DGAP-News
DIC Asset AG with strong operative business
DGAP-News: DIC Asset AG / Key word(s): 9-month figures
DIC Asset AG with strong operative business
11.11.2014 / 07:33
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Frankfurt, 11 November 2014
DIC Asset AG with strong operative business
- Gross rental income up by 20 per cent, to EUR 110.7 million
- FFO up 3 per cent, to EUR 35.4 million (9m 2013: EUR 34.3 million)
- Strong letting performance of 155,000 sqm - vacancy rate stable, at
11.5 per cent
- Average interest rate declined to 3.9 per cent (31 Dec 2013: 4.1 per
cent)
- 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 nine months of the 2014
financial year. The Company maintained growth momentum in its operative
business, and affirms its full-year forecast. Business development was
shaped by several factors: the strong increase in rental income, combined
with high letting performance; brisk sales activities, with additional
transactions in the pipeline for the fourth quarter; and the Company's
third corporate bond issue, which has replaced the higher-yielding first
corporate bond issued in 2011.
Continued growth in operating results
Gross rental income rose by 20 per cent during the first nine months of the
year, to EUR 110.7 million (9m 2013: EUR 91.9 million). Rental income from
the joint-venture portfolio acquired at the end of 2013 exceeded the loss
of rental income due to disposals.
Nine-month FFO (funds from operations, defined as earnings before interest
and taxes, and excluding profits from disposals and development projects)
of EUR 35.4 million was up 3 per cent year-on-year (9m 2013: EUR 34.3
million), reflecting the increase in rental income through the
joint-venture portfolio acquired. FFO per share (including the share
capital increase at the end of 2013) amounted to EUR 0.52 as at 30
September 2014 (30 Sep 2013: EUR 0.73). Nine-month profit for the period of
EUR 5.9 million (9m 2013: EUR 10.6 million) was in line with expectations.
Key factors influencing results were lower profits on property disposals
for the period ending on 30 September 2014, compared to the same period of
the previous year, as well as non-recurring expenses for the placement of
the third bond and termination of the first bond.
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), based on expected
full-year rental income of between EUR 145 million and EUR 147 million
(2013: EUR 125.2 million).
Reliably strong operating income
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