VIB Vermögen AG reports record revenue and earnings in 2013 anniversary year

(PresseBox) ( Neuburg an der Donau, )
- Total operating revenue up by 8.7 % to EUR 65.7 million
- Further rise in profitability: EBT up by 15.3 % to EUR 35.1 million, EBT margin stands at 53.4 %
- Consolidated net income up by 13.7 % to EUR 29.0 million
- Management proposes EUR 0.45 dividend per share (+12.5 %)
- 2014 forecast: total operating revenue of EUR 69.0 – 72.0 million, EBIT of EUR 50.5 – EUR 52.0 million, EBT of EUR 29.0 – EUR 30.5 million (in each case before valuation effects)

Neuburg/Danube, March 19, 2014 - VIB Vermögen AG, a company specialising in commercial real estate portfolio management, ended its 2013 fiscal year with record revenue and earnings results on the basis of preliminary consolidated financial statements. Ludwig Schlosser, CEO of VIB Vermögen AG, sees this success as the result of the company's strategic orientation: "In our twentieth anniversary year, we have continued to focus on commercial properties in the logistics growth sectors and in the retail sector. In addition, we enter into mostly long-term rental agreements with tenants of high credit standing. This boosts the planning security of our business. We enjoy a very high rental ratio of 98.1 % as a consequence."

The company reported further revenue growth in the 2013 fiscal year - of 8.6 %, from EUR 59.8 million to EUR 65.0 million. This was primarily attributable to two effects: Firstly, the successful expansion of the real estate portfolio exerted a positive impact. Secondly, the company for the first time generated rental income for a full twelve-month period of the fiscal year from the properties that it acquired in the previous year. As a result, total operating revenue advanced to EUR 65.7 million.

Investment properties reported a EUR 7.2 million positive valuation change as of December 31, 2013 (previous year: EUR 6.1 million). This strong corporate growth not only fed through to only slightly higher operating costs. The expenses for investment properties increased to EUR 13.4 million (previous year: EUR 12.2 million). Personnel expenses of EUR 2.7 million were slightly above the previous year's EUR 2.4 million. Other operating expenses of EUR 2.4 million were higher than in the previous year (EUR 1.9 million), mainly reflecting an increase in legal and consultancy costs. As far as its profitability is concerned, the company nevertheless also benefited in the last fiscal year from its streamlined organisational structure and a correspondingly low cost level. Earnings before interest and tax (EBIT) amounted to EUR 54.2 million (previous year: EUR 50.0 million). The 82.5 % EBIT margin was approximately at the previous year's level of 82.7 %, reflecting the high profitability of the operating business.

Deconsolidation gains of EUR 1.0 million accrued to the company as part of the disposal of shares in Gewerbepark Günzburg GmbH. In total, earnings before tax (EBT) amounted to EUR 35.1 million (previous year: EUR 30.4 million), up 15.3 % year-on-year, with the EBT margin rising from 50.4 % in the previous year to 53.4 %.

VIB Vermögen AG generated EUR 29.0 million of consolidated net income, reflecting 13.7 % growth compared with the previous year (EUR 25.5 million). Basic earnings per share stood at EUR 1.16 (previous year: EUR 1.09), and diluted earnings per share amounted to EUR 1.15 (previous year: EUR 1.07). The positive business trend is also evident in the key indicators of funds from operations (FFO) and net asset value (NAV): as a measure of operating cash inflows from the real estate business, FFO rose to EUR 1.07 per share in the year under review (previous year: EUR 1.03). The higher NAV of EUR 13.88 per share as of the balance sheet date (December 31, 2012: EUR 13.07) shows that the company also boosted its intrinsic value in the last financial year.

With a look to EBIT and EBT figures adjusted for valuation effects, the results were at the upper end of the forecast range issued in April 2013. Total operating revenue was slightly ahead of the forecast. Holger Pilgenröther, CFO of VIB Vermögen AG, looks to current-year business trends with confidence: "For 2014, we are assuming further income growth and higher profitability. Before valuation effects, we anticipate 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, EBT of between EUR 29.0 million and EUR 30.5 million. We want our shareholders to participate in last year's successful corporate growth, which is why we are proposing to the 2014 AGM that it distributes a dividend of EUR 0.45 per share, up 12.5 % compared with the previous year."

A company presentation with details regarding the preliminary figures for the 2013 fiscal year can be downloaded from today from the company's website at The company will publish final 2013 results along with its annual report on April 16, 2014.
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