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direct/ Wereldhave NV: 1st Quarter Results

05-10-2006 04:05 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Wereldhave NV

The direct result decreased by EUR 0.8 mln to EUR 29.0 mln. The decrease is the balance of EUR 1.2 mln higher net rental income, EUR 1.8 mln higher interest charges, EUR 0.6 mln higher general costs and EUR 0.1 mln higher taxes on result. Exchange rate differences had a positive effect on the direct result of EUR 0.5 mln. The increase in interest charges is due to higher interest rates and the purchase of the Towers Business Park in Manchester during the third quarter of 2005. The direct result per share for the first three months of the year decreased from EUR 1.35 in 2005 to EUR 1.31 in 2006.

The indirect result increased by EUR 19.2 mln to EUR 41.6 mln, mainly from EUR 13.0 mln higher valuation results and EUR 7.5 mln higher result on disposals.

Compared to 2005, profit for the first quarter of the year increased by EUR 18.4 mln to EUR 70.6 mln. The portfolio underwent positive revaluations in all countries, the largest revaluations being in France and Finland. On March 17, 2006 Wereldhave sold an office building at Warwick in the United Kingdom. The surplus on this disposal amounted to EUR 7.4 mln.

At March 31, 2006 shareholders´ equity amounted to EUR 1,622.6 mln (December 31, 2005: EUR 1,648.3 mln) and net asset value per share amounted to EUR 72.88 (December 31, 2005: EUR 69.66 after distribution of profit).

To view the full results, paste the link below into your web browser.
http://www.wereldhave.nl/




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