Vivacon AG

euro adhoc: Vivacon AG
quarterly or semiannual financial statement
VIVACON AG boosts net income by 52% to EUR 31.7m in 9M 2007

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9-month report


In 9M 2007, VIVACON AG (ISIN DE0006048911) sold a total of 7,528 residential and commercial units (9M 2006: 7,659) and thus reached a transaction volume of EUR 342.6m (9M 2006: 352.4m). Revenues according to IFRS increased by 49% to 117.8m (9M 2006: EUR 78.9m), despite further investments in personnel and organisational structures EBIT amounted to EUR 39.2m and reached almost the same amount as last year (9M 2006: EUR 39.8m). Earnings from the creation of new ground lease contracts are solely generated through sales to third parties and do not represent write-ups of unsold residential portfolios, which are recognized at their acquisition costs in the balance sheet.

EBT increased by 12.7% to EUR 33.2m (9M 2006: EUR 29.5m) and net income reached EUR 31.7m following EUR 20.9m in 9M 2006, which is an increase of 52%. Earnings per share (undiluted) amounted to EUR 1.63 in 9M 2007 in comparison to EUR 1.08 in 9M 2006. By the end of September 2007, the order backlog reached EUR 117.7m, which is an increase of 53% against the EUR 76.9m at the end of September 2006.

In comparison to Q3 2006, in which the company sold two larger portfolios in the institutional investor segment, no portfolio sales were recorded in Q3 2007. The transaction volume therefore declined to EUR 14.2m (Q3 2006: EUR 225.2m). Revenues in Q3 2007 reached EUR 60.3m (Q3 2006: EUR 30.3m), EBIT amounted to EUR 20.4m (Q3 2006: EUR 29.9m), EBT reached EUR 11.6m (Q3 2006: EUR 24.3m) and net income was EUR 16.7m in Q3 2007 in comparison to EUR 17.1m in Q3 2006. In Q3 2007 the disolution of deferred tax provisions positively influenced the tax result by approximately EUR 10m. Earnings per share (undiluted) amounted to EUR 0.86 (Q3 2007) in comparison to EUR 0.89 in Q3 2006.

VIVACON AG owned 10,300 units at the end of September, of which -  as already announced - 1,000 units were sold in Q4. Currently, the company is in advanced negotiations about disposals of several thousand further units and expects deal closings in the coming weeks. The management reiterates its communicated full-year guidance of a net income of EUR 54-58m (FY 2006: EUR 45.9m).

EUR 10m or 31% of 9M EBT was already generated through asset returns (net rents, ground leases) or asset management compensation with a recurring character. Visibility of the full-year guidance increased significantly by the published 9M results. At the end of September, VIVACON AG generated more than 50% of estimated full-year net income, which is very high in a historic comparison. (9M 2001-2006: below 20% on average). The annual ground lease cashflow, which is marked by long durations, high security and automatic inflation adjustments amounted to approximately EUR 12m at the end of September.

Including further planned portfolio acquisitions, VIVACON AG expects some 6,000 owned units at the end of the year. These units are currently prepared for a sale in Q1 2008 by the inhouse asset management team of the company. Management is very confident about the future operating business of the company due the visibility of the approximately EUR 118m order backlog at the end of September as well as a concrete project pipeline in the landmark and development segment of some EUR 173m.

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ots Originaltext: Vivacon AG
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Further inquiry note:
Michael Schroeder
+49 (0) 221 93761-256

Branche: Real Estate
ISIN:      DE0006048911
WKN:        604891
Index:    CDAX, SDAX, Prime All Share, Classic All Share
Börsen:  Börse Frankfurt / official dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse München / official dealing

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