Author: maik

2016 preliminary results
 

VIB once again grows successfully in the 2016 fiscal year

– Operating revenue rises by 5.6%

– Adjusted Earnings before tax (EBT) climb by 11.8%

– 2016 guidance fully met

– Proposed dividend increase of 7.8% to EUR 0.55 per share

– Further growth in revenue and earnings planned for 2017
 

Neuburg/Danube, March 22, 2017 – VIB Vermögen AG, a company specialising in the development and portfolio management of commercial properties, recorded strong increases in both revenue and earnings in the 2016 fiscal year. On the basis of the preliminary IFRS figures, operating revenue rose by 5.6% to EUR 79.9 million. In particular, this positive trend was driven by increased rental income from new investments in the last two years. Growth came within the anticipated range for 2016.

In the year under review, changes in value from investment properties came in at EUR 18.0 million (previous year: EUR 16.4 million). Expenses for investment properties fell to EUR 13.3 million due to a decline in maintenance expenses (previous year: EUR 13.6 million). Personnel expenses for the reporting period stood at EUR 3.8 million, compared with EUR 3.3 million in the 2015 fiscal year. Other operating expenses remained steady at EUR 1.6 million.

Strong growth in earnings
Overall, earnings before interest and taxes (EBIT), adjusted for valuation effects, rose sharply by 7.1% to EUR 61.1 million. Despite the investments made in the year under review and the associated increase in total liabilities, interest expenses remained steady at EUR 20.4 million. This was chiefly due to more favourable financing terms.

When adjusted for valuation effects and extraordinary items, earnings before tax (EBT) rose considerably by 11.8% to EUR 40.8 million. As a consequence, consolidated net income also improved by 12.2% to EUR 49.4 million. Given the number of shares, this equates to an increase of 17.1% in diluted and undiluted earnings per share, which now stand at EUR 1.71.

“In the year under review, we once again demonstrated that our finely tuned business model is still able to generate continuous growth and above-average increases in profitability – even in the face of a general yield compression on the property market. We recorded major successes, including the acquisition of high-yield properties, the start of construction work on two project developments at Interpark and the expansion of our pipeline with promising sites,” noted Martin Pfandzelter, Chief Executive Officer of VIB Vermögen. “On the financing side, our long-term strategy bore fruit. We still see potential for further reducing the average interest rate on our borrowings.”

As of the end of the 2016 fiscal year, equity had risen by EUR 36.8 million to EUR 443.5 million (31/12/2015: EUR 406.8 million), primarily as a result of the net retained profit achieved. The equity ratio stands at 39.7% (31/12/2015: 40.3%) and pays testament to the solid financing structure of the company.
Holger Pilgenröther, CFO of VIB Vermögen: “2016 was an excellent year for VIB Vermögen, and we want to reward our shareholders accordingly. We are a stock with a reliable dividend. Therefore, with the consent of the Supervisory Board, we will be proposing a dividend of EUR 0.55 per share (a rise of around eight per cent) to the Annual General Meeting.”

Improved portfolio indicators
The net asset value (NAV) of the VIB portfolio rose by 13.9% to EUR 470.1 million as of the balance sheet date (31/12/2015: EUR 412.8 million). Given the number of outstanding shares, it increased by 8.7% to EUR 17.05 per share (31/12/2015: EUR 15.69 per share). Funds from operations (FFO), as an indicator of the company’s operating cash inflow, improved considerably in the year under review, rising by 10.2% to EUR 1.30 per share, compared with EUR 1.18 per share in the previous year.

2016 saw VIB Vermögen press ahead with its proven strategy of investing in in-house developments and acquisitions within the sectors of logistics/light industry and retail. The company purchased a total of six sites for the purpose of completing in-house development projects: four of these sites are situated at Interpark Kösching near Ingolstadt, one is in Gersthofen near Augsburg and one is in Schwarzenbruck close to Nuremberg. The company also acquired two logistics properties in Wackersdorf and Uffenheim respectively.

Further growth anticipated for 2017
VIB expects to see increased growth from in-house developments in 2017. At Interpark Kösching near Ingolstadt, two project developments for the logistics sector are currently in the construction phase and are scheduled for completion in spring and summer 2017 respectively.
Overall, the company anticipates further revenue growth, coupled with sustained profitability, for the current fiscal year. Operating income is expected to increase to between EUR 81.5 million and 85.5 million. Furthermore, the company forecasts that EBIT will rise to between EUR 61.5 million and 64.5 million, and EBT to between EUR 43.0 million and 45.5 million (excluding valuation effects and extraordinary items in each case). Funds from operations (FFO) is expected to come in at between EUR 37.0 million and 39.5 million, which is higher than in the previous year.

