POLIS Immobilien AG Berlin - Büroimmobilien, Bürogebäude in

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INTERIM REPORT 2nd QUARTER 2015
INTERIM REPORT
for the period from 1 January to 30 June 2015
RENTAL INCOME rises 3.5 % on prior-year figure to EUR 9,530
FFO climbs 4 % on prior-year quarter to EUR 3,592
PROFIT BEFORE TAX
up 136 % on prior-year figure to EUR 10,382
Senior officers of POLIS AG, from left:
Dr. Alan Cadmus
Monika Bender
Dr. Michael Piontek
Volker Hahn
Andreas Goldau
Chief Executive Officer
Authorized signatory;
Chief Financial Officer
Head of Property
Head of Acquisitions
Head of Accounting
Management
and Sales, Letting
CONTENTS
FINANCIAL RATIOS
|
4
LETTER FROM THE BOARD OF MANAGEMENT
|
5
INTERIM MANAGEMENT REPORT
|
7
INTERIM FINANCIAL STATEMENTS
| 16
NOTES
| 23
RESPONSIBILITY STATEMENT
| 31
IMPRINT
| 32
4
FINANCIAL RATIOS
KEY FINANCIAL DATA OF POLIS IMMOBILIEN AG
01.01.2015 30.06.2015
01.01.2014 30.06.2014
Changes
in %
Gross rental income
9,530
9,212
318
3%
Net rental income
7,552
7,177
375
5%
EBIT
12,497
7,661
4,836
63%
EBT
10,382
4,401
5,981
136%
Consolidated net profit
8,755
3,705
5,050
136%
Cash flow from operating activities
4,967
5,199
-231
-4%
Funds from operations (FFO)1
3,592
3,450
142
4%
01.01.2015 30.06.2015
31.12.2014
329,096
318,989
13,229
15,086
Equity
174,306
164,832
Total assets
342,325
334,075
Equity ratio in %
51%
49%
Loan to value in %2
45%
47%
179,825
168,573
11,051,000
11,051,000
16.27
15.25
FINANCIAL PERFORMANCE
ASSETS AND CAPITAL STRUCTURE
All figures in EUR ’000
Non-current assets
Current assets
Net asset value (EUR ’000)3
Number of shares
Net asset value per share (EUR)
1
Funds from operations = EBIT +/- Income from the revaluation of properties +/- Income from the sale of properties
+/- Financial results + Income from minority interests - Paid taxes
2
Ratio of loan liabilities to the value of the properties
3
Net asset value (NAV): Equity + deferred tax liabilities - deferred tax assets
5
DEAR SHAREHOLDERS, LADIES AND GENTLEMEN,
As expected, the first six months of 2015 brought a
thousand, up 136% on the prior-year figure.
slight rise in rental income, which was up 3.5% on
Consolidated net income at the end of the first half is
the corresponding period of the previous year at EUR
EUR 8,755 thousand. Funds from operations (FFO), from
9,530 thousand. The increase in rental income can be
which all extraordinary results have been eliminated,
attributed to the good letting take-up of previous years.
improved by 4% to EUR 3,592 thousand (previous year
The positive development will continue in the current
EUR 3,450 thousand) in the first six months of 2015.
financial year. The occupancy rate at 30 June 2015 is
93% and has thus remained unchanged compared with
the prior-year period. We are confident of increasing the
occupancy rate to 95% by the end of the year.
Net rental income consequently increased by 5% to
EUR 7,552 thousand. We expect to step up our spending on the maintenance of our investment properties
in the current financial year in order to keep them in
good condition and thus safeguard the high occupancy
rate; a renewed rise in renovation and maintenance
expenses is therefore likely as the year progresses.
The valuation of our investment properties at 30 June
2015 confirms the investments made and has also
produced a positive change in market values of EUR
6,275 thousand (EUR 1,235 thousand in the prior-year
period). The most significant increases in value related
to the properties Rankestrasse 21/Lietzenburger Strasse
44-46 in Berlin, Altmarkt 10 / Kramergasse 2,4 in
Dresden and Buechsenstrasse 26 in Stuttgart. The
property Gutleutstrasse 26 in Frankfurt am Main had
to be devalued to reflect increased costs.
Interest expense fell 10% to EUR 2,660 thousand at 30
June 2015 as a result of the lower volume of loans raised. The valuation of interest rate hedging instruments
at 30 June 2015 produced a result of EUR 531 thousand with no liquidity effect, compared with a negative
result of EUR -306 thousand in the prior-year period.
The improved result from the valuation of investment
properties and interest rate derivatives led to a sub-
Hanover | Landschaftstrasse 8
stantial increase in profit before tax to EUR 10,382
Office building
6
POLIS shares ended the second quarter trading at EUR
12.20. At a net asset value of EUR 16.27 per POLIS
share, the discount on the intrinsic value was therefore
approximately 25%. With an equity ratio of 51% and a
loan-to-value ratio (LTV) of 45%, POLIS Immobilien AG
is on a sound financial footing and has sufficient potential for new acquisitions. At 30 June 2015 there are
liquid funds of some EUR 3.3 million available, along
with unencumbered properties with a value in excess of
EUR 37 million. The operating cash flow is stable and
consistently positive. By virtue of this financial strength,
we are in a position to maintain our organic growth.
Thanks to the good valuation results for the investment
properties and interest rate derivatives, we are able to
increase the forecast for the full year.
In view of the uncertainty surrounding the valuation of
investment properties and the market’s current dynamic
development, we are only able to forecast a spread of
EUR 15 to 17 million for consolidated earnings before
tax (EBT). FFO of around EUR 4.3 million will be slightly
above the previous forecast. This change will increase the
net asset value (NAV) to an anticipated EUR 185 million.
Berlin, August 2015
POLIS Immobilien AG
Berlin | Potsdamer Strasse 58
– The Board of Management –
corridor
Dr. Alan Cadmus
Dr. Michael Piontek
7
OF POLIS IMMOBILIEN AG FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2015
BUSINESS AND ECONOMIC ENVIRONMENT
9
FINANCIAL PERFORMANCE, FINANCIAL POSITION AND NET ASSETS
11
RISK REPORT13
REPORT ON EXPECTED DEVELOPMENTS14
Munich | Lessingstrasse 14
9
Development of overall economic environment and of property markets
The ifo Busines Climate Index for trade and industry
in Germany climbed steadily between October 2014
and April 2015 to a peak of 108.6 points, before
easing back to 107.4 by June. The Business Climate
Index still remains well above the 2014 year-end
level (105.6 points). Businesses currently assess the
Industry-specific development in first six
situation and outlook slightly less optimistically than
months of 2015
previously. Main construction trade is an exception,
Office space turnover in the first six months of 2015
with its much more positive expectations.
in the seven main locations was around 11 % up on
the prior-year period, at 1.57 million sqm. The highest
Unemployment before seasonal adjustment showed
growth rates were in Stuttgart, Berlin and Hamburg.
a further decrease in June 2015 and is currently 2.71
Office space turnover is now expected to reach
million. The unemployment rate fell to 6.2 % overall.
approximately 3.1 million sqm for 2015 as a whole. In
The economic research institutes’ forecasts for GDP
2015, new construction activity in the locations Berlin,
growth for 2015 have been progressively upgraded
Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and
over the course of the year and are now for the most
Stuttgart is expected to reach 984,000 sqm, of which
part between 1.7 % and 2.2 %. Similar growth rates
approximately 75 % has already been let in advance.
are expected in subsequent years. Inflation in Germa-
Thanks to this high pre-letting rate, there will there-
ny has risen to 0.7 % since the start of the year, but
fore be minimal additional available space coming
started to decline again in June to 0.3 %. It remains
onto the market from new-build projects. Vacancies
above the 2014 year-end figure. For 2015 as a whole,
for office space in all cities have fallen by a further
we expect the inflation rate to edge up. In June, lower
0.2 % to 7.3 % or 6.54 million sqm. Vacancy rates
energy prices had brought the upward trend to a halt.
are declining in all top seven locations. Prime rents
Short-term interest rates have fallen further since the
increased year on year by an average of 1.2 % in the
start of the year; the three-month EURIBOR declined
first six months of 2015.
from 0.076 % at 2 January 2015 to -0.014 %, while
long-term interest rates have now risen substantially
The transaction volume in the top seven locations
after a marked downward trend up until April 2015.
Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne,
The 10-year swap rate climbed from 0.761% at
Stuttgart and Munich came to EUR 24 billion in the
2 January 2015 to 1.16% at 30 June 2015. For the re-
first half of 2015 (+42 % compared with prior-year
mainder of the year, the banks are forecasting stable
period). International investors accounted for 56 % of
short-term interest rates on average, while long-term
transactions. The top seven cities accounted for 59%
rates are expected to show a slight rise by the end of
of the overall transaction volume. The city with the
the year.
highest turnover is Berlin, on EUR 3 billion (+158 %).
Sources: ifo Institute: ifo Business Survey results, June 2015, Federal Employment
Agency: Monthly Report for June 2015, German Employers’ Association forecasts,
25/06/2015, Statista.de, Postbank interest rate forecast June 2015.
10
With a 39 % share, retail properties for the first time
these contracts, including incentives agreed (e.g.
overtook office properties (38 %) to become the do-‘
rent-free periods), amounts to EUR 13.67 per sqm.
minant type of use; the retail property segment was
The average remaining term of fixed-term lease
boosted by two major sales.
agreements is 3.7 years, or 3.6 years including openend lease agreements.
The prime yield in the office segment in the top seven
cities slipped to just below 4 %.
The average rent, taking account of all space let and
all types of use (apart from parking bays and miscella-
Sources: JLL: Office Market Overview Q2 2015 and press release on the investment
market dated 3 July 2015
neous space), is currently around EUR 11.68 per sqm.
The main success in the letting area was in Cologne,
where a total of approximately 5,044 sqm was let.
Business development
This comprised an extension of the lease agreement
Occupancy rate consistently high
for the 4,430 sqm property Gustav-Heinemann-Ufer
Marked rise in consolidated earnings
54 (36 months) and also an extension for 614 sqm
before tax
let to the Cologne University of Applied Sciences (91
High positive valuation result for months). The most significant new lease agreement,
investment properties
for 2,755 sqm and with a term of 180 months, was
achieved in Frankfurt for Gutleutstrasse 26, which was
let to the Frankfurt Audit Office.
CONSISTENTLY HIGH OCCUPANCY RATE
The occupancy rate for the portfolio at 30 June 2015
is 93 %. This represents no change compared with
30 June 2014. We continue to focus on letting the
remaining office space and on actively managing lease
agreements. Taking into account the lease agreements
concluded at 30 June 2015 but not yet having taken
effect as well as terminations in the same period, and
assuming other factors remain unchanged, the occupancy rate is 94 %.
