Corporate | 27 August 2009 08:13
VIB Vermögen AG / Half Year Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.
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VIB Vermögen AG publishes H1 results and raises forecast for fiscal year
2009
- Increase in operating income in the real estate sector to EUR 24.8
million
- Group net income of EUR 6.6 million achieved
- Funds from operations further increased to EUR 0.42 per share
- EBT forecast for fiscal year 2009 raised by 10% to EUR 15.8 million
Neuburg/Donau, August 27, 2009 - VIB Vermögen AG, a company specializing in
real estate asset management, successfully continued its course of growth
during the first half of 2009. According to the figures for the first six
months of the year published today, the real-estate company headquartered
in Neuburg increased its group operating income to EUR 31.6 million
(previous year: EUR 29.8 million). Its core real-estate business
contributed operating income of EUR 24.8 million (previous year:
EUR 22.7 million). A further EUR 6.8 million was generated in the beverages
segment.
In addition, VIB Vermögen AG has again improved its earnings before
interest and taxes (EBIT), which climbed by 8% to EUR 17.8 million
(previous year: EUR16.5 million) during the first half of the year. The
high earning power resulted mainly from the real-estate segment with an
EBIT of EUR 17.5 million, while an operational result of EUR 0.3 million
was achieved in the brewery business. Following deduction of the financial
result, the VIB Group achieved pre-tax profits of EUR 8.4 million, which
was around the same level as the previous year. It should be taken into
account that the previous year's figure was influenced by a positive
valuation result amounting to EUR 2.8 million. In contrast, no valuation
adjustments were made in the current fiscal year, and the pre-tax result
was earned exclusively through rental income. The group shareholders' share
in consolidated net income amounted to EUR 6.5 million for the reporting
period (previous year: EUR 5.8 million). This corresponds to earnings per
share of EUR 0.38 after the first six months of 2009 (previous year's
period: EUR 0.34 per share).
The cash inflow from operative business also developed well, as shown in
the funds from operations (FFO). The VIB Group increased these funds to EUR
0.42 per share in the first half of 2009 (previous year's period: EUR 0.23
per share). Chief Executive Officer Ludwig Schlosser commented that, 'on
the basis of our current share price, this corresponds to an FFO return of
some 8% in the first six months of the year alone. This makes us one of the
most profitable real-estate companies in the German capital market.'
Based on the positive profit situation, the balance sheet indicators
continue to remain very sound. The equity ratio on the balance sheet key
date remained at 29.9%, the same as at the end of the 2008 fiscal year. At
the same time, investment properties were increased to EUR 579 million due
to the investments made in new premises during the first half of 2009
(December 31, 2008: EUR 561 million). In relation to the 17,222,493 shares
currently outstanding, the net asset value (NAV) per share amounted to
EUR 11.46 on the balance sheet date.
Member of the Managing Board Peter Schropp also draws attention to VIB
Vermögen AG's healthy portfolio and financing structure: 'Our broadly
diversified portfolio currently has a vacancy rate below 1%. At the same
time, the average remaining term for rental contracts is 7.9 years. We have
no risks on the financing side either, so that we can continue to operate
profitably during these tough economic times.'
The Executive Board has lifted its forecast for the whole of 2009 on the
basis of this positive development. According to the forecast, the company
expects to achieve revenues of EUR 50 million in the real-estate sector, an
EBIT of some EUR 35 million and pre-tax earnings (EBT) of EUR 15.8 million
before market valuation of the properties. Compared to the company's
hitherto guidance, this represents an increase by 10%.
The full semi-annual report was published for download today on the
company's website under www.vib-ag.de in the Investor Relations section.
Key performance indicators for VIB Vermögen AG - Breakdown according to
sector
in EUR thousand H1 2009 H1 2009 H1 2009 H1 2008*
Company Beverages Real estate Real estate
sector sector sector
Total operating 31,617 6,809 24,808 22,741
income
EBIT 17,848 265 17,583 16,437
EBT 8,352 219 8,133 8,392
Results 6,630 223 6,407 6,672
Group shareholders'
share in the
profits 6,471 5,800
Profit per share (in 0.38 0.34
EUR)
* Not identical with published semi-annual report 2008 due to consolidation
effects
Key performance - Key balance sheet figures (Group)
in EUR thousand June 30, 2009 December 31, 2008
Balance sheet total 640,872 620,665
Equity-to-assets ratio (in %) 29.9% 29.9%
Net debt 407,783 389,191
FFO per share (in EUR) 0.42 0.67
NAV per share (in EUR) 11.46 11.06
LTV rate (in %) 64.6% 65.6%
Contact
Investor relations:
VIB Vermögen AG
Petra Riechert
Luitpoldstr. C70
86633Neuburg/Danube
Germany
Phone: + 49 (0)8431 504-952
Fax: + 49 (0)8431 504-973
E-Mail: petra.riechert@vib-ag.de
cometis AG
Dirk Stauer
Unter den Eichen 7
65195 Wiesbaden
Phone: +49 (0)611 205855-22
Fax: +49 (0)611 205855-66
E-Mail: dirk.stauer@vib-ag.de
Profile of VIB Vermögen AG (incl. BBI Immobilien AG)
VIB Vermögen AG 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 acquires 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. 631,000 m².
27.08.2009 Financial News transmitted by DGAP
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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: petra.riechert@vib-ag.de
Internet: www.vib-ag.de
ISIN: DE0002457512
WKN: 245751
End of News DGAP News-Service
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