Author: maik

VIB Vermögen AG presents successful financial year 2023

• Gross rental income as planned at EUR 86.9 million
• Funds from Operations (FFO) at EUR 72.6 million at upper end of guidance range
• Consolidated net income of EUR 130.8 million due to successful sales
• Retention of profits also planned for 2023
• Guidance 2024: FFO before taxes and minorities between EUR 62 and 68 million

Neuburg/Donau, 30 April 2024. VIB Vermögen AG (“VIB”), a company specializing in the development, acquisition and portfolio management of commercial properties, looks back on a successful fiscal year 2023, even in times of a challenging market environment. VIB fully achieved the 2023 guidance. Strategically, VIB not only further increased its focus on the logistics and light industrial segment, but also built a profitable and liquidity-rich second business area, Institutional Business, within a year.

„Last year, we achieved our strategic goals as well as our guidance. We will continue to work on the consistent implementation of our strategy, even in the current challenging market environment,“ explains Dirk Oehme, speaker of the Managing Board of VIB.

Gross rental income and FFO at upper end of guidance range
At EUR 86.9 million, gross rental income was slightly below the previous year (EUR 93.8 million) due to sales, but at the upper end of the guidance (EUR 82-88 million). At EUR 72.6 million, funds from operations (FFO) were above the previous year’s level and also at the upper end of the communicated guidance (EUR 68-74 million). At 2.1%, the vacancy rate remains at a very low level.

Consolidated net income significantly above previous year’s level
Earnings from ordinary business activities increased significantly to EUR 151.7 million (previous year: EUR 61.9 million). This is primarily due to profits from property sales. For the same reason, consolidated net income also increased significantly, to EUR 130.8 million from EUR 54.7 million in the previous year.

Retention of profits also planned for 2023
To finance pending investments and project developments, the Managing Board and the Supervisory Board of VIB plan to propose to the Annual General Meeting to retent the profits of 2023.

FFO guidance between EUR 62 and 68 million
For the 2024 financial year, the Managing Board projects gross rental income in a range of EUR 72-78 million, below the 2023 level, due to the annualized effect of sales made during the year. Funds from operations (FFO) are forecasted between EUR 62 million and EUR 68 million. The company continues to plan for a vacancy rate in the low single-digit percentage range.

The 2023 annual report as well as an updated company presentation are available for download at www.vib-ag.de.

Contact

VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for over 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB Vermögen AG acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. Also, selective disposals are part of the business strategy. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.

VIB Vermögen AG acquires eight properties from Branicks

• Annualized rental volume of the eight properties of around EUR 13 million
• Transaction further strengthens operating business
• Confidence for positive performance in the 2024 financial year as well

Neuburg/Donau, 26 March 2024: VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, is acquiring 89.9% of seven real estate companies with a total of eight properties from its parent company Branicks Group AG for a purchase price of around EUR 99 million as part of a share deal. The eight properties generate annualized rents of around EUR 13 million.

The transaction further strengthens VIB’s successful, value-generating positioning and rental income. On 14 March 2024, VIB published results for the financial year based on preliminary figures that were above the previous year’s level and at the upper end of the communicated target.

“The substantial rental income from the acquired assets will help us to achieve a positive performance in 2024 as well,” commented Dirk Oehme, Speaker of the Board of VIB Vermögen AG, on the transaction.

The publication of the annual and consolidated financial statements and the annual report for the 2023 financial year is scheduled for 30 April 2024.

Contact

VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG
VIB Vermögen AG is a medium-sized company specializing in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for over 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB Vermögen AG acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. Also, selective disposals are part of the business strategy. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.

VIB Group with successful business in 2023,
preliminary figures confirm guidance

• Guidance fully achieved in the reporting year according to preliminary figures
• Funds from operations (FFO) of EUR 72.6 million at upper end of guidance
• Vacancy rate remains at a very good level of 2.1 %
• Publication of the consolidated financial statements is postponed to 30 April 2024

Neuburg/Donau, 14 March 2024. VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, looks back on a successful fiscal year 2023, even in times of a challenging market environment and has achieved its guidance for 2023 according to preliminary figures.

