Category: Corporate News

Corporate News

VIB Vermögen continues profitable growth path successfully in Q3 2020

– Revenue increases by 4.1 percent to EUR 70.4 million in the first nine months 2020

– FFO increased by 4.4 percent to EUR 38.1 million

– Consolidated net income increases significantly by 21.7 percent to EUR 46.4 million

– Guidance for the full year 2020 confirmed once again by the Board of Management

Neuburg/Danube, November 11, 2020 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial real estate, continued its growth course in the third quarter of 2020. In a challenging market environment, both revenues and earnings were increased. In the first nine months of 2020, revenues grew to around EUR 70.4 million – an increase of 4.1 percent compared to the same period of the previous year. EBT adjusted for valuation effects and special items improved by 3.9 percent to EUR 43.5 million, compared to EUR 41.9 million in the same period of 2019. Due to positive valuation effects, consolidated net income increased significantly by 21.7 percent year-on-year to EUR 46.4 million.

The financial impact of the Corona Crisis remained manageable in the period under review. Individual agreements were reached with some of the tenants in our portfolio as a result of the Corona Crisis. In this context, as of October 30, 2020, VIB has granted rent deferrals in the amount of EUR 550 thousand (July 31, 2020: EUR 575 thousand) and in individual cases also waived rents in the amount of EUR 376 thousand (July 31, 2020: EUR 330 thousand).

Further expansion of real estate portfolio
During the course of the year, the VIB Group’s real estate portfolio was continuously expanded and comprised a total of 113 properties with a total rental area of 1.19 million sqm on September 30, 2020. The vacancy rate remained at a pleasingly low level of 2.6 percent.

The Amazon distribution center in Gersthofen was completed on schedule in the third quarter and handed over to the tenant. A logistics property with 7,500 sqm of warehouse and office space was built on the site, which has excellent infrastructural links. In addition to hall and office space, the long-term lease agreement also includes large open spaces for Amazon delivery vehicles. In terms of sustainability, it is pleasing to note that preparatory investments have already been made in the infrastructure in order to completely convert the vehicle fleet to electric mobility if required. In addition, a photovoltaic system will be installed on the roof of the logistics complex.

“We will consistently pursue our sustainable growth strategy. For the realization of future project developments, we have a land pipeline with a potential usable area of around 120,000 sqm. On top of that, we have around 40,000 sqm that we can use for projects as part of our joint venture with WDP. In addition, we are constantly reviewing opportunities to expand our real estate portfolio through targeted acquisitions,” says Martin Pfandzelter, CEO of VIB Vermögen AG.

Further increase in key operating figures achieved
In the period under review, the portfolio generated funds from operations of EUR 38.1 million – an increase of 4.4 percent over the previous year. Accordingly, FFO per share increased by 6 cents to EUR 1.38. The diluted and undiluted NAV (Net Asset Value as defined by the European Public Real Estate Association; EPRA) increased to EUR 642.9 million in the reporting period (December 31, 2019: EUR 613.0 million). As a result, NAV per share increased from EUR 22.23 to EUR 23.31.

The long-term effects of the Corona pandemic are still not foreseeable at this time. However, due to the Company’s stable positioning and the course of business to date, we currently do not expect any significant negative effects on the Company’s earnings situation in the current fiscal year. We therefore confirm the guidance for the current fiscal year 2020 given in the Annual Report 2019.

The complete interim report for the third quarter of 2020 is available at www.vib-ag.de

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 years. It 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.

Acquisition of logistics facility in Bottrop (North Rhine-Westphalia)

Gelsenkirchen plot ready for development

WVI, the joint venture of WDP and VIB, has acquired an existing multitenant property in Bottrop (North Rhine-Westphalia – Germany), which is fully leased on a long-term basis. This property is the joint venture’s second acquisition, after last year’s acquisition of a plot of land for future development of around 40,000 m² at Gelsenkirchen (Germany).

