DGAP-News

DIC Asset AG plans strong growth in earnings for 2012 - Seite 3

cent year-on-year (2010: EUR 3.5 million).

With an average term of around 3.5 years, most of the Company´s EUR 1.52
billion financial debt is medium to long-term, of which only 13 per cent
(mostly in three independent loans with an aggregate volume of
approximately EUR 160 million) will need to be refinanced over the next 12
months.

DIC Asset AG has a sound financial position. As at 31 December 2011, the
Company posted a net interest result of EUR -56.0 million, a marked
improvement by EUR 8.0 million (+13 per cent) on the previous year.
Interest expenses were EUR 6.5 million (9 per cent) lower, at EUR 63.9
million: the reduction was due to lower liabilities, new borrowings and
renewals of existing loans at more attractive terms, as well as the lower
interest rate levels. Reflecting the higher level of cash and cash
equivalents from the capital increase, interest income of EUR 7.9 million
was higher than in the previous year (2010: EUR 6.4 million). The average
interest rate across all liabilities (including the interest expense for
the corporate bond) was 4.35 per cent as at 31 December 2011, up five basis
points year-on-year (31 Dec 2010: 4.30 per cent). It is worth noting that
the average rate was able to be reduced during the final quarter of 2011,
by a notable 10 basis points, from 4.45 per cent.

The equity ratio (as reported on the balance sheet) stood at 27.8 per cent
as at 31 December 2011 (31 December 2010: 28.6 per cent). The decrease was
due in particular to the higher total assets (reflecting investments), and
to a lower carrying amount of equity due to the negative hedging reserve.
Total equity rose from EUR 587 million to EUR 624 million.

Cash flow from operating activities (after interest and taxes paid) rose
slightly, from EUR 37.7 million in the previous year, to EUR 38.4 million,
mainly on account of lower interest payments. Cash and cash equivalents as
at 31 December 2011 remained at a high level of EUR 100.2 million (2010:
EUR 117.3 million).

At the end of 2011, DIC Asset AG´s real estate portfolio comprised 278
properties with an aggregate rented space of 1.9 million sq m. Real estate
assets under management amounted to approximately EUR 3.3 billion (31
December 2010: approximately EUR 3.1 billion). Market values, which are
externally reviewed by independent experts each year, increased again,
rising by 0.7 per cent - reflecting especially the successful rental
activity. Net asset value (NAV) stood at EUR 682.6 million at the end of
2011, an increase of EUR 84.1 million (or 14 per cent) year-on-year.