DIC Asset AG / Quarter Results17.08.2010 07:27Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) todaypresented its interim report for the first half of the 2010 financial year.The Company performed well, in a market environment that continues to bechallenging, exceeding the results achieved in the first quarter. At EUR6.3 million, half-year profits were up 3 per cent year-on-year (H1 2009:EUR 6.1 million). Key drivers were real estate operating results, withrental income of EUR 64.1 million (H1 2009: EUR 67.3 million), higherearnings contributions from co-investments, as well as reduced operatingcosts and financing expenses.FFO (funds from operations, comprising earnings before interest and taxes,and excluding profits from disposals and development projects) was upyear-on-year, to EUR 22.0 million (H1 2009: EUR 21.7 million). FFO pershare for the first six months amounted to EUR 0.62 (H1 2009: EUR 0.71).Detailed review of results for the quarter:DIC Asset AG's total revenues for the first half of 2010 amounted to EUR93.9 million, a 10 per cent increase compared with the first six months of2009 (H1 2009: EUR 85.3 million). The main factor contributing to thisincrease was the markedly higher volume of sales: during the first half of2010, this led to proceeds of EUR 18.5 million being recognised in income(H1 2009: EUR 6.9 million). The aggregate volume of sales stood at EUR 56million as of mid-August, which compares favorably to the originalfull-year target of EUR 60 million.While conditions in the occupier market remain difficult, DIC Asset AGsigned leases for a remarkable 85,100 qm during the second quarter,bringing the total letting volume for the first six months of 2010 to116,300 qm, and thus back into line with the previous year's figures (H12009: 128,400 qm). Tenant renewals accounted for 71,200 qm (H1 2009: 80,900qm), whilst new rentals of 45,100 qm almost matched the 47,500 qm achievedin the first half of 2009. The letting volume during the first half of 2010was equivalent to annualised rental income of EUR 12.6 million (H1 2009:EUR 12.4 million).Administrative expenses for the period decreased to EUR 4.0 million (downEUR 0.5 million), whilst staff expenses increased slightly, by EUR 0.3million, to EUR 4.7 million, as projected. Financing expenses declined byEUR 2.2 million to EUR 35.9 million.Operating profit before depreciation and amortisation (EBDA) of EUR 21.9million exceeded the EUR 21.1 million figure posted in the first half ofthe previous year. Consolidated net income of EUR 6.3 million is equivalentto earnings per share of EUR 0.18 (H1 2009: EUR 0.20).DIC Asset AG's total assets amounted to approx. EUR 2.3 billion as at 30June 2010. Long-term assets remained stable, at EUR 2.1 billion. Long-termfixed interest rate agreements or hedges are in place for the largest shareof overall financial debt, which totals EUR 1.6 billion, with around 50 percent having a maturity of over four years. Only approx. 11 per cent ofoverall financial debt will fall due within the next 24 months.DIC Asset AG made good progress in marketing its special investment fund(German Spezialfonds according to KAGG): with initial equity tranchesalready having been subscribed, the process of raising fund equity isscheduled for completion by the end of 2010. The Fund is expected tobenefit from immediate distributions to investors as it will be invested atonce in existing core properties from DIC Asset AG's current portfolio.Outlook for 2010: Against the background of continuing economic recovery,DIC Asset AG anticipates an increase in the volume of property sales to atleast EUR 80 million (up from the previous projection of EUR 60 million).The Company expects that the increased volume of transactions in its targetmarkets will also result in a renewed flow of investment opportunities,which DIC Asset AG is willing to exploit selectively. The Company raisedits forecast for full-year FFO to a range of EUR 41-43 million (up from theprevious forecast of EUR 39-41 million).Investor Relations & Corporate Communications:Immo von HomeyerEschersheimer Landstraße 22360320 Frankfurt am MainFon +49-69-274033-86Fax +49-69-9454858-99i.vonhomeyer@dic-asset.de17.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language: EnglishCompany: DIC Asset AG Eschersheimer Landstr. 223 60320 Frankfurt DeutschlandPhone: +49 69 9454858-0Fax: +49 69 9454858-99E-mail: info@dic-asset.deInternet: www.dic-asset.deISIN: DE0005098404WKN: 509840Indices: S-DAXListed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Hamburg, München, Düsseldorf, Berlin, Stuttgart, Hannover End of News DGAP News-Service ---------------------------------------------------------------------------