VIB Vermögen AG: VIB Vermögen reports further successful growth in 2014

Neuburg/Danube (pta006/18.03.2015/07:30 UTC+1) -

- Total operating revenue up by 7.3 % to EUR 70.5 million
- Earnings before tax (EBT) rises by 9.1 % to EUR 38.3 million
- Management proposes 6.7 % dividend increase to EUR 0.48 per share
- 2015 forecast: Total operating revenue of EUR 74.0 - 77.0 million, EBIT of EUR 53.5 - 56.0 million and EBT of EUR 33.0 - 35.0 million

Neuburg/Danube, March 18, 2015 - VIB Vermögen AG, a company specialising in commercial real estate management, reports a successful conclusion to its 2014 fiscal year, based on preliminary IFRS results. Consolidated revenue advanced by 7.6 % to EUR 69.9 million (previous year: EUR 65.0 million). In addition to the 2014 new investments this growth also reflected properties which were already acquired in the 2013 fiscal year, and which generated rental income for the first time for a full twelve months in 2014. Total operating revenue grew by 7.3 % to EUR 70.5 million (previous year: EUR 65.7 million).

The change in value of investment properties amounted to + EUR 7.5 million (previous year: + EUR 7.2 million). Due to the new investments, expenses for investment properties registered a slight increase to EUR 13.8 million (previous year: EUR 13.4 million). Personnel expenses amounted to EUR 3.0 million (previous year: EUR 2.7 million). Other operating expenses fell to EUR 2.1 million (previous year: EUR 2.4 million), mainly due to lower legal, consulting and administrative costs. After deducting depreciation and amortisation, earnings before interest and tax (EBIT) amounted to EUR 59.1 million (previous year: EUR 54.2 million), reflecting an 83.8 % EBIT margin (previous year: 82.5 %). When adjusted for valuation results and extraordinary items, adjusted EBIT improved by 9.7 % to EUR 51.6 million (previous year: EUR 47.0 million).

Earnings before tax (EBT) rose to EUR 38.3 million in the reporting period (previous year: EUR 35.1 million). When adjusted for valuation effects and extraordinary items arising from deconsolidation and the measurement of financial derivatives, EBT of EUR 31.2 million came in at 15.5 % ahead of the previous year's EUR 27.0 million. Consolidated net income was up by 11.6 % to EUR 32.4 million (previous year: EUR 29.0 million).
Basic undiluted) earnings per share amounted to EUR 1.23 (previous year: EUR 1.16), while diluted earnings per share stood at EUR 1.23 (previous year: EUR 1.15). This calculation is based on an average number of shares of 25,411,653.

Holger Pilgenröther, CFO of VIB Vermögen, explains the good results: "We achieved further positive economies of scale in our operating results as a consequence of having efficiently managed our real estate portfolio in-house. In parallel, we continue to operate in a favourable interest-rate environment, and we were able to further optimise our long-term financing structure."

Key real estate indicators also reflect the pleasing business trend: As an indicator of operating cash inflows, funds from operations (FFO) amounted to EUR 1.13 per share in the past fiscal year (previous year: EUR 1.07). Net asset value (NAV) of EUR 14.54 per share as of the balance sheet date (previous year: EUR 13.88), and the further improvement in the loan-to-value ratio (LTV) to 53.7 % (previous year: 56.6 %) reflect the sustainable financing structure of VIB Vermögen. The equity ratio increased to 39.5 % as of the reporting date (previous year: 37.0 %).

According to CEO Ludwig Schlosser, VIB Vermögen, as before, would like to see its shareholders continue to participate in the company's operating success this year: "We met, or even outperformed, our forecasts in the 2014 fiscal year. As a consequence, the Managing and Supervisory boards of VIB Vermögen will propose to the AGM a dividend increase by EUR 0.03 to EUR 0.48 per share."

CFO Holger Pilgenröther takes an optimistic view of the coming fiscal year: "With regard to 2015, we are assuming a further increase in revenue and higher profitability. We expect total operating revenue of between EUR 74.0 million and EUR 77.0 million, EBIT between EUR 53.5 million and EUR 56.0 million, and EBT between EUR 33.0 million and EUR 35.0 million, in each case before valuation effects."

A company presentation with details about the preliminary 2014 results can be downloaded from today from the company's website at
www.vib-ag.de. The company will publish the final results together with its annual report on April 22, 2015.

Contact

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 more than 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 centers and retail parks, and commercial and service centers.

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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