At EUR 86.9 million, gross rental income was at the upper end of the guidance (EUR 82.0-88.0 million). At EUR 72.6 million, funds from operations (FFO) were above the previous year’s level and at the upper end of the guidance.

In respect of the discussions regarding the financial stabilisation of the Branicks Group AG, VIB Vermögen AG is also postponing the publication of the annual and consolidated financial statements and the annual report for the 2023 financial year to 30 April 2024.

Contact

VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specializing in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for over 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB Vermögen AG acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. Also, selective disposals are part of the business strategy. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.

Press release

VIB Vermögen AG with a successful first half of 2023 

• Gross rental income of EUR 46 million as planned
• 7 percent increase in funds from operations (FFO) to EUR 37 million
• Consolidated net income up 80 percent to EUR 63 million
• Full-year forecast for 2023 confirmed

Neuburg/Danube, August 3, 2023. VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, can look back on a successful first half of 2023 in the face of a challenging market environment. Despite the sale of 31 retail properties as of March 31, 2023, gross rental income came to EUR 46.4 million and was, thus, almost on a par with the previous year. This performance was underpinned by the acquisition of logistics and light industrial properties in the second half of 2022 as well as ongoing rental indexing for portfolio properties.

“We are pleased with this high stability in the current difficult market environment. This is reflected in our cash flows and the consistently stable vacancy rate of our portfolio. In conjunction with DIC Asset AG, we are able to additionally build on our strength as a leading powerhouse for logistics. Our new Institutional Business segment promises additional and growing income. We want to actively take advantage of the opportunities arising from the market when it recovers in 2024,” explains Dirk Oehme, Speaker of the Board of VIB.

The real estate portfolio under the VIB Group’s umbrella comprises 158 properties as of 30 June 2023, the largest number in the company’s history. Of these, 83 are held in VIB’s in-house portfolio. A total of 75 properties have been held in the newly created Institutional Business segment since the beginning of the year. In this segment, VIB manages properties for external third parties, particularly institutional investors, generating lucrative property management fees for the company.

The sale of the retail property portfolio and the targeted acquisition of logistics properties in the second half of 2022 have additionally reinforced VIB’s focus as the logistics arm of the DIC Asset Group. Logistics and light industrial properties now account for 91 percent of the VIB Group’s total portfolio.

The real estate assets under management in the in-house portfolio were valued at EUR 2.0 billion as of the reporting date, while those attributable to the Institutional Business segment were valued at EUR 1.4 billion. Accordingly, real estate assets of a total of EUR 3.4 billion and a total floor space of 2.3 million square metres are under management, marking a further record in VIB’s history.

Increase in FFO and consolidated net income, vacancy rate still low

Funds from operations (FFO) before taxes and minority interests increased by 6.7% over the same period in the previous year to EUR 37.3 million, translating into FFO per share of EUR 1.13. Consolidated net income came to EUR 63.4 million, up from EUR 35.2 million in the previous year. This increase was also underpinned by gains from the sale of 31 retail properties to a special real estate fund at the beginning of the year.

The vacancy rate was also encouraging, remaining at a low 1.7% despite the challenging economic conditions in Germany. In this respect, VIB will be continuing its proven strategy of managing its property portfolio in-house through its own employees.

Full-year forecast for 2023 confirmed

In an ad-hoc bulletin published on July 7, 2023, VIB announced that it had signed a new loan agreement with DIC Asset AG. The resulting additional interest income will have a significant positive impact on funds from operations (FFO) as the main earnings indicator. This has prompted the Managing Board to raise the forecast published in the annual report for 2022.

VIB confirms the full-year forecast for 2023 adjusted on July 7, 2023 of gross rental income of between EUR 82.0 and 88.0 million (unchanged; 2022: EUR 93.8 million), funds from operations (FFO) in a range of EUR 68.0 to 74.0 million (previously EUR 58.0 to 64.0 million; 2022: EUR 71.2 million) and a vacancy rate as of December 31, 2023 of a percentage in the low single digits (unchanged; December 31, 2022: 1.4%).

