Earnings Release • Aug 10, 2011
Earnings Release
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Corporate | 10 August 2011 07:59
VIB Vermögen AG grows H1 2011 revenue and operating earnings
VIB Vermögen AG / Key word(s): Half Year Results
10.08.2011 / 07:59
Neuburg/Donau, August 10, 2011 - VIB Vermögen AG, a company specialising in
commercial real estate portfolio management, has reported a continuation of
the previous years' positive trend. The company generated consolidated
revenue of EUR 26.0 million in the reporting period on the basis of IFRS
accounting. This represents a 1.3% increase compared with the revenue of
EUR 25.6 million generated in the first half of 2010. Operating income from
the real estate business amounted to a total of EUR 26.5 million (previous
year: EUR 26.1 million) when taking into account EUR 0.3 million of other
operating income and a positive valuation change to investment properties
of EUR 0.2 million.
After deducting operating costs, the company, which is based at Neuburg an
der Donau, Germany, generated earnings before interest and tax (EBIT) of
EUR 18.9 million, compared with EUR 18.0 million in the previous year. In
this context, a very good EBIT margin on a sector comparison of around 71%
underscores the high profitability of VIB Vermögen AG. Besides interest
expenses that amounted to approximately EUR 9.2 million in the first half
of 2011 (previous year: EUR 9.8 million), the financial result was affected
by expenses of EUR 1.6 million from the measurement of financial
derivatives. This item primarily includes an increase in a provision for a
potential loss for Group subsidiary BBI Immobilien AG for a Swiss franc
swap transaction, which is currently reporting a negative market valuation
due to the current EUR/CHF exchange rate. Of this amount, EUR 0.3 million
is cash-effective. Given the above, earnings before tax (EBT) stood at EUR
7.9 million, slightly below the previous year's level of EUR 8.1 million.
After deducting taxes on income, the VIB Group's consolidated earnings
amounted to EUR 6.6 million for the first six months of 2011. The decline
compared with the previous year's figure EUR 10.4 million is particularly
attributable to the absence of income tax effects that arose in the
previous year from the deconsolidation of the Beverages segment.
Peter Schropp, Managing Board member responsible for the real estate area
at VIB Vermögen AG, expressed his corresponding satisfaction as follows:
'We have succeeded in significantly enhancing our financial strength with
the successful conclusion of the capital increase. Correspondingly, the
gross issue proceeds of around EUR 28.4 million are to be deployed
exclusively for further high-yield investments in our real estate
portfolio. Along with a logistics property in Ingolstadt-Grossmehring that
we developed ourselves and which has meanwhile been transferred to the
tenant, this relates to further projects in Baunatal and Neuburg/Donau. The
total net rental income will amount to around EUR 2.6 million once they
have been completed.' Given this, Ludwig Schlosser, CEO of VIB Vermögen AG,
takes an optimistic view of the 2011 business year: 'Above and beyond the
investments that have been specifically processed in contractual terms, we
are currently engaged in intensive negotiations for additional acquisitions
entailing a total volume of at least EUR 25 million. We anticipate that we
will achieve further growth in both revenue and earnings in the future
accordingly. For example, we expect that we will generate consolidated
revenue of around EUR 52 million in this fiscal year. We are also assuming
that we will grow earnings before interest and tax (EBIT) to around EUR 36
million, and earnings before tax to approximately EUR 18 million, with both
of these figures being calculated before any valuation adjustments.'
The complete semi-annual report can be downloaded from our website at
www.vib-ag.de, under the headings Investor Relations/Reports.
Contact
Investor Relations:
VIB Vermögen AG
Petra Riechert Tel: + 49 (0)8431 504-952
Luitpoldstr. C70 Fax: + 49 (0)8431 504-973
86633 Neuburg/Danube E-mail: [email protected]
cometis AG
Stefan Kemmerer Tel: +49 (0)611 205855-21
Unter den Eichen 7 Fax: +49 (0)611 205855-66
65195 Wiesbaden E-mail: [email protected]
Profile of VIB Vermögen AG (including BBI Immobilien AG)
VIB Vermögen AG (WKN 245751 / ISIN DE0002457512) is a medium-sized real
estate holding company, whose investments focus on commercial properties in
Southern Germany. Formed as a partnership in 1993, VIB Vermögen AG was
transformed to become an Aktiengesellschaft (German public limited company)
in 2000. Since then, the company has developed core competences in the
acquisition and management of its own properties and participating
interests in companies with real estate portfolios.
The VIB Group pursues a develop-or-buy-and-hold strategy. It both develops
properties for its own portfolio and also acquires existing properties. The
VIB Group's real estate portfolio includes various logistics properties and
industrial facilities, shopping and specialist retail centers as well as
commercial and service centers.
End of Corporate News
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Language: English
Company: VIB Vermögen AG
Luitpoldstraße C 70
86633 Neuburg/Donau
Germany
Phone: +49 (0)8431 / 504-952
Fax: +49 (0)8431 / 504-973
E-mail: [email protected]
Internet: www.vib-ag.de
ISIN: DE0002457512
WKN: 245751
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart; Open Market in Frankfurt
135003 10.08.2011
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