DGAP-News

Q3: DIC Asset AG shows significant improvement of all key performance measures

DGAP-News: DIC Asset AG / Key word(s): Quarter Results
Q3: DIC Asset AG shows significant improvement of all key performance
measures

12.11.2015 / 07:15

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Press Release

Frankfurt, 12 November 2015

Q3: DIC Asset AG shows significant improvement of all key performance
measures

- FFO rises to EUR 36.8 million (9m 2014: EUR 35.4 million)
- Consolidated profit for the period nearly tripled, to EUR 16.1 million
(9m 2014: EUR 5.9 million)
- Total property disposals of approximately EUR 220 million significantly
exceeded projections (most recent guidance for 2015: EUR 180 million
- Real estate management fees up by 25 per cent
- Loan-to-value rate of 64.1 per cent declined significantly (31 Dec
2014: 65.9 per cent)
- Forecast for FFO of EUR 48 million to EUR 50 million again confirmed -
despite higher sales volume


DIC Asset AG (German Securities ID A1X3XX / ISIN DE000A1X3XX4) today
presented its interim report for the first nine months of the 2015
financial year.

During the first nine months of 2015, DIC Asset AG generated funds from
operations ("FFO" - defined as earnings before interest and taxes,
excluding profits from disposals and development projects) of EUR 36.8
million. Despite lower rental income, FFO was up four per cent year-on-year
as planned (9m 2014: EUR 35.4 million), largely driven by a higher
contribution from the funds business, up by approximately 28 per cent, and
an improved interest result. FFO per share rose to EUR 0.54 (9m 2014: EUR
0.52).

Ulrich Höller, CEO of DIC Asset AG, commented on the results: "With its
third-quarter figures, DIC Asset AG entered the home stretch towards
achieving targets for the 2015 financial year. Our strategy has been
implemented consistently and according to plan."

At EUR 16.1 million, consolidated profit for the period was markedly higher
than the previous year's level (9m 2014: EUR 5.9 million). This very strong
increase was driven by higher profits on property disposals of EUR 14.1
million (9m 2014: EUR 1.0 million). Earnings per share amounted to EUR 0.23
(9m 2014: EUR 0.10).

Gross rental income for the period amounted to EUR 104.1 million (9m 2014:
EUR 110.7 million) - a 6 per cent decrease, as planned, which was
attributable to disposals from the Commercial Portfolio. Net rental income
of EUR 92.2 million was thus 7 per cent lower than for the same period of
the previous year (9m 2014: EUR 99.2 million).

DIC Asset AG realised year-to-date property disposals of approximately EUR