The report on the first half of 2023 and the latest corporate presentation are available at https://vib-ag.de/.

Contact

VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG

VIB AG is a medium-sized company specializing in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for almost 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.

Press release

VIB Vermögen AG: Annual General Meeting approves all agenda items
 

• Net profit carried forward
• Managing Board and Supervisory Board discharged for financial year 2022
• Johannes von Mutius elected as Supervisory Board member

 
Neuburg/Donau, July 4, 2023. VIB Vermögen AG (“VIB”), a company specializing in the development, acquisition and portfolio management of commercial properties from the logistics and light industrial asset class, resolved all agenda items at today’s General Meeting in line with the recommendation of the management. On the basis of the joint proposal by the Managing Board and the Supervisory Board, the net profit for financial year 2022 of around EUR 53.9 million were carried forward to new account.

The Managing Board members Dirk Oehme (Speaker of the Board) and Nicolai Greiner, as well as the former Managing Board members Rainer Hettmer, Holger Pilgenröther and Martin Pfandzelter, were discharged of liability for the financial year 2022 with high approval rates. The Supervisory Board members Prof. Dr. Gerhard Schmidt (Chairman of the Supervisory Board), Jürgen Wittmann (Deputy Chairman of the Supervisory Board) and Sonja Wärntges were also discharged of liability by a large majority. Johannes von Mutius, who was appointed by court order in February 2023, was elected by today’s meeting as a new member of the Supervisory Board for a three-year term.

“Today’s voting results are a strong proof of confidence from our shareholders. We are continuously working to further expand VIB’s leading position as an expert for logistics and light industrial commercial properties,” commented Dirk Oehme.

The other items on the agenda also met with approval: BDO AG, Wirtschaftsprüfungsgesellschaft, Munich was appointed as auditor for the financial year 2023. In addition, the Annual General Meeting resolved necessary amendments to the Articles of Association for the future conduct of meetings. The update of Supervisory Board remuneration in connection with the modification in accounting policy in 2022 was approved today.

Contact

VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau

Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG

VIB AG is a medium-sized company specializing in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for almost 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.

Press release

VIB Vermögen AG: Changes to the Managing Board – Rainer Hettmer retires

Neuburg/Donau, June 20, 2023. VIB Vermögen AG, Neuburg/Donau (ISIN DE000A2YPDD0, WKN A2YPDD), a company specialising in the development, acquisition and portfolio management of logistics and light industrial commercial properties, announced today that Mr. Rainer Hettmer is retiring and will leave VIB Vermögen AG with effect as of June 30, 2023. Mr. Hettmer had been Head of Financing and Investments since January 2002 and had been a member of VIB Vermögen AG’s Managing Board since July 1, 2022. The Supervisory Board would like to thank Mr. Hettmer for his extraordinary contribution to VIB Vermögen AG’s growth and wishes him all the best for the future.

The Managing Board of VIB Vermögen AG continues to consist of Mr. Dirk Oehme, Spokesman of the Managing Board and responsible for Finance, and Mr. Nicolai Greiner, Managing Board member for Real Estate.

Contact
VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG
VIB AG is a medium-sized company specialising in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for almost 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.

VIB Vermögen AG with good results in fiscal year 2022 

• Gross rental income increases to EUR 93.8 million
• Funds from operations after taxes and non-controlling interest (FFO) at EUR 62.7 million
• Consolidated net income of EUR 54.7 million achieved
• Guidance 2023: FFO before taxes and non-controlling interest between EUR 58.0-64.0 million
• Suspension of dividend planned

Neuburg/Donau, 15 February 2023. VIB Vermögen AG (“VIB”), a company specializing in the development, acquisition and portfolio management of commercial properties from the logistics and light industrial asset class, looks back on a successful fiscal year 2022. In addition to the good result, VIB further strengthened its partnership with the DIC Asset Group in the past fiscal year and pooled the various competencies and resources. Both strategically and organizationally. VIB successfully entered the profitable and high-cashflow segment of asset management of properties for institutional investors at the end of 2022 and launched the new “Institutional Business” division with a substantial volume from day one.