In the first six months of 2015 we achieved a letting
take-up of around 14,123 sqm, comprising approximately 5,323 sqm from new contracts and around
8,800 sqm from extensions of existing lease agreements. The contractually secured rental income for
the lease agreements concluded by 30 June 2015 is
approximately EUR 15,660 thousand, with an average
weighted term of 6.4 years. The effective rent from
11
SUBSTANTIAL RISE IN CONSOLIDATED EARNINGS
HIGH POSITIVE VALUATION RESULT FOR INVESTMENT
BEFORE TAX
PROPERTIES
The valuation of our investment properties at 30 June
Financial performance
2015 confirms the investments made and has in addi-
POLIS Immobilien AG has seen a further improvement
tion led to a positive change in market values of EUR
in its financial performance. Rental income in the first
6,275 thousand. The main changes in value stemmed
six months of 2015 was up 3.5 % on the same period
from the following:
of the previous year at EUR 9,530 thousand thanks to
the good letting take-up; this was despite the sale of
Rankestrasse 21/ Lietzenburger Strasse in Berlin
several smaller office properties in 2014 and the va-
In the property at Rankestrasse 21/ Lietzenburger
cancy of the property at “Gutleutstrasse 26” in Frank-
Strasse 44, 46, the vacant office units were let on terms
furt am Main during its scheduled modernization.
that were in some cases significantly better than those
expected. Full occupancy will therefore be achieved in
As a result, net rental income rose by 5 % year on
the fourth quarter of 2015. In addition, the current de-
year to EUR 7,552 thousand.
velopment of the Berlin office property market is having
a positive effect on the valuation of this investment
The result before financing activity and taxes was up
property.
approximately 63 % compared with the prior-year
period, at EUR 12,497 thousand.
Altmarkt 10 / Kramergasse 2,4 in Dresden
Thanks to our active management of lease agreements,
The main positive factor at work was the greatly im-
the retail rents in this investment property will soon
proved valuation result for the investment properties
be increased significantly by the combining of two
of EUR 6,275 thousand. Interest expenses fell to EUR
lettable spaces and the conclusion of a long-term lease
2,660 thousand; this 10 % drop compared with the
agreement.
first six months of 2014 was attributable to the lower
volume of loans raised. The valuation result from in-
Quartier Buechsenstrasse in Stuttgart
terest rate derivatives with no liquidity effect reached
Full occupancy was achieved for Quartier Buechsenstrasse
EUR 531 thousand, a marked improvement compared
in the previous year. The extending of individual lease
with the previous year (EUR -306 thousand) that is
agreements has now pre-emptively avoided planned
attributable to higher market interest rates.
costs for a change of tenants. In addition, the clearly
visible enhancement of the immediate vicinity by new
The improved result from the valuation of investment
buildings and especially the completion of the pedestri-
properties and interest rate derivatives translated into
an zone have had a positive impact on the valuation of
a healthy rise of EUR 5,981 thousand (+136 %) in
this investment property.
profit before tax compared with the prior-year period,
to a total of EUR 10,382 thousand.
Gutleutstrasse 26 in Frankfurt
Compared with the previous quarter, additional costs
Funds from operations, from which all extraordinary
related to the conclusion of a lease agreement with the
results have been eliminated, climbed by 4 % to EUR
City of Frankfurt Audit Office have slowed the develop-
3,592 thousand. Cash flow from operating activities
ment in value. The additional costs are caused primarily
dipped year on year by EUR 231 thousand to EUR
by the non-deductibility of the sales tax paid on the
4,967 thousand.
construction costs. We expect to be able to reverse
the negative change in valuation after completion of
the work, the handover of the lettable spaces and the
letting of two floors that are still currently unoccupied.
12
Financial position
POLIS is on a sound financial footing with an equity
ratio of 51 % (loan to value of 45 %) at 30 June 2015.
Cash in banks fell to EUR 3,317 thousand at 30 June
2015 compared with the 2014 year-end position
(EUR 8,778 thousand) as a result loan repayments
(EUR 4,013 thousand) and current investments. These
repayments as well as the early repayments made in
the previous year mean that several unencumbered
investment properties with a market value in excess of
EUR 37 million could now be used at any time, as and
when required, to finance further growth.
Net assets
The total assets of POLIS showed a slight increase at
30 June 2015 compared with the end of 2014 to EUR
342,325 thousand (31 December 2014: EUR 334,075
thousand). The increase is mainly attributable to the
valuable investments and the higher valuation of the
investment properties. Investment properties, with
a total volume of EUR 322,810 thousand, represent
94.3 % of the current total assets. The “Development
of investment properties” table in the notes section,
on page 27, shows how the individual properties
performed in detail.
Our valuations are transparent and straightforward. For
detailed information on the valuation method, please
refer to the notes to the consolidated financial statements and also to page 28. For up-to-date information
on the portfolio, visit our homepage at www.polis.de.
Dresden | Palaisplatz 3
13
RISK REPORT
POLIS is exposed to various operating and eco-
At 30 June 2015 the weighted average remaining
nomic risks through its business activities. The-
term of the bank loans was 5.5 years. Please refer to
se primarily include the letting risk, the default
the notes section for details of the maturities structure
risk, the interest rate risk and the liquidity risk.
of the liabilities to banks and interest rate hedges.
