DGAP-News: VIB Vermögen AG achieves record-breaking results in 2009 according to preliminary figures
(firmenpresse) - VIB Vermögen AG / Preliminary Results
31.03.2010 07:28
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-Revenues in real estate sector total EUR 49.2 million
- Consolidated earnings up 146% to EUR 12.3 million
- Funds from operations (FFO) improve further to EUR 0.95 per share
- Net asset value (NAV) of EUR 11.85 per share
- Management proposes dividend of EUR 0.25 per share to General Meeting
- 2010forecast: Further improvements in revenues and earnings
Neuburg/Danube, March 31, 2010 - VIB Vermögen AG, a company specializing in
managing commercial real estate, achieved record-breaking results according
to preliminary figures. The VIB Group recorded revenues (IFRS) of around
EUR 63.1 million. Of this amount, EUR 49.2 million is due to the core
business of real estate. Figures in this segment were up 16.7%
year-on-year.
In addition, there was also a sustainable improvement in EBIT, which was
lifted on Group level from EUR 23.7 million in the previous year to EUR
34.1 in fiscal year 2009. Here too, the bulk was generated in the real
estate segment, where EBIT increased by 18.5% to EUR 33.3 million (previous
year: EUR 28.1 million). After deducting all costs, consolidated earnings
increased by 146.8% to EUR 12.3 million (previous year: EUR 5.0 million).
Of this total, EUR 12.1 million was due to real estate, compared to EUR 8.3
million in the previous year.
The VIB Group's earnings strength becomes particularly apparent if the
funds from operations (FFO), which indicate the cash flows from operating
real estate business, are taken into consideration. In fiscal year 2009,
thecompany increased its FFO per share to EUR 0.95, a plus of around 42%
compared to the previous year's figure of EUR 0.67. At the same time, the
higher net asset value (NAV) of EUR 11.85 (previous year: EUR 11.06)
underscores the excellent quality of the real estate portfolio. The rise is
due to theacquisition of properties in fiscal year 2009 and the result of
the property valuations on the other hand. The market valuation of the real
estate portfolio, which was performed by an independent surveyor as of
December 31, 2009, resulted on balance in a value adjustment of EUR -3.2
million for theportfolio at Group level. Write-ups were made in the amount
of EUR 7.7 million, with simultaneous write-downs of EUR 10.9 million.
Ludwig Schlosser, VIB Vermögen AG's CEO, is very pleased with the
Neuburg-based real estate company's positive business: 'VIB broke records
in 2009. We recorded substantial growth in both revenues and earnings. And
we plan to have our shareholders participate in this development.' The
Managing Board will propose a dividend of EUR 0.25 per share to the General
Meeting, which will be held on July 6, 2010. This is a 25% increase
compared to the dividend of EUR 0.20paid for 2008. 'VIB Vermögen AG has
always paid a dividend over the past few years. Our success last year means
that we believe the time is right to increase the dividend payment,'
commented the CEO, stating the reasons for the decision. He also noted
taxation on the dividend: the tax-free portionof the dividend totals
62.4%.
Peter Schropp, the member of VIB Vermögen AG's Managing Board responsible
for the real estate segment, believes that the company is excellently
positioned for the current fiscal year. 'We further reinforced our
portfolio at Group level in 2009. Our real estate portfolio now has a total
rental area of around 645,000 m² with a market value of around EUR 638
million - a substantial size on the German commercial real estate market.
At the same time, we have been able to keep our vacancy rate very low at
around 1 percent in the course of our expansion.'
Furthermore, the company enjoys a high degree of stability onthe financing
side. In general, VIB Vermögen AG primarily uses annuity loans to finance
its real estate portfolio and concludes these almost exclusively without
covenants. As a result, more than two thirds of the financial liabilities
have fixed interest for periods of more than five years, whereas interest
rates were only fixed for short-term periods for just 30%. Due to its solid
financial standing, the company is able to achieve attractive conditions
when concluding credit agreements. Hence, the average interest rate for all
of the Group's liabilities is currently around 4.45%.
Given this background, CEO Ludwig Schlosser is forecasting the targets for
the real estate segment in fiscal year 2010: 'We believe that revenues and
earnings in the real estate segment will improve further. During the
current year, we plan to lift revenues in our core business to around EUR
51 million. In addition, we are forecasting EBIT of EUR 37 million. We
expect pre-tax earnings prior to the valuation of properties at Group level
of around EUR 17 million in fiscal year 2010.' He puts the forecast
increases down to the properties taken over in the previous year. 'The
properties we acquired last year will contribute to rental income for the
full year, resulting in further improvements. In the current year 2010,
however, our focus will be on consolidating what we have already achieved.
Nevertheless, we will continue to invest selectively, and constantly
optimize our portfolio,' commented Ludwig Schlosser, summarizing the
strategy for fiscal year 2010.
The company will publish its final results for fiscal year 2009 on May 5,
2010 together with its annual report on the company's Web site
www.vib-ag.de in the Investor Relations section.
Profile of VIB Vermögen AG (incl. 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
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.645,000 m².
Contact
Investor relations:
VIB Vermögen AG
Petra Riechert
Phone: + 49 (0)8431 504-952
Fax: + 49 (0)8431 504-973
E-Mail: petra.riechert(at)vib-ag.de
Luitpoldstr. C70
86633 Neuburg/Danube
Germany
cometis AG
Dirk Stauer
Phone: +49 (0)611 205855-22
Fax: +49 (0)611 205855-66
E-Mail: dirk.stauer(at)vib-ag.de
Unter den Eichen 7
65195 Wiesbaden
Germany
31.03.2010 07:28 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: 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(at)vib-ag.de
Internet: www.vib-ag.de
ISIN: DE0002457512
WKN: 245751
End ofNews DGAP News-Service
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