Acquisition of logistics facility in Bottrop

WVI, the joint venture of WDP and VIB^[1], which has been founded last year for regional expansion of both companies in the German regions of North Rhine-Westphalia, Bremen and Hamburg, has acquired an existing property in Bottrop in North Rhine-Westphalia. The multitenant warehouse space of around 13,000 m² is leased on a long-term basis. The property, which has good third-party usability, is located very centrally in the Ruhr area between Duisburg and Gelsenkirchen in an established commercial area with excellent motorway connections.

Gelsenkirchen plot ready for development

Together with the formalisation of the joint venture last year^[2], WVI acquired a plot of land of around 80,000 m² for future development of a logistics facility at Gelsenkirchen. The plot is part of an industrial zone and will accommodate two new logistics warehouses for development, with a surface of around 20,000 m² each. The joint venture now confirms that the acquisition will be finalised by the end of October 2020 when the remediation works by the seller have been completed. The building permit has been granted as well. The commercialisation of this brownfield development is in full swing. More information on this future development is available here.

Gelsenkirchen is located in the heart of Germany’s North Rhine-Westphalia. With direct connection to various federal motorways, the region of Gelsenkirchen has an excellent infrastructure with supra-regional and European significance and is a convenient location in the middle of the Ruhr area, supported by several airports within proximity. The public canal port has a trimodal connection (rail, road, water) and is the port with the highest turnover on the Rhine-Herne Canal.
 

“We are very pleased that in our joint venture, we are now able to realize the first acquisition of an existing building and that we will thus immediately generate rental income within our first business year. The Ruhr region in North Rhine-Westphalia has been a leading logistics location for many years, and the property in Bottrop corresponds exactly to our investment focus.”

Martin Pfandzelter – CEO, VIB Vermögen
 

“Next to the strategic development site at Gelsenkirchen, our joint venture can now add an existing warehouse site – fully let – to its property portfolio, emphasizing its ambition for geographical expansion and a broader coverage and service to its customers.”

Joost Uwents – CEO, WDP

More information

VIB Vermögen
Tilly-Park 1
86633 Neuburg/Danube Germany
www.vib-ag.de

Petra Riechert
Investor Relations
T +49 8431 9077 952
ed.ga-biv@trehceir.artep
 

VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for more than 25 years. It 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.

___

WDP NV/SA
Blakebergen 15
B-1861 Wolvertem
www.wdp.eu
ue.pdw@snoitalerrotsevni

Jost Uwents
CEO
ue.pdw@stnewu.tsooj

Mickael Van den Hauwe
CFO
ue.pdw@ewuahnednav.leakcim

WDP develops and invests in logistics property (warehouses and offices). WDP’s property portfolio amounts to more than 5 million m². This international portfolio of semi-industrial and logistics buildings is spread over around 250 sites at prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg, Germany and Romania.

WDP NV/SA – BE-REIT (public regulated real estate company under Belgian law)

Company number 0417.199.869 (Register of legal entities of Brussels, Dutch section)

^[1] This joint venture is based on a 50/50 partnership.

^[2] See press release of 19 December 2019.

Corporate News

VIB Vermögen expands portfolio with further in-house developments

Neuburg/Danube, September 18, 2020 – VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial real estate, is building a logistics hall with a usable area of around 7,100 square meters in the Interpark near Ingolstadt, and is expanding the business park in Regensburg by a further 3,200 square meters.

A property with a rentable area of around 7,100 square metres is being built on an existing plot of land in Germany’s largest contiguous business park, which has an excellent infrastructure. A tenancy agreement for this property with a long-term tenant for a term of 10 years from completion was already agreed before construction work began. The handover to the tenant is planned for April 2021.

In Regensburg, the company will expand the existing businessPark property by a further 3,200 square metres of office space, one quarter of which has already been let and is expected to be completed by early May 2021.

“The Interpark location near Ingolstadt is proving to be a very stable basis for our portfolio, as is the businessPark in Regensburg. This has already been demonstrated by the early extensions to the rental agreements with one of our top 10 tenants in Interpark,” commented Martin Pfandzelter, VIB Vermögen AG’s CEO. “The fact that we are once again constructing a property with a long-term rental agreement confirms the quality of the location,” he adds.

Contact
Investor Relations:
VIB Vermögen AG
Petra Riechert Tel.: + 49 (0)8431 9077-952
Tilly-Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Donau E-Mail: ed.ga-biv@trehceir.artep

Profile of VIB Vermögen AG
VIB Vermögen AG is a medium-sized company specialising in commercial real estate management that has been operating successfully for 25 years. It 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 builds a logistics property with around 9,400 m² for e-commerce in Eslarn

Neuburg/Danube, 16.09.2020 – The VIB Vermögen AG, a company specializing in the development, acquisition and maintenance of commercial properties, is expanding its real estate portfolio with its own development of a logistics property in the Zankeltrad industrial park in Eslarn near Waidhaus on the Czech border.

Parallel to the acquisition of the property, which has a size of approx. 22,000 square metres, the lease agreement with Tech Data GmbH & Co. KG was concluded for a term of 10 years. The tenant is one of the world’s largest distributors of technology products, services and solutions. It will operate a returns centre in the e-commerce business at the Eslarn location. After completion, which is scheduled for April 2021, the property will have a rentable area of around 9,400 square metres, divided into hall and office space.

“We are very pleased that our project development for Tech Data allows us to construct a multi-functional building for returns management, which forms the basis for a long-term business relationship,” explains Martin Pfandzelter, CEO of VIB Vermögen AG.

Contact
Investor Relations:
VIB Vermögen AG
Petra Riechert Tel.: + 49 (0)8431 9077-952
Tilly-Park 1 Fax: + 49 (0)8431 9077-929
86633 Neuburg/Donau E-Mail: 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 25 years. It 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 increases revenue and earnings in the first half of 2020 thanks to profitable in-house developments

– Revenue increases by 2.9 per cent to EUR 46.4 million in the first six months of the year

– Adjusted EBT climbs by 3.7 per cent to EUR 28.7 million

– Logistics property with 7,500 m² of warehouse and office space completed for Amazon

– Forecast confirmed for the whole year

Neuburg/Danube, August 7, 2020 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, has once again
continued its growth trajectory in the first half of 2020.

During the reporting period, which includes the effects of the rental deferrals and waivers granted as a result of the Covid-19 pandemic, revenue rose by 2.9 per cent year-on-year, from EUR 45.1 million to EUR 46.4 million. EBT improved by 15.5 per cent in the first half of 2020, climbing from EUR 29.9 million to EUR 34.6 million. This increase was also influenced by the positive valuation result of EUR 5.9 million, which, in particular, is due to changes in the value of current in-house developments. When adjusted for valuation results, EBT increased by approximately EUR 1 million, or 3.7 per cent, from EUR 27.7 million to EUR 28.7 million. Consolidated net income climbed by 16.0 per cent year-on-year, from EUR 25.1 million to EUR 29.1 million.

“We are pleased that our in-house developments, which have thus far all been completed on time and on budget, are contributing to the continuous and profitable growth of the company. In these challenging times, it is also clear that our focus on the logistics sector enables further growth,” says Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG.

Funds from operations (FFO) from letting activities increased by 4.1 per cent year-on-year to some EUR 25.1 million. FFO per share improved accordingly by 4 euro cents to EUR 0.91.
In the reporting period, diluted and undiluted NAV (net asset value according to the definition of the European Public Real Estate Association [EPRA]) rose to EUR 643.7 million (December 31, 2019: EUR 612.9 million). NAV per share therefore rose from EUR 22.23 to EUR 23.34.

New addition to the portfolio after June 30, 2020
The development project for Amazon in Gersthofen, near Augsburg, was completed and handed over to the tenant at the beginning of July, four weeks ahead of schedule. Therefore, this project is not included in the indicators contained within the half-year report. A logistics facility with 7,500 m² of warehouse and office space has been developed at the site, which boasts superb infrastructure links. In addition to the warehouse and office space, the long-term rental agreement also covers large undeveloped areas for delivery vehicles.