The principles of the management system for
risks and opportunities have not changed since
Thanks to the flat yield curve and the high proportion
the start of the year. We refer in this connecti-
(91 %) of loan liabilities with interest rate hedging,
on to the detailed information provided in the
interest rate risks are not a concern. The interest rate
POLIS 2014 Annual Report (see group manage-
hedging ratio will fall significantly (to around 82 %) by
ment report, pages 58-62 and 113-115).
the end of the year as a result of follow-on financing
already in place. The weighted average remaining
Business-related risks
term of interest rate hedges is 5.5 years. Against a
The risk assessment for the occupancy rate and
backdrop of very low inflation and continuing financial
development in value of the Company’s portfolio has
problems in the eurozone, interest rate developments
not changed since 31 December 2014. We refer in
are difficult to predict. Even if the ECB bond buying
this connection to the detailed information provided
programme will probably influence inflation, we do
in the 2014 Annual Report. The valuation risks iden-
not expect to see a rise in short-term interest rates.
tified at the end of 2014 in respect of the property
at “Gutleutstrasse 26” in Frankfurt am Main were
At most, long-term interest rates could rise marginally
reduced to the completion and construction costs risk
as the year progresses and produce a steeper rise in
following the letting of 75% of the lettable space.
the interest rate curve. Variable-rate recapitalization
The remaining letting outcome may have a bearing
would thus remain available on attractive terms. In
on its valuation.
the course of the year long-term interest rates, having
fallen further since the start of the year, are likely to
Financial risks
edge up again; we therefore stand by our expectation
The loan-to-value ratio (LTV) fell by two percentage
that the negative market values of interest rate swaps
points to 45 % at 30 June 2015 compared with the
will still improve slightly compared with the position
position at 31 December 2014. The strategic 60 %
at 30 June 2015.
mark could be reached by raising new financing, but
there are no plans to exceed it in future.
At present, no other general external market risks
as well as business and financial risks are identified.
Overall, sufficient funds are available to finance the
The further growth planned by POLIS is dependent on
growth of POLIS over and above the modernization
suitable properties being available on the market, but
investment already planned.
these are currently in limited supply.
The loans are subject to the typical covenants: debt
If further growth is to be achieved, it will be necessary
service coverage ratios of between 110% and 120 %,
to release additional equity by increasing the LTV at
interest service coverage ratios of between 140 % and
portfolio level to up to 60 %. That will require the
149 %, and loan-to-value ratios of between 65 % and
participation of third parties (including banks).
80 %, in each case at portfolio level. Regular checks
of the covenants by the banks reveal that all credit
terms are met. As matters stand, all financial ratios
required by the banks will be achieved in 2015.
14
Berlin | Potsdamer Strasse 58
REPORT ON EXPECTED DEVELOPMENTS
Development of the overall economy and the
office property markets
The office markets have remained stable at a high
level since the start of 2015. Vacancies in the office
market have again fallen slightly despite increased
new construction activity. For 2015 as a whole, we
expect economic growth to reach around 1.5 % to
2.0 %. Only slightly higher growth rates are expected
in subsequent years. However we do not expect this
to have any short-term impact on the office market,
Business outlook
in particular not in our business area, which features
The key operating ratios will stabilize in the financial
relatively small multi-tenant office spaces.
year 2015 as a result of the high occupancy rate.
Major opportunities for POLIS Group
The conversion of the property at “Gutleutstrasse 26”
Thanks to its good letting take-up in recent years,
in Frankfurt will diminish earnings until the end of
POLIS has established the basis for further improving
2015 while work is in progress, due to the loss of
its key earnings ratios in 2015. With our quality-focu-
rental revenues and the construction costs incurred.
sed business model and our homogeneous portfolio,
the letting take-up should remain good this year, as
By the end of 2015, we would like to increase the
evidenced by the fact that our modernization project
occupancy rate to 95 % of all rental space. In 2015
has already been let for the most part. Our proper-
we intend to step up our investment spending on the
ties and rental spaces offer good value for money
maintenance of our properties to keep them in line
and meet the requirements for modern office space.
with the improved location criterias.
Moreover, our excellent capitalization enables us
to take advantage of acquisition opportunities and
At 30 June 2015, there was a marked improvement in
to refinance investments at very low interest rates.
the valuation result for the properties thanks to pro-
Overall, our concept focusing on office buildings in
gress with letting the remaining vacant properties and
attractive locations in the most important German
the successful extension of existing lease agreements,
business locations allows us to take advantage of op-
a reduction in renovation and maintenance expenses
portunities as they arise. We consider ourselves active
and the positive development of our investment pro-
portfolio managers and specialists in the moderniza-
perties, especially in Berlin, Dresden and Stuttgart. The
tion of office buildings, and can address all key areas
interim earnings before tax (EBT) for the first half are
of the property management value chain with our
consequently already more than EUR 3 million above
in-house expertise. Through our experienced asset
the Company’s most recent forecast for the full year.
management team, we can identify attractive purchase opportunities ourselves and tap the potential for
The full-year forecast is therefore being upgraded on
added value through optimization and/or letting.
the basis of the healthy valuation result. We point out
This enables us to take advantage of opportunities
that the upward revision is broadly attributable to
from within our own property portfolio, especially in
non-predictable, non-cash market value changes for
challenging times.
the investment properties and financial derivatives.
