VIB Vermögen AG publishes final 2010 FY figures and 2011 forecast

VIB Vermögen AG, a company specialising in managing commercial real estate portfolios, has reported a marked improvement in both revenue and earnings according to final figures for the 2010 financial year. The real estate company, which is based at Neuburg on the Danube, Germany, generated total operating revenues of € 52.3 million on the basis of the IFRS accounting. This represents an increase of around 8.5% compared with the previous year's figure of € 48.2 million. Earnings before interest and tax (EBIT) amounted to € 35.4 million after deducting all operating costs (previous year: € 33.8 million). Both these earnings and the consolidated earnings before tax of € 12.8 million underscore the company's high profitability (previous year: € 14.4 million).

In sum, VIB Vermögen AG generated consolidated net income of € 16.9 million in the reporting year. This exceeds the previous year's figure of € 12.3 million by around 37%. The net retained profits in the separate, single-entity financial statements of VIB Vermögen AG, which are relevant for the dividend distribution, amounted to € 5.3 million (previous year: € 4.4 million). In view of this performance, the Management and Supervisory boards are proposing to the General Meeting to increase the previous year's dividend of € 0.25 to € 0.30 per share.

The promising start to the current business year enables the Management Board to issue a forecast for the 2011 financial year. Ludwig Schlosser, CEO of VIB Vermögen AG, anticipates a further stable business year: "Due to the positive operating trends, we are assuming that we will generate revenues of € 52 million over the full 2011 year." Peter Schropp, who is responsible on the Management Board for the Real Estate segment, went on to add: "Our declared objective is to further improve the earnings position. We expect earnings before interest and tax (EBIT) of around € 36 million for 2011, and earnings before tax (EBT) of approximately € 18 million, in each case before valuation effects."