VIB Vermögen AG: VIB Vermögen AG doubles earnings in first half of 2012

Revenue up to EUR 28.2 million / Property in Frankfurt/Main fully rented

Neuburg/Danube (pta007/09.08.2012/07:30 UTC+2) August 9, 2012 - VIB Vermögen AG, a specialist commercial real estate portfolio management company, has reported its half-yearly results according to IFRS accounting standards. Revenue grew by 8.8 % compared with the first half of 2011 to EUR 28.2 million due to higher rental income resulting from the new investments that the company has realised. When taking into account EUR 196 thousand (H1/2011: EUR 314 thousand) of other operating income, total operating revenue stood at EUR 28.4 million, compared with EUR 26.3 million previously.

Positive value changes to investment properties amounted to EUR 3.9 million (previous year: EUR 213 thousand) due to the first-time measurement of newly acquired properties. While personnel expenses increased by EUR 188 thousand to EUR 1.2 million due to the company's strong growth path, expenses for investment properties fell by 4.2 % compared with the first half of 2011 to EUR 5.3 million. Other operating expenses were reduced to EUR 950 thousand (H1/2011: EUR 1.1 million). The company reports EUR 24.9 million of earnings before interest and tax (EBIT) given almost unchanged depreciation, amortisation and impairment charges of EUR 44 thousand (H1/2011: EUR 45 thousand). The 31.7 % increase in EBIT compared with the prior-year period (EUR 18.9 million) reflects the high profitability of the company's operating business. The EBIT margin stood at 87.5 % (previous year: 71.9 %).

After deducting the net financial result of EUR -9.6 million (H1/2011: EUR -9.2 million), which increased by 4.4 % due to additional properties requiring financing, EUR 15.3 million of earnings before tax (EBT) remain (prior-year period: EUR 7.9 million). The income tax expense increased from EUR 1.3 million in the first six months of 2011 to currently EUR 2.6 million. As a consequence, the Group reported EUR 12.7 million of consolidated net income, almost doubling compared with the previous year's EUR 6.6 million, and corresponding to EUR 0.54 of earnings per share (H1/2011: EUR 0.35).

Total assets increased from EUR 686.8 million to EUR 730.2 million in line with the transfer of acquired properties to the portfolio. The equity ratio fell slightly to 34.6 %, while remaining at a high level (December 31, 2011: 35.1 %).

Ludwig Schlosser, CEO VIB Vermögen AG, is very satisfied with the progress achieved over the fiscal year to date: "Our high level of investment activity last year means that we are now benefiting from higher rental income. We aim to continue this successful trend in the second half of the year. The recently acquired, high-yielding property in Nuremberg, which offers additional scope for development projects, as well as further targeted investments over the coming months, will contribute to a further strengthening of our earnings base." Peter Schropp, Management Board member responsible for the real estate business, adds: "On August 1, 2012, we rented the remaining vacant space in the "Am Martinszehnten" development project in Frankfurt am Main. This property is now fully rented. This does not only result in additional rental income but in a vacancy rate of the total portfolio which has decreased to 1.4 % as well."

The complete 2012 first-half 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 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 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