VIB Vermögen confirms record results for 2013
VIB Vermögen AG has reported record results in terms of key revenue and earnings figures for 2013.
The company grew its total operating revenue by 8.7 per cent to EUR65.7 million, and its earnings before tax (EBT) by 15.3 per cent to EUR35.1 million (previous year: EUR30.4 million).
Consolidated net income rose even faster, rising to EUR29.0 million (previous year: EUR25.5 million).
Undiluted earnings per share amounted to EUR1.16 (previous year: EUR1.09), while diluted earnings per share stood at EUR1.15 (previous year: EUR0.99).
VIB Vermögen AG sees further income growth in 2014, and higher profitability. The company anticipates total operating revenue of between EUR69.0 million and EUR72.0 million, EBIT of between EUR50.5 million and EUR52.0 million, and EBT of between EUR29.0 million and EUR30.5 million (in each case before valuation effects and extra-ordinary items).
The management is proposing to the 2014 AGM that it approves a 12.5 per cent year-on-year higher dividend of EUR0.45 per share.
Peter Schropp, managing board member responsible for real estate, will step down from the managing board of VIB Vermögen with effect as of 30 September 2014 in order to take on new professional challenges.
Martin Pfandzelter has been appointed as the new managing board member responsible for real estate from 1 October 2014. Pfandzelter has more than 21 years of experience in the financial area, 16 of which were spent in real estate financing at Deutsche Bank and at Hypothekenbank Frankfurt AG (formerly Eurohypo AG).
Ludwig Schlosser, CEO of VIB Vermögen AG, says: "On behalf of VIB Vermögen AG, I would like to thank Peter Schropp for our outstanding collaboration over the past years. Together, we have made VIB Vermögen AG one of the most attractive real estate shares in Germany. We would like to wish him all the best for the future, and we are glad that he will continue over the course of the coming half year to contribute to VIB Vermögen AG's successful future. At the same time, I am pleased to welcome his successor Martin Pfandzelter on board, a proven expert in the commercial real estate sector."
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