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11.08.2016 07:30:43
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DGAP-News: VIB Vermögen AG
DGAP-News: VIB Vermögen: In-house developments drive up revenue and earnings
11.08.2016 / 07:30 The issuer is solely responsible for the content of this announcement.
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2016 half-year results
VIB Vermögen: In-house developments drive up revenue and earnings
- Operating revenue rose by 7.3 per cent to EUR 39.1 million
- Adjusted earnings before tax (EBT) improved by 13.4 per cent to EUR 20.0 million
- Guidance for the 2016 financial year confirmed
Neuburg/Danube, August 11, 2016 - VIB Vermögen AG, a company specialising in the acquisition, development and portfolio management of commercial properties, has today published its results for the first half of 2016, which - as expected - show a considerable rise in revenue and earnings.
Increased growth and profitability Based on increased rental income from properties completed in the 2015 financial year and a further improvement in the vacancy rate, total operating revenue rose by 7.3 per cent to EUR 39.1 million (H1/2015: EUR 36.5 million). With a slight increase in expenditure compared to the first half of 2015, earnings before interest and tax (EBIT), adjusted for the positive effects from value adjustments for investment properties, climbed by 8.5 per cent to EUR 30.2 million, compared with EUR 27.9 million in the previous year. As a result, adjusted earnings before tax (EBT) rose by 13.4 per cent to EUR 20.0 million (H1/2015: EUR 17.6 million). Consolidated net income rose considerably year-on-year by 25.3 per cent to reach a total of EUR 19.3 million (H1/2015: EUR 15.4 million).
FFO (funds from operations) as an indicator of the company's cash inflow from operating activities climbed by 11.0 per cent in the first half of 2016 to a total of EUR 17.5 million (H1/2015: EUR 15.7 million).
The key balance sheet indicators also improved as a result of sustainable growth. Driven primarily by the increase in consolidated net profit, the equity ratio increased to 41.5 per cent (December 31, 2015: 40.3 per cent), whereas the LTV (loan-to-value) ratio fell to 51.7 per cent (December 31, 2015: 53.1 per cent). Due to the positive result and planned loan repayments, the company's diluted NAV (net asset value) per share was up considerably to EUR 16.38 (December 31, 2015: EUR 15.63).
Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG: "We are delighted by the excellent first half of 2016. The results show that we are firmly on track to meet our targets for 2016. The key factors in this regard are, first and foremost, our new developments and the optimised financing structure."
Operating activities dominated by further development of the property portfolio In terms of operations, the first half of the 2016 financial year was dominated by extension and conversion work on existing properties, as well as the acquisition of selected sites in strong economic locations. For example VIB Vermögen acquired three further sites with a total area of 177,000 m² at Interpark Kösching near Ingolstadt, one of southern Germany's most important industrial parks. Since the previous year, the company has also invested some EUR 1.2 million in the revitalization and modernisation of the City Center Gersthofen shopping centre. Furthermore, an existing property in Neuburg/Danube was enlarged for approximately EUR 1.7 million by 1,250 sqm to its new size of around 13,700 sqm. Following a three-month construction phase, the extension was handed over to the tenant on schedule in mid May.
"Overall, we continue to see a positive market environment with attractive growth prospects in the current financial year. Our aim is to continue growing by focusing on in-house developments supplemented by selective acquisitions. With this in mind, we have secured sites at economically strong, high-growth locations at an early stage. We aim to further pursue this strategy and are currently in detailed talks about further promising projects", explains Martin Pfandzelter, Chief Operating Officer of VIB Vermögen AG.
Forecast for further growth in 2016 On the basis of the current course of business, the company is confirming the guidance for 2016 as a whole issued at the start of the year and expects a total operating revenue increase reaching EUR 78.0 million to EUR 82.0 million. Furthermore, adjusted EBIT is expected to come in at between EUR 58.0 million and EUR 61.0 million, with earnings before tax (EBT) excluding valuation effects and extraordinary items of EUR 38.0 million to EUR 40.5 million. The company also anticipates funds from operations (FFO) of between EUR 33.0 million and EUR 35.5 million in the current financial year.
The entire 2016 half-year report of VIB Vermögen AG can be accessed at www.vib-ag.de.
Contact
Investor Relations:
VIB Vermögen AG Tel. +49 (0)8431 504 952 Petra Riechert Fax +49 (0)8431 504 973 Luitpoldstr. C70 Email: petra.riechert@vib-ag.de 86633 Neuburg/Donau Germany
About VIB Vermögen AG
VIB Vermögen is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry sectors in the economically strong southern German region. VIB's shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.
VIB's business model is based on a "develop-or-buy-and-hold" strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.