15
REPORT ON EXPECTED DEVELOPMENTS
In view of the uncertainty surrounding the valuation
Independently of these uncertainties, actual results
of investment properties and the market’s current
may deviate substantially from our expectations of
dynamic development, we are only able to forecast
the probable development if any of the uncertainties
a spread of EUR 15 to 17 million for consolidated
mentioned in the risk report or additional uncertain-
earnings before tax (EBT). FFO of around EUR 4.3
ties materialize or if the assumptions underlying the
million will be slightly above the previous forecast.
statements turn out to be incorrect.
This change will increase the net asset value (NAV) to
an anticipated EUR 185 million.
Related party disclosures
Related individuals are the Supervisory Board, the
We would like to achieve additional effects through the
Board of Management and their close relatives. Rela-
purchase of further properties and in the “third-party
ted companies also include the majority shareholder
asset management” business area. We have used
Mann Unternehmensbeteiligungen Holding GmbH &
organic growth and acquisitions to increase the assets
Co. KG, Karlsruhe, together with its affiliated com-
under management to more than EUR 374 million in
panies, as well as the major shareholder Bouwfonds
2015, and intend to adhere to this course of business
Asset Management Deutschland GmbH, Berlin and its
expansion. Transfer of possession of the additional
affiliated companies.
investment property acquired by the “third-party asset
management” business area in Q1 2015 took place
For related party disclosures concerning Board of
in the second quarter. We will maintain a conservative
Management and Supervisory Board members, please
financing structure and a maximum loan-to-value ratio
refer to the Group Management Report section of
of 60 %. The valuation trends for the investment pro-
the POLIS 2014 Annual Report, on page 65 onward.
perties and interest rate derivatives involve considerab-
No transactions were conducted with the Supervisory
le uncertainty and therefore cannot be determined with
Board, Board of Management or close family members
any degree of reliability. By establishing hedging rela-
of the Supervisory Board in the first six months.
tionships between loans and interest rate hedges, we
will be able to use interest rate hedging instruments to
further reduce the impact on earnings in 2015.
Dusseldorf | Steinstrasse 27
16
CONSOLIDATED INCOME STATEMENT
18
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 19
CONSOLIDATED CASH FLOW STATEMENT
21
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
22
Dusseldorf | Berliner Allee 42
18
CONSOLIDATED INCOME STATEMENT
for the period from 1 January to 30 June 2015 according to International Financial Reporting Standards (IFRS)
POLIS Immobilien AG, Berlin
2nd Quarter 2015
2nd Quarter 2014
01.01.2015 30.06.2015
01.01.2014 30.06.2014
01.04.2015 30.06.2015
01.04.2014 30.06.2014
Rental income
9,530
9,212
4,803
4,611
Renovation and maintenance expenses
-1,458
-1,579
-800
-1,045
-520
-456
-305
-277
-1,978
-2,035
-1,105
-1,322
7,552
7,177
3,698
3,289
Unrealized gains from the revaluation of investment properties
7,306
2,288
5,303
1,090
Unrealized losses from the revaluation of investment properties
-1,031
-1,053
-659
-617
6,275
1,235
4,644
473
Income from the sale of properties
0
5,450
0
2,600
Carrying amount of the investment properties sold
0
-5,499
0
-2,649
0
-49
0
-49
Other income
248
941
181
875
Other expense
-109
-233
-113
-92
-1,469
-1,410
-808
-708
12,497
7,661
7,602
3,788
14
15
10
9
531
-306
269
-21
-2,660
-2,969
-1,238
-1,503
10,382
4,401
6,643
2,273
-1,643
-625
-1,051
-288
16
-71
16
-71
-1,627
-696
-1,035
-359
8,755
3,705
5,608
1,914
0
0
0
0
8,755
3,705
5,608
1,914
Market value of cash flow hedges
854
-2,489
1,061
-1,315
Attributable deferred tax assets
-135
394
-168
208
Other income
719
-2,095
893
-1,107
9,474
1,610
6,501
807
0.79
0.34
0.51
0.16
0.79
0.34
0.51
0.16
Property management expenses
Net rental income
Result from the revaluation of investment properties
Result from the sale of investment properties
Administrative expenses
Result before financing activity and taxes
Interest income
Result from the valuation of derivative financial instruments
Interest expense
Profit before taxes
Deferred taxes
Current taxes
Total income taxes
Consolidated net income
of which: allocable to the minority holders of the parent
of which: allocable to the equity holders of the parent
Other income to be reclassified to profit or
loss in subsequent periods:
CONSOLIDATED COMPREHENSIVE INCOME
Earnings per share
basic
diluted
All figures in EUR
19
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
30.06.2015
31.12.2014
322,810
313,090
Intangible assets
167
164
Property, plant and equipment
181
156
4,609
4,594
177
199
1,152
786
329,096
318,989
8,463
5,620
915
23
3,317
8,778
534
665
13,229
15,086
342,325
334,075
Non-current assets
Investment properties
Financial assets
Deferred tax assets
Other assets
TOTAL NON-CURRENT ASSETS
Current assets
Receivables and other financial assets
Current tax receivables
Cash in banks
Other assets
TOTAL CURRENT ASSETS
TOTAL ASSETS
20
