News from 08/14/2007
In Q2 2007, Vivacon AG improved its earnings before interest and taxes (EBIT) to €12.7mn (Q2 2006: €11.3mn). The pre-tax result increased 65% to €15.0mn, and a consolidated profit of €11.7mn was achieved—which corresponds to an increase of 80% over Q2 2006's result of €6.5mn. Relative to the corresponding period in 2006, Vivacon increased its EBIT in the first half of 2007 by 91% to €18.9mn. The board of directors affirmed its announced annual goal with a consolidated profit at a level of €54mn-€58mn.
DIC Asset AG: Earnings increased in first half of the year, additional acquisitions planned
DIC Asset AG has announced strong earnings' growth for the first half of 2007. Relative to the corresponding period in 2006, earnings for the first half of the year increased from €3.8mn to €19.2mn (a plus of €15.4mn—or 405%). In comparison to mid-year 2006, mid-year 2007's total income increased by €18.1mn to €132.2mn (plus 630%). Rental income increased from €12.1mn to €39.8mn (plus 229%) due to portfolio extension. With 947,000 m² of surface, the value of DIC Asset AG's property portfolio currently stands at €1.7bn. The firm plans additional acquisitions at a level of up to €1bn for the coming twelve to fifteen months.
Deutsche REIT: CFO dismissed, seven new properties acquired
Effective immediately, Deutsche REIT's board of directors dismissed Dr. Bernhard T. Wüstner as the firm's CFO on Friday (8/10). Until further notice, Wüstner's duties, which he had only assumed on 6/1/2007, will be taken over by Stephan Perthel, the management board spokesperson. What's more, the property company has announced the acquisition of a total of seven properties in, among others, Berlin, Dortmund, Hamburg, and Munich. The properties in question possess 12,232 m² of rentable area and yield an actual rent of around €1.44mn p.a. The purchase price amounts to a total of around €21mn, the occupancy rate is 96.6%.
Aareal Bank: Group's profit increased noticeably by mid-year
In comparison to the corresponding period last year, the Aareal Bank Group increased this year's mid-year net income by 74.5% to €89mn. The result is attributed to improved operative performance, as well as to special effects. The firm's operative result, adjusted for special effects, increased 24.3% to €87mn. In the structured property financing segment, the bank significantly increased its volume of new business by 37.2% to €5.9bn. International markets contributed around 90% to the new business. According to the words of its CEO Wolf Schumacher, the bank is not affected by the US mortgage crisis: “The bank has no direct or indirect engagements in the subprime market,� he said.