VIB Vermögen AG: VIB Vermögen AG reports revenue and earnings growth in first nine months

Revenue up 13% to EUR 43.7 million/Consol. net income up 62% to EUR 17.9 million

Neuburg/Danube (pta010/14.11.2012/07:30 UTC+1) November 14, 2012 - VIB Vermögen AG, a specialist commercial real estate portfolio management company, has again announced positive figures for the first nine months of 2012. The company generated EUR 43.7 million of consolidated revenue according to IFRS accounting. This represents approximately 13 % year-on-year growth, reflecting additional rental income due to investments realised in both the past and the current year. Other operating income amounted to EUR 243 thousand (prior-year period: EUR 317 thousand), contributing to total operating revenue of EUR 44.0 million (9M/2011: EUR 39.1 million).

Positive valuation changes to investment properties currently stand at EUR 3.8 million (prior-year period: EUR 180 thousand), reflecting the value appreciation on initial measurement of recently acquired objects and the high quality of VIB Vermögen AG's real estate portfolio. Additional operating costs for new properties are the reason for the higher expenses for investment properties, which were up by 11.2 % to EUR 8.6 million. While personnel expenses increased to EUR 1.8 million in line with the company's growth (prior-year reporting period: EUR 1.5 million), other operating expenses were almost unchanged at EUR 1.4 million.

VIB Vermögen AG consequently generated EUR 35.8 million of earnings before interest and tax (EBIT) in the first nine months of 2012, with the significant increase of more than one quarter compared with the previous year's result (EUR 28.5 million) reflecting the high profitability of the operating business.

The result on the valuation of financial derivatives arising from a CHF-based swap transaction for the BBI Immobilien AG subsidiary improved to EUR 164 thousand due to the positive development of the exchange rate. A loss of EUR -1.2 million was still reported under this item in the prior-year period. A net interest result of EUR -14.6 million, compared with EUR -13.7 million in the first nine months of 2011, reflects higher financing costs due to the investments that were realised. The average interest rate applicable to the whole loan portfolio as of September 30, 2012 stood at 4.22 %. The new loan covering the period from January 1 to September 30, 2012 was concluded at an average interest rate of 3.26 %.

In total, VIB Vermögen AG generated earnings before tax (EBT) of EUR 21.4 million, representing more than 57 % growth (prior-year period: EUR 13.6 million).

Although income tax expenses reported a marked increase from EUR 2.6 million to EUR 3.5 million due to the good earnings, consolidated net income improved by 62 % to EUR 17.9 million in the first nine months (previous year: EUR 11.1 million). The earnings per share rose to EUR 0.77 in the period under review (previous year: EUR 0.55).

"We are very satisfied with the course of the financial year to date and we reiterate our forecasts for 2012 (in all cases before valuation changes), of growing revenue to at least EUR 59.5 million to EUR 60.5 million, and EBIT to around EUR 43.0 million to EUR 44 million. In terms of earnings before tax, we are still anticipating a result of approximately EUR 23.0 million to EUR 24.0 million," was how Ludwig Schlosser, CEO of VIB Vermögen AG, assessed the positive results. Peter Schropp, Managing Board member responsible for the real estate business, takes an optimistic view of the future: "We aim to invest in further high-yielding properties over the coming months, thereby continuing the company's successful development."

The complete interim announcement for the first nine months 2012 can be downloaded from the company's website at www.vib-ag.de, within the Investor Relations area.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel: + 49 (0)8431 504-952
Luitpoldstr. C70 Fax: + 49 (0)8431 504-973
86633 Neuburg/Donau E-mail: petra.riechert@vib-ag.de

cometis AG
Ulrich Wiehle/ Patrick Ortner Tel: +49 (0)611 205855-16
Unter den Eichen 7 Fax: +49 (0)611 205855-66
65195 Wiesbaden E-mail: ortner@cometis.de

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized real estate holding company whose investments focus on commercial properties in Southern Germany. Formed as a partner-ship in 1993, VIB Vermögen AG was transformed to become a German public limited company (Aktiengesellschaft) in 2000. 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, both developing properties for its own portfolio and acquiring existing real estate. The VIB Group's real estate portfolio includes logistics properties, industrial plants, shopping centres and retail parks, and commercial and service centres.

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Emitter:	VIB Vermögen AG Luitpoldstraße C 70 86633 Neuburg an der Donau Germany
Contact Person:	Petra Riechert
Phone:	+49 8431 504-952
E-Mail:	petra.riechert@vib-ag.de
Website:	www.vib-ag.de
ISIN(s):	DE0002457512 (Share)
Stock Exchange(s):	Free Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich (m:access), Stuttgart