POLIS successfully closes financial year 2020 despite difficult general conditions
Despite the corona-induced challenging market environment POLIS was able to achieve a very good result for the financial year 2020 which again was significantly backed by the valuation result of the investment properties. The annual result before taxes amounted to EUR 46.3 million. Funds From Operations (FFO) fell slightly to EUR 9.22 million. Compared to the previous year the cash flow from operating activities remained almost stable at around EUR 13.7 million.
The stable revenues were driven by the sustained successful letting activities of POLIS. Given an existing portfolio of 198,550 square metres, new rental agreements comprising of 17,309 square metres were signed and lease agreements for 22,733 square metres were prolonged. Rental income increased by a total of 10.5 percent to EUR 26.6 million.
Dr Michael Piontek, Chief Financial Officer, comments: “In the past financial year we again achieved a very good overall result. In 2020 we were able to further increase the equity ratio of POLIS to almost 60 percent. One reason for this was the repayment of a long-term loan. This has created new financial leeway that will enable us to quickly generate further liquidity in the event of any financing requirements.”
Mathias Gross, COO of POLIS: “The year 2020 was marked for all of us by the particular challenge of the Covid 19 pandemic. Despite the accompanying economic fluctuations and the corresponding challenges we were able to successfully continue the stable development of the company and even achieved a very good result at the end of the year. Our diversified tenant structure avoided rental losses on a larger scale.”
For more information please download the complete Annual Report 2020 here: