Q1: DIC Asset AG starts 2007 with strong earnings growth
DIC Asset AG / Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - 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) today presented its first quarterly report for the 2007 financial year. With a strong increase in profitability – both in absolute terms, and in terms of return on capital – the results reflect the top quality and extraordinary earnings performance of investments made during the last year, worth approximately one billion euros. At EUR 4.9 million (up 277 per cent), DIC Asset AG’s consolidated net income was almost four times the figure recorded for the first quarter of 2006. Earnings per share improved significantly, from EUR 0.12 to EUR 0.17 (up 42 per cent).
Total revenues for the first quarter of 2007 were EUR 6.8 million higher than during the same period of the previous year, at EUR 21.8 million (up 221 per cent). Rental income was up strongly, by EUR 6.0 million (up 217 per cent) to EUR 19.0 million, mainly as a result of the significant expansion in the real estate portfolio. 91 per cent of properties in the portfolio are let.
At the same time, the increase in total expenses – up by EUR 6.2 million, or 172 per cent, to EUR 9.8 million – was clearly lower than revenue growth.
EBITDA (earnings before interest, income taxes, depreciation and amortisation) rose by 277 per cent during the first three months, to EUR 16.2 million. Operating profit (funds from operations, calculated as earnings before depreciation, taxes, profits from disposals and development projects) increased by 259 per cent to EUR 10.4 million. In terms of the average number of shares outstanding during the quarter, the operating profit figure improved significantly, up 29 per cent from EUR 0.28 to EUR 0.36 per share. Cash flow from operating activities tripled, from EUR 3.0 million in the first quarter of the previous year, to EUR 9.0 million.
DIC Asset AG profit margin (profit for the period in relation to total revenues) grew by 2.9 percentage points to 22.2 per cent.
At EUR 1.4 billion, DIC Asset AG’s total assets slightly exceeded the levels at the end of last year (31 Dec 2006: EUR 1.3 billion). The equity ratio stands at a comfortable 38.7 per cent.
Having initiated further major transactions after the quarterly reporting date, DIC Asset AG’s aggregate investments in real estate portfolios during the first five months of 2007 have already exceeded a level of EUR 550 million.
The DIC Asset AG share was included in the GPR 250 index in April: the index tracks the performance of the 250 most actively-traded listed real estate companies.
The company’s results for the first quarter of 2007 had exceeded its own projections: Given the benign market environment, and thanks to its excellent reputation as a professional real estate investor, DIC Asset AG has the opportunity to maintain this strong momentum in its business. DIC Asset AG is planning further acquisitions of at least EUR 700 million for the remainder of 2007 and confirms its targets for 2007.
Grünhof - Eschersheimer Landstraße 223
60320 Frankfurt am Main
Issuer: DIC Asset AG
Eschersheimer Landstr. 223
60320 Frankfurt Deutschland
Phone: +49 69 9454858-0
Fax: +49 69 9454858-99
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-Bremen, München, Stuttgart, Düsseldorf
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