DIC Asset AG / Half Year ResultsRelease 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 2007 financial year.The results once again show strong, above-average increases in bothearnings and profitability: at Euro 19.2 million (up Euro 15.4 million or405 per cent), DIC Asset AG’s consolidated net income was more than fivetimes the figure recorded for the first half of 2006. Accordingly, earningsper share more than doubled, from Euro 0.27 to Euro 0.66 (+144 per cent).Total revenues for the first six months of 2007 were up from Euro 18.1million during the same period of the previous year to Euro 132.2 million(up 630 per cent). Rental income was up strongly, by Euro 12.1 million (up229 per cent) to Euro 39.8 million, mainly as a result of the markedexpansion in the real estate portfolio. 89 per cent of properties in theportfolio are let.At the same time, the increase in total administrative and personnelexpenses – up 79 per cent, from Euro 2.9 million to Euro 5.2 million – wasclearly lower than revenue growth, reflecting economies of scale realisedby virtue of an efficient organisational structure. Total expenses,however, were up by Euro 84.1 million, or 797 per cent, to Euro 94.8million. This increase was mainly due to higher disposals of residualcarrying amounts, reflecting the much higher level of real estate sales.EBITDA (earnings before interest, income taxes, depreciation andamortisation) was up almost five-fold compared to the figure for the firsthalf of 2006, rising by Euro 37.0 million to Euro 46.4 million, andexceeding the forecast made in early July by another Euro 1.4 million.Operating profit (funds from operations, calculated as earnings beforeinterest and taxes, profits from disposals and development projects)increased by 212 per cent, from Euro 6.6 million to Euro 20.6 million. FFOper share amounted to Euro 0.72 (H1 2006: Euro 0.49). Cash flow fromcontinuing operations more than doubled, from Euro 8.4 million in the firsthalf of the previous year, to Euro 20.3 million. The operating yield (theratio of FFO to rental income) remained virtually unchanged, at around 52per cent (2006: 55 per cent), in spite of a combination of higher financingcosts and lower initial yields of acquired properties. The sales yield (theratio of profit to sales proceeds) increased from around 11 per cent in thefirst half of 2006, to approximately 14 per cent.At Euro 1.8 billion, reflecting the strong portfolio expansion, DIC AssetAG’s total assets were up by a notable 34 per cent against the end of lastyear (31 Dec 2006: Euro 1.3 billion). The equity ratio stands at acomfortable 30.0 per cent (31 Dec 2006: 39.7 per cent).DIC Asset AG’s aggregate Euro 550 million real estate investments duringthe first six months of 2007 exceeded the company's own investment targets.Within the framework of an active portfolio management strategy, thecompany sold properties worth Euro 168 million, realising profits of Euro11.6 million. With an aggregate floor space of 947,000 qm, DIC Asset AG’sreal estate portfolio had a value of Euro 1.7 billion as at 30 June 2007.Further acquisitions, worth up to Euro 1 billion, are envisaged over thenext 12 to 15 months, with additional sales planned as well.On the back of the very successful first year, DIC Asset AG projectsconsolidated net income for the full year 2007 (income after taxes,depreciation and amortisation) at Euro 36 million to Euro 38 million.The Company’s results for the first half of 2007 had once again exceededits own projections: This is the sixth time in a row that DIC Asset AG hasthe pleasure of presenting a quarterly report showing earnings growthclearly above average. What is important for the investors is the fact thatDIC Asset AG successfully diversified the sources of income across abroader basis: for instance, our Opportunistic Co-Investments businesssegment contributed Euro 2.5 million to results (Q2 2006: Euro 0.4million), whilst real estate sales yielded Euro 11.6 million. Moreover,incomes generated from the asset management and property managementbusinesses are gaining importance for the Company’s financial performance.Investor RelationsStephan GramkowGrünhof · Eschersheimer Landstrasse 22360320 Frankfurt/Main, GermanyPhone +49 69 9454858-39Fax +49 69 9454858-99ir@dic-asset.de DGAP 13.08.2007 ---------------------------------------------------------------------- Language: EnglishIssuer: 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: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Stuttgart, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------