Corporate | 10 May 2017 07:30
VIB Vermögen makes a successful start to the 2017 fiscal year
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DGAP-News: VIB Vermögen AG / Key word(s): Quarterly / Interim Statement
VIB Vermögen makes a successful start to the 2017 fiscal year – Operating revenue up by 4.6% to EUR 20.4 million – 12.9% increase in adjusted earnings before tax (EBT) – Handover of a logistics property developed in-house at Interpark Kösching – Guidance confirmed for the 2017 fiscal year as a whole
In the first three months of the year, the company’s operating revenue climbed by 4.6% from EUR 19.5 million to EUR 20.4 million. When adjusted for valuation effects, earnings before interest and taxes (EBIT) rose by 5.3% from EUR 15.3 million to EUR 16.1 million. A considerably stronger increase was witnessed in earnings before tax (EBT) adjusted for valuation effects and extraordinary items, which rose by 12.9% from EUR 10.1 million to EUR 11.4 million. Playing a decisive role in this development was the 9.6% drop in interest expenses, which is, in turn, attributable to a decrease in the average interest rate for loan liabilities. Consolidated net income improved by 25.7% from EUR 8.5 million to EUR 10.7 million. Based on the average number of shares in the fiscal year, this equates to an increase in diluted and undiluted earnings per share of 27.6% to EUR 0.37, compared with EUR 0.29 in the prior-year period. FFO (funds from operations), which is an indicator of cash inflow from operating activities, improved by 11.5% to EUR 9.8 million in the first three months of 2017, compared with EUR 8.8 million in the previous year. The undiluted NAV (net asset value), i.e. the value of all asset items less liabilities, climbed by 2.4% compared with the end of the 2016 fiscal year to reach EUR 481.2 million. As a result, NAV per share rose by 2.3% from EUR 17.05 to EUR 17.45 per share. “Alongside the positive course of business, we are also particularly pleased about the on-schedule handover of a further logistics property developed in-house at Interpark Kösching. A second project at the site will be completed in summer,” explains Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG. “We are also working to optimise our existing portfolio and we examine new acquisition and development opportunities on an on-going basis. We still see high market demand for logistics and light industry properties and wish to continue benefiting from this in the future,” adds Pfandzelter.
The property, which was handed over on March 31, is let to a prestigious company in the logistics sector and boasts a total useful area of 21,000 sqm. The investment volume stood at approximately EUR 15.4 million. The net initial yield stands at about 8%. Following completion of the logistics property, the portfolio of VIB Vermögen now comprises 105 properties.
The full VIB Vermögen AG interim report for the first three months of the 2017 fiscal year can be accessed at vib-ag.de.
Contact
VIB Vermögen AG
About VIB Vermögen AG (including BBI Immobilien AG)
VIB’s business model is based on a “develop-or-buy-and-hold” strategy: Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.
10.05.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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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: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange; Open Market in Frankfurt |
| End of News | DGAP News Service |