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 first half of the 2009 financial year.The Company posted respectable results of EUR 6.1 million in what continuedto be a difficult market environment. Second-quarter profits of EUR 3.5million showed an increase over the first-quarter result of EUR 2.6million. Key drivers were the strong performance in real estate operations,and stable rental income of EUR 67.3 million (H1 2008: EUR 67.7 million).The year-on-year decline in net profit was primarily due to lower incomethis year from opportunistic co-investments, which dominated the resultsfor the first half of 2008 (EUR 11.8 million).At EUR 85.3 million, total revenues for the first half of 2009 showed a sixper cent year-on-year increase (H1 2008: EUR 80.6 million), primarilydriven by sales proceeds, which rose to EUR 6.9 million (H1 2008: EUR 2.0million). The majority of sales involved small to medium-sized properties,all of which were sold above book value or appraised market value. Stablerental income of EUR 67.3 million provided the cornerstone of revenues: ina market that continued to decline, total new rentals of 128,400 sqm duringthe first half of 2009 were up nine per cent year-on-year. Two-thirds ofrental volume concerned follow-up leases. Annualised like-for-like rentalincome showed a slight increase (+0.03 per cent).Total expenses of EUR 44.2 million were higher than in the same period ofthe previous year (H1 2008: EUR 36.0 million), primarily due to thedisposal of assets following a sale. In addition, asset and propertymanagement resources were strengthened, to safeguard DIC's rental success -despite market tensions - through intensive tenant coverage. As a result,staff and administrative expenses rose to EUR 9.0 million (H1 2008: EUR 7.7million), in line with the budget.DIC Asset AG's total assets amounted to EUR 2.2 billion as at 30 June 2009.Long-term assets remained stable, at EUR 2.1 billion. Long-term fixedinterest rate agreements or hedges are in place for close to 90 per cent offinancial debt of EUR 1.6 billion, with 54 per cent having a maturity ofover five years. Only approx. EUR 44 million (or just three per cent ofoverall financial debt) will fall due within the next 12 months. DIC AssetAG reduced interest expenses by approx. EUR 2.7 million (based oncomparable financing volumes) during the first six months of 2009, thanksto the optimisation of portfolio finance: Accordingly, the net financialresult showed a marked EUR 1.8 million improvement, to EUR -35.3 million.The average interest rate decreased to 4.72 per cent for the first half of2009, down 25 basis points compared to 31 December 2008, and down 53 basispoints from the level as at 30 Jun 2008 (5.25 per cent).FFO (funds from operations, comprising earnings before interest and taxes,profits from disposals and development projects) amounted to EUR 21.7million. In the previous year FFO reached EUR 23.1 million and thus was EUR1.4 million higher. FFO per share of EUR 0.71 was virtually unchangedyear-on-year (H1 2008: EUR 0.74). Second-quarter FFO of EUR 11.5 millionwas 13 per cent higher than in the first quarter of 2009, reflecting a 3per cent increase in rental income and a reduction in interest expenses.Cash flow from continuing operations (after interest and taxes paid) rosefrom EUR 18.6 million to EUR 18.8 million.Operating profit before depreciation and amortisation (EBDA) declined toEUR 21.1 million (H1 2008: EUR 25.9 million), equivalent to operatingprofit per share of EUR 0.69 (H1 2008: EUR 0.83). Reflecting thedevelopment of consolidated net income, earnings per share declined to EUR0.20 (H1 2008: EUR 0.37). Second-quarter EBDA and consolidated net incomeclearly exceeded the first-quarter results, by 13 per cent and 35 per cent,respectively.DIC Group has acquired at par the 50 per cent stake previously held byMorgan Stanley Real Estate Funds (MSREF) in the 'MainTor' project, a keyreal estate development in the centre of Frankfurt/Main. DIC Group nowholds 100 per cent of the project interest, of which 40 per cent (up from20 per cent) is held by DIC Asset AG as a minority shareholding. Thischange of ownership on project level offers DIC the opportunity to realizethe project and related further steps more flexibly. DIC Group is preparedto continue the project on its own but still remains open to interestedinvestors looking to participate. At present, the MainTor project hasentered the final stage of realigning the zoning map.Given that the market environment remains difficult, DIC Asset AG willcontinue to focus on its profitable rental business during the second halfof 2009, as well as on the selective marketing of small- to medium-sizedproperties. Thanks to the investments made during the first half of theyear, to preserve and enhance portfolio value and to strengthen asset andproperty management activities, and against the background of its stablerental performance, DIC is able to afford to postpone larger-sizedtransactions until the market situation has improved. Considering thesuccessful performance shown so far, the Company continues to anticipatefull-year FFO in the range of EUR 34 million to EUR 36 million.Investor Relations & Corporate Communications:Immo von HomeyerEschersheimer Landstraße 22360320 Frankfurt am MainFon +49-69-274033-86Fax +49-69-274033-69ir@dic-asset.de19.08.2009 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, München, Hannover, Düsseldorf, Stuttgart, Hamburg End of News DGAP News-Service ---------------------------------------------------------------------------