DIC Asset AG — Earnings Release 2007

Nov 13, 2007

News Details

Ad-hoc | 13 November 2007 07:41

DIC Asset AG publishes 9-months-figures

DIC Asset AG / Quarter Results

Release 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.

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DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) today
presented its interim report for the first nine months of 2007, posting Q3
figures which confirmed the above-average growth in results and
profitability already seen in the first two quarters. At € 24.0 million (up
€ 17.6 million or 275 per cent), DIC Asset AG’s consolidated net income was
more than three times the figure recorded for the first nine months of
2006. This outstanding result was predominantly attributable to stable
rental income from a much bigger real estate portfolio than in the previous
year, plus gains realised on the sale of properties. Accordingly, earnings
per share more than doubled, from € 0.39 to € 0.83 (+113 per cent).

At € 167.4 million, total revenues for the first nine months of 2007 were
almost six times the € 28.5 million recorded during the same period of the
previous year (up 487 per cent). Rental income was up strongly, by € 20.6
million (up 213 per cent) to € 64.4 million, mainly as a result of the
marked expansion in the real estate portfolio. 89 per cent of the portfolio
– which, in line with DIC’s strategic focus, comprises 97 per cent
commercial properties – are let.

The 80 per cent increase in total administrative and personnel expenses,
from € 4.4 million to € 7.9 million, was clearly lower than revenue growth.
Total expenses were up by € 95.0 million, or 579 per cent, to € 111.4
million. This increase was mainly due to higher disposals of residual
carrying amounts, reflecting the much higher level of real estate sales.

EBITDA (earnings before interest, income taxes, depreciation and
amortisation) was up more than four-fold compared to the figure for the
first nine months of 2006, rising by € 53.2 million to € 69.8 million (up
320 per cent). Operating profit (FFO – funds from operations, calculated as
earnings before interest and taxes, profits from disposals and development
projects) increased by 139 per cent, from € 12.3 million to € 29.4 million.
FFO per share amounted to € 1.03 (9m 2006: € 0.78). Cash flow from
continuing operations almost doubled, from € 13.3 million during the same
period of the previous year, to € 22.5 million. The operating yield (the
ratio of FFO to rental income) was 45.7 per cent (2006: 59.7 per cent),
whilst the sales yield (the ratio of profit to sales proceeds) increased
from around 10.8 per cent for the first nine months of 2006, to 14.7 per
cent.

At € 1.8 billion, reflecting the strong portfolio expansion, DIC Asset AG’s
total assets as at 30 September 2007 were up by a notable 32 per cent
against the end of last year (31 December 2006: € 1.3 billion). The equity
ratio stands at a comfortable 30.5 per cent (31 Dec 2006: 39.7 per cent).

DIC Asset AG's aggregate € 1.4 billion real estate investments (including
co-investments) during the first nine months of 2007 exceeded the Company's
own investment targets. Within the framework of an active portfolio
management strategy, the Company sold properties worth € 91.2 million,
realising profits of € 13.4 million. With an aggregate floor space in
excess of one million square metres, DIC Asset AG’s real estate portfolio
had a value of approx. € 1.8 billion as at 30 September 2007.

In spite of the reticent stance currently adopted by real estate market
participants, DIC Asset AG maintains its forecast for the full year 2007,
given ongoing disposals and an expected return to normality of market and
financing environments. The company projects net income for 2007 after
taxes, depreciation and amortisation at between € 36 million and € 38
million.
13.11.2007 Financial News transmitted by DGAP

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Language: English
Issuer: DIC Asset AG
Eschersheimer Landstr. 223
60320 Frankfurt
Deutschland
Phone: +49 69 9454858-0
Fax: +49 69 9454858-99
E-mail: info@dic-asset.de
Internet: www.dic-asset.de
ISIN: DE0005098404
WKN: 509840
Indices: S-DAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Stuttgart, Düsseldorf

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