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Equity and Liabilities
30.06.2015
31.12.2014
110,510
110,510
Capital reserves
18,185
18,185
Cash flow hedge reserve
-4,608
-5,327
758
758
40,706
32,171
8,755
8,535
Share in equity allocable to the
equity holders of the parent
174,306
164,832
TOTAL EQUITY
174,306
164,832
142,157
120,582
Deferred tax liabilities
5,696
3,940
Other financial liabilities
7,814
9,091
155,667
133,613
Liabilities to banks
1,775
27,363
Advance payments received
5,750
4,039
Trade payables
2,893
1,331
127
138
1,807
2,759
12,352
35,630
342,325
334,075
Equity
Subscribed capital
Reserve for fair value measurement of financial assets
Retained earnings
Liabilities
Non-current liabilities
Liabilities to banks
TOTAL NON-CURRENT LIABILITIES
Current liabilities
Income tax liabilities
Other financial liabilities
TOTAL CURRENT LIABILITIES
TOTAL EQUITY AND LIABILITIES
21
CONSOLIDATED CASH FLOW STATEMENT
01.01.2015 30.06.2015
01.01.2014 30.06.2014
10,382
4,401
Financial and investment result
2,115
3,260
Result from the revaluation of investment properties
-6,275
-1,235
0
49
74
70
Change in trade receivables and other assets not allocable to
investing or financing activities
-3,970
-1,626
Change in trade payables and other liabilities not allocable to
investing or financing activities
2,641
308
Income tax paid
-16
-41
Income tax received
16
13
4,967
5,199
Profit before taxes
Adjusted for:
Income from the sale of investment properties
Depreciation/amortization on intangible assets and property, plant and equipment
Cash flow from operating activities
Payments for the acquisition of software, fixtures and equipment
-114
-52
0
5,450
Payments for investments in modernization
-3,805
-2,155
Cash flow from investing activities
-3,919
3,244
Payments for the redemption of loans
-14,013
-14,429
Proceeds from the raising of loans
10,000
6,800
14
15
Interest paid
-2,511
-2,818
Cash flow from financing activities
-6,510
-10,432
Net change in cash and cash equivalents
-5,461
-1,990
Cash in banks at the beginning of the period
8,778
6,370
Cash in banks at the end of the period
3,317
4,380
Proceeds from the sale of investment properties
Interest received
22
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Cash flow
hedge
reserve
Reserve for fair
value measurement of financial
assets
Share in equity
allocable to the
equity holders of
the parent
Total equity
Subscribed
capital
Capital
reserves
Retained
earnings
Consolidated net
income
Balance at 31.12.2013
110,510
18,185
24,032
8,139
-1,343
0
0
159,523
Offsetting against prior-year result
0
0
8,139
-8,139
0
0
0
0
0
0
0
3,705
0
0
3,705
3,705
Other income
0
0
0
0
-2,095
0
-2,095
-2,095
110,510
18,185
32,171
3,705
-3,438
0
1,610
161,133
110,510
18,185
32,171
8,535
-5,327
758
164,832
164,832
Offsetting against prior-year result
0
0
8,535
-8,535
0
0
0
0
0
0
0
8,755
0
8,755
8,755
Other income
0
0
0
0
719
0
719
719
110,510
18,185
40,706
8,755
-4,608
758
174,306
174,306
BALANCE AT 30.06.2015
Cologne | Ebertplatz 1
Stairwell
23
NOTES
NOTES
BASIS OF REPORTING
25
DISCLOSURES RELATING TO THE INCOME STATEMENT26
DISCLOSURES RELATING TO THE STATEMENT OF FINANCIAL POSITION
27
Stuttgart | Buechsenstrasse
25
NOTES
BASIS OF REPORTING
The interim report of POLIS Immobilien AG at 30
A detailed description of the methods applied was
June 2015 has been prepared in accordance with the
published in the Annual Report for the financial year
International Financial Reporting Standards (IFRS) as
2014 (www.polis.de). In accordance with Section 48 of
adopted in the EU, as well as their interpretations by
the regulations of the Frankfurt Stock Exchange (Prime
the International Financial Reporting Interpretations
Standard), the Company is obliged to issue interim
Committee (IFRIC).
reports. It expressly and unreservedly declares that the
interim report is in conformity with IFRS and provides
The interim consolidated financial statements (“interim
a true and fair view of the net assets, financial position
financial statements”) at 30 June 2015, which have
and financial performance of the Group.
been prepared on the basis of International Accounting
Standard (IAS) 34 “Interim Financial Reporting”, again
The interim financial statements have been neither
apply the same accounting policies as the consolidated
audited nor subjected to any review by the auditor of
financial statements for the previous full year 2014.
the consolidated financial statements.
Munich | Lessingstrasse 14
26
NOTES
DISCLOSURES RELATING TO THE INCOME STATEMENT
Rental income
Financial result
Thanks to the good letting result in 2014, rental income
The financial result in the first six months was EUR
for the first six months of 2015 was up 4% on the
-2,115 thousand, compared with EUR -3,260 thousand
prior-year level at EUR 9,530 thousand (previous year
in the same period one year earlier. The financial result
EUR 9,212 thousand).
includes valuation gains not affecting liquidity from
derivative financial instruments (EUR 531 thousand;
Renovation and maintenance expenses
previous year EUR -306 thousand).
Expenses for renovation and maintenance came to EUR
1,458 thousand, slightly down on the prior-year figure
Earnings per share
of EUR 1,579 thousand.
Earnings per share are calculated as follows:
Property management expenses
01.01. 30.06.2015
01.01. 30.06.2014
Consolidated earnings after
profit allocable to minority
interests (in EUR ’000)
8,755
3,705
was mainly attributable to the high occupancy rate.
Average number of ordinary
shares in circulation
11,051,000
11,051,000
Result from the revaluation of investment
Earnings per share (basic and
diluted ) (in EUR)
0.79
0.34
Expenses for property management in the first six
months of 2015 amounted to EUR 520 thousand, and
thus remained flat compared with the corresponding
period of the previous year (EUR 456 thousand). This
properties
The result from the revaluation of investment properties
in the first six months was EUR 6,275 thousand,
compared with EUR 1,235 thousand in the same period
one year earlier. We refer to the explanatory notes on
page 27 onward for further details.
Other income
Other income mainly comprises revenues from the
“third-party asset management” area.
Administrative expenses
Administrative expenses for the first six months of
2015 showed a slight increase to EUR 1,469 thousand,
compared with EUR 1,410 thousand in the prior-year
period.
27
NOTES
DEVELOPMENT OF INVESTMENT PROPERTIES
The following overview highlights the
development of the investment properties
in the first six months of 2015:
Fair value
01.01.2015
Objekt
Modernization
investments
Changes
in market
value
Fair value
30.06.2015
Luisenstrasse 46
Berlin
12,240
0
80
12,320
Potsdamer Str. 58
Berlin
15,720
0
90
15,810
Rankestrasse 21/
Lietzenburger Str. 44-46
Berlin
30,730
262
1,478
32,470
Altmarkt 10/Kramergasse 2
Dresden
37,770
17
913
38,700
Könneritzstrasse
Dresden
11,130
2
618
11,750
Dresden
5,670
116
84
5,870
Dusseldorf
6,960
0
-40
6,920
Palaisplatz
Berliner Allee 42
Berliner Allee 44
Dusseldorf
8,630
2
308
8,940
Berliner Allee 48
Dusseldorf
5,280
48
-68
5,260
Steinstrasse 27
Dusseldorf
9,910
0
40
9,950
Frankfurt a. M.
8,460
2,535
-765
10,230
Hanover
4,560
0
-160
4,400
Gutleutstrasse 26
Landschaftstrasse 2
Landschaftstrasse 8
Hanover
4,040
13
357
4,410
Ebertplatz 1
Cologne
9,300
38
112
9,450
Gustav-Heinemann-Ufer 54
Cologne
18,240
38
102
18,380
Hansaring 20
Cologne
4,890
18
312
5,220
Konrad-Adenauer-Ufer 41-45
Cologne
22,670
57
23
22,750
Neumarkt 49
Cologne
8,960
0
110
9,070
Weyerstrasse 79-83
Cologne
16,580
7
173
16,760
Munich
9,990
0
210
10,200
Stuttgart
3,820
2
18
3,840
Lessingstrasse 14
Böblinger Strasse 8/
Arminstrasse 15
Quartier Buechsenstrasse
Stuttgart
46,540
287
2,103
48,930
Tuebinger Strasse 31 u. 33
Stuttgart
11,000
3
177
11,180
313,090
3,445
6,275
322,810
28
NOTES
For the POLIS portfolio, the above definition of market
Information concerning property valuation at
value as laid down by the International Valuation
30 June 2015
Standards tallies with the definition of fair value
The fair values of the properties at the 30 June 2015
according to IFRS 13. The terms “market value” and
reporting date were determined on the basis of valua-
“fair value” are therefore used accordingly in the
tions carried out by an independent expert as well
following.The provisional market values are analyzed
as by internal valuations. POLIS commissioned W&P
following their calculation and significant changes
Immobilienberatung GmbH, Frankfurt, (hereinafter
compared with the previous valuation are plausibili-
“Wüest & Partner”) to determine the market values
ty-checked. Once the final market value is established,
of four properties owned by POLIS at 30 June 2015
the report is submitted to the Board of Management.
and to document these in the form of market value
It then communicates the market valuation to the
appraisals. For valuing the entire portfolio, Wüest
Supervisory Board on a quarterly basis.
& Partner receives all-inclusive compensation that is
independent of the market values it has determined.
The basis for determining the market value is the
capitalized earnings method according to the Interna-
In addition, properties were valued internally. The
tional Valuation Standards. The real estate valuation
valuations are carried out quarterly, with around
comprehensively takes into account all factors that
one-quarter of the portfolio valued externally and
influence the value of the property. To the extent pos-
around three-quarters valued internally at each
sible, subjective value judgments are confirmed objec-
valuation date. The internal valuations are examined
tively by applying quantitative analytical methods.
by a Wüest & Partner supervisor. Wüest & Partner’s
market research is used to supplement the internal
The property’s market value is determined using the
detailed planning work. At the end of each quarter,
discounted cash flow method. The difference between
recent property-specific office market rent forecasts
the rental income and the renovation and main-
determined by Wüest & Partner are entered into a
tenance costs as well as the costs of managing the
software-based valuation tool and form the basis
property represents the net cash flow, which is then
for planning revenue. Likewise, any changes in the
discounted using the discount rate.
discount rates are investigated and adjusted by
Wüest & Partner using comparables.
