- Pressemitteilung BoxID 63562
Strong first six months for VIB Vermögen AG
- Revenues more than double to € 19.6 million
- EBIT up 146.8% to € 16.4 million
- Pre-tax margin of 36.9% underscores the company's sustained profitability
- Net income grows by 105.7% to € 6.7 million
- NAV rises to € 11.33 per share
VIB Vermögen AG, a company specializing in commercial property holdings, again significantly boosted its revenues and earnings at group level during the first six months of 2008. During the first six months of the current year it recorded revenues of € 19.6 million, an increase of 108% compared with the prior-year period. At the same time, operating income increased to € 22.7 million following € 9.5 million the prior year. Earnings before interest and taxes (EBIT) were € 16.4 million, thus up significantly on the prior-year figure of € 6.7 million (+146.8%). Compared with last year's figure (€ 4.5 million), VIB Vermögen AG doubled its pre-tax earnings (EBT) to € 8.4 million and thus recorded a pre-tax margin of 36.9%. After deducting income tax, the company recorded a net income of € 6.7 million (+105.7%) and earnings per share of € 0.34 (prior year:€ 0.21). The big increase in revenues and earnings was mainly due to the higher rental income following the expansion of the company's property portfolio.
VIB Vermögen AG's expansion course is also reflected in the balance sheet.Compared with December 31, 2007, total assets increased from € 515.8 million to a current figure of € 564.4 million. Real estate held as financial investments grew particularly well during the reporting period from € 457.3 million to € 493.4 million. At the same time, net asset value (NAV) increased from € 11.17 per share as of the end of 2007 to a current figure of € 11.33 per share. This increase is primarily attributable to acquiring new commercial properties. Despite the investments made in its real estate assets, the company has an equity ratio of 33.7% (June 30, 2008) and retains a very strong equity capital basis. VIB Vermögen AG's financial solidity is also emphasized by the Loan-to-value Ratio, which describes a company's level of debt based on the portfolio's market value. With a current rate of 60.49%, VIB Group shows a sustained financing structure in comparison to the real estate industry.
Ludwig Schlosser, Director of VIB Vermögen AG, is very satisfied with business performance: "We have got off to a great start in fiscal 2008. The high growth rates for revenues and earnings are the result of our consistent and ambitious growth strategy." In the first half of 2008 alone, the company already acquired real estate to a value of € 48 million. Ludwig Schlosser sees the key to the success of the VIB Group in the company's solid financing structure. "We unite profitability and growth.
This is based on VIB Vermögen AG's excellent resources. This secures us the finance we need at exceptionally favorable terms." The Managing Board remains optimistic for the second half of 2008. "We are planning to invest more than € 100 million in the second half of the year, which will further strengthen our earnings potential."
VIB Vermögen AG is thus reconfirming the forecasts it made at the beginning of 2008. The company anticipates an increase in operating income to at least € 42.5 million and a growth in rental income to around € 36.0 million for the current fiscal year. Earnings before interest and taxes (EBIT) are expected to lift to € 33.0 million, with pre-tax earnings at around € 17.0 million.
As of today, the complete half-yearly report of VIB Vermögen AG is available on the company's website (www.vib-ag.de) under 'Investor Relations'.
VIB Vermögen AG
The VIB Vermögen AG is a medium-sized real estate holding company that focuses its investments on commercial real estate in South Germany. Founded in 1993 as a business partnership, the VIB was converted into a public company in the year 2000.
Since then the company has developed its core competency in the fields of acquisition and asset management of its own real estate and of investment in companies with real estate assets. The VIB Vermögen AG operates a 'buy and hold'strategy. This entails developing real estate for its own portfolio and also acquiring existing properties.
The real estate portfolio of the VIB Group comprises various logistics properties and industrial facilities, shopping and specialist retail centres and also commercial and service centres. The company achieves sustainable rental yields from a total lettable area of approximately 518,000 m².
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