SOURCE: Wereldhave NV

May 10, 2006 02:22 ET

Wereldhave NV announces 1st Quarter Results

The Hague -- (MARKET WIRE) -- May 10, 2006 --The direct result decreased by EUR 0.8 mln to EUR 29.0 mln. The decrease is the balance of EUR 1.2 mln higher net rental income, EUR 1.8 mln higher interest charges, EUR 0.6 mln higher general costs and EUR 0.1 mln higher taxes on result. Exchange rate differences had a positive effect on the direct result of EUR 0.5 mln. The increase in interest charges is due to higher interest rates and the purchase of the Towers Business Park in Manchester during the third quarter of 2005. The direct result per share for the first three months of the year decreased from EUR 1.35 in 2005 to EUR 1.31 in 2006.

The indirect result increased by EUR 19.2 mln to EUR 41.6 mln, mainly from EUR 13.0 mln higher valuation results and EUR 7.5 mln higher result on disposals.

Compared to 2005, profit for the first quarter of the year increased by EUR 18.4 mln to EUR 70.6 mln. The portfolio underwent positive revaluations in all countries, the largest revaluations being in France and Finland. On March 17, 2006 Wereldhave sold an office building at Warwick in the United Kingdom. The surplus on this disposal amounted to EUR 7.4 mln.

At March 31, 2006 shareholders' equity amounted to EUR 1,622.6 mln (December 31, 2005: EUR 1,648.3 mln) and net asset value per share amounted to EUR 72.88 (December 31, 2005: EUR 69.66 after distribution of profit).

The sale of an office building at Clichy in France, previously announced in Wereldhave's annual report, will be completed soon. Wereldhave anticipates realising a substantial surplus above the book value at March 31, 2006. The property, which was developed by Wereldhave, was taken into exploitation during the year 2002. Wereldhave has decided to sell the building to realise the sharply increased value of the property.

Wereldhave is not yet forecasting a result for the year 2006.The development of the direct result per share depends mainly on the timing and the size of new additions to the portfolio.



                      This information is provided by RNS
            The company news service from the London Stock Exchange