VIB Vermögen AG: VIB Vermögen AG continues profitable growth path

Neuburg/Danube (pta006/07.08.2014/07:30 UTC+2) - Revenue grows 8.3 % to EUR 34.3 million (H1/2013: EUR 31.7 million)
- EBIT growth (adjusted) of 13.7 % to EUR 26.5 million; EBT growth (adjusted) of 22.4 % to EUR 16.4 million
- FFO improves 21.7 % to EUR 14.6 million; FFO per share: EUR 0.58
- Consolidated net income up 7.6 % to EUR 14.6 million (H1/2013: EUR 13.6 million)

Neuburg/Danube, August 7, 2014 - VIB Vermögen AG, a company that specialises in the development and portfolio management of commercial properties, continued on its growth path during the first half of 2014, reporting strong revenue and net income growth. Given targeted investments and additional rental income, revenue was up by 8.3 % year-on-year to reach EUR 34.3 million (H1/2013: EUR 31.7 million). Total operating revenue grew to EUR 34.6 million (H1/2013: EUR 31.8 million).

A positive valuation change of EUR 1.1 million to investment properties was reported (H1/2013: EUR 1.4 million) due to the measurement at fair value through profit or loss of the properties in Bischberg and Nördlingen that were newly transferred to the portfolio. Operating costs have meanwhile been reduced. For example, expenses for investment properties were reduced to EUR 5.9 million (H1/2013: EUR 6.2 million), and other operating expenses fell to EUR 740 thousand due to a lower level of legal and consultancy costs (H1/2013: EUR 969 thousand). Personnel costs increased to EUR 1.5 million in line with the company's growth (H1/2013: EUR 1.3 million). Overall, profitability showed a further marked improvement: Earnings before interest and tax (EBIT) grew to EUR 27.6 million (H1/2013: EUR 24.7 million), equivalent to a 79.6 % EBIT margin (H1/2013: 77.7 %). When adjusted for valuation effects, EBIT grew by 13.7 % to EUR 26.5 million (H1/2013: EUR 23.3 million).

Given the acquisitions during the current year, the net interest result (expense) increased slightly to EUR -10.2 million (H1/2013: EUR -9.7 million). After deducting the expense for the guaranteed dividend for shareholders of BBI Immobilien AG, earnings before tax (EBT) of EUR 17.4 million reflected a 7.8 % improvement (H1/2013: EUR 16.2 million). Adjusted EBT was up by 22.4 % year-on-year to reach EUR 16.4 million (H1/2013: EUR 13.4 million). Consolidated net income amounted to EUR 14.6 million (H1/2013: EUR 13.6 million) - an increase of 7.6 %. In relation to the higher average number of shares of 25,227,231 due to the issuing of two mandatory convertible bonds, undiluted earnings per share stood at EUR 0.56 (H1/2013: EUR 0.56; diluted EUR 0.55, H1/2013: EUR 0.55).

A look at the balance sheet underscores VIB's stable financing structure: The sustainable business model is reflected in its 37.2 % equity ratio (December 31, 2013: 37.0 %), as well as its 57.2 % LTV (loan to value) ratio (December 31, 2013: 56.6 %). Due to investments and scheduled loan redemptions, net asset value (NAV) per share also reported a sharp increase to EUR 14.58 (December 31, 2013: EUR 13.88). Funds from operations (FFO) per share - an indicator of operating cash inflows - amounted to EUR 0.58 at the end of the first half of 2014 (H1/2013: EUR 0.52).

Ludwig Schlosser, CEO of VIB Vermögen AG, expressed his pleasure with this positive trend: "Our extensive market knowledge, our focus on investments in existing retail properties and the future trend sector of logistics are proving their worth. To add to this, we aim to continue to bolster our income with our own developments, and to further expand our expertise in this area."

The full report for the first half of 2014 is available for downloading from today on 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
Phone: + 49 (0)8431 504-952
Fax: + 49 (0)8431 504-973
Email: petra.riechert@vib-ag.de

cometis AG
Ulrich Wiehle / Mark Appoh
Unter den Eichen 7
65195 Wiesbaden
Phone: +49 (0)611 205855-21
Fax: +49 (0)611 205855-66
Email: appoh@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. The company acts successful on the market for 20 years now. 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