“In terms of sustainability, we are particularly pleased that preparatory investments have
already been made so that, if necessary, the entire fleet can be served with sufficient charging capacity for electric vehicles,” explains Martin Pfandzelter, Chief Executive Officer of VIB
Vermögen AG. “The installation of a photovoltaic system on the roof of the logistics building is also part of our sustainability strategy.”

On the basis of the results to date – and subject to the assumption that there will be no significant deterioration in the economic situation in the second half of 2020, such as due to a second lockdown – we confirm the forecast for the 2020 financial year published in the 2019 Annual Report.

The full 2020 half-year report can be accessed at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 years. It 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

Annual General Meeting of VIB Vermögen AG resolves to increase the dividend for the eleventh time in a row

– Dividend climbs by almost eight per cent to EUR 0.70 per ordinary share

– Actions of the Managing and Supervisory Boards officially approved by a large majority

– New approvals granted for the creation of conditional and authorised capital

Neuburg/Danube, July 3, 2020 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, yesterday held its Annual General Meeting in virtual form for the first time. Some 51.3 per cent of the voting-entitled capital attended the web-based event. On account of the continued restrictions on public gatherings and to protect the health of all involved, VIB Vermögen AG chose to hold its Annual General Meeting in this manner. As expected, the actions of the members of the Managing and Supervisory Boards in the 2019 financial year were officially approved by a significant majority.

The joint proposal by the Managing and Supervisory Boards to distribute a dividend of EUR 0.70 per ordinary share with dividend rights for the 2019 financial year was also met with widespread approval (previous year: EUR 0.65 per share).

A broad majority were also in favour of the agenda items authorising the Managing Board to create authorised and conditional capital, each of which in an amount of up to ten per cent of share capital. The corresponding fixed-term authorisations issued in July 2015 expired at the end of June 2020. The Managing Board has not previously made use of such options.

“We are pleased that we have once again increased the dividend year-on-year. As such, we are sending a strong signal to the capital market in these challenging times. With a solid financing structure and a clearly defined investment strategy, we have been pursuing a sustainable growth trajectory for more than 25 years,” remarks Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 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 AG publishes its first EPRA Sustainability Report

Neuburg/Danube, June 10, 2020 – VIB Vermögen AG, a company specialising in the
development, acquisition and portfolio management of commercial properties, has today
published its first EPRA Sustainability Report. The report covers the 2019 fiscal year and is guided by the EPRA Best Practice Recommendations on Sustainability Reporting, which
represent the definitive European assessment standard for the property sector.

In the report, VIB focuses on environmental and social issues as well as corporate governance, thus supplementing its regular reporting around the key EPRA indicators, which have been an
integral component of the Annual Report for several years.

“By publishing myriad information on non-financial aspects, we aim to provide our stakeholders with an even more transparent insight into our company and thus further bolster the trust of our business partners in the long term,” explains Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG, adding: “The inclusion of sustainability aspects within our value chain has always been of crucial importance and will continue to influence our corporate decision-making.”

The full EPRA Sustainability Report can be accessed at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 years. It 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 continues its successful growth trajectory in the first quarter of 2020

– Revenue increases by 4.0 per cent to EUR 23.4 million in the first three months of the year

– Adjusted EBT climbs by 4.9 per cent to EUR 14.6 million

– Forecast confirmed for the full financial year 2020

Neuburg/Danube, May 13, 2020 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, can look back on a strong opening quarter of the year. Between January and March 2020, revenue rose from EUR 22.5 million in the prior-year period to EUR 23.4 million in the period under review. Adjusted EBT improved by 4.9 per cent to EUR 14.6 million. Consolidated net income came in at EUR 12.2 million in the first quarter of 2020, which corresponds to an increase of roughly 5.4 per cent on the prior-year figure of EUR 11.6 million.

