Wereldhave NV announces Interim Results

Profit

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.

Direct result

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%.

Indirect result

During the first half year of 2007 property disposals realised a surplus of EUR 7.9 mln (2006: EUR 40.0 mln). There were positive revaluations in all countries. The revaluation surplus for the first half year of 2007 amounted to EUR 60.5 mln (1st half year 2006: EUR 72.2 mln). The lower property revaluation compared to the first half of 2006, resulted in a reduction of EUR 3.6 mln in the associated tax liability. The indirect result for the first half year of 2007 amounts to EUR 58.0 mln (2006: EUR 99.1 mln). Exchange rates had a positive effect on the indirect result of EUR 0.3 mln.

Equity

Shareholders' equity at June 30, 2007 amounted to EUR 1,895.4 mln (December 31, 2006: EUR 1,890.2 mln). This represents 67.3% of the balance sheet total.

Net asset value per share amounted to EUR 85.81 at June 30, 2007 (December 31, 2006: EUR 80.87 after distribution of profit). The number of shares in issue has not changed during the first half year of 2007. No convertible bonds have opted for conversion. On June 30, 2007, the total number of ordinary shares in issue amounted to 20,781,735.

Property portfolio

In January 2007 in the United States Wereldhave office buildings in Pittsburgh and Philadelphia were sold for USD 88 mln. In the United Kingdom, industrial units and retail units, both in the London area, were sold for GBP 8.7 mln. In the Netherlands Wereldhave sold two industrial buildings, one in Deventer and one in Amsterdam, for a total of EUR 10.6 mln.

In January 2007 Wereldhave purchased a plot of land in the United States at Frisco, near Dallas, for the development of approximately 600 apartments. The purchase price amounts to USD 7.4 mln. The detailed construction plan will be developed during 2007. Construction is not expected to start before 2008. On June 28, 2007 in San Diego, Wereldhave purchased an office building of 35,200 m (2) with 12 apartments, 1,400 m(2) retail and 752 parking spaces. The purchase price amounts to USD 210 mln.

On July 20, 2007, in Spain Wereldhave purchased a retail- and leisure centre of 22,666 m(2) in Collado Villalba, approx. 40 kilometres northwest of Madrid. The purchase price amounts to EUR 53 mln.

Prospects

For the year 2007, Wereldhave forecasts a direct result between EUR 4.75 and EUR 4.85 per share, given stable currency rates. The lower direct result is caused by disposals of property.

                      This information is provided by RNS
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