SOURCE: Wereldhave NV

May 10, 2005 02:35 ET

Wereldhave NV announces First Quarter statement in accordance with IFRS

The Hague -- (MARKET WIRE) -- May 10, 2005 --first quarter statement in accordance with IFRS profit increases by EUR 23.3 mln as a result of property revaluations direct investment result per share EUR 1.35

As from January 1, 2005, the financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).

Compared to 2004, the profit for the first three months of the year increased by EUR 23.3 mln to EUR 52.2 mln. This is primarily the result of positive property revaluations of EUR 26.6 mln less higher taxes of EUR 4.2 mln resulting from these revaluations. There was a positive revaluation in all countries. The profit per share rose from EUR 1.37 to EUR 2.38.

The direct investment result increased by EUR 0.9 mln to EUR 29.8 mln. The increase is the result of EUR 0.5 mln higher net rental income, EUR 0.2 mln lower interest charges, EUR 0.1 mln from higher general costs, EUR 0.6 mln higher other income and EUR 0.3 mln higher taxes on result. The direct investment result decreased from EUR 1.37 to EUR 1.35 for the first three months of 2005, caused by the increase in the number of shares in issue.

Shareholders' equity at March 31, 2005 amounts to EUR 1,494.1 mln (December 31, 2004: EUR 1,527.9 mln). The net asset value per share at March 31, 2005 amounts to EUR 66.81 (December 31, 2004: EUR 68.57). The movements in equity consist of the dividend paid in respect of the year 2004, the results for the first quarter 2005 and exchange rate differences.

No properties were added to the portfolio. On March 31, 2005, Wereldhave completed the sale of the London office building at Haymarket. The proceeds were above the book value. The occupancy rate of the portfolio for the first quarter of 2005 was 92.4% against 90.9% for the year 2004.

Wereldhave does not yet give a forecast of the result for the year 2005.The development of the direct investment result per share depends mainly on the pace of new additions to the portfolio.



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