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.
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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
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