VIB Vermögen AG enjoys continued positive operating growth

VIB Vermögen AG, a company specializing in managing commercial properties, recorded consolidated revenues (IFRS) of € 38.2 million in the first nine months of 2010. Taking other operating income of € 0.9 million into account, and a non-cash adjustment to the value of investment properties in the amount of € -2.4 million, the group thus recorded operating income totaling € 36.6 million. After deducting operating costs, EBIT totaled € 25.3 million. Interest expenses totaled € 14.5 million, and the VIB Group thus recorded EBT of € 10.0 million.

Extraordinary income tax factors led to positive income taxes of € 1.9 million. As a result, the VIB Group recorded consolidated earnings of € 12.2 million. This corresponds to earnings per share of € 0.67.

Peter Schropp, member of the Management board of VIB Vermögen AG, believes that the successful business growth in the first nine months of 2010 confirms the Group’s strategic orientation: “Our real estate portfolio is characterized by its strong income and a broad and balanced risk spread. In addition, we benefit from a low vacancy rate and what tend to be long-term leases, which means that it is easy to forecast future cash flows.” Ludwig Schlosser, CEO of VIB Vermögen AG, complements: “We will continue our buy and hold strategy, which takes strict investment criteria into account, and we will continue to focus on the high-growth Southern German market, as was also the case in the past. This will provide the foundations for forecastable, attractive income in future. In view of the acquisitions made in 2009, which will contribute to the company’s earnings in full for the first time this fiscal year, we are forecasting a further increase in revenues and income in the Real Estate segment in 2010 as a whole. That is why we have confirmed the forecasts we already published.”