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Wereldhave NV (0NMR)

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Thursday 09 August, 2007

Wereldhave NV

Interim Results

Wereldhave NV
09 August 2007


Profit

The profit for the first half year of 2007 amounts to € 114.7 mln, or € 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 € 56.7 mln, an
increase of € 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 € 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 € 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 €
7.9 mln (2006: € 40.0 mln). There were positive revaluations in all countries.
The revaluation surplus for the first half year of 2007 amounted to € 60.5 mln
(1st half year 2006: € 72.2 mln). The lower property revaluation compared to the
first half of 2006, resulted in a reduction of € 3.6 mln in the associated tax
liability. The indirect result for the first half year of 2007 amounts to € 58.0
mln (2006: € 99.1 mln). Exchange rates had a positive effect on the indirect
result of € 0.3 mln.


Equity

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

Net asset value per share amounted to € 85.81 at June 30, 2007 (December 31,
2006: € 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 € 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 € 53 mln.


Prospects

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




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