In anticipation of the publication of the half year results on August 29, 2002, Amstelland NV (â€œAmstellandâ€) today reiterates its outlook for 2002. As earlier announced, Amstelland expects an increase in earnings per share as a result of autonomous growth of 15%. By realising projects with higher margins, Amstelland has increased its operating margin substantially in the first half of 2002, compared to the first half of last year. Operating revenues decreased slightly due to continuing delays in physical planning procedures. Operating revenues of Amstelland for the first half of 2002 are expected to be 8 to 10 % lower than for the same period in 2001.
This decline in operating revenues is expected to be fully compensated by the earlier mentioned higher operating margin. Amstelland therefore reiterates its outlook with respect to an increase in earnings per share for the whole year 2002.
Outlook Amstelland MDC
Amstelland will today convene an extraordinary general meeting of shareholders during which it will inform its shareholders about the intended acquisition of Multi Development Corporation NV (â€œMDCâ€). The shareholders will also be invited to approve an amendment of the Articles of Association related to the necessary increase in shareholdersâ€™ capital. With the realisation of the intended acquisition of MDC, earnings per share before amortisation of goodwill for 2002 is expected to increase by approximately 30% to EUR 0.83, and after amortisation of goodwill by approximately 17.0% to EUR 0.74, barring unforeseen circumstances. For 2003, earnings per share before amortisation of goodwill is expected to increase by approximately 25%, and by approximately 20% after amortisation of goodwill, barring unforeseen circumstances.
Source: Amstelland NV