euro adhoc: Vivacon AG
other
VIVACON AG increases EBIT by 35% yoy to EUR
17.1m in Q2 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
6-month report
14.08.2008
VIVACON AG (ISIN DE0006048911) generated revenues of EUR 39.5m in Q2 2008, which was an increase of 20% in comparison to the second quarter of the previous year. Transaction volume declined to EUR 108.8m (Q2 2007: EUR 262.6m). In total, Vivacon sold 2,410 residential units to private and institutional investors in Q2 2008.
In Q2 2008, EBIT improved by 35% yoy to EUR 17.1m (Q2 2007: 12.7m) and EBT reached EUR 9.7m following EUR 15.0m in Q2 of the previous year. The market valuation of the hedging instruments (inflation and interest swaps) influenced the quarterly EBT positively by an amount of EUR 0.6m (Q2 2007: EUR +2.9m). Net income amounted to EUR 5.8m following EUR 11.7m in Q2 2007.
Earnings per share (undiluted) amount to EUR 0.29 in Q2 2008 (Q2 2007: EUR 0.60). Order backlog at the end of June 2008 amounted to EUR 77.5m following EUR 122.9m at the end of June 2007.
Vivacon acquired a number of ground lease portfolios in several transactions with an annual ground lease cash flow of approximately EUR 2.0m. In a portfolio transaction, another ground lease cash flow in the amount of EUR 0.86m was generated. The amount of initial annual ground lease cash flows amounts to approximately EUR 16.2m as at June 30th (30.06.2007: EUR 10.7m), of which 40% were generated in direct ground lease cash flow acquisitions.
The further acquisition of ground lease portfolios is a central focus of operating activities. Vivacon plans to acquire annual ground lease cash flows of up to EUR 10m in the current year and expects to achieve its full year guidance even without further significant portfolio trading activities. The management confirms its communicated full year net income guidance of EUR 60m.
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