DIC Asset AG / Quarter ResultsRelease of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.----------------------------------------------------------------------DIC Asset AG (German Securities ID 509840 / ISIN DE0005098404) todaypresented its interim report for the nine months of the 2008 financialyear. The company withstood an increasingly challenging market environment,posting consolidated net income of EUR 18.5 million for the first ninemonths of 2008. DIC Asset AG has thus once again generated an attractivereturn of 13 per cent after taxes. Rental income was the main contributorto this result, with another strong (57 per cent) increase, to EUR 101.0million (9m 2007: EUR 64.4 million).EBITDA (earnings before interest, income taxes, depreciation andamortisation) grew by a remarkable 32 per cent, to EUR 92.0 million (9m2007: EUR 69.8 million). Cash flow from operating activities (afterinterest and taxes paid) rose by EUR 6.8 million, to EUR 29.3 million (9m2007: 22.5 million).FFO (funds from operations, earnings before depreciation and amortization,taxes and profits from sales, development projects and dividend income) wasup strongly year-on-year, growing 32 per cent to EUR 38.9 million (9m 2007:EUR 29.4 million). FFO per share increased to EUR 1.24 (9m 2007: EUR 1.03).Operating profit before depreciation and amortisation (EBDA) thus rose by 4per cent, to EUR 39.5 million, equivalent to operating profit per share ofEUR 1.26 (9m 2007: EUR 1.32). Reflecting the development of consolidatednet income, earnings per share declined to EUR 0.59 (9m 2007: EUR 0.83).The decline in consolidated net income, to EUR 18.5 million (9m 2007: EUR24.0 million) was predominantly attributable to a change in sales strategy,which was adapted to the prevailing market environment, as DIC Asset AGsuccessfully focused on sales of small-to-medium sized properties, withsmaller transaction sizes. In a market that was obviously difficult duringthe first nine months of 2008, a total of 12 properties with an aggregatevalue of EUR 56 million were sold.The lower level of sales was the main contributing factor to a 16 per centdecrease in total revenues for the first nine months of 2008, to EUR 140.6million (9m 2007: EUR 167.4 million). In contrast, the strong increase inrental income, to EUR 101.0 million (up 57 per cent), reflected theexpansion in the real estate portfolio as well as successful lettingactivities. New rentals for a total of 158,300 square metres of floor spacewere contracted during the first nine months of 2008 – up 71 per cent onthe same period in 2007, and equivalent to EUR 16.6 million in annualrental income. Rental income increased by approx. 1.5 per cent compared tothe beginning of 2008.DIC Asset AG further optimised its operating efficiency as it continues togrow the business, thanks to cost-cutting measures and economies of scale.Total expenses were reduced by 38 per cent, to EUR 69.6 million (9m 2007:EUR 111.4 million), mainly due to lower asset disposals reflecting thelower volume of sales. At the same time, the 39 per cent increase in staffand administrative expenses, to around EUR 11.0 million, was clearly lowerthan growth in rental income.DIC Asset AG’s total assets increased by 4 per cent, to EUR 2.2 billion asat 30 September 2008, with net liquidity of EUR 69.2 million.Long-term assets rose from EUR 1.9 billion at the 2007 year-end to EUR 2.1billion. DIC Asset AG has secured its long-term financing: long-term fixedinterest rate agreements are in place for 86 per cent of financial debt ofEUR 1.6 billion, with close to 60 per cent having a maturity of over fiveyears. Amounts due in the next 12 months only amount to approx. EUR 37.3million (2.4 per cent), EUR 19 million (1.2 per cent) maturing in the next1-2 years, and EUR 30.2 million (1.9 per cent) in the next 2-3 years.Outlook: DIC Asset AG already achieved 90 per cent of its rental budget for2008 after the first nine months, and expects to exceed its target level of175,000 square metres of let floor space by the end of the year. At thesame time, the company will continue to pursue its selling activities;given the prevailing market problems, it will focus onsmall-to-medium-sized properties. Taking into account the businessperformance seen to date, DIC Asset AG affirms its forecast published afterthe first half of 2008, expecting consolidated net income for the full yearat an attractive level of between EUR 25 million and EUR 27 million. At EUR54 million to EUR 56 million, full-year operating profit beforedepreciation and amortisation (EBDA) will be in line with the EUR 55.9million figure reported in 2007.Investor Relations:DIC Asset AGGrünhof Eschersheimer Landstraße 22360320 Frankfurt am MainFon. +49-69-9454858-58Fax +49-69-9454858-99ir@dic-asset.de 12.11.2008 Financial News transmitted by DGAP---------------------------------------------------------------------- Language: EnglishIssuer: DIC Asset AG Eschersheimer Landstr. 223 60320 Frankfurt DeutschlandPhone: +49 69 9454858-0Fax: +49 69 9454858-99E-mail: info@dic-asset.deInternet: www.dic-asset.deISIN: DE0005098404WKN: 509840Indices: S-DAXListed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, Stuttgart, München, Hamburg, Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------