- Pressemitteilung BoxID 155006
VIB Vermögen AG achieves record-breaking results in 2009 according to preliminary figures
- Revenues in real estate sector total € 49.2 million
- Consolidated earnings up 146% to € 12.3 million
- Funds from operations (FFO) improve further to € 0.95 per share
- Net asset value (NAV) of € 11.85 per share
- Management proposes dividend of € 0.25 per share to General Meeting
- 2010 forecast: Further improvements in revenues and earnings
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 € 63.1 million. Of this amount, € 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 € 23.7 million in the previous year to € 34.1 in fiscal year 2009. Here too, the bulk was generated in the real estate segment, where EBIT increased by 18.5% to € 33.3 million (previous year: € 28.1 million). After deducting all costs, consolidated earnings increased by 146.8% to € 12.3 million (previous year: € 5.0 million). Of this total, € 12.1 million was due to real estate, compared to € 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, the company increased its FFO per share to € 0.95, a plus of around 42% compared to the previous year's figure of € 0.67. At the same time, the higher net asset value (NAV) of € 11.85 (previous year: € 11.06) underscores the excellent quality of the real estate portfolio. The rise is due to the acquisition 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 € -3.2 million for the portfolio at Group level. Writeups were made in the amount of € 7.7 million, with simultaneous write-downs of € 10.9 million.
Ludwig Schlosser, VIB Vermögen AG's CEO, is very pleased with the Neuburgbased 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 € 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 € 0.20 paid 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 portion of 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 € 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 on the 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 € 51 million. In addition, we are forecasting EBIT of € 37 million. We expect pre-tax earnings prior to the valuation of properties at Group level of around € 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.
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 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.
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