THE HAGUE, NETHERLANDS--(Marketwire - Aug 4, 2011) -
Key items * Profit EUR 52.6 mln (2010: EUR 58.0 mln) * Direct result per share EUR 2.51 (-1.2%) * Net asset value per share EUR 70.47 (-6.2%) * Slightly improved occupancy rate portfolio * Valuation portfolio stable * Sale of non-core properties for EUR 65 mln Profit Compared to the previous year, the profit for the first half of 2011 decreased by EUR 5.4 mln to EUR 52.6 mln, of which EUR 0.4 mln was caused by a decrease of the direct result and EUR 5.0 mln by a lower indirect result. The profit amounts to EUR 2.26 per share (2010: EUR.58 per share). Direct result The direct result for the first six months of 2011 amounts to EUR 57.4 mln, a EUR 0.4 mln decrease compared to 2010. The slightly lower direct result can be attributed to higher interest charges, one-off general costs and negative exchange rate differences. In spite of a lower average occupancy rate and lease renewals at more competitive conditions in the offices portfolio, the like-for-like rental growth of the entire portfolio remained 1.1% positive. In combination with the property acquisitions and sales, rental income rose by EUR 4.2 mln. Rental income was depressed by the active sales programme of relatively high yielding, non-core properties. The interest charges rose by EUR 5.7 mln, primarily caused by the larger size of the loan portfolio in connection with property acquisitions and by higher interest rates. The average nominal interest rate as per June 30, 2011, rose to 3.0% (June 30, 2010: 2.4%). The general costs increased by EUR 1.1 mln, primarily due to one-off charges in connection with adjustments to the management organisations in The Netherlands and Finland. Exchange rate differences had a negative effect on the direct result of EUR 0.9 mln, as the average exchange rates prevailing for the first half year of 2011 were lower than in 2010. The taxes on result decreased by EUR 1.7 mln. Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/7318L_-2011-8-4.pdf The Hague, August 4, 2011 Board of Management Wereldhave N.V. This information is provided by RNS The company news service from the London Stock Exchange END
Contact Information:
Contacts:
RNS
Customer
Services
0044-207797-4400
http://www.rns.com