DIC Asset AG triples results in the first half of 2006
DIC Asset AG / Half Year Report
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) presented its interim report for the first six months of 2006 today, posting half-year figures which confirmed the strong growth and high profitability already seen in the first quarter. DIC Asset AG’s consolidated net income more than tripled compared to the first half of 2005, to EUR 3.8 million. This dynamic growth was driven predominantly by higher rental income, profits from the sale of real estate, and by increased income from associated companies. Lower financing costs, thanks to the increased capital resources available, also contributed to the excellent results.
Total revenues for the first half-year were EUR 6.8 million (or 59%) higher than during the first half of the previous year, at EUR 18.1 million. Rental income was up strongly, by EUR 3.2 million (or 36%) to EUR 12.1 million, as a result of the significant expansion in the real estate portfolio to more than 340,000 sqm. in floor space (up 58% from December 2005). Revenues from the sale of two properties amounted to EUR 4.2 million (2005: EUR 1 million).
The corresponding EUR 5.0 million increase in total expenditure, to EUR 10.7 million, was in line with projections, and predominantly attributable to increased disposal of real estate assets. Higher property-related costs (reflecting the boost in operating business) and increased personnel expenses also contributed to higher expenditure.
First-half EBITDA (earnings before interest, income taxes, depreciation and amortisation) rose by 28.7% compared with the previous year, to EUR 9.4 million, whilst earnings per share more than doubled, from EUR 0.13 to EUR 0.27.
DIC Asset AG’s total assets stood at EUR 629.2 million as at 30 June 2006, up EUR 259.4 million (or 70.2%) from 31 Dec 2005. Cash flow from operating activities rose from EUR 2.0 million to EUR 8.4 million.
DIC Asset AG
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
Fon. (069) 27 40 33-10
Fax (069) 27 40 33-70
Issuer: DIC Asset AG
Eschersheimer Landstr. 223
60320 Frankfurt Deutschland
Phone: 069 / 274033-0
Fax: 069 / 274033-69
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-Bremen, München, Stuttgart, Düsseldorf
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