“Our business model with an even clearer strategic focus on logistics and light industrial properties has proven to be extremely robust in an overall environment shaped by uncertainty. With the strong partner DIC at our side, we have created the basis for further growth. And this with reliable and sustainable cash flows from two profitable business divisions in the future,” explained Dirk Oehme, speaker of the Managing Board of VIB.

Gross rental income and FFO increased
Gross rental income increased to EUR 93.8 million in fiscal year 2022 (previous year: EUR 90.3 million). Additions to the property portfolio and rent indexations contributed in particular to this growth. As of the balance sheet date on December 31, 2022, the portfolio of VIB comprised 114 commercial properties with a rentable area of around 1.4 million square meters and a balance sheet value of around EUR 1.4 billion. The vacancy rate remained at a very low level of 1.4 percent (previous year: 1.2 percent). Funds from operations (FFO) as an indicator of the inflow of funds totaled EUR 62.7 million in the fiscal year (previous year: EUR 58.6 million). This results in FFO per share of EUR 2.22 (previous year: EUR 2.12).

Good group net income
The result from ordinary activities adjusted for special effects amounted to EUR 44.7 million (previous year: EUR 38.2 million). The special effects amounted to EUR 17.1 million (previous year: EUR -1.0 million) on a net basis. Income taxes amounted to EUR 7.4 million (previous year: EUR 6.9 million). The consolidated net income amounted to EUR 54.7 million). Despite an increase in the number of shares, earnings per share were EUR 1.90 (previous year: EUR 1.08).

Suspension of dividend for fiscal year 2022 planned
In order to promote the growth strategy and to strengthen liquidity for the further expansion of the business and upcoming investments in our project developments, the Managing Board and the Supervisory Board of VIB plan to propose to the Annual General Meeting that no dividend for fiscal year 2022 be paid.

Guidance for the financial year with FFO before taxes and non-controlling interest between EUR 58.0-64.0 million
Due to the adjustments of the income statement classification to the EPRA standards, the relevant key performance indicators of gross rental income, FFO before taxes and non-controlling interests, and the vacancy rate will be used as Guidance from 2023 onwards. Gross rental income and FFO before taxes and non-controlling interests will replace the previous key Guidance of revenue and adjusted profit from ordinary activities. Due to the currently very volatile interest rate environment, we refrain from forecasting our average interest rate. The Managing Board expects gross rental income of between EUR 82.0 million and EUR 88.0 million for the financial year 2023. Due to the sale of the retail properties – the transfer of ownership, benefits and burdens is expected to take place on March 31, 2023 – this range can only be compared with the previous year to a limited extent. The Guidance funds from operations (FFO), is expected to be in a range of EUR 58.0 to 64.0 million. Against the backdrop of the unchanged challenging environment, the company is planning a vacancy rate in the low single-digit range for the end of the current financial year 2023.

The 2022 Annual Report is available for download at www.vib-ag.de.

Contact
VIB Vermögen AG
Investor Relations:
Tilly-Park 1
86633 Neuburg/Donau
Tel.: + 49 (0)8431 9077-961
Fax: + 49 (0)8431 9077-1961
E-Mail: ed.ga-biv@llehcs-sednal.ajna

Profile of the VIB Vermögen AG
VIB Vermögen AG is a medium-sized company specializing in the development, acquisition and portfolio management of modern and sustainably profitable commercial properties. The company has been operating successfully on the market for almost 30 years. The focus is on properties in the logistics and light industrial asset class. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

Alongside direct acquisitions, VIB’s broad-based business model also comprises the entire spectrum of project development and redensification projects as part of a “develop-or-buy-and-hold” strategy: on the one hand, VIB acquires properties that have been let already, and on the other hand, it develops new properties from the ground up in order to permanently incorporate these into its own portfolio and generate rental income from them. In addition, VIB offers comprehensive property management services and solutions for institutional investors and holds interests in companies with real estate assets.