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DIC Asset AG continues earnings growth in 2013

DGAP-News: DIC Asset AG / Key word(s): Final Results
DIC Asset AG continues earnings growth in 2013

18.03.2014 / 07:30

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Press Release

Frankfurt, 18 March 2014

DIC Asset AG continues earnings growth in 2013

- Profit for the period up 36 per cent, to EUR 16.0 million
(2012: EUR 11.8 million)

- FFO rose to EUR 45.9 million (2012: EUR 44.9 million)

- NAV per share at EUR 12.58

- Stronger financial structure: LTV improved to 66.9 per cent, maturity
of financial debt extended to 4.5 years

- Consistent dividend of EUR 0.35 per share (unchanged from 2012)

- Forecast for 2014: FFO growth to continue to EUR 47-49 million



DIC Asset AG (German Securities ID A1X3XX / ISIN DE000A1X3XX4) today
presented its financial statements for the 2013 financial year. The Company
met its forecasts, with FFO up EUR 1.0 million to EUR 45.9 million and
consolidated profit up 36 per cent to EUR 16.0 million. As this marks yet
another sound business performance and the outlook for 2014 is positive,
shareholders will participate in the Company's performance with a high,
consistent year-on-year dividend of EUR 0.35 per share. Based on the 2013
year-end closing price, this translates into an attractive dividend yield
of 5.2 per cent.



FFO growth according to forecast

Gross rental income remained stable at a high level of EUR 125.2 million
(2012: EUR 126.5 million). Portfolio acquisitions in November 2013 offset
the expected reduction in rental income that followed various property
sales during the year. Profits on property disposals doubled to EUR 7.6
million (2012: EUR 3.8 million). Fees from real estate management rose to
EUR 6.5 million (2012: EUR 5.7 million) resulting in total income
increasing by 3 per cent to EUR 236.1 million as per 31 December 2013 (31
Dec 2012: EUR 229.1 million).

FFO (funds from operations, defined as operative earnings before interest
and taxes, and excluding profits from disposals and project developments)
was within the target range between EUR 45 million and EUR 47 million; the
figure rose by EUR 1.0 million to EUR 45.9 million, thanks to a stable
rental income, higher fees from real estate management and lower interest
expenses. FFO per share (based on the average number of shares in
accordance with IFRS) remained stable year-on-year at EUR 0.94; based on
the higher number of shares at year-end, FFO per share was EUR 0.67.

In addition to the higher FFO, higher profits on property disposals
contributed to the increase in profit for the period, which was up 36 per