Interim Results

Wereldhave NV
09 August 2006



WERELDHAVE RESULTS 1ST HALF YEAR 2006

EUR 67.9 mln higher profit from disposals and revaluation

EUR 31.3 mln increase in results on disposals

EUR 45.5 mln increase in property revaluation

EUR 1.9 mln lower direct result


Profit

Compared with 2005, the profit for the first half year, consisting of the direct
and indirect result, increased by EUR 67.9 mln to EUR 155.7 mln. Profit per
share increased from EUR 4.01 to EUR 7.30.


Direct Result

The direct result for the first half year of 2006 decreased by EUR 1.9 mln to
EUR 56.6 mln compared with 2005. Profit per share: EUR 2.57 (2005: EUR 2.66).
Net rental income increased by EUR 1.8 mln, mainly due to higher occupancy and
the positive net effect of property purchases and sales. Interest charges rose
by EUR 2.2 mln, of which EUR 1.1 mln was due to higher interest rates and EUR
1.1 mln the result of the property purchases and sales. General costs increased
by EUR 1.3 mln, mainly due to higher costs of reporting in connection with IFRS
and due to higher personnel charges. Exchange rate differences had a EUR 0.5 mln
positive effect on the direct result.

The occupancy rate of the portfolio during the second quarter of 2006 amounted
to 93.1% (first quarter 2006: 92.8%).


Indirect Result

Compared with the first half year of 2005, the indirect result increased by EUR
69.8 mln to EUR 99.1 mln. This is mainly due to surpluses on property disposals
(EUR 31.3 mln) and higher property valuations (EUR 45.5 mln). Deferred taxes
increased by EUR 8.0 mln to EUR 14.0 mln as a result of the higher property
values.


Equity and Liabilities

Shareholders' equity including current earnings to June 30, 2006 amounted to EUR
1,692.3 mln (December 31, 2005: EUR 1,648.3 mln), representing 72.1% of the
balance sheet total. Exchange rate differences, primarily on the USD, had a EUR
18.8 mln negative effect on equity. Net asset value per share amounted to EUR
76.44 (December 31, 2005: EUR 69.66 after distribution of profit). The proceeds
from the issue of convertible bonds and the sale of two office buildings was
used to repay loans at variable interest rates, thus lowering the interest rate
sensitivity of the Group.


Property Portfolio

At June 30, 2006, the value of the total portfolio amounted to EUR 2,245.4 mln
(December 31, 2005: EUR 2,322.8 mln). The investment portfolio was re-valued
upwards by EUR 75.6 mln (before exchange rate differences, which had a EUR 34.5
mln negative effect on the value of the portfolio). There have been positive
revaluations in all countries. The value of the development portfolio at June
30, 2006 amounted to EUR 25.9 mln. Exchange rate differences had a EUR 2.3 mln
negative effect on the value of the development portfolio.


Prospects

During the first half year, yields on investment properties have dropped
further, resulting in higher property values. In view of the rising interest
rates and the increasing number of properties offered for sale, it is unlikely
that the yield shift will continue much longer.



Wereldhave has chosen to realise the significant increases in the value of a
number of properties during the first six months of the year, although these
sales will lead to a lower direct result. In view of its consistent dividend
policy, Wereldhave will not propose a lower dividend to shareholders than in
2005.

Given the low risk premiums, Wereldhave will show some reserve towards
purchasing investment properties. Expansion of the portfolio will be
concentrated on developments, which in time contribute to the result and offer
better opportunities to add value.


For further information: www.wereldhave.com


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