VIB Vermoegen AG

Earnings Release • Mar 21, 2007

News Details

Corporate | 21 March 2007 08:00

VIB Vermögen AG releases preliminary results for the financial year 2006

VIB Vermögen AG / Final Results

Release of a Corporate-announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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• Financial Results for 2006 considerably above expectations
• Dividend proposal of EUR 0.20 per share
• Forecast for 2007: Net revenues EUR 19.0m / EBT: EUR 8.5m

Neuburg/Donau, March 21, 2007 – The real estate holding company VIB
Vermögen AG showed a considerable increase in net revenues and earnings in
the last fiscal year 2006. The preliminary financial figures, for the first
time according to IFRS, show that net revenues increased to EUR 20.40m.
Included in this result is the one-off special item on account of the
takeover of the BBI AG for around EUR 7.87m. Adjusted for this factor, the
net revenues amount to EUR 12.53m. This corresponds to a growth rate of
53.5% compared with the same period in the previous year (IFRS comparison
value 2005: EUR 8.16m). Ludwig Schlosser, CEO of the VIB Vermögen AG, is
very pleased with the company results: 'The significant improvement in our
business operations can be put down to our prudent and yield-oriented
investment policy in the dynamic market environment for commercial real
estate.'

There has, as such, also been a considerable increase in earnings before
interest and taxes (EBIT), which went up to EUR 13.16m in the financial
year 2006. After adjustment on account of the special item, an EBIT of EUR
5.61m (IFRS comparison value 2005: EUR 3.31m) has been calculated for the
financial year 2006. The special item described above resulted from the
acquisition of 94.45% of the shares of the BBI Immobilien AG in April 2006.
Through the inclusion of the BBI AG in the IFRS consolidated financial
statement for the first time, existing hidden reserves were capitalized on
the one hand, whereas on the other hand, by reducing the shareholding in
the BBI AG to around 28.7% in December 2006, the dissolution of deferred
tax liabilities became necessary.

The earnings before taxes (EBT) increased to EUR 10.79m in the financial
year 2006 including the special items (adjusted for special items: EUR
2.92m, previous year: EUR 1.28m). The VIB Vermögen AG showed a net income
of EUR 9.73m for the year. This corresponds to diluted earnings per share
of EUR 0.80 and EUR 0.90 undiluted earnings per share. As such, the
Management Board is proposing to the General Meeting an increase of the
dividend from EUR 0.06 to EUR 0.20 for the financial year 2006.

The Management Board of the VIB Vermögen AG also anticipates significant
growth for the current financial year 2007: net revenues from operations
are expected to rise to EUR 19m and earnings before taxes (EBT) to at least
EUR 8.5m. This growth is also supported by recent new investments.
Accordingly, the company expects to see the completion of a logistics real
estate in Regensburg by the middle of the year 2007. The investment volume
for this amounts to approx. EUR 8.2m. On the piece of land acquired by the
company in Murnau in March 2007 (purchase price EUR 7.5m), the VIB Vermögen
AG is planning the development of a high-quality retail real estate with
delivery to the already existing tenant expected at the end of 2008
(planned costs of the total investment amount to EUR 17m). A further
investment of EUR 13m in the businessPARK Regensburg shall also contribute
to the expansion. This real estate is completely let to tenants of
first-class standing such as Siemens VDO, for example. The investment
activity is to be rounded off through the second building phase at the
DonauCityCenter in Ingolstadt, which has already been started on. The
construction volume for this amounts to around EUR 8m. Further investments
to the amount of approx. EUR 50m can be made soon. Due to the
widely-spread, high-yield new investments, the Management Board is
convinced to successfully realize the growth strategy.

Disclaimer

This release and the information contained in it represent neither in the
Federal Republic of Germany nor in any other country an offer to anyone to
sell or the invitation to anyone to buy VIB Vermögen AG securities. The
shares of the VIB Vermögen AG will not be publicly offered for sale in
Germany and, in particular, not in the United States of America. This
release does not represent a public offer of shares in the VIB Vermögen AG.

Profile of the VIB Vermögen AG

The VIB Vermögen AG is a medium-sized real estate holding company that
focuses its investments on commercial real estate in the South Bavarian
region. Founded in 1993 as a business partnership, the VIB was converted
into a public company in the year 2000. Since then the company has
developed its core competency in the fields of acquisition and
administration of its own real estate and of investing in companies with
real estate assets.
The real estate portfolio of the VIB Group – not including the real estate
of the BBI AG – comprises more than 30 different properties including both
an industrial plant and an industrial estate in Neuburg/Donau, a commercial
park in Günzburg and the DonauCityCenter in Ingolstadt. The logistics real
estate parcel that was acquired in November 2006 and a retail and services
centre in the commercial area of Memmingen-Nord are also part of the VIB
Group holdings. With a total rentable area of over 244,000 m² as at March
2007, the company achieves sustainable rental yields of over 8% p. a.

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

DGAP 21.03.2007

Language: English
Issuer: VIB Vermögen AG
Luitpoldstraße C 70
86633 Neuburg/Donau Deutschland
Phone: 08431 / 504-955
Fax: 08431 / 504-747
E-mail: rainer.hettmer@vib-ag.de
www: www.vib-ag.de
ISIN: DE0002457512
WKN: 245751
Indices:

End of News DGAP News-Service

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