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11.08.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: VIB Vermögen AG Luitpoldstraße C 70 86633 Neuburg/Donau Germany Phone: +49 (0)8431 / 504-952 Fax: +49 (0)8431 / 504-973 E-mail: petra.riechert@vib-ag.de Internet: www.vib-ag.de ISIN: DE0002457512 WKN: 245751 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange; Open Market in Frankfurt End of News DGAP News Service ---------------------------------------------------------------------------
491321 11.08.2016
DGAP-News: VIB Vermögen AG / Key word(s): Half Year Results VIB Vermögen: In-house developments drive up revenue and earnings
11.08.2016 / 07:30 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
2016 half-year results
VIB Vermögen: In-house developments drive up revenue and earnings
- Operating revenue rose by 7.3 per cent to EUR 39.1 million
- Adjusted earnings before tax (EBT) improved by 13.4 per cent to EUR 20.0 million
- Guidance for the 2016 financial year confirmed
Neuburg/Danube, August 11, 2016 - VIB Vermögen AG, a company specialising in the acquisition, development and portfolio management of commercial properties, has today published its results for the first half of 2016, which - as expected - show a considerable rise in revenue and earnings.
Increased growth and profitability Based on increased rental income from properties completed in the 2015 financial year and a further improvement in the vacancy rate, total operating revenue rose by 7.3 per cent to EUR 39.1 million (H1/2015: EUR 36.5 million). With a slight increase in expenditure compared to the first half of 2015, earnings before interest and tax (EBIT), adjusted for the positive effects from value adjustments for investment properties, climbed by 8.5 per cent to EUR 30.2 million, compared with EUR 27.9 million in the previous year. As a result, adjusted earnings before tax (EBT) rose by 13.4 per cent to EUR 20.0 million (H1/2015: EUR 17.6 million). Consolidated net income rose considerably year-on-year by 25.3 per cent to reach a total of EUR 19.3 million (H1/2015: EUR 15.4 million).
FFO (funds from operations) as an indicator of the company's cash inflow from operating activities climbed by 11.0 per cent in the first half of 2016 to a total of EUR 17.5 million (H1/2015: EUR 15.7 million).
The key balance sheet indicators also improved as a result of sustainable growth. Driven primarily by the increase in consolidated net profit, the equity ratio increased to 41.5 per cent (December 31, 2015: 40.3 per cent), whereas the LTV (loan-to-value) ratio fell to 51.7 per cent (December 31, 2015: 53.1 per cent). Due to the positive result and planned loan repayments, the company's diluted NAV (net asset value) per share was up considerably to EUR 16.38 (December 31, 2015: EUR 15.63).
Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG: "We are delighted by the excellent first half of 2016. The results show that we are firmly on track to meet our targets for 2016. The key factors in this regard are, first and foremost, our new developments and the optimised financing structure."
Operating activities dominated by further development of the property portfolio In terms of operations, the first half of the 2016 financial year was dominated by extension and conversion work on existing properties, as well as the acquisition of selected sites in strong economic locations. For example VIB Vermögen acquired three further sites with a total area of 177,000 m² at Interpark Kösching near Ingolstadt, one of southern Germany's most important industrial parks. Since the previous year, the company has also invested some EUR 1.2 million in the revitalization and modernisation of the City Center Gersthofen shopping centre. Furthermore, an existing property in Neuburg/Danube was enlarged for approximately EUR 1.7 million by 1,250 sqm to its new size of around 13,700 sqm. Following a three-month construction phase, the extension was handed over to the tenant on schedule in mid May.
"Overall, we continue to see a positive market environment with attractive growth prospects in the current financial year. Our aim is to continue growing by focusing on in-house developments supplemented by selective acquisitions. With this in mind, we have secured sites at economically strong, high-growth locations at an early stage. We aim to further pursue this strategy and are currently in detailed talks about further promising projects", explains Martin Pfandzelter, Chief Operating Officer of VIB Vermögen AG.
Forecast for further growth in 2016 On the basis of the current course of business, the company is confirming the guidance for 2016 as a whole issued at the start of the year and expects a total operating revenue increase reaching EUR 78.0 million to EUR 82.0 million. Furthermore, adjusted EBIT is expected to come in at between EUR 58.0 million and EUR 61.0 million, with earnings before tax (EBT) excluding valuation effects and extraordinary items of EUR 38.0 million to EUR 40.5 million. The company also anticipates funds from operations (FFO) of between EUR 33.0 million and EUR 35.5 million in the current financial year.
The entire 2016 half-year report of VIB Vermögen AG can be accessed at www.vib-ag.de.
Contact
Investor Relations:
VIB Vermögen AG Tel. +49 (0)8431 504 952 Petra Riechert Fax +49 (0)8431 504 973 Luitpoldstr. C70 Email: petra.riechert@vib-ag.de 86633 Neuburg/Donau Germany
About VIB Vermögen AG
VIB Vermögen is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry sectors in the economically strong southern German region. VIB's shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.
VIB's business model is based on a "develop-or-buy-and-hold" strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.
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11.08.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: VIB Vermögen AG Luitpoldstraße C 70 86633 Neuburg/Donau Germany Phone: +49 (0)8431 / 504-952 Fax: +49 (0)8431 / 504-973 E-mail: petra.riechert@vib-ag.de Internet: www.vib-ag.de ISIN: DE0002457512 WKN: 245751 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange; Open Market in Frankfurt End of News DGAP News Service ---------------------------------------------------------------------------
491321 11.08.2016
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