DGAP-News: VIB Vermögen AG increases revenues and earnings in H1 2010
(firmenpresse) - VIB Vermögen AG / Half Year Results/Miscellaneous
25.08.2010 07:30
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- Revenues up around 6% to EUR 25.6 million
- EBT of EUR 8.1 million recorded in H1
- FFO per share of EUR 0.47, NAV per share amounts to EUR 12.23
- Forecast for 2010 as a whole confirmed
Neuburg/Danube, August 25, 2010 - VIB Vermögen AG, a company specializing
in managing commercial real estate, again increased its revenues and
earnings in the first half of 2010. The VIB Group recorded revenues (IFRS)
of around EUR 25.6 million. This figure is thus up around 6% compared to
the previous year (EUR 24.1 million). When comparing these figures with the
previous year, it must be noted that BHB Brauholding AG's IPO means that
the figures from the former Beverages segment are carried as discontinued
operations as of June 30, 2010 (IFRS 5).
Taking the other operating income of EUR 0.5 million into account (previous
year: EUR 0.7 million), the VIB Group recorded operating income of EUR 26.1
million (previous year: EUR 24.8 million). After deducting operating costs,
EBIT in the first six months of 2010 totaled EUR 18.0 million. Interest
expenses totaled EUR 9.8 million (previous year: EUR 9.6 million), and the
VIB Group thus recorded earnings before taxes (EBT) of EUR 8.1 million.
The company's earnings strength is especially reflected by the strong funds
from operations (FFO) of 0.47 EUR per share in the first six months. It is
also pleasing that the NAV improved to EUR 12.23 per share as of June 30,
2010.
There was an extraordinary effect on income taxes from the subsidiary BBI
Immobilien AG. The resulting positive effect on taxes as well as the
deferred taxes from the current fiscal year and the actual income taxes
resulted in positive income tax of EUR 2.0 million. The VIB Group thus
recorded consolidated earnings of EUR 10.4 million in the first half of
2010 (previous year: EUR 6.6 million). This corresponds to earnings per
share of EUR 0.57 (previous year: EUR 0.38 ).
Equity increased by around EUR 8.5 milion to EUR 202.1 million (December
31, 2009: EUR 193.5 million), in particular as a result of the positive
earnings. Scheduled repayments reduced the non-current and current
financial debt from EUR 430.0 million to EUR 418.0 million. Of this total,
EUR 359.5 or around 86% was non-current financing as of June 30, 2010.
As a result of the positive business growth, CEO Ludwig Schlosser confirmed
the forecast for 2010 as a whole: 'Our long-term rental agreements form the
foundations for further increasing our revenues and earnings. That's why we
are forecasting revenues of EUR 51 million and EBIT of EUR 37 million in
fiscal year 2010. Subject to possible changes in the value of our
properties, we are thus forecasting pre-tax earnings of EUR 17 million.'
The full report on the first six months of 2010 can be downloaded from the
company's Web site www.vib-ag.de (Investor Relations).
Profile of VIB Vermögen 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 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. The VIB Group generates sustainable rental
returns with a total rental area of approx. 645,000 m².
Investor relations:
VIB Vermögen AG
Petra Riechert Phone: + 49 (0)8431 504-952
Luitpoldstr. C70 Fax: + 49 (0)8431 504-973
86633 Neuburg/Danube E-mail: petra.riechert(at)vib-ag.de
Germany
cometis AG
Ulrich Wiehle Phone: +49 (0)611 205855-11
Unter den Eichen 7 Fax: +49 (0)611 205855-66
65195 Wiesbaden E-mail: wiehle(at)cometis.de
25.08.2010 07:30 Ad hoc announcement, Financial News and Press 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
Listed: Freiverkehr in Hamburg, München (m:access), Berlin,
Düsseldorf, Stuttgart; Open Market in Frankfurt
End of News DGAP News-Service
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Datum: 25.08.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 32060
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