VIB Vermögen AG: VIB Vermögen AG substantially increases sales and earnings in 2012

Operating income at EUR 60.5 million / Dividend proposal of EUR 0.40

Neuburg/Danube (pta006/20.03.2013/07:30 UTC+1) March 20, 2013 - Preliminary IFRS figures show that VIB Vermögen AG, a specialist commercial real estate portfolio management company, generated an operating income of EUR 60.5 million in financial year 2012, boosted by additional rental earnings resulting from new investments. This represents an increase of 14% (previous year: EUR 53.1 million).

Changes to the valuation of investment properties amounted to a net EUR +6.1 million (previous year: EUR +0.3 million). The bulk of the increases in value derived from properties newly acquired in 2012, whereas in the case of various portfolio properties, changes in market conditions required a downward revision to a lower current value. The 7.3% rental yield as of December 31, 2011 rose to 7.5% as of December 31, 2012 as a result of the changes in the valuation of the investment properties´ market values. As the company has grown, expenditure on investment properties has risen from EUR 10.8 million to EUR 12.2 million, while personnel costs rose from EUR 2.0 million to EUR 2.6 million. After deducting operating costs which remained virtually unchanged at EUR 1.9 million, thanks to the company's lean cost structures, earnings before interest and taxes (EBIT) stood at EUR 49.8 million (2011: EUR 38.5 million). This represents a steep increase in the EBIT margin which climbed from 72.6% in 2011 to 82.4%.

The partial liquidation of a liability formed for subsidiary BBI Immobilien AG to cover a CHF swap transaction resulted in positive income from the valuation of financial derivatives amounting to EUR 122 thousand, compared with a figure of EUR -1.1 million reported in the previous year. As a result of the company's busy investment activities and the associated take-up of new bank loans, interest costs rose to EUR 19.7 million (previous year: EUR 18.5 million). The net interest result amounted to EUR -19.5 million, compared with EUR -18.2 million in the previous year. This in turn led to earnings before taxes (EBT) of EUR 30.3 million, almost 60% higher than in 2011 (EUR 18.9 million).

Taking into account taxes on income incurred during the reporting period totalling EUR 4.9 million (2011: EUR 3.7 million), VIB Vermögen AG posted a consolidated profit of EUR 25.3 million, up by EUR 10.1 million (+ 66%) over the figure for financial year 2011. Earnings per share came in at EUR 1.08 (previous year: EUR 0.76).

The positive development in business is reflected in a marked increase in the funds from operations (FFO) and net asset value (NAV) parameters which are of particular importance for the VIB Group. As an indicator of the flow of funds from the Group's real estate business operations, FFO in the past financial year amounted to EUR 1.02 per share (previous year: EUR 0.95). Net asset value (NAV) at EUR 13.07 per share (previous year: EUR 12.22) underscores the strength of the property portfolio.

Ludwig Schlosser, CEO of VIB Vermögen AG, is keen to allow shareholders to share in this excellent result: "In view of the very satisfactory performance in financial year 2012 in which we exceeded our own profit forecasts, at the annual general meeting we will be proposing a dividend of EUR 0.40 per share. This represents an increase of 14% over the year before." The taxable portion of the dividend will amount to 79.4%, with a tax-free element of 20.6%.

The final results for 2012 together with the company's annual report and a forecast for financial year 2013 will be published on April 18, 2013 in the Investor Relations section of its website at www.vib-ag.de. The preliminary consolidated balance sheet of VIB Vermögen AG is enclosed in the current company presentation which is available on the website from today.

Contact

Investor Relations:

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

cometis AG
Ulrich Wiehle / Patrick Ortner
Unter den Eichen 7
65195 Wiesbaden
Tel: +49 (0)611 205855-16
Fax: +49 (0)611 205855-66
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 partnership 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