The company will publish its final results for the 2016 fiscal year together with the 2016 Annual Report on April 26, 2017. A company presentation with details of the 2016 interim results can be found at www.vib-ag.de.
 

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. + 49 (0)8431 9077 952
Luitpoldstr. C70 Fax: +49 (0)8431 9077 973
86633 Neuburg/Donau Email: ed.ga-biv@trehceir.artep

Please note our new address from 27 March 2017:
Tilly-Park 1, 86633 Neuburg/Donau

Profile of VIB Vermögen AG (including BBI Immobilien AG)

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.

Corporate News

VIB Vermögen invests in sites with a total area of more than
100,000 m²

Neuburg/Danube, February 3, 2017 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has acquired two sites with a total area of 105,500 m² in highly attractive logistics regions within Bavaria.

In Gersthofen, near Augsburg, the company purchased a site measuring approximately 38,500 m², with a potential useful area of about 24,000 m² under the multifunctional usage concept. The site boasts an excellent infrastructure on account of connections to the A8 motorway and federal highways 2 and 17.

The second site is located in Schwarzenbruck, in close proximity to Nuremberg. On a site measuring approximately 67,000 m², 30,000 m² of rentable logistics space is planned that can be individually divided into sections of between 5,000 and 10,000 m².

Both sites, for which a building lease already exists, have been approved for industrial use and are currently being further marketed. Once tenants have been found, construction can begin shortly afterwards.

Furthermore, VIB is currently examining and securing further sites in other regions, such as Erding in the Greater Munich Area. These projects are at different stages of planning law development.

‘In a study led by bulwiengesa on logistics and property in 2016, the regions of Augsburg and Nuremberg were found to be highly attractive to logistics companies and were assigned a high demand as “hidden champions”. This shows that our most recent property acquisitions are spot on in terms of generating further portfolio growth on the basis of in-house developments. Combined with our successful operations at Interpark Kösching, the newly acquired sites underline our position as experts in logistics properties,’ explains Martin Pfandzelter, CEO of VIB Vermögen AG.

Contact
Investor Relations:

VIB Vermögen AG
Petra Riechert
Luitpoldstr. C70
86633 Neuburg/Donau
Tel: + 49 (0)8431 504-952
Fax: + 49 (0)8431 504-973
E-Mail: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. On the one hand, the company completely develops new properties with a view to permanently incorporating them into its portfolio and, on the other, acquires properties that are already rented. VIB also holds investments in companies with real estate assets.

VIB Vermögen continues to grow, with expansion in its logistics segment

– Operating revenue rises by 6.3 per cent to EUR 58.8 million in the first nine months of the year

– Adjusted EBT increases by 11.7 per cent to EUR 29.9 million

– Property portfolio exceeds the EUR 1 billion mark for the first time

– Guidance confirmed for 2016 as a whole

Neuburg/Danube, November 9, 2016 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, continued on its positive growth trajectory in the third quarter of 2016, increasing revenue and earnings in line with its own expectations. The company’s operating revenue rose by 6.3 per cent to EUR 58.8 million in the first nine months of 2016. This was chiefly due to ongoing expansion of the property portfolio, the indexing of rental agreements and a further decrease in the vacancy rate.

The positive revenue growth was also reflected in earnings in the first nine months of 2016. Adjusted earnings before interest and tax (EBIT) climbed by 6.9 per cent to EUR 45.2 million. The corresponding figure for the prior-year period stood at EUR 42.3 million. Adjusted earnings before tax (EBT) increased by 11.7 per cent to EUR 29.9 million, compared with EUR 26.8 million in the prior-year period. In terms of consolidated net income, VIB posted EUR 30.3 million in the period under review (last year: EUR 29.9 million).

FFO (funds from operations) improved in line with the increased earnings figures. As an indicator of cash inflow from operating activities, it rose by 9.9 per cent to EUR 26.2 million in the first nine months of 2016, compared with EUR 23.8 million in the previous year. FFO per share climbed by 10.5 per cent, from EUR 0.86 to EUR 0.95. The undiluted NAV (net asset value), i.e. the value of total assets less liabilities, increased by 5.8 per cent to EUR 436.6 million as of September 30 (Dec 31, 2015: EUR 412.8 million). The undiluted NAV per share stood at EUR 16.38 (Dec 31, 2015: EUR 15.69). This increase is primarily attributable to the high earnings that VIB Group properties have generated in the course of the year.