As of March 31, 2020, the real estate portfolio of VIB Vermögen consisted of 111 properties with a total rentable area of 1.18 million square metres. At 1.7 per cent, the vacancy rate remained extremely low compared with the rest of the industry. Funds from operations (FFO) from letting activities amounted to EUR 12.7 million in the period under review, which equates to an increase of 4.9 per cent/EUR 0.6 million. FFO per share also increased accordingly in the first quarter from EUR 0.44 to EUR 0.46.

NAV (net asset value) rose to EUR 625.6 million in the reporting period (December 31, 2019: EUR 613.0 million).

The effect of the temporary shutdown from 17. March 2020 has not yet affected the result in the first quarter of 2020.On account of the diversified structure of the portfolio, some 90 per cent of rents are not directly affected by the closures ordered by the authorities. In the interests of long-standing business relations, however, VIB is offering solutions for individual tenants who have been directly affected by the crisis. In most cases, this means granting deferrals, but – where legitimate exceptional circumstances apply – also includes rental waivers. Including these agreements, over 92 percent of the rents for the month of April 2020 have been received.
During the first quarter 2020, important groundwork was laid in terms of maintaining and
expanding the portfolio. On the one hand, the company extended the rental agreement for its largest property to date (55,000 square metres at Interpark in Kösching) for a further five years with the current tenant, a car manufacturer. On the other hand, work at the company’s
construction sites is progressing as planned. At the present time, it is anticipated that the
two-storey logistics facility being developed at Interpark near Ingolstadt and the e-commerce distribution centre being built for Amazon in Gersthofen – which, together, will increase the size of the portfolio by about 95,000 square metres – will be handed over on schedule. What’s more, the company boasts a healthy site pipeline for the next few years that offers potential for a further 130,000 or so square metres of useful rentable space.

“We are pleased that, despite the current challenging economic environment, we are able to send positive signals for the current fiscal year with our solid quarterly figures and operational successes in terms of rental renewals and the development of new projects,” explains Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG.

On the basis of the results to date and subject to the further macroeconomic effects of the
coronavirus crisis, the Managing Board of VIB Vermögen AG confirms its forecast for the 2020 fiscal year as a whole, as issued in the 2019 Annual Report. This anticipates a further rise in revenue to between EUR 91.0 million and EUR 97.0 million. EBT, before valuation effects and extraordinary items, is expected to reach between EUR 55.0 million and EUR 59.0 million. FFO is expected to rise to between EUR 48.0 million and EUR 52.0 million.

The full interim report for the first quarter of 2020 can be accessed at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 years. It 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.

2019 financial results

VIB Vermögen confirms positive results for the 2019 financial year

– Revenue rises by 4.8 per cent to EUR 91.0 million

– Adjusted EBT increases by 8.2 per cent to EUR 56.0 million

Neuburg/Danube, April 30, 2020 – VIB Vermögen AG, a company specialising in the
development, acquisition and portfolio management of commercial properties, closed the 2019 fiscal year with very strong results. The previously published interim IFRS figures for the Group for the 2019 fiscal year have therefore been confirmed. During the reporting period, revenue increased by 4.8 per cent to EUR 91.0 million (previous year: EUR 86.8 million), chiefly due to new additions to the portfolio.

Changes in value for investment properties amounted to EUR 22.3 million in the year under review (previous year: EUR 19.5 million). Expenses for investment properties climbed to EUR 16.1 million (previous year: EUR 15.0 million). Personnel expenses at the Group rose slightly from EUR 3.7 million to EUR 3.9 million. Other operating expenses remained on a par with the previous year’s level at EUR 1.8 million (previous year: EUR 1.8 million).
 

Sharp climb in earnings recorded
On account of the ongoing favourable financing conditions, expenses for the financing of the portfolio were reduced to EUR 15.0 million (previous year: EUR 15.6 million). When adjusted for valuation effects, earnings before tax (EBT) rose sharply by 8.2 per cent, or EUR 4.2 million, to EUR 56.0 million (previous year: EUR 51.7 million). Consolidated net income therefore
increased accordingly by 9.2 per cent to EUR 65.4 million in 2019 (previous year: EUR 59.9 million). Given the 27.6 million shares, it also corresponds to earnings per share of EUR 2.29 (previous year: EUR 2.09).

