Earnings Release • Mar 18, 2011
Earnings Release
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Corporate | 18 March 2011 07:31
VIB Vermögen AG boosts consolidated earnings and raises dividend
VIB Vermögen AG / Key word(s): Preliminary Results/Dividend
18.03.2011 / 07:31
Neuburg/Donau, March 18, 2010 - VIB Vermögen AG, a company specialising in
managing commercial real estate portfolios, reports a further improvement
in its operating business last year, according to provisional figures. The
real estate company, which is based at Neuburg an der Donau, Germany,
achieved revenues of EUR 51.8 million on an IFRS accounting basis (previous
year: EUR 49.2 million). The VIB Group generated operating income of EUR
52.3 million (previous year: EUR 48.2 million), when taking into account
EUR 2.8 million of other operating income (previous year: EUR 2.2 million),
and a EUR -2.3 million non-cash-effective valuation adjustment to
investment properties (previous year: EUR -3.2 million). Since the former
beverages segment was reported as a discontinued operation (IFRS 5)
retrospectively as of January 1, 2010 due to the IPO of BHB Brauholding AG,
the previous year's comparable figures relate to the real estate segment
that was previously reported separately.
Expenses for investment properties amounted to EUR 11 million in the
financial year elapsed (previous year: EUR 9.6 million). Along with ongoing
operational costs, this increase is primarily attributable to various
renovation measures for portfolio properties. After deducting EUR 2.4
million of personnel expenses (previous year: EUR 1.9 million), and EUR 3.4
million of other operating expenses (previous year: EUR 2.7 million),
earnings before interest and tax (EBIT) stood at EUR 35.4 million,
reflecting a 5% increase compared with the previous year's level of EUR
33.8 million. Compared with EUR 14.3 million in the 2009 financial year,
earnings before tax (EBT) fell slightly to EUR 12.8 million, despite lower
interest expenses of EUR 18.8 million (previous year: EUR 19.2 million).
This is mainly due to the formation of a non-cash-effective provision for a
contingent loss for an interest-rate swap based on Swiss francs in an
amount of EUR 2.6 million for the subsidiary BBI Immobilien AG.
Special effects in the income tax area, which resulted from the
deconsolidation of the beverages segment, fed through to a positive income
tax contribution of EUR 3.7 million. VIB Vermögen AG accordingly generated
a consolidated result of EUR 16.9 million (previous year: EUR 12.3
million). This corresponds to earnings per share of EUR 0.91 (previous
year: EUR 0.70).
The Funds from Operations (FFO) metric, an important indicator for the VIB
Group of operating cash inflows from its real estate business, amounted to
EUR 1.15 per share in the financial year elapsed (previous year: EUR 0,95).
Further growth in net asset value (NAV) to EUR 12.36 per share (previous
year: EUR 11.85) reflects the portfolio's value retention. This growth
results primarily from continuing redemption payments for financial
liabilities.
Ludwig Schlosser, CEO of VIB Vermögen AG, expressed his satisfaction
accordingly: 'Our high profitability, and our property portfolio's balanced
risk distribution, show that we coped successfully with the 2010 business
year despite major organisational challenges such as the spin-off of the
beverages segment. We boosted revenue and earnings considerably compared
with the 2009 record year. We would like our shareholders to participate in
this success. For this reason, we will propose to the AGM on July 7, 2011
that it distributes a dividend of EUR 0.30 per share.'
Peter Schropp, Management Board member responsible for the real estate
segment at VIB Vermögen AG, also takes an optimistic view of the current
business year: 'Our focus in 2010 was mainly on active asset management and
the consolidation of our property portfolio. We now enjoy an excellent
starting base from which to invest again to a greater extent.' The
company's investment approach will nevertheless not be one of growth at any
price, as Peter Schropp went on to add: 'We only consider acquisitions if
the respective properties correspond with our stringent investment
criteria. We will also continue to concentrate on the high-growth market of
Southern Germany in the future. In view of this approach, we expect that we
will again grow both revenue and earnings in 2011 - presupposing that we
retain our existing cost structure, and that market conditions remain as
they are.'
The company will publish its final 2010 results on April 12, 2011, together
with its annual report on the company's website at www.vib-ag.de, within
the Investor Relations area.
Contact Us
Investor relations:
VIB Vermögen AG
Petra Riechert Phone: + 49 (0)8431 504-952
Luitpoldstr. C70 Fax: + 49 (0)8431 504-973
86633 Neuburg/Danube E-mail: [email protected]
Germany
cometis AG
Ulrich Wiehle Phone: +49 (0)611 205855-11
Unter den Eichen 7 Fax: +49 (0)611 205855-66
65195 Wiesbaden E-mail: [email protected]
Profile of VIB Vermögen 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 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. The VIB Group generates sustainable rental
returns with a total rental area of approx. 658.000m².
End of Corporate News
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Language: English
Company: VIB Vermögen AG
Luitpoldstraße C 70
86633 Neuburg/Donau
Deutschland
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
116016 18.03.2011
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