DGAP-News

DIC Asset AG increases operating profit

DGAP-News: DIC Asset AG / Key word(s): Half Year Results
DIC Asset AG increases operating profit

14.08.2014 / 07:30

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Press Release

Frankfurt, 14 August 2014

DIC Asset AG increases operating profit

- FFO up to EUR 23.6 million (H1 2013: EUR 23.1 million)

- Net equity ratio further improved to 33.3 per cent
(31 Dec 2013: 32.6 per cent)

- Sales performance, with aggregate realised disposals of approximately
EUR 60 million

- Forecast for 2014 FFO affirmed, at EUR 47 million to EUR 49 million

DIC Asset AG (German Securities ID A1X3XX / ISIN DE000A1X3XX4) today
presented its interim report for the first six months of the 2014 financial
year. The Company continued its earnings growth, paving the way for
achieving full-year targets.

Continued growth in operating results

Gross rental income rose by 21 per cent during the first six months of the
year, to EUR 73.6 million (H1 2013: EUR 61.0 million). Rental income from
the joint-venture portfolio acquired at the end of 2013 more than
compensated for the loss of rental income due to disposals.

Six-month FFO (funds from operations, defined as earnings before interest
and taxes, and excluding profits from disposals and development projects)
of EUR 23.6 million was up year-on-year (H1 2013: EUR 23.1 million),
predominantly due to higher rental income. FFO per share (including the
share capital increase at the end of 2013) amounted to EUR 0.34 as at 30
June 2014 (30 June 2013: EUR 0.49). The six-month profit for the period
amounted to EUR 4.0 million as planned (H1 2013: EUR 6.5 million). The
decline was primarily attributable to lower profits on property disposals
as well as higher depreciation as scheduled, mainly due to investments on
existing properties, which were completed at the end of 2013.

Full-year forecasts affirmed

DIC Asset AG affirms its FFO forecast of EUR 47 million to EUR 49 million
for the 2014 financial year (2013: EUR 45.9 million). By year-end, the
Company expects rental income of between EUR 145 million and EUR 147
million (2013: EUR 125.2 million.

Stable operative business

DIC Asset AG's successful letting performance during the first half of 2014
comprised contracts with an aggregate annualised rental income of some EUR
11.3 million (H1 2013: EUR 10.7 million), including EUR 5.5 million in new
rentals and EUR 5.8 million in renewed rental agreements. The vacancy rate
increased during the second quarter, in line with expectations, to 11.5 per
cent (H1 2013: 11.1 per cent; Q1 2014: 11.1 per cent).

The Company already realised year-to-date aggregate disposals of