VIB Vermögen with significant growth in revenues and earnings in the first half of 2021
- Revenue increases by 9.3 per cent to EUR 50.7 million in the first six months of the year
- Adjusted EBT up significantly by 14.1 per cent to EUR 32.7 million
- Outlook confirmed for the year as a whole
Neuburg/Danube, 11 August 2021 - VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, continued to improve its financial performance indicators in the first half of 2021.
Revenue rose by 9.3 per cent from EUR 46.4 million in the same period of the previous year to EUR 50.7 million. Corona-related rental waivers remained at a low level and decreased from EUR 0.3 million in the previous year to EUR 0.2 million. Adjusted EBT improved significantly by 14.1 per cent in the first half of 2021, climbing from EUR 28.7 million to EUR 32.7 million. Consolidated net income rose by 8.1 per cent year-on-year, from EUR 29.0 million to EUR 31.4 million.
Funds from operations (FFO) from letting activities increased by 13.5 per cent year-on-year to some EUR 28.5 million. FFO per share improved accordingly by 12 euro cents to EUR 1.03. In the reporting period, diluted and undiluted NAV (net asset value) rose to EUR 699.2 million (December 31, 2020: EUR 666.3 million). NAV per share therefore rose from EUR 24.16 to
Rental agreements for three properties with a total usable area of some 62,000 m² were extended at the beginning of the year. Two in-house developments in Eslarn and Interpark near Ingolstadt were also added to the portfolio. They contribute with a lettable area of 16,500 m² to the result as of 1 April 2021. Rental income for the property in Ehningen, which has a lettable area of 9,100 m², will also make a positive contribution to earnings. The land pipeline was expanded with the addition of 63,000 m² of land in Meitingen. The future lettable area has been estimated at around 25,000 m², so VIB Vermögen AG increased its property pipeline to a potential usable area of some 138,000 m².
"The first half-year 2021 was again highly successful for our company. All three pillars of our business model contributed to this success. Significant extensions to rental agreements, portfolio additions and the expansion of our land pipeline all contribute to our sustainable, profitable corporate growth. We can therefore look to the future with optimism", said Martin Pfandzelter CEO of VIB Vermögen AG.
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 2021, due to further lockdowns, for example - the Managing Board of VIB Vermögen AG confirms the outlook for the 2021 financial year published in the 2020 Annual Report.
The full 2021 half-year report can be accessed at www.vib-ag.de.
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: email@example.com
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.
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