DGAP-News: DIC Asset AG / Key word(s): Half Year Report
DIC Asset AG: first half-year of 2022 a success – ambitious year-end forecast for 2022 reaffirmed
Frankfurt am Main, 2 August 2022. DIC Asset AG (“DIC”), ISIN: DE000A1X3XX4, one of Germany’s leading listed property companies, published its financials for the first half-year of 2022 today. DIC pushed forward with its growth in the logistics sector as planned, and did so with demonstrable success. By acquiring a majority interest in VIB Vermögen AG (“VIB”), DIC bolstered its position as the leading office and logistics specialist on Germany’s commercial real estate market, and seriously strengthened the basis for its continued successful growth. The integration of VIB enlarged the logistics share among the total assets on the platform to 19% (by market value) while actually increasing the share to 39% within the balance sheet portfolio (Commercial Portfolio).
Within the currently challenging environment – especially when considering the geopolitical parameters, including the rising level of interest rates and the high rate of inflation – DIC managed to generate EUR 53.0 million in funds from operations (FFO) after non-controlling interests (previous year: EUR 53.0 million) by mid-year. Adjusted for the one-off expenses of the VIB transaction, the profit for the period matched the previous year’s level at EUR 38.9 million (previous year: EUR 37.7 million).
“The first half-year demonstrated: With our unique platform for office and commercial real estate, we are well-positioned even in a challenging environment. In fact, we have expanded our footprint in the important logistics asset class by acquiring the majority interest in VIB. At the same time, we are consistently committed to pursue sustainability for our assets. This is what makes us successful. We therefore uphold our forecast for the ongoing year, and have actually raised our transaction targets. Employing our accustomed ‘dynamic performance’, we will play our part to shape the coming new economic and political era in responsible ways, and to sustainably generate values for all of our stakeholders,” said Sonja Wärntges, the CEO of DIC Asset AG.
Annual forecast for 2022 reaffirmed – transaction targets adjusted
Despite the currently challenging market situation, DIC expects the parameters to remain generally stable through the end of the 2022 financial year. Based on the diversified business model it applies to the German market for commercial real estate, DIC is able to respond quickly and flexibly to changed business conditions. The acquisition of VIB resulted in a substantial growth of the balance sheet portfolio (Commercial Portfolio) and of the assets under management on the platform, now totalling EUR 14.2 billion. The short- to medium-term goal of EUR 15 billion in assets under management has been reaffirmed. The latest annual forecast for 2022 is being upheld in regard to the revenue and income figures. In sum, DIC Asset AG continues to expect to earn somewhere between EUR 130 and 136 million in FFO excluding non-controlling interests. The transaction targets were adjusted following the acquisition of the majority interest in VIB. With VIB taken into account, the plans now call for acquisitions in a total amount of EUR 3.2 to 3.3 billion across segments: The acquisitions break down into c. EUR 2.3 billion (previously: EUR 200 to 300 million) worth of assets to be acquired for the Commercial Portfolio and EUR 0.9 to 1.0 billion (previously: EUR 1.2 to 1.6 billion) in the Institutional Business. The acquisition target for the Commercial Portfolio has already been achieved including the acquisition of the majority interest in VIB. In addition, disposals are planned for all segments in a volume of EUR 0.8 to 1.1 billion (up from a previous target of EUR 300 to 500 million). This breaks down into EUR 400 to 500 million (previously: c. EUR 100 million) worth of assets earmarked for sale in the Commercial Portfolio and EUR 400 to 600 million (previously: EUR 200 to 400 million) in the Institutional Business. Johannes von Mutius, whose appointment as CIO was renewed by the Supervisory Board through the end of 2026, will continue to play a key part in the implementation of these targets for 2022 and beyond.
Results and milestones of the first half-year of 2022:
Invitation to attend investor call / webcast on 2 August 2022
The Management Board of DIC Asset AG invites you to attend the presentation of the financial statement for the first half-year of 2022 on 2 August 2022 at 10:00 CEST.
Please use the phone numbers below to dial in.
Germany: +49 (0)69 22222 5197
United Kingdom: +44 (0)330 165 4012
United States: +1 323-701-0160
France: +33 (0)1 70 730 339
Switzerland: +41 (0)44 580 7279
The confirmation code is: 9987263#
The webcast (incl. replay) is available under the link below:
For more details on DIC Asset AG, visit the company’s homepage at www.dic-asset.de.
About DIC Asset AG:
DIC Asset AG is Germany’s leading listed specialist for office and logistics real estate with more than 20 years of experience on the real estate market and access to a broad-based network of investors. Our business is based on a regional and inter-regional real estate platform with nine offices on the ground in all major German markets (with
The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate steady cash flows from stable rent revenues on long-term leases while also optimising the value of our portfolio assets through active management, and realising gains from sales.
In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.
DIC Asset AG has been SDAX-listed since June 2006.
IR Contact DIC Asset AG:
DIC Asset AG at a glance
* Per-share figures adjusted according to IFRS (number of shares on 30/06/2022: 83,152k | 31/12/2021: 81,861k)
*** Commercial Portfolio without properties to be repositioned and warehoused assets
**** incl. full value of the Institutional Business
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