DGAP-News

DIC Asset AG increases operating profit - Seite 2

approximately EUR 60 million, with numerous other transactions in pipeline.
The total volume of disposals as at 30 June 2014 amounted to EUR 54 million
(H1 2013: EUR 56 million), comprising seven properties; one additional sale
took place after the reporting date. The selling prices achieved an average
mark-up of around four per cent over the most recent market value
determined.

DIC Asset AG's funds business continued to develop favourably. Despite the
Company's lower stake (10 per cent) in its first special fund, FFO
contributions from the funds business continued to grow, reaching EUR 2.7
million for the first six months of the year (H1 2013: EUR 2.5 million).
After the reporting date properties with an aggregate value of EUR 60
million were acquired for the special AIFs, including the first purchase
(EUR 32 million) for the newly-launched third fund "DIC Office Balance II"
(as reported).

A well-structured financing mix

Total financial liabilities declined to EUR 1.716 billion as at 30 June
2014, (31 Dec 2013: 1.724 billion), including approximately EUR 37 million
in repayments from disposals as well as scheduled redemptions. The average
interest rate on financial debt regarding bank loans stood at 4.1 per cent
as at 30 June 2014, unchanged from 31 December 2013. The average maturity
of DIC Asset AG's financial debt declined to 4.0 years, as expected, from
4.5 years at the end of 2013.

Thanks to loan repayments and other measures to optimise the Company's
financing structure, the net debt equity ratio showed a marked increase to
33.3 per cent as at 30 June 2014 (31 Dec 2013: 32.6 per cent). The net debt
ratio based on the portfolio market value (loan-to-value ratio) declined by
0.5 percentage points, to 66.4 per cent (31 Dec 2013: 66.9 per cent).

The net interest result totalled EUR -34.0 million as at 30 June 2014 (H1
2013: EUR -24.8 million). Interest expenses increased to EUR -38.9 million
(H1 2013: EUR -30.0 million), due to last year's portfolio acquisition and
the higher volume of bonds outstanding (up EUR 100 million). Interest
income was down EUR 0.3 million year-on-year, to EUR 4.9 million,
reflecting a lower level of borrowings.

Ulrich Höller, CEO of DIC Asset AG, said: "The first six months confirm the
Company's positive development. We consistently pursue our targets for the
year."

For more information on DIC Asset AG, please visit the Company's website
www.dic-asset.de, where the half-yearly report is also available.


About DIC Asset AG: