DGAP-News

DIC Asset AG sees further FFO growth in 2015 - Seite 3

volume of EUR 650 million, DIC Asset AG generated EUR 1.6 million in income
from fund investments. Recurring fees from real estate management services
for the funds business posted a marked increase, up by approximately 18 per
cent, to EUR 4.0 million (2013: EUR 3.4 million).

Financing structure: favourable environment used for further optimisation
After repayments, refinancings and an increase in corporate bond financing,
DIC Asset reduced its financial liabilities slightly, to EUR 1.67 billion
as at 31 December 2014 (31 Dec 2013: EUR 1.72 billion). The average
interest rate for all bank loans declined significantly, to 3.9 per cent,
as at 31 December 2014 (31 Dec 2013: 4.1 per cent). 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, reflecting the lower volume of financings and
refinancing operations. The net debt equity ratio stood at 33.4 per cent as
at 31 December 2014, representing a slight increase on the previous year
(31 Dec 2013: 32.6 per cent). Accordingly, the loan-to-value ratio based on
the portfolio market value decreased by one percentage point, to 65.9 per
cent (31 Dec 2013: 66.9 per cent).

Forecast for 2015: Further FFO growth ahead

DIC Asset AG will continue to deliver on its Strategy during the current
financial year. This means that the Company will optimise its portfolio,
expand the funds business and increase the volume of disposal to reduce the
debt ratio, strengthen the net debt equity ratio and generate further
results growth. DIC Asset AG expects the vacancy rate to have fallen to
10.5% by the end of 2015, and guides for rental income of between EUR 134
million and EUR 136 million. Regarding the volume of disposals, the Company
sets a target range of between EUR 150 million and EUR 170 million. As
further investments are crucial to further growth in the funds business,
DIC Asset AG plans to spend between EUR 130 million and EUR 150 million on
acquisitions. On this basis, the Company projects FFO for 2015 between EUR
48 million and EUR 50 million, up by as much as 4 per cent compared to
2014.

Changes within the Management Board

Johannes von Mutius has been appointed to the newly created role of Chief
Investment Officer (CIO), and will join the Management Board on 1 April
2015. 45-year old Mr von Mutius holds a degree in business administration
and has more than 10 years of experience as a member of the Management
Board at Deutsche Immobilien Chancen AG & Co. KGaA, where he was