VIB Vermoegen AG

Earnings Release • Apr 1, 2008

News Details

Corporate | 1 April 2008 08:09

VIB Vermögen AG records substantial sales and earnings growth

VIB Vermögen AG / Preliminary Results

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• Revenues up 66.7% to EUR 22.2 million
• Consolidated earnings up to EUR 12.7 million
• Managing Board proposes dividend of EUR 0.20 per share
• NAV per share up to EUR 11.17
• Optimistic outlook for 2008

Neuburg/Donau, April 1, 2008 – VIB Vermögen AG, a company specializing in
the portfolio management of commercial properties, lifted its revenues and
earnings (IFRS) according to preliminary results substantially in fiscal
year 2007. Revenues mainly stemmed from rental income and were up from EUR
13.3 million in fiscal year 2006 to a current total of EUR 22.2 million.

Income from operating activities amounted to EUR 26.7 million, up 22.4%
year-on-year for VIB Vermögen AG. EBIT was up again year-on-year by EUR 6.2
million to around EUR 20.1 million. The high EBIT margin of 75.2% (previous
year: 63.1%) underscores the company's sustained profitability. EBT totaled
EUR 14.7 million, thus up EUR 3.7 million compared to the previous year.
EBT in fiscal year 2006 was particularly positive as a result of one-off
extraordinary factors. All in all, VIB Vermögen AG recorded consolidated
net income of EUR 12.4 million. This corresponds to (weighted) earnings per
share of EUR 0.78. Under HGB accounting, the single entity net profits
totaled EUR 3.4 million. The Managing Board will thus propose distributing
the net profits to shareholders in full in the form of a EUR 0.20 dividend
per share.

This substantial growth was due to the increased expansion of the real
estate portfolio last year. In addition, the company increased its
participating interest in BBI Bürgerliches Brauhaus Immobilien AG in 2007
to 70% of voting rights. This company focuses on the property management of
consumer-related property. VIB Vermögen AG currently holds an approx. 81%
interest in BBI.

VIB's operating strength can be clearly seen in the growth in its funds
from operations (FFO): compared to the previous year's figure of EUR 5.2
million, FFO increased to EUR 9.5 million in fiscal year 2007. FFO per
share thus lifted from EUR 0.48 to EUR 0.60.

The increase in real estate held and the majority acquisition of BBI are
reflected on VIB Vermögen AG's consolidated balance sheet. In total, the
VIB Group's investment properties more than tripled from EUR 127.8 million
to EUR 457.3 million. Favorable acquisitions and project developments led
to an increase in net asset value (NAV) from EUR 10.16 in the previous year
to EUR 11.17 as of December 31, 2007.

This means that the forecast for fiscal year 2007 was significantly
exceeded. For the current fiscal year 2008 the Managing Board is
forecasting an increase in the VIB Group's total operating income to EUR
42.5 million, and EBT to increase to EUR 17 million.

Ludwig Schlosser, CEO of the VIB Vermögen AG, is very pleased with business
last fiscal year: '2007 was a great success. Our new acquisitions and the
majority interest we have acquired in BBI AG have made us the leading real
estate company for commercial properties in Southern Germany. We will use
this position in 2008 to successfully continue our growth.'

The full version of VIB Vermögen AG's annual report will be published on
April 30, 2008 on the company's Web site (www.vib-ag.de) in the Investor
Relations section.

Profile of the VIB Vermögen AG (including BBI):

The VIB Vermögen AG is a medium-sized real estate holding company that
focuses its investments on commercial real estate in South Germany. 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 asset management of its own
real estate and of investment in companies with real estate assets. The VIB
Vermögen AG operates a ‘buy and hold’ strategy. This entails developing
real estate for its own portfolio and also acquiring existing properties.
The real estate portfolio of the VIB Group comprises various logistics
properties and industrial facilities, shopping and specialist retail
centres and also commercial and service centres. The company achieves
sustainable rental yields from a total lettable area of approximately
500,000 m².

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert
Luitpoldstr. C70
86633 Neuburg
Tel: +49 (0)8431 504 952
Fax: +49 (0)8431 504 973
E-mail: petra.riechert@vib-ag.de

01.04.2008 Financial News transmitted by DGAP

Language: English
Issuer: VIB Vermögen AG
Luitpoldstraße C 70
86633 Neuburg/Donau
Deutschland
Phone: +49 (0)8431 / 504-952
Fax: +49 (0)8431 / 504-973
E-mail: cornelia.eissmann@vib-ag.de
Internet: www.vib-ag.de
ISIN: DE0002457512
WKN: 245751

End of News DGAP News-Service

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