SOURCE: Wereldhave NV

August 10, 2005 03:01 ET

Wereldhave NV - Interim Results

The Hague -- (MARKET WIRE) -- August 10, 2005 --profit increases by EUR 14.2 mln due to property revaluations and disposals

EUR 61.9 mln sales in the UK; profit from sales EUR 9.1 mln

profit per share EUR 4.01

direct investment result per share EUR 2.66

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 half-year increased by EUR 14.2 mln to EUR 88.0 mln. The increase is primarily due to property disposals in the UK with a surplus of EUR 9.1 mln (2004: EUR 0.3 mln) and a revaluation of the portfolio by EUR 26.9 mln at average exchange rates (2004: EUR 19.8 mln). Deferred taxes increased by EUR 2.4 mln to EUR 8.1 mln (2004: EUR 5.7 mln).

The direct investment result for the first half-year of 2005 amounts to EUR 58.7 mln, which is EUR 1.2 mln higher compared to 2004. The taxes on result increased by EUR 0.4 mln to EUR 2.1 mln. Calculated per share, the result for the first six months decreased from EUR 2.68 to 2.66, because of the share issue in March 2004. The occupancy rate of the portfolio for the second quarter amounts to 91,9% (first quarter 2005: 92,4%). Compared to the first half of 2004, the occupancy rate improved by 1.3% to 92.2%, mainly in the Netherlands, Belgium and the United Kingdom.

Shareholders' equity at June 30, 2005 amounts to EUR 1,544.0 (January 1, 2005: EUR 1,528.9 mln). This represents 68.4% of the balance-sheet total. Exchange rate movements in the USD and GBP had a positive effect on shareholders' equity of EUR 27.0 mln. The net asset value per share at June 30, 2005 amounts to EUR 69.43 (January 1, 2005: EUR 64.12 after distribution of profits).

The value of the total portfolio amounts to EUR 2,130.3 mln (December 31, 2004: EUR 2,076.9 mln). During the first half-year, the investment portfolio was re-valued by EUR 27.7 mln. There were positive re-valuations in all countries except the United Kingdom. Exchange rate movements had a positive effect of EUR 60.6 mln on the value of the portfolio. The development portfolio stood at EUR 50.2 mln at June 30, 2005. There were no changes in its valuation.

Wereldhave is maintaining its target to grow to a property portfolio size of EUR 2.5 bln, although it is likely that more time will be needed to achieve this.

The development of the direct investment result for the year 2005 is highly dependant on the pace of adding suitable investments to the portfolio. Without any expansion of the portfolio, the direct investment result - given stable exchange rates - will be between EUR 5.25 and 5.35 per share (2004: EUR 5.45 per share).

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