VIB Vermoegen AG

Earnings Release • Mar 30, 2006

News Details

Corporate | 30 March 2006 08:30

VIB Vermögen AG: Successful financial year 2005

Corporate-news transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. —————————————————————————— Neuburg on the Danube, 30th March 2006 – In the last financial year 2005, the VIB Vermögen AG was able to increase net revenues, i.e. rental income considerably compared to the year before. At EUR 7.93m, net revenues of the real estate holding company were up by 46% on the previous year (2004: EUR 5.43m). The all-important factor for the positive development of the business was the substantial new investment in high-yield real estate in Southern Germany, such as the DonauCityCenter in Ingolstadt, a Burger King restaurant in Schweitenkirchen or a commercial property in Aalen. ‘Our clear focus on commercial real estate in the fast-growing region of Southern Germany has enabled us to take advantage of the currently increasing demand for real estate. Rising prices for rents and property thus have a positive effect on our earnings’, explains CEO Ludwig Schlosser. The EBIT is also up on the previous year from EUR 2.46m to EUR 3.72m – an increase of 51.5%. The average rental yield of the real estate portfolio, which has increased during the year to about 9%, is clearly expressed in the EBIT margin of 47%. After interest paid, the VIB Vermögen AG had an operating result of EUR 1.80m (2004: EUR 1.32m). The company´s net income, which has been listed on the stock exchange since November 2005, amounted to EUR 0.09m. This was down on the previous year’s figures (EUR 0.95m) mainly on account of the costs incurred in connection with the IPO. The cash flow adjusted by the IPO costs (net income plus depreciation plus IPO costs) of the real estate holding company amounted to EUR 3.41m in the financial year 2005 (previous year: EUR 2.41m). On the strength of the operational course of business and taking into account the flotation costs, the Board proposes to the Annual General Meeting a dividend of EUR 0.06 per share for the financial year 2005. For the current business year, the Board of the VIB Vermögen AG expects an increase in operating income of at least EUR 11m and likewise an EBIT of more than EUR 6m. Amongst other things, this is on account of gross investment to the amount of EUR 21m made in January for a commercial park in Memmingen. Further resources that have become available from the IPO together with a maximum 70% of debt financing are to be invested in new projects in the current business year. The VIB Vermögen AG can thus further strengthen its market position as a high-yield real estate holding company. Business Data 2006e 2005 % 2004 (German Commercial Code) K € Net revenues > 11,000 7,932 + 46 % 5,433 EBIT > 6,000 3,724 + 51 % 2,459 EBIT margin – 47.0 % – 45.3 % Pre-tax profit/EBT (2005 > 3,000 1,806 + 37 % 1,317 adjusted by IPO costs) Net income – 92 – 954 Cash Flow (2005 adjusted > 4,500 3,409 + 41 % 2,405 by IPO costs) NAV per share (2005 =2nd – 7.98 € – 8.09 € January 2006) Profile of VIB Vermögen AG: VIB Vermögen AG is a medium-sized real estate holding company that focuses on commercial real estate assets in Southern Germany. Founded in 1993 as a business partnership, the VIB was converted into a public company in the year 2000. Since then, VIB Vermögen AG has developed its core competency in acquiring and administrating own real estate and investing in companies with real estate assets. VIB’s portfolio actually comprises 20 properties, among them an industrial plant and an industrial park in Neuburg / Donau, a business centre in Günzburg as well as the DonauCityCenter in Ingolstadt. The company’s assets also comprehend a Burger King restaurant next to the highway A9 near Pfaffenhofen and a retail shopping and service centre at the business park Memmingen-Nord. VIB Vermögen AG achieves sustainable rental yields greater than 8% through its total rentable area of 166.000 sqms. Shares of the VIB Vermögen AG are listed at the market segment M:access of the Munich Stock Exchange and also at the Frankfurt Securities Exchange since November 28, 2005 (ISIN DE0002457512). Investor Relations cometis AG Ulrich Wiehle Unter den Eichen 7 65195 Wiesbaden Tel: +49 (0)611 / 205855-11 Fax: +49 (0)611 / 205855-66 E-mail: ulrich.wiehle@vib-ag.de (c)DGAP 30.03.2006 ————————————————————————— language: English emitter: VIB Vermögen AG Luitpoldstraße C 70 86633 Neuburg/Donau Deutschland phone: 08431 / 504-955 fax: 08431 / 504-747 email: rainer.hettmer@vib-ag.de WWW: www.vib-ag.de ISIN: DE0002457512 WKN: 245751 indexes: End of News DGAP News-Service —————————————————————————