SOURCE: Wereldhave NV

August 07, 2008 03:12 ET

Wereldhave NV announces Interim Results

THE HAGUE--(Marketwire - August 7, 2008) -


-- Profit per share EUR 2.32

-- Direct result per share EUR 2.43

-- Occupancy rate 94.7%

-- Wereldhave share component of AEX

Profit

The profit for the first half year of 2008 (direct and indirect result) amounts to EUR 52.4 mln, or EUR 2.32 per share (first half year 2007: EUR 114.7 mln or EUR 5.31 per share). The turmoil on financial markets and the credit crunch have put an end to years of positive property revaluations. Property values have stabilised, resulting in lower revaluation results and lower surpluses on disposals compared with 2007. The revaluation of the property portfolio was slightly positive in all countries, with the exception of the United Kingdom and France.

Direct result

The direct result for the first half year of 2008 amounts to EUR 54.0 mln, which is EUR 2.7 mln or 4.7% lower than the first half of 2007. Exchange rate differences on GBP and USD had a negative effect of EUR - 1.8 mln on the direct result. An incidental gain of EUR 2.2 mln in 2007 was not repeated in 2008, which caused a drop of other financial gains and losses. Lower interest rates (primarily in the United States) kept the rise in interest charges due to property acquisitions in 2007 limited to EUR 0.3 mln.

The occupancy rate improved, particularly in Belgium, being 94.7% for the second quarter, 0.7 points up from the first quarter of 2008. Broken down by sector, occupancy rates were: offices 90.3%, retail 98.9%, industrial 96.3% and residential 93.3%.

Prospects

Wereldhave has decided not to invest in Turkey, in view of the sharp drop in initial yields and the political instability.

The Wereldhave share will be a component of the major Dutch AEX stock index. The free float of the Wereldhave shares amounts to 100%. Wereldhave expects that the entry to the AEX index will have a positive effect on the trade in Wereldhave shares.

For the year 2008, Wereldhave forecasts a direct result between EUR 4.75 and EUR 4.85 per share, given stable currency rates.

Click on, or paste the following link into your web browser, to view the full associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/8293A_-2008-8-7.pdf

Contact Information

  • Contacts:
    RNS
    Customer
    Services
    0044-207797-4400
    Email Contact
    http://www.rns.com

    For further information:
    Wereldhave N.V.
    Richard W. Beentjes
    Tel. + 31 70 346 93 25

    Information for analysts:
    Wereldhave N.V.
    Charles F. Bloema
    Tel. + 31 70 346 93 25