euro adhoc: Vivacon AG
Financial Figures/Balance Sheet
VIVACON AG boosts net
income to EUR 56.2m (+23%) in 2007 and increases dividends by 25% to EUR 0.50
per share
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
31.03.2008
VIVACON AG (ISIN DE0006048911) today announces it sold 13,157 apartments (2006: 12,946 units) with a total transaction volume of EUR 568m in 2007. As in the previous year, the majority of these transactions were disposals of individual asset-holding companies structured as share deals. Since only the realized margin is recognized as revenue in such share deals, group revenues reached EUR 193.8m in 2007, compared to EUR 124.4m in the year before (+56%). EBIT increased to EUR 82.1m (+5%) from EUR 78.5m in the previous year. Group net income improved to EUR 56.2m (+23%) from EUR 45.9m in 2006. Earnings per share increased to EUR 2.88 (+21%) following EUR 2.38 in the previous year. The company proposes the payment of a dividend for FY 2007 amounting to EUR 0.50 per share (+25%) at the upcoming annual general meeting.
In the course of 2007, the initial annual ground lease cash flows increased by 51% to EUR 14.2m. These ground lease cash flows in general have a maturity of 198 years, a super-senior ranking in the land register and offer 100% CPI inflation protection. As per December 31st 2007, the company owned c. 6,100 residential units on the balance sheet. In the meantime, the number of apartments owned has reached c. 6,900 units, which were acquired at an average gross yield of 8.3% and for an average price of c. EUR 592 per sqm. All units are recognized at original acquisition costs and without any real-estate write-ups. The total portfolio generates an annual rental income of c. EUR 22m and is currently prepared for upcoming portfolio disposals. In addition, the company has an interest in a further c. 4,800 units via the WIAG joint venture. In the development business VIVACON AG sold 380 units with a total volume of EUR 98.4m in 2007. Moreover, 11 new development projects comprising a total of 1,026 condominiums and a sales volume of EUR 427m were announced.
Following the majority acquisition of Curanis Group, which manages approximately 53,000 units with total assets under management of c. EUR 4bn, the company is now in an excellent and unique position to provide residential real estate investors in Germany with a complete range of services from real estate sourcing, asset management to property management from a single source.
In 2008, the management of VIVACON plans to sign several acquisition and management contracts with institutional investors as well as the direct acquisition of ground leases amounting to several million EUR of annual cash flows. VIVACON confirms its net income guidance of EUR 60m in 2008.
The 2007 results are still subject to the final auditors´ report and supervisory board approval expected for April 9th.
end of announcement euro adhoc
Further inquiry note:
Sven Annutsch
Head Investor Relations & Corporate Finance
Tel: + 49 221 130 5621 630
Sven.Annutsch@vivacon.de
VIVACON AG
Bayenthalgürtel 4
50968 Köln
Fax: + 49 221 / 130 5621 950
www.vivacon.de
Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX
International 100
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing