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Wereldhave NV (0NMR)

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Wednesday 10 August, 2005

Wereldhave NV

Interim Results

Wereldhave NV
10 August 2005



profit increases by EUR 14.2 mln due to property revaluations and disposals

EUR 61.9 mln sales in the UK; profit from sales EUR 9.1 mln

profit per share EUR 4.01

direct investment result per share EUR 2.66

As from January 1, 2005, the financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS).

Compared to 2004, the profit for the first half-year increased by EUR 14.2 mln
to EUR 88.0 mln. The increase is primarily due to property disposals in the UK
with a surplus of EUR 9.1 mln (2004: EUR 0.3 mln) and a revaluation of the
portfolio by EUR 26.9 mln at average exchange rates (2004: EUR 19.8 mln).
Deferred taxes increased by EUR 2.4 mln to EUR 8.1 mln (2004: EUR 5.7 mln).

The direct investment result for the first half-year of 2005 amounts to EUR 58.7
mln, which is EUR 1.2 mln higher compared to 2004. The taxes on result increased
by EUR 0.4 mln to EUR 2.1 mln. Calculated per share, the result for the first
six months decreased from EUR 2.68 to 2.66, because of the share issue in March
2004. The occupancy rate of the portfolio for the second quarter amounts to
91,9% (first quarter 2005: 92,4%). Compared to the first half of 2004, the
occupancy rate improved by 1.3% to 92.2%, mainly in the Netherlands, Belgium and
the United Kingdom.

Shareholders' equity at June 30, 2005 amounts to EUR 1,544.0 (January 1, 2005:
EUR 1,528.9 mln). This represents 68.4% of the balance-sheet total. Exchange
rate movements in the USD and GBP had a positive effect on shareholders' equity
of EUR 27.0 mln. The net asset value per share at June 30, 2005 amounts to EUR
69.43 (January 1, 2005: EUR 64.12 after distribution of profits).

The value of the total portfolio amounts to EUR 2,130.3 mln (December 31, 2004:
EUR 2,076.9 mln). During the first half-year, the investment portfolio was
re-valued by EUR 27.7 mln. There were positive re-valuations in all countries
except the United Kingdom. Exchange rate movements had a positive effect of EUR
60.6 mln on the value of the portfolio. The development portfolio stood at EUR
50.2 mln at June 30, 2005. There were no changes in its valuation.

Wereldhave is maintaining its target to grow to a property portfolio size of EUR
2.5 bln, although it is likely that more time will be needed to achieve this.

The development of the direct investment result for the year 2005 is highly
dependant on the pace of adding suitable investments to the portfolio. Without
any expansion of the portfolio, the direct investment result - given stable
exchange rates - will be between EUR 5.25 and 5.35 per share (2004: EUR 5.45 per
share).


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