VIB Vermögen AG confirms very good FY 2013 results and announces change in the Managing Board
- Total operating revenue grows 8.7 % to EUR 65.7 million
- EBT up 15.3 % to EUR 35.1 million, EBT margin of 53.4 %
- Consolidated net income rises 13.7 % to EUR 29.0 million
- Peter Schropp to leave Managing Board as of September 30, 2014; Martin Pfandzelter appointed new Managing Board member for real estate
VIB Vermögen AG, a company specialising in commercial real estate portfolio management, has today published its FY 2013 consolidated financial statements. Unchanged compared with the preliminary results, the company reports record figures in terms of key revenue and earnings figures: VIB Vermögen AG grew its total operating revenue by 8.7 % to EUR 65.7 million, and its earnings before tax (EBT) by 15.3 % to EUR 35.1 million (previous year: EUR 30.4 million). Consolidated net income rose even faster, rising to EUR 29.0 million (previous year: EUR 25.5 million). Undiluted earnings per share amounted to EUR 1.16 (previous year: EUR 1.09), while diluted earnings per share stood at EUR 1.15 (previous year: EUR 0.99).
As reported, VIB Vermögen AG sees further income growth in 2014, and higher profitability. The company anticipates total operating revenue of between EUR 69.0 million and EUR 72.0 million, EBIT of between EUR 50.5 million and EUR 52.0 million, and EBT of between EUR 29.0 million and EUR 30.5 million (in each case before valuation effects and extraordinary items). Given the continued operating successes, the management is proposing to the 2014 AGM that it approves a 12.5 % year-on-year higher dividend of EUR 0.45 per share.
Peter Schropp, Managing Board member responsible for real estate, has contributed to the company's successful growth over the past years. He will step down from the Managing Board of VIB Vermögen AG with effect as of September 30, 2014 in order to take on new professional challenges. Martin Pfandzelter has been appointed as the new Managing Board member responsible for real estate from October 1, 2014. Martin Pfandzelter looks back on more than 21 years of experience in the financial area, 16 of which alone were spent in real estate financing at Deutsche Bank and at Hypothekenbank Frankfurt AG (formerly Eurohypo AG). He also has excellent real estate portfolio management experience.
Ludwig Schlosser, CEO of VIB Vermögen AG, pays tribute to Peter Schropp's work: "On behalf of VIB Vermögen AG, I would like to thank Peter Schropp for our outstanding collaboration over the past years. Together, we have made VIB Vermögen AG one of the most attractive real estate shares in Germany. We would like to wish him all the best for the future, and we are glad that he will continue over the course of the coming half year to contribute to VIB Vermögen AG's successful future. At the same time, I am pleased to welcome his successor Martin Pfandzelter on board, a proven expert in the commercial real estate sector."
The annual report including the complete set of consolidated financial statements for VIB Vermögen AG for 2013 can be downloaded from today from the company's website at www.vib-ag.de.
VIB Vermögen AG
VIB Vermögen AG 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 a German public limited company (Aktiengesellschaft) in 2000. The company acts successful on the market for 20 years now. Since then, the company has been developing its core competencies in the acquisition and management of its own properties, and of participating interests in companies with real estate portfolios.
VIB Vermögen AG pursues a "develop-or-buy-and-hold" strategy. Next to the acquiring of existing real estate for the own portfolio both, project development and conception of properties are in the main focus. The VIB Group's real estate portfolio includes logistics properties, industrial plants, shopping centres and retail parks, and commercial and service centres.