direct/ Wereldhave NV announces Interim Results
The profit for the first half year of 2007 amounts to EUR 114.7 mln, or EUR 5.31 per share. The portfolio was revalued upwards in all countries. There have been surpluses on disposals of properties in the United States, the United Kingdom and the Netherlands. As the surpluses on property revaluations and disposals were lower than the exceptionally high level of 2006, profit per share decreased in 2007.
The direct result for the first half year of 2007 amounts to EUR 56.7 mln, an increase of EUR 0.1 mln compared to the first half of 2006. Although profits from property disposals were lower in 2007, this was offset by the higher occupancy rate of the portfolio and by an exceptional profit of EUR 2.2 mln. This exceptional profit relates to a premium received on the surrender of a lease on the Ypenburg industrial estate in The Hague.
Interest charges decreased with proceeds from property sales reducing average debt during the reporting period. General costs remained stable compared to the first half of 2006. Exchange rate differences on the Pound Sterling and the US dollar had a EUR 0.6 mln negative effect on the direct result. The occupancy rate of the portfolio for the first half year increased from 92.9% in 2006 to 94.4% for 2007. Broken down by sector, the occupancy rate during the first half of 2007 was: offices 90.7%, retail 98.9%, industrial 93.8% and residential 91.8%.
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