VIB Vermögen AG: Consolidated revenue and earnings grow in H1 2013

Revenue up 12.1 % to EUR 31.7 million, adjusted EBIT grows to EUR 23.3 million

Neuburg/Danube (pta006/08.08.2013/07:30 UTC+2) August 8, 2013 - VIB Vermögen AG, a company specialising in commercial real estate portfolio management, looks back on a successful first half of 2013. Brisk investment activity at the end of last year, which takes its full effect during the first half of 2013, fed through to marked revenue growth. Revenue was up by 12.1 % year-on-year, or by EUR 3.4 million, to reach EUR 31.7 million (H1/2012: EUR 28.2 million). Together with a slight decline in other operating income to EUR 155 thousand (H1/2012: EUR 196 thousand), total operating revenue stood at EUR 31.8 million (H1/2012: EUR 28.4 million).

Investment properties reported a positive EUR 1.4 million change in valuations in the first half of the year (H1/2012: EUR + 3.9 million). Total operating costs increased slightly due to the larger real estate portfolio. Along with expenses for investment properties (+17.3 % to EUR 6.2 million), personnel expenses (+13.2 % to EUR 1.3 million) and other operating expenses (+2.0 % to EUR 969 thousand) also rose. Depreciation and amortisation was almost unchanged at EUR 47 thousand (H1/2012: EUR 44 thousand). Earnings before interest and tax (EBIT) amounted to EUR 24.7 million (H1/2012: EUR 24.9 million), corresponding to a 77.7 % EBIT margin.

The result from investments of EUR -57 thousand (H1/2012: EUR + 109 thousand) reported applying the equity method primarily reflects changes to the stock market prices of a subsidiary that is not fully consolidated. The disposal of shares in Gewerbepark Günzburg GmbH in April this year resulted in positive one-off income of EUR 1.0 million from deconsolidation (H1/2012: EUR 0 thousand). A positive change in the market value of CHF swaps held by the subsidiary BBI Immobilien AG allowed the corresponding provision for pending losses to be further reduced, with the measurement of financial derivatives posting EUR 307 thousand of income (H1/2012: EUR -42 thousand) for VIB Vermögen AG. At EUR -9.7 million, the net interest result was almost at the level of the prior-year period (EUR -9.6 million). After deducting the expense arising from the guaranteed dividend, which stood at EUR 116 thousand (H1/2012: EUR 123 thousand), earnings before tax (EBT) of EUR 16.2 million were 5.9 % better compared with the first half of 2012.

Excluding value changes to investment properties (EUR + 1.4 million), extraordinary deconsolidation items (EUR + 1.0 million) and income from the measurement of financial derivatives (EUR + 0.3 million), the Group generated EUR 23.3 million of adjusted EBIT in the first half of 2013 (H1/2012: EUR 21.0 million; +10.9 %) and EUR 13.4 million of EBT (H1/2012: EUR 11.4 million; +17.4 %). These figures reflect the company's high and continuously rising operating profitability.

Corporation taxes on income stood at EUR 2.6 million, reflecting a 16.0 % corporation income tax rate. At the bottom line, VIB Vermögen AG consequently generated consolidated net income of EUR 13.6 million. This represents 6.8 % growth compared with the first half of 2012. Earnings per share amounted to EUR 0.61 (H1/2012: EUR 0.54).

A look at the balance sheet reveals the company's solid financing structure: the equity ratio amounted to 36.0 % (December 31, 2012: 34.6 %), and the LTV ratio to 57.1 % (December 31, 2012: 58.3 %). The company grew its net asset value (NAV) per share significantly to EUR 13.66 (December 31, 2012 EUR 13,07). FFO per share advanced from EUR 0.48 in the prior-year period to EUR 0.56.

Ludwig Schlosser, CEO of VIB Vermögen AG, expressed his satisfaction with the progress achieved during the first half of the year: "Investments made at the end of last year resulted in additional revenue and growing income during the first six months. We aim to continue on this path over the remaining months of the year, and to exploit opportunities to make targeted investments in our logistics and retail portfolio as they present themselves. We are very confident that, in line with our published forecast, we will achieve operating income of around EUR 63 million to EUR 64 million in the full 2013 fiscal year, earnings before interest and tax of approximately EUR 46 million to EUR 47 million, and pre-tax earnings in a range of EUR 26 million to EUR 27 million, in each case before valuation effects and extraordinary items."

The complete 2013 half year report 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
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. 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.

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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