DIC Asset AG — Earnings Release 2007

May 14, 2007

News Details

Ad-hoc | 14 May 2007 07:31

Q1: DIC Asset AG starts 2007 with strong earnings growth

DIC Asset AG / Quarter Results

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DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) today
presented its first quarterly report for the 2007 financial year. With a
strong increase in profitability – both in absolute terms, and in terms of
return on capital – the results reflect the top quality and extraordinary
earnings performance of investments made during the last year, worth
approximately one billion euros. At EUR 4.9 million (up 277 per cent), DIC
Asset AG’s consolidated net income was almost four times the figure
recorded for the first quarter of 2006. Earnings per share improved
significantly, from EUR 0.12 to EUR 0.17 (up 42 per cent).

Total revenues for the first quarter of 2007 were EUR 6.8 million higher
than during the same period of the previous year, at EUR 21.8 million (up
221 per cent). Rental income was up strongly, by EUR 6.0 million (up 217
per cent) to EUR 19.0 million, mainly as a result of the significant
expansion in the real estate portfolio. 91 per cent of properties in the
portfolio are let.

At the same time, the increase in total expenses – up by EUR 6.2 million,
or 172 per cent, to EUR 9.8 million – was clearly lower than revenue
growth.

EBITDA (earnings before interest, income taxes, depreciation and
amortisation) rose by 277 per cent during the first three months, to EUR
16.2 million. Operating profit (funds from operations, calculated as
earnings before depreciation, taxes, profits from disposals and development
projects) increased by 259 per cent to EUR 10.4 million. In terms of the
average number of shares outstanding during the quarter, the operating
profit figure improved significantly, up 29 per cent from EUR 0.28 to EUR
0.36 per share. Cash flow from operating activities tripled, from EUR 3.0
million in the first quarter of the previous year, to EUR 9.0 million.

DIC Asset AG profit margin (profit for the period in relation to total
revenues) grew by 2.9 percentage points to 22.2 per cent.

At EUR 1.4 billion, DIC Asset AG’s total assets slightly exceeded the
levels at the end of last year (31 Dec 2006: EUR 1.3 billion). The equity
ratio stands at a comfortable 38.7 per cent.

Having initiated further major transactions after the quarterly reporting
date, DIC Asset AG’s aggregate investments in real estate portfolios during
the first five months of 2007 have already exceeded a level of EUR 550
million.

The DIC Asset AG share was included in the GPR 250 index in April: the
index tracks the performance of the 250 most actively-traded listed real
estate companies.

The company’s results for the first quarter of 2007 had exceeded its own
projections: Given the benign market environment, and thanks to its
excellent reputation as a professional real estate investor, DIC Asset AG
has the opportunity to maintain this strong momentum in its business. DIC
Asset AG is planning further acquisitions of at least EUR 700 million for
the remainder of 2007 and confirms its targets for 2007.

Investor Relations:
Stephan Gramkow
Grünhof - Eschersheimer Landstraße 223
60320 Frankfurt am Main
Fon. +49-69-9454858-39
Fax +49-69-9454858-99
ir@dic-asset.de

DGAP 14.05.2007

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
www: www.dic-asset.de
ISIN: DE0005098404
WKN: 509840
Indices: S-DAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, München, Stuttgart, Düsseldorf

End of News DGAP News-Service

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