SOURCE: Wereldhave NV

August 04, 2011 02:31 ET

Wereldhave NV Half Yearly Report

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


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.

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the associated PDF document. 

The Hague, August 4, 2011
Board of Management Wereldhave N.V.

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