Corporate | 16 November 2011 07:30
VIB Vermögen AG / Key word(s): Quarter Results
16.11.2011 / 07:30
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- Revenue slightly up to EUR 38.8 million
- Earnings before tax (EBT) improve 37% year-on-year to EUR 13.6 million
- Company confirms 2011 FY revenue and earnings forecast
Neuburg/Donau, November 16, 2011 - VIB Vermögen AG, a property company
specialising in commercial real estate portfolio management, generated
revenue of EUR 38.8 million at Group level in the first nine months of 2011
on an IFRS accounting basis, representing 1.6% year-on-year growth.
Operating income stood at EUR 39.3 million, reflecting a 7.3% increase
compared with the first nine months of 2010. After deducting operating
costs, VIB Vermögen AG achieved earnings before interest and tax (EBIT) of
EUR 28.5 million (2010: EUR 25.3 million). Interest expenses amounted to
EUR 13.9 million in the first three quarters of 2011. This resulted in EUR
13.6 million of earnings before tax, reflecting a marked year-on-year
increase of approx. 37%. After deducting taxes on income, VIB Vermögen AG
generated consolidated net income of EUR 11.1 million, compared with EUR
12.2 million in the previous year.
Ludwig Schlosser, CEO of VIB Vermögen AG, expressed his pleasure with the
positive trends reported in the current fiscal year: 'We regard our
operating business as being on the right path with the results that we have
achieved. Therefore, we are very confident that we can achieve our 2011
full-year forecast.' For 2010, VIB Group is expecting EUR 52 million of
revenue, EUR 36 million of earnings before interest and tax (EBIT), and EUR
18 million of earnings before tax (EBT), each prior to valuation effects.
Where further investments are concerned, Peter Schropp, who is responsible
for the real estate area at VIB Vermögen AG, explained the growth strategy
for the coming years: 'Despite the economic slowdown, we will adopt a
targeted approach to expanding our real estate portfolio in the high-growth
Southern German region in line with our 'develop-or-buy-and-hold-strategy',
thereby further boosting our profitability. We would like our shareholders
to participate in this, and for the eleventh consecutive year propose an
attractive dividend at the Annual General Meeting.'
The complete interim announcement for the first nine months 2011 can be
downloaded from the company's website at www.vib-ag.de, within the Investor
Relations area.
Contact
Investor Relations:
VIB Vermögen AG
Petra Riechert
Luitpoldstr. C70
86633 Neuburg/Donau
Tel: + 49 (0)8431 504-952
Fax: + 49 (0)8431 504-973
E-mail: petra.riechert@vib-ag.de
cometis AG
Ulrich Wiehle
Unter den Eichen 7
65195 Wiesbaden
Tel: +49 (0)611 205855-11
Fax: +49 (0)611 205855-66
E-mail: wiehle@cometis.de
Profile of VIB Vermögen AG (including BBI Immobilien 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
develop-or-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.
End of Corporate News
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Language: English
Company: VIB Vermögen AG
Luitpoldstraße C 70
86633 Neuburg/Donau
Germany
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
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, München
(m:access), Stuttgart; Open Market in Frankfurt
End of News DGAP News-Service
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