DIC Asset: Rise in EBITDA, FFO and rental income
DIC Asset AG has improved most of its figures for the first nine months of the year: earnings before interest, taxes, depreciation and amortization (EBITDA) grew, compared to the previous year, by 32%, to €92.0mn (2007: €69.8mn). Cash flow from current operating activities (after interest and taxes paid) was boosted by €6.8mn to €29.3mn (2007: €22.5mn). Funds from operations (FFO) rose by 32% to €38.9mn (2007: €29.4mn). Rental income soared by 57% to €101.0mn (2007: €64.4mn). On the other hand, consolidated net income fell from €24.0mn in 2007 to €18.5mn. Total revenues also sank by 16% from €167.4mn in 2007 to €140.6mn. These setbacks, the firm said, were due to “a change in sales strategy, which was adapted to the prevailing market environment and focused on sales of small-to-medium sized properties, with smaller transaction sizes.” The company maintained that the goal targeted for the entire year, renting out a total of 175,000 sqm, will “most probably” be exceeded and it upheld its mid-year prediction that consolidated net income for the entire year will amount to €25mn to €27mn.