At Interpark in Kösching, two development projects in the logistics segment are currently in the implementation phase and are scheduled for completion in spring and summer 2017, respectively. Furthermore, the acquisition of two existing properties in Uffenheim and Wackersdorf will contribute to further growth in the future. All four properties are already rented in full and will generate initial rental yields of between 7.0 and 8.7 per cent.

“We have built on our strong market position in the logistics property segment over the first nine months of 2016. Owing to new acquisitions, our property portfolio has now exceeded the EUR 1 billion mark. We continue to see considerable growth potential in our preferred segments of logistics and retail,” explains Holger Pilgenröther, CFO of VIB Vermögen.

Taking into account the results of the first nine months of 2016, VIB Vermögen has confirmed the guidance for the 2016 financial year as a whole made in the 2015 Annual Report.

The complete Q3/2016 quarterly report of VIB Vermögen AG is available at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. +49 (0)8431 9077 952
Luitpoldstr. C70 Fax: +49 (0)8431 9077 1952
86633 Neuburg/Donau Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry and retail sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. On the one hand, the company completely develops new properties with a view to permanently incorporating them into its portfolio and, on the other, acquires properties that are already rented. VIB also holds investments in companies with real estate assets.

Corporate news

Further acquisition and portfolio optimisation for VIB Vermögen

Neuburg/Danube, October 18, 2016 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, is adding another logistics centre to its property portfolio. The investment volume for the property amounts to approximately EUR 21.9 million, with an initial yield of 8.7 per cent.

As the property will be acquired and added to the portfolio by October 2016, VIB Vermögen will receive rental income from the site straight away. A rental agreement, which is set to run until the end of 2019, is in place with a big-name sporting goods manufacturer. Due to regular investments, the property is in an excellent condition and boasts a total rental area of around 30,200 m². The building also features a flexible layout and optimum links to the local infrastructure. The logistics centre is the second property in the Bavarian town of Uffenheim – a place that boasts excellent transport links – to be included within the VIB Vermögen portfolio.

As part of ongoing portfolio optimisation, VIB Vermögen has also disposed of two smaller commercial properties with a total floor space of roughly 2,000 m². The two properties had a combined share of about 0.2 per cent of the total rental revenue. The total proceeds from the sale of the properties came in at about EUR 2.3 million, which was in excess of their fair value.

“In keeping with our growth strategy, we are pursuing our goal of portfolio expansion based on both in-house developments and the targeted acquisition of existing properties. With the newly acquired logistics centre, we are further strengthening our market position. VIB Vermögen is therefore underlining its status as one of the most important listed portfolio management companies in the logistics segment,” explains Martin Pfandzelter, Chief Operating Officer of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert
Luitpoldstr. C70
86633 Neuburg/Donau

Tel. +49 (0)8431 504 952
Fax: +49 (0)8431 504 973
Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: Firstly, VIB completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. Secondly, it acquires properties that are already rented. VIB also holds investments in companies with real estate assets.

Corporate news

VIB Vermögen places bonded loan in the amount of EUR 70 million

– Issue proceeds will finance further growth and projects

– Average interest rate for the total volume at an attractive 1.17 per cent

Neuburg/Danube, September 27, 2016 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has placed a bonded loan in the amount of EUR 70 million. Due to high demand, the issue was considerably oversubscribed, which is why the original issue volume of EUR 60 million was increased to EUR 70 million. The proceeds will be used to finance both new projects and those that have already been initiated.

The bonded loan was offered in conjunction with BayernLB and Kreissparkasse Biberach in two fixed-term tranches. The first tranche is worth EUR 57 million, has a term of 10 years and is subject to an interest rate of 1.28 per cent. The second tranche is worth EUR 13 million, has a term of 7 years and is subject to an interest rate of 0.7 per cent. By issuing the bonded loan, VIB Vermögen is optimising its financing mix on the debt side.

“Sustainable financing is part of the success of our company. Alongside traditional borrowing in the form of annuity loans, the flexible bonded loans constitute a further element of a balanced financing mix at VIB. The extremely attractive weighted average interest rate of just 1.17 per cent will have a positive impact on the overall average borrowing rate,” explains Holger Pilgenröther, CFO of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel. +49 (0)8431 504 952
Luitpoldstr. C70 Fax: +49 (0)8431 504 973
86633 Neuburg/Donau Email: ed.ga-biv@trehceir.artep

About VIB Vermögen AG

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy: Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.

