DIC Asset AG publishes third quarter figures showing continued growth and sustained high profitability
DIC Asset AG / Quarter Results
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.
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DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) today presented its interim report for the third quarter of 2006, posting nine-month figures which confirmed the strong growth and high profitability already seen during the first two quarters. DIC Asset AG’s consolidated net income more than doubled compared to the first nine months 2005, to € 6.4 million (up 156 per cent).
Total revenues for the first three quarters of 2006 were € 7.2 million higher than during the same period of the previous year, at € 28.5 million (up 34 per cent). Rental income was up strongly, by € 7.1 million (or 53 per cent) to € 20.6 million, mainly as a result of the significant expansion in the real estate portfolio: floor space tripled since December 2005, to more than 660,000 sqm.
At the same time, the increase in total expenses – up by € 3.7 million, or 29 per cent, to € 16.4 million – was clearly lower than revenue growth. The increase was due to the significant expansion in operating activity based on the growth in the real estate portfolio.
Nine-month EBITDA (earnings before interest, income taxes, depreciation and amortisation) rose by 43 per cent, to € 16.6 million, whilst earnings per share rose from € 0.37 to € 0.39. At € 13.3 million, cash flow from operating activities more than doubled as compared to first nine months 2005.
DIC Asset AG’s total assets exceeded the one billion euro mark for the first time, amounting to € 1.1 billion as at 30 Sep 2006 (31 Dec 2005: € 370 million). In view of the strong growth in its real estate portfolio, DIC Asset AG commissioned external appraisers to conduct a market appraisal. On the basis of this appraisal, which was carried out on 30 September 2006, we have calculated a net asset value per share of € 20.1.
During the third quarter of 2006 the DIC Asset share outperformed its benchmarks: its gain of 41 per cent puts the share well ahead of the SDAX (5 per cent) and the EPRA/NAREIT Europe index (+13 per cent), the benchmark index for European real estate issues.
DIC Asset AG is adhering to its strategy of continuous growth with sustained high profitability: The company is confident that it can continue to carry out attractive acquisitions in the fourth quarter, building the basis for further earnings growth. Some disposals are also underway. For the year as a whole, DIC Asset AG expects a minimum of € 20 million in funds from operations (the operating result before taxes, depreciation and amortisation, and before profits from sales and development projects - 30 Sep 2006: € 12.3 million; 30 Sep 2005: € 5.5 million). DIC Asset AG is currently assessing the conditions for a capital increase, to make sure it is in a position to continue exploiting the potential for acquisitions.
This information included in this ad-hoc announcement does not constitute an offer of securities for sale in the United States. The securities of DIC Asset AG described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or the laws of any State, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. DIC Asset AG does not intend to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.
Grünhof · Eschersheimer Landstraße 223
60320 Frankfurt am Main
Tel. (0 69) 9 45 48 58-39
Fax (0 69) 9 45 48 58-99
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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