DIC Asset AG — Earnings Release 2009

May 12, 2009

News Details

Ad-hoc | 12 May 2009 07:29

DIC Asset AG: Operating profit matches previous year’s level

DIC Asset AG / Quarter Results

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DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) today
presented its interim report for the first quarter of the 2009 financial
year. The stable operating performance is reflected in operating profit
before depreciation and amortisation (EBDA): at EUR 9.9 million, this
figure almost matched the EUR 10.2 million posted in the first quarter of
2008. In a market environment that is increasingly challenging, DIC Asset
AG generated a solid level of consolidated net income of EUR 2.6 million
(Q1 2008: EUR 3.3 million).

At EUR 43.9 million, total revenues for the first quarter of 2008 once
again showed a year-on-year increase (Q1 2008: EUR 39.1 million). Stable
rental income of EUR 33.2 million (Q1 2008: EUR 33.8 million) was the main
contributor, reflecting the benefits of a diversified real estate portfolio
of 1.3 million square metres (comprising 64 per cent office space, 15 per
cent logistics, 14 per cent retail, and the remaining 7 per cent in hotels,
residential, and other properties). 20 per cent of rental income is
generated from public-sector tenants, followed by 19 per cent retail, 11
per cent IT and multimedia sector, 10 per cent banks and insurance
companies, and 9 per cent industrial companies. The remaining 31 per cent
relate to tenants from other sectors.

The profitability of the portfolio is once again highlighted by the fact
that the majority of consolidated net income was generated through real
estate management. Due to a necessary expansion in asset management and
property management resources, total expenses rose to EUR 23.9 million (Q1
2008: EUR 17.2 million), in line with the budget.

DIC Asset AG's total assets amounted to EUR 2.2 billion as at 31 March
2009. Long-term assets remained stable, at EUR 2.1 billion. Long-term fixed
interest rate agreements or hedges are in place for close to 90 per cent of
financial debt of EUR 1.6 billion, with around 86 per cent having a
maturity of over four years. Only approx. EUR 38 million (or just 2 per
cent of overall financial debt) will fall due within the next 12 months.
DIC Asset AG reduced interest expenses by approx. EUR 1.6 million during
the first three months of 2009, thanks to the optimisation of portfolio
finance: accordingly, the net financial result improved by EUR 0.8 million,
to EUR -17.7 million. The average interest rate once again decreased to
4.85 per cent, down 12 basis points compared to 31 December 2008 (Q1 2008:
5.25 per cent).

Cash flow from continuing operations amounted to EUR 9.1 million (Q1 2008:
EUR 10.4 million). FFO (funds from operations, comprising earnings before
interest and taxes, plus profits from disposals and development projects)
of EUR 10.3 million reflected the strength of DIC Asset AG's operating
business (Q1 2008: EUR 11.0 million). At EUR 9.9 million, operating profit
before depreciation and amortisation (EBDA) almost matched the EUR 10.2
million figure reported for the first quarter of 2008. This corresponds to
an unchanged operating profit of EUR 0.33 per share. Reflecting the
development of consolidated net income, earnings per share declined to EUR
0.09 (Q1 2008: EUR 0.11).

DIC Asset AG has adapted its business planning for 2009 to the difficult
economic environment. Its selling strategy continues to focus on the
selective marketing of small- to medium-sized properties. Based on its
current portfolio, the Company is consistently expanding its active asset
management and property management capabilities, in order to maintain its
rental business on the high level achieved in the previous year.
Accordingly, investments of EUR 35.6 million during the first quarter
concentrated on measures to preserve and enhance portfolio value. Approx.
196,000 square metres of commercial floor space - equivalent to annual
rental income of EUR 19.5 million - was let via the DIC ONSITE real estate
management platform in 2008. During the first three months of 2009, new
rentals amounting to approx. 65,000 square metres (generating just under
EUR 6 million in annual rental income) were contracted via the platform.
Quarterly rentals were thus clearly higher than the average of the first
quarter 2008 of 49,100 square metres.

Investor Relations:
Ina Lack
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
Fon. +49 69 9454858-58
Fax +49 69 9454858-99
ir@dic-asset.de

12.05.2009 Financial News transmitted by DGAP

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, Hannover, Stuttgart, München, Hamburg, Düsseldorf

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