2016 half-year results

VIB Vermögen: In-house developments drive up revenue and earnings

• Operating revenue rose by 7.3 per cent to EUR 39.1 million
• Adjusted earnings before tax (EBT) improved by 13.4 per cent to EUR 20.0 million
• Guidance for the 2016 financial year confirmed

Neuburg/Danube, August 11, 2016 – VIB Vermögen AG, a company specialising in the acquisition, development and portfolio management of commercial properties, has today published its results for the first half of 2016, which – as expected – show a considerable rise in revenue and earnings.

Increased growth and profitability
Based on increased rental income from properties completed in the 2015 financial year and a further improvement in the vacancy rate, total operating revenue rose by 7.3 per cent to EUR 39.1 million (H1/2015: EUR 36.5 million). With a slight increase in expenditure compared to the first half of 2015, earnings before interest and tax (EBIT), adjusted for the positive effects from value adjustments for investment properties, climbed by 8.5 per cent to EUR 30.2 million, compared with EUR 27.9 million in the previous year. As a result, adjusted earnings before tax (EBT) rose by 13.4 per cent to EUR 20.0 million (H1/2015: EUR 17.6 million). Consolidated net income rose considerably year-on-year by 25.3 per cent to reach a total of EUR 19.3 million (H1/2015: EUR 15.4 million).

FFO (funds from operations) as an indicator of the company’s cash inflow from operating activities climbed by 11.0 per cent in the first half of 2016 to a total of EUR 17.5 million (H1/2015: EUR 15.7 million).

The key balance sheet indicators also improved as a result of sustainable growth. Driven primarily by the increase in consolidated net profit, the equity ratio increased to 41.5 per cent (December 31, 2015: 40.3 per cent), whereas the LTV (loan-to-value) ratio fell to 51.7 per cent (December 31, 2015: 53.1 per cent). Due to the positive result and planned loan repayments, the company’s diluted NAV (net asset value) per share was up considerably to EUR 16.38 (December 31, 2015: EUR 15.63).

Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG: “We are delighted by the excellent first half of 2016. The results show that we are firmly on track to meet our targets for 2016. The key factors in this regard are, first and foremost, our new developments and the optimised financing structure.”

Operating activities dominated by further development of the property portfolio
In terms of operations, the first half of the 2016 financial year was dominated by extension and conversion work on existing properties, as well as the acquisition of selected sites in strong economic locations. For example VIB Vermögen acquired three further sites with a total area of 177,000 m² at Interpark Kösching near Ingolstadt, one of southern Germany’s most important industrial parks. Since the previous year, the company has also invested some EUR 1.2 million in the revitalization and modernisation of the City Center Gersthofen shopping centre. Furthermore, an existing property in Neuburg/Danube was enlarged for approximately EUR 1.7 million by 1,250 sqm to its new size of around 13,700 sqm. Following a three-month construction phase, the extension was handed over to the tenant on schedule in mid May.

“Overall, we continue to see a positive market environment with attractive growth prospects in the current financial year. Our aim is to continue growing by focusing on in-house developments supplemented by selective acquisitions. With this in mind, we have secured sites at economically strong, high-growth locations at an early stage. We aim to further pursue this strategy and are currently in detailed talks about further promising projects”, explains Martin Pfandzelter, Chief Operating Officer of VIB Vermögen AG.

Forecast for further growth in 2016
On the basis of the current course of business, the company is confirming the guidance for 2016 as a whole issued at the start of the year and expects a total operating revenue increase reaching EUR 78.0 million to EUR 82.0 million. Furthermore, adjusted EBIT is expected to come in at between EUR 58.0 million and EUR 61.0 million, with earnings before tax (EBT) excluding valuation effects and extraordinary items of EUR 38.0 million to EUR 40.5 million. The company also anticipates funds from operations (FFO) of between EUR 33.0 million and EUR 35.5 million in the current financial year.

The entire 2016 half-year report of VIB Vermögen AG can be accessed at www.vib-ag.de.

Contact

Investor Relations:

About VIB Vermögen AG

VIB Vermögen is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 20 years. The company focuses on properties from the logistics/light industry sectors in the economically strong southern German region. VIB’s shares have been listed on the Munich (m:access) and Frankfurt (Open Market) stock exchanges since 2005.

VIB’s business model is based on a “develop-or-buy-and-hold” strategy. Firstly, VIB acquires properties that are already rented. Secondly, it completely develops new properties in order to transfer them to its own portfolio on a long-term basis and generate rental income from them. VIB also holds investments in companies with real estate assets.