.
- Revenues up 66.7% to EUR 22.2 million
- Consolidated earnings up to EUR 12.7 million
- Managing Board proposes dividend of EUR 0.20 per share
- NAV per share up to EUR 11.17
- Optimistic outlook for 2008
VIB Vermögen AG, a company specializing in the portfolio management of commercial properties, lifted its revenues and earnings (IFRS) according to preliminary results substantially in fiscal year 2007. Revenues mainly stemmed from rental income and were up from EUR 13.3 million in fiscal year 2006 to a current total of EUR 22.2 million.
Income from operating activities amounted to EUR 26.7 million, up 22.4% year-onyear for VIB Vermögen AG. EBIT was up again year-on-year by EUR 6.2 million to around EUR 20.1 million. The high EBIT margin of 75.2% (previous year: 63.1%) underscores the company's sustained profitability. EBT totaled EUR 14.7 million, thus up EUR 3.7 million compared to the previous year. EBT in fiscal year 2006 was particularly positive as a result of one-off extraordinary factors. All in all, VIB Vermögen AG recorded consolidated net income of EUR 12.4 million. This corresponds to (weighted) earnings per share of EUR 0.78. Under HGB accounting, the single entity net profits totaled EUR 3.4 million. The Managing Board will thus propose distributing the net profits to shareholders in full in the form of a EUR 0.20 dividend per share.
This substantial growth was due to the increased expansion of the real estate portfolio last year. In addition, the company increased its participating interest in BBI Bürgerliches Brauhaus Immobilien AG in 2007 to 70% of voting rights. This company focuses on the property management of consumer-related property. VIB Vermögen AG currently holds an approx. 81% interest in BBI.
VIB's operating strength can be clearly seen in the growth in its funds from operations (FFO): compared to the previous year's figure of EUR 5.2 million, FFO increased to EUR 9.5 million in fiscal year 2007. FFO per share thus lifted from EUR 0.48 to EUR 0.60.
The increase in real estate held and the majority acquisition of BBI are reflected on VIB Vermögen AG's consolidated balance sheet. In total, the VIB Group's investment properties more than tripled from EUR 127.8 million to EUR 457.3 million. Favorable acquisitions and project developments led to an increase in net asset value (NAV) from EUR 10.16 in the previous year to EUR 11.17 as of December 31, 2007.
This means that the forecast for fiscal year 2007 was significantly exceeded. For the current fiscal year 2008 the Managing Board is forecasting an increase in the VIB Group's total operating income to EUR 42.5 million, and EBT to increase to EUR 17 million.
Ludwig Schlosser, CEO of the VIB Vermögen AG, is very pleased with business last fiscal year: "2007 was a great success. Our new acquisitions and the majority interest we have acquired in BBI AG have made us the leading real estate company for commercial properties in Southern Germany. We will use this position in 2008 to successfully continue our growth."
The full version of VIB Vermögen AG's annual report will be published on April 30, 2008 on the company's Web site (www.vib-ag.de) in the Investor Relations section.
- Revenues up 66.7% to EUR 22.2 million
- Consolidated earnings up to EUR 12.7 million
- Managing Board proposes dividend of EUR 0.20 per share
- NAV per share up to EUR 11.17
- Optimistic outlook for 2008
VIB Vermögen AG, a company specializing in the portfolio management of commercial properties, lifted its revenues and earnings (IFRS) according to preliminary results substantially in fiscal year 2007. Revenues mainly stemmed from rental income and were up from EUR 13.3 million in fiscal year 2006 to a current total of EUR 22.2 million.
Income from operating activities amounted to EUR 26.7 million, up 22.4% year-onyear for VIB Vermögen AG. EBIT was up again year-on-year by EUR 6.2 million to around EUR 20.1 million. The high EBIT margin of 75.2% (previous year: 63.1%) underscores the company's sustained profitability. EBT totaled EUR 14.7 million, thus up EUR 3.7 million compared to the previous year. EBT in fiscal year 2006 was particularly positive as a result of one-off extraordinary factors. All in all, VIB Vermögen AG recorded consolidated net income of EUR 12.4 million. This corresponds to (weighted) earnings per share of EUR 0.78. Under HGB accounting, the single entity net profits totaled EUR 3.4 million. The Managing Board will thus propose distributing the net profits to shareholders in full in the form of a EUR 0.20 dividend per share.
This substantial growth was due to the increased expansion of the real estate portfolio last year. In addition, the company increased its participating interest in BBI Bürgerliches Brauhaus Immobilien AG in 2007 to 70% of voting rights. This company focuses on the property management of consumer-related property. VIB Vermögen AG currently holds an approx. 81% interest in BBI.
VIB's operating strength can be clearly seen in the growth in its funds from operations (FFO): compared to the previous year's figure of EUR 5.2 million, FFO increased to EUR 9.5 million in fiscal year 2007. FFO per share thus lifted from EUR 0.48 to EUR 0.60.
The increase in real estate held and the majority acquisition of BBI are reflected on VIB Vermögen AG's consolidated balance sheet. In total, the VIB Group's investment properties more than tripled from EUR 127.8 million to EUR 457.3 million. Favorable acquisitions and project developments led to an increase in net asset value (NAV) from EUR 10.16 in the previous year to EUR 11.17 as of December 31, 2007.
This means that the forecast for fiscal year 2007 was significantly exceeded. For the current fiscal year 2008 the Managing Board is forecasting an increase in the VIB Group's total operating income to EUR 42.5 million, and EBT to increase to EUR 17 million.
Ludwig Schlosser, CEO of the VIB Vermögen AG, is very pleased with business last fiscal year: "2007 was a great success. Our new acquisitions and the majority interest we have acquired in BBI AG have made us the leading real estate company for commercial properties in Southern Germany. We will use this position in 2008 to successfully continue our growth."
The full version of VIB Vermögen AG's annual report will be published on April 30, 2008 on the company's Web site (www.vib-ag.de) in the Investor Relations section.
