VIB Vermögen AG grows revenue and earnings in first nine months of 2011
- Revenue slightly up to € 38.8 million
- Earnings before tax (EBT) improve 37% year-on-year to € 13.6 million
- Company confirms 2011 FY revenue and earnings forecast
VIB Vermögen AG, a property company specialising in commercial real estate portfolio management, generated revenue of € 38.8 million at Group level in the first nine months of 2011 on an IFRS accounting basis, representing 1.6% year-on-year growth. Operating income stood at € 39.3 million, reflecting a 7.3% increase compared with the first nine months of 2010. After deducting operating costs, VIB Vermögen AG achieved earnings before interest and tax (EBIT) of € 28.5 million (2010: € 25.3 million). Interest expenses amounted to € 13.9 million in the first three quarters of 2011. This resulted in € 13.6 million of earnings before tax, reflecting a marked year-on-year increase of approx. 37%. After deducting taxes on income, VIB Vermögen AG generated consolidated net income of € 11.1 million, compared with € 12.2 million in the previous year.
Ludwig Schlosser, CEO of VIB Vermögen AG, expressed his pleasure with the positive trends reported in the current fiscal year: "We regard our operating business as being on the right path with the results that we have achieved. Therefore, we are very confident that we can achieve our 2011 full-year forecast." For 2010, VIB Group is expecting € 52 million of revenue, € 36 million of earnings before interest and tax (EBIT), and € 18 million of earnings before tax (EBT), each prior to valuation effects.
Where further investments are concerned, Peter Schropp, who is responsible for the real estate area at VIB Vermögen AG, explained the growth strategy for the coming years: "Despite the economic slowdown, we will adopt a targeted approach to expanding our real estate portfolio in the high-growth Southern German region in line with our 'develop-or-buy-and-hold-strategy', thereby further boosting our profitability. We would like our shareholders to participate in this, and for the eleventh consecutive year propose an attractive dividend at the Annual General Meeting."
The complete interim announcement for the first nine months 2011 can be downloaded from the company's website at www.vib-ag.de, within the Investor Relations area.
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 develop-or-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.