DGAP-News

DIC Asset AG: promising start in 2013

DGAP-News: DIC Asset AG / Key word(s): Quarter Results
DIC Asset AG: promising start in 2013

14.05.2013 / 07:31

---------------------------------------------------------------------

DIC Asset AG: promising start in 2013

- FFO up 6 per cent, to EUR 11.2 million (Q1 2012: EUR 10.6 million)

- Higher transaction volume and sales profit

- Equity base strengthened further

- Forecast for 2013 FFO affirmed, at EUR 45 million to EUR 47 million

DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) today
presented its interim report for the first three months of the 2013
financial year. The Company had a successful start to the new year, posting
gratifying earnings growth.

Key results at a glance:

FFO rose by 6 per cent to EUR 11.2 million (Q1 2012: EUR 10.6 million). DIC
Asset AG significantly increased consolidated profit for the period to EUR
3.7 million (Q1 2012: EUR 2.6 million). The good results were predominantly
attributable to a marked increase in sales activities at the end of 2012,
the results of which were effective during the first quarter of 2013, as
planned. Furthermore, rental income remained stable, at EUR 30.3 million
(after increased disposals during 2012), and was thus in line with the high
levels posted for the previous year (Q1 2012: EUR 31.1 million). Total
revenues amounted to EUR 74.1 million (Q1 2012: EUR 39.4 million). The net
debt equity ratio rose by approximately one percentage point, to 32 per
cent, following the realisation of refinancing operations and disposals.
Moreover, average interest costs decreased to 3.95 per cent (Q1 2012: 4.20
per cent). Overall, DIC Asset AG thus maintained the positive performance
achieved over recent quarters, generating FFO of EUR 0.25 per share (Q1
2012: EUR 0.23).

Detailed review of results for the quarter:

Due to the high level of disposals at the end of the previous year, gross
rental income decreased to EUR 30.3 million, as planned (Q1 2012: EUR 31.1
million). Accordingly, net rental income was EUR 1.5 million lower than the
previous year's Q1 figure of EUR 26.6 million. Fees from real estate
management grew by EUR 0.4 million, to EUR 1.6 million (Q1 2012: EUR 1.2
million). Higher income from asset management and property management fees
- reflecting the successful expansion of the Company's fund business - more
than offset lost management fees following the planned disposal of
co-investment properties. Total income for the first quarter increased
markedly, up 88 per cent to EUR 74.1 million (Q1 2012: EUR 39.4 million);
this was primarily attributable to high sales proceeds of around EUR 37
million.

Due to the significant reduction in vacancies already achieved and a lower