2015 Shareholder Meeting of DIC Asset AG
DIC Asset AG / Key word(s): AGM/EGM
Frankfurt, 02 July 2015
2015 Shareholder Meeting of DIC Asset AG:
- All agenda items approved by clear majority votes
- Dividend for 2014 set at EUR 0.35 per share (2013: EUR 0.35)
- Two new members appointed to the supervisory board
- Refinancing successfully completed
- More than half of all sales planned for 2015 already transacted
- Management board confirms forecast for 2015 (FFO: EUR 48 - 50 million)
The shareholder meeting of DIC Asset AG (WKN A1X3XX / ISIN DE000A1X3XX4), which convened in Frankfurt today, ended after around 2.5 hours at 12:20 CEST. With around 64.1 percent of the share capital represented, the meeting passed the motions submitted by the senior management with clear majorities for every item on the agenda just as in previous years (for a breakdown of the voting results, see the table inserted below). One of the key items was the distribution of a dividend for the 2014 financial year in the amount of EUR 0.35 per share, which matches the prior-year dividend (2013: EUR 0.35). Based on the year-end share price for 2014, the dividend yield equals around 4.7 percent (2013: 5.2 percent). Supervisory board members Russell Platt and Bernd Wegener ended their term on the supervisory board with this year's shareholder meeting. They were succeeded by Prof. Dr. Ulrich Reuter, District Administrator for the District of Aschaffenburg, and Dr. Anton Wiegers, CFO of Provinzial Rheinland Holding.
Ulrich Höller, CEO of DIC Asset AG: "We implemented the planned program in a disciplined manner, and are now well on track to achieve our set strategic goals."
By mid-year 2015, the sales total already exceeded 50 percent of the year-end target at c. EUR 130 million (30/06/2014: EUR 54 million). On average, the selling prices we negotiated exceeded the most recently appraised market values by around 6 percent.
Out of the total amount of EUR 372 million due for refinancing for the proprietary portfolio (commercial portfolio) in 2015, approximately EUR 315 million was already refinanced by the end of H1 2015. The average maturity of the new financing arrangements is roughly 7 years. The average interest rate for all bank loans was reduced from 3.9 percent to 3.5 percent as per the key date of 30/06/2015 (30/06/2014: 4.1 percent). The average maturity of all financial liabilities rose to 4.7 years.
On occasion of today's shareholder meeting, the management board confirmed the forecast for 2015 published at the beginning of the year:
- Continued expansion of the fund business (planned fund acquisitions:
- Sales volume of c. EUR150 - 170 million
- The rental income is expected to amount to somewhere between EUR 134 million and
- Reduction of the vacancy rate down to 10.5 percent by the end of the year
- On this basis, DIC Asset AG plans to realise a FFO of EUR 48 - 50 million in 2015
Summary of the voting results:
For details on DIC Asset AG as well as the quarterly report for Q1 2015, please visit us on the Internet at www.dic-asset.de.
About DIC Asset AG:
Thomas Pfaff Kommunikation
2015-07-02 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|Company:||DIC Asset AG|
|Neue Mainzer Straße 20 * MainTor|
|Phone:||+49 69 9454858-1221|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A1TNJ22, DE000A12T648|
|WKN:||A1X3XX, A1TNJ2, A12T64|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart|
|End of News||DGAP News-Service|