Equity increased by EUR 49.7 million to EUR 577.3 million in the period to December 31, 2019 (31/12/2018: EUR 527.6 million). The equity ratio remained virtually unchanged at 42.5 per cent (31/12/2018: 42.7 per cent).

Further improvement in key property portfolio figures
As of year end, the portfolio of the VIB Group comprised 109 properties, with a balance sheet value of EUR 1.3 billion. The net asset value (NAV) of the company climbed to EUR 613.0 million as of December 31, 2019 (31/12/2018: EUR 559.9 million). Given the number of outstanding shares, it increased by 9.5 per cent to EUR 22.23 per share (31/12/2018: EUR 20.30 per share). Funds from operations (FFO), as an indicator of the company’s operating cash inflow, were improved in the year under review, rising by 7.9 per cent from EUR 1.64 per share to EUR 1.77 per share.
 

Continuation of growth strategy through in-house developments
In particular, in-house developments at VIB Vermögen will once again, from todays perspective, lead to a rise in rentable space, and therefore higher rental income, in 2020.
At the current time, revenue is expected to come in at between EUR 91.0 million and EUR 97.0 million. Excluding valuation effects and extraordinary items, EBT is expected to reach a level between EUR 55.0 million and EUR 59.0 million. FFO (funds from operating activities) is
expected to rise to between EUR 48.0 million and EUR 52.0 million in the 2020 fiscal year.
 

Impact of the coronavirus crisis on VIB Vermögen currently manageable
The VIB Vermögen properties from the core business segment of logistics/light industry account for by far the largest portion of annualised net basic rents in the VIB portfolio and are not
currently affected by the closures ordered by the authorities in connection with the coronavirus pandemic. The same applies to VIB Vermögen retail units in the grocery and chemist segments, as well as depending on regional legislation for home improvement stores and garden centres. Therefore, properties that make up a total share of more than 90 per cent of rental income are not directly affected by the closures. By contrast, tenants in the department store and clothing segments, as well as smaller retail units and restaurants, are substantially being affected by the ordered closures. As such tenants account for less than 10 per cent of consolidated rental
income, the risk for the VIB Group as a whole, however, remains limited.

In the interests of continuing long-standing and successful business relations, VIB Vermögen is currently working on individual solutions with most of the tenants who are facing a direct and existential threat. In total, agreements have been concluded in an amount of some EUR 2 million; these mainly include rental deferrals, but – where legitimate exceptional circumstances apply – may also include rental waivers.

“We are in close contact with affected tenants, the aim being to work together in a constructive and flexible way to find solutions that are viable and feasible for both parties against the challenging backdrop of coronavirus,” explains Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG. “In our view, this is yet another component of a sustainable and future-oriented business policy,” adds Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG.

The 2019 Annual Report, as well as an up-to-date corporate presentation, is available for
download at www.vib-ag.de.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 years. It 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 now developing delivery station for Amazon near Augsburg

Neuburg/Danube, April 22, 2020 – VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, is further expanding its real estate portfolio with the in-house development of a logistics facility.

On an existing site in Gersthofen, which boasts excellent infrastructure links, a property is being developed that, following completion, will boast rentable warehouse and office space measuring some 7,500 square metres. The rental agreement, which covers both warehouse space and undeveloped space, has – as usual – been concluded on a long-term basis. Amazon will use the facility as a delivery station for the Augsburg region. VIB Vermögen AG expects that the site will be completed in summer 2020, on time and on budget.

“With the project in Gersthofen, we are responding to demand for creative e-commerce solutions in Germany. We are delighted to be able to send a positive signal of continuity in the turbulent times of the coronavirus crisis,” says Martin Pfandzelter, Chief Executive Officer of VIB Vermögen AG.

Contact

Investor Relations:

VIB Vermögen AG
Petra Riechert Tel.: +49 (0)8431 9077 952
Tilly-Park 1 Fax: +49 (0)8431 9077 929
86633 Neuburg/Danube, Germany 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 25 years. It 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.