Author: Noel Schmitt

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.

Press release

Publication of inside information pursuant to Art. 17 of Regulation (EU) No. 596/2014
(Market Abuse Regulation)

VIB Vermögen AG launches open-ended real estate special fund with a volume of EUR 350 million – VIB Group intends to sell a portfolio with a total of 31 portfolio properties

VIB Vermögen AG, Tilly-Park 1, 86633 Neuburg/Donau (Germany), December 20, 2022

VIB Vermögen AG (“VIB”), Neuburg/Donau (ISIN: DE000A2YPDD0), is launching an open-ended special real estate fund VIB Retail Balance I (“Fund“) with a volume of EUR 350 million and an investment focus on food retail properties and specialist retail centers, and today decided to sell seven commercial properties from VIB’s existing portfolio to the Fund. A further 24 commercial properties are to be sold to the fund from the existing portfolio of its subsidiary BBI Bürgerliches Brauhaus Immobilien Aktiengesellschaft (“BBI“).

The fund’s total equity amounts to EUR 202 million. 49% of the fund’s equity is initially provided by VIB itself. The fund will be managed by IntReal Real Estate Kapitalverwaltungsgesellschaft mbH. The fund is expected to have a term of 10 years, with a target distribution yield of 4.9% p.a.. The real estate portfolio, which VIB will sell to the fund together with BBI, consists of local shopping centers, supermarkets and specialist stores in nine federal states.

The purchase price for the seven commercial properties of VIB will amount to around EUR 119 million and the purchase price for the 24 commercial properties from BBI’s portfolio to around EUR 189 million. The total transaction will lead to a disposal of annualized net rental income of around EUR 18 million from VIB Vermögen AG Group’s (“VIB Group“) (consolidated) income statement; this is offset by an expected income for VIB Group from the transaction of around EUR 65.6 million, of which around EUR 3 million will be received this year and the remainder in 2023. The VIB Group will take over the property management and thus generate ongoing management fees of an estimated EUR 1.2 million per year. With the sale of the properties by VIB Group, the VIB Group’s portfolio will be focused on the asset class logistics and light industry.

The purchase agreement for the sale of the real estate portfolio is to be notarized shortly. The execution of the purchase agreement is subject to the condition precedent of merger control clearance.

The Managing Board of VIB Vermögen AG

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

Important note
This publication constitutes neither an offer to sell nor a solicitation to buy securities.

Insofar as this publication contains forward-looking statements, these do not represent facts and are identified by the words “will”, “expect”, “believe”, “estimate”, “intend”, “aim”, “assume” and similar formulations. These statements express intentions, views or current expectations and assumptions of the VIB Vermögen AG and the persons acting jointly with it. The forward-looking statements are based on current plans, estimates and forecasts which the VIB Vermögen AG and the persons acting jointly with it have made to the best of their knowledge, but do not make any statement about their future correctness. Forward-looking statements are subject to risks and uncertainties that are mostly difficult to predict and are usually not within the sphere of influence of the VIB Vermögen AG or the persons acting jointly with it. It should be taken into account that the actual results or consequences may differ significantly from those stated or contained in the forward-looking statements. The VIB Vermögen AG does not assume any obligation to update such forward-looking statements or to adjust them to future events or developments.

New structure in the Supervisory Board

VIB Vermögen AG: Professor. Dr. Gerhard Schmidt elected Chairman of the Supervisory Board – Ludwig Schlosser remains on the Supervisory Board

• Prof. Dr. Gerhard Schmidt elected Chairman of the Supervisory Board on 13 December 2022
• Ludwig Schlosser remains on the Supervisory Board and Chairman of the Supervisory Board of BBI Bürgerliches Brauhaus Immobilien AG and BHB Brauholding Bayern-Mitte AG

Neuburg/Danube, 15 December 2022 – At the Supervisory Board meeting on 13 December 2022, Professor Dr. Gerhard Schmidt was unanimously elected Chairman of the Supervisory Board. Mr. Ludwig Schlosser will continue to be a member of the Supervisory Board of VIB Vermögen AG. Likewise, he will continue his offices as Chairman of the Supervisory Boards of BBI Bürgerliches Brauhaus Immobilien AG and BHB Brauholding Bayern-Mitte AG.

“I would like to thank Mr. Schlosser for his many years of constructive work as Chairman of the Supervisory Board of VIB Vermögen AG, and I am very pleased that he will continue to be a member of the Supervisory Board with his extensive experience,” said Professor Dr. Gerhard Schmidt, Chairman of the Supervisory Board of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Anja Landes-Schell      
Tilly-Park 1 | 86633 Neuburg a.d. 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 management of commercial real estate portfolios, which has been operating successfully for 25 years. The focus is on properties in 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, VIB acquires properties that have already been let, and on the other hand, it develops new properties from scratch in order to take them over permanently into its own portfolio and generate rental income from them. In addition, VIB holds interests in companies with real estate assets.