Vivacon AG

euro adhoc: Vivacon AG
Vivacon AG increases EBIT by 230% to EUR 67.2m and net income by 108% to EUR 34.7m in Q3 2008

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9-month report


Vivacon AG (ISIN DE0006048911) generated revenues of EUR 47.6m following EUR 60.3m in the quarter of the previous year. EBIT improved by 230% to EUR 67.2m (Q3 2007: EUR 20.4m) and pre-tax profit reached EUR 50.5m following EUR 11.6m in Q3 2007. The market valuation of hedging instruments (inflation and interest swaps) has negatively influenced the pre-tax profit by EUR -6.1m (Q3 2007: EUR -2.5m). Net income reached EUR 34.7m compared to EUR 16.7m in Q3 2007.

The acquisition of further ground lease portfolios with an annual ground lease cash flow of EUR 3.0m and especially the positive impact from the declined real interest rate level have contributed to the result improvement. Moreover the 43% revenue growth of the private investor segment has contributed to the solid group revenue growth.

The 9M 2008 figures look as follows: revenues amounted to EUR 126.1m (9M 2007: EUR 117.8m), EBIT resulted to EUR 87.1m (9M 2007: 39.2m), EBT was EUR 52.3m (9M 2007: EUR 33.2m) and net income reached EUR 34.7m following EUR 31.7m in 9M 2007.

In the 9M 2008, the undiluted EPS reached EUR 1.75 following EUR 0.86 in the same period of the previous year. Order backlog amounted to EUR 57.9m following EUR 117.7m at the end of September 2007.

Vivacon is currently in several negotiations about acquisitions of new ground lease portfolios as well as the disposal of real estate portfolios currently held for sale. At present, the German real estate market is characterized by significantly expanded negotiation processes and a strong decline in portfolio transactions due to the international financial crisis. Against the background of the difficult market environment and the uncertainty of future signing dates, the management board is not keeping up the previous communicated full-year net income guidance of EUR 60m.

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ots Originaltext: Vivacon AG
Im Internet recherchierbar:

Further inquiry note:
Sven Annutsch
Leiter Investor Relations & Corporate Finance
Tel: + 49 221 / 1305621 630

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

Weitere Meldungen: Vivacon AG

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