

At EUR 9.8 million, consolidated earnings before tax (EBT) clearly exceed
the previous year's EUR 2.6 million. The improved result is attributable
not only to the successful property management activities but, above all,
also to the positive result from the valuation of financial derivatives of
EUR 2.3 million, compared to a deficit of EUR -2.5 million in the previous
year.

Positive property valuation result