The discount rate for the property in question is determined in the course of Wüest & Partner’s research
The value determined is the market value defined
by making reference to comparables.
by the International Valuation Standards as follows:
“Market Value is the estimated amount for which a
Rental income initially contains the contractually
property should exchange on the date of valuation
agreed rents. The rental income from letting vacant
between a willing buyer and a willing seller in an
space and from re-letting properties after the existing
arm’s-length transaction, after proper marketing,
lease agreements have expired is forecast on the
wherein the parties had each acted knowledgeably,
basis of the market rents that are expected for each
prudently, and without compulsion.”
property and then added to the above figure.
The property-specific market rent is estimated on the
29
NOTES
basis of Wüest & Partner’s research. City and location
results were recorded for the properties at “Quartier
criteria as well as property-specific features are taken
Buechsenstrasse” in Stuttgart, at “Rankestrasse 21/
into account.
Lietzenburger Str. 44-46” in Berlin and at “Berliner
Allee 44” in Dusseldorf thanks to the positive
The resulting weighted break-even yield for all pro-
development in occupancy. The main negative
perties is 6.65% (previous year: 6.71%). An increase
valuation result concerned the investment property at
or a decrease in the average break-even yield of
“Gutleutstrasse 26” in Frankfurt am Main because of
0.25% points would increase or decrease the market
increased conversion and restructuring costs.
values by approximately 2.0%. Other input factors
can have a significant influence on market values:
vacancy rate, annual rent growth, letting scenario, as
LIABILITIES TO BANKS
well as construction and maintenance costs.
Loans with an overall volume of around EUR 12.3
million and with a remaining term of less than one
A valuation period of 100 years is fundamentally
year were repaid in the first six months. At the same
assumed for all properties being valued. Over this
time around EUR 10 million was disbursed from the
period, the key components of a property are rene-
raising of a secured bonded loan. Overall, liabilities
wed as a function of its economic lifetime (life-cycle
to banks were reduced by around EUR 4 million. The
model).
other liabilities include derivative financial instruments with a negative market value. These are the
Revaluation produced an overall increase in market
interest rate swaps listed below, with the purpose of
value of EUR 6,275 thousand. Positive valuation
limiting the interest rate risk from variable-rate loans.
Hedging
instruments
Volume
EUR ’000
Original
maturity
Rate
%
Redeemed
by payments
Changes in
market value
CF Hedges
(recorded in
other income)
-394
8
-386
0
0
1.997 - 3.56
-10,921
523
0
854
-9,544
TOTAL:
-11,315
531
-386
854
-9,544
31.12.2014
Financial instruments not designated in the context of cash flow hedges:
Swap
8,150
1-2 Jahre
Market
value
Changes
recognized
in income
2.40 - 3.47
30.06.2015
Financial instruments designated in the context of cash flow hedges:
104,081
5-10 Jahre
thereof long term
-9,091
-7,814
thereof short term
-2,224
-1,730
-535
-77
-2,759
-1,807
plus other short term financial liabilities
Total short term liabilities
30
NOTES
The weighted average interest rate of the bank loans
at 30 June 2015, including derivative financial instruments, was 3.5 %, portion of loans without interest
hedge is 9 %. The weighted remaining term of interest
rate hedges was 5.55 years. By way of a further hedge
to future interest expense, in the second quarter
of 2015 forward interest rate swaps with a volume of
EUR 24.2 million were concluded at an interest rate of
1.997 % and with a term of five years, effective from
1 January 2021. The valuation of the derivative financial
instruments at 30 June 2015 revealed gains of EUR 531
thousand for the first six months of 2015.
The weighted remaining term of the bank loans at 30
Cologne | Neumarkt 49
June 2015 was 5.51 years, made up as follows:
Maturity structure of bank loans
3%
14 %
44 %
26 %
5%
9%
VOLUME
4,320
20,790
62,608
37,159
6,549
12,300
YEAR
2016
2018
2020
2021
2023
2025
Bank loans in EUR ’000
31
RESPONSIBILITY STATEMENT
Cologne | Ebertplatz 1
Staircase
To the best of our knowledge, and in accordance with
the applicable financial reporting framework for interim
financial reporting, the interim consolidated financial
statements give a true and fair view of the net assets,
financial position and financial performance of the
Group, and the interim group management report gives
a true and fair view of the development and performance
of the business and the position of the Group, together
with a description of the principal opportunities and risks
relating to the expected future development of the Group
over the remainder of the financial year.
Berlin, August 2015
POLIS Immobilien AG
– The Board of Management –
Dr. Alan Cadmus
Dr. Michael Piontek
32
IMPRINT
PUBLISHER
CONCEPT AND DESIGN
POLIS IMMOBILIEN AG
POLIS Immobilien AG
a.b.media GmbH
Rankestrasse 5-6
Rankestrasse 5–6
www.abmedia-online.de
10789 Berlin
PHOTOS
Phone +49 30 225 00 250
Andi Albert Photography, Würzburg (property photos)
Fax
10789 Berlin
Germany
www.polis.de
+49 30 225 00 299
Markus Bachmann (property photos)
Markus Düdder, Dortmund (property photos)
www.polis.de
Linus Lintner, Berlin (property photos)
info @ polis.de
Harry Schnitger, Berlin (interiors and personnel photos)
Alexander Sucrow, Dusseldorf (property photos)
FOR MORE INFORMATION PLEASE CONTACT:
Investor Relations
Phone +49 30 225 00 250
Fax
+49 30 225 00 299

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