dynamic performance

2023 half-year financial report of the VIB Vermögen AG

VIB VERMÖGEN AG | 2023 HALF-YEAR FINANCIAL REPORT

2

Group KPIs

in EUR thousand

1. HY 2023

1. HY 2022

Change in %

INCOME STATEMENT KPIS

Gross rental income

46,369

46,559

-0.4

Amortisation and depreciation on investment properties

11,718

13,035

-10.1

Earnings from ordinary business activities (EBT)

72,844

37,858

+92.4

Consolidated net income

63,424

35,153

+80.4

Earnings per share1 (in EUR), undiluted/diluted

1.98

1.25

+58.4

BALANCE SHEET KPIS

30/06/2023

31/12/2022

Total assets

1,795,990

1,586,409

+13.2

Investment properties

1,076,692

1,145,908

-6.0

Equity

809,039

744,754

+8.6

Equity ratio (in %)

45.1

46.9

-1.8 points

Net debt

538,248

667,867

-19.4

LTV (loan-to-value-ratio, in %)

25.6

28.9

-3.3 points

OTHER KPIS

1. HY 2023

1. HY 2022

FFO (Funds from Operations) before tax and minority interests

37,292

34,951

+6.7

FFO per share1 (in EUR)

1.13

1.26

-10.3

30/06/2023

31/12/2022

Share price (XETRA closing price, in EUR)

13.70

20.30

-32.5

Number of shares2

33,054,587

33,054,587

0

Market capitalisation

452,848

671,008

-32.5

ICR (Interest Coverage Ratio: interest expense/

27.4

13.2

+14.2 points

net basic rent, in %)

Average borrowing rate (in %)

3.50

1.77

+1.73 points

REAL ESTATE KPIS

30/06/2023

31/12/2022

Annualised net basic rent

82,766

99,597

-16.9

Vacancy rate (in %)

1.7

1.4

+0.3 points

Rentable space (in sqm)

1,170,476

1,365,381

-14.3

EPRA KPIS

1. HY 2023

1. HY 2022

EPRA earnings

32,311

29,418

+9.8

EPRA earnings per share (in EUR)

0.98

1.06

-7.5

30/06/2023

31/12/2022

EPRA NRV

1,734,226

1,737,064

-0.2

EPRA NRV per share (in EUR)

52.47

52.55

-0.2

EPRA NDV

1,543,286

1,530,026

+0.9

EPRA NDV per share (in EUR)

46.69

46.29

+0.9

EPRA NTA

1,481,920

1,471,098

+0.7

EPRA NTA per share (in EUR)

44.83

44.51

+0.7

EPRA vacancy rate (in %)

1.7

1.4

+0.3 points

  1. Average number of shares during the financial year
  2. Shares in issue as of the balance sheet date

VIB VERMÖGEN AG | 2023 HALF-YEAR FINANCIAL REPORT

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Contents

4

To our Shareholders­

  • Successful first half of 2023
  • Property portfolio
  • 2023 Annual General Meeting

6

Interim Management Report

  • Business report
  • Risks and opportunities
    9 Outlook

10

Interim Financial Statements

  1. Consolidated income statement (IFRS)
  2. Consolidated balance sheet (IFRS)

13 IR-Contact-Masthead

TO OUR ­SHAREHOLDERS

Successful first half of 2023 Property portfolio

2023 Annual General Meeting

INTERIM MANAGEMENT REPORT

Business Report

Risks and opportunities Outlook

INTERIM FINANCIAL STATEMENTS

Consolidated income statement (IFRS)

Consolidated balance sheet (IFRS)

IR-Contact

Masthead

VIB VERMÖGEN AG | 2023 HALF-YEAR FINANCIAL REPORT

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Successful first half of 2023

Despite global problems due to the war in Ukraine, high inflation and a sluggish economy, VIB Vermögen AG successfully closed the first half of 2023. All key indicators are in line with the forecasts issued at the start of the year and adjusted in July 2023. The sale of 31 commercial properties to a special property fund in December 2022 was completed as planned on March 31, 2023, with the transfer of ownership, benefits and encumbrances. Going forward, this sale enables VIB to focus even more closely on expansion of the core segment of Logistics/Light Industry.

Property portfolio

Overview

As of the balance sheet date of June 30, 2023, the in-house property portfolio of the VIB Group comprises a total of 83 properties with a total rentable area of 1.17 million sqm, whereas the Institutional Business portfolio, i.e. properties managed on behalf of third parties, comprises a total of 75 properties with a total rentable area of 1.17 million sqm.

The market value of the in-house property portfolio stands at EUR 2.0 billion as of June 30, 2023, with the market value of the Institutional Business portfolio amounting to EUR 1.4 billion. Overall, 158 properties with a total value of EUR 3.4 billion are therefore managed under the umbrella of the VIB Group; this represents considerable growth compared to previous years and reflects the expanded business strategy of VIB.

The vacancy rate, which stands at 1.7 % in the in-house portfolio and at 0.8 % in the Institutional Business portfolio, remains at a very low level compared with the rest of the sector. As of the end of the first half of the year, VIB's focus on the core segment of Logistics/Light Industry is also reflected in the structure of the in-house portfolio. This segment now accounts for 91 % of the portfolio as a whole, followed by retail properties at 4 %, offices at 3 % and service/other at 2 %. Logistics and light industrial properties account for 77 % of the Institutional Business portfolio.

Key real estate indicators at a glance, as of 30/06/2023

IN-HOUSE PORTFOLIO

Number of properties

83

Rentable space

1,170,476 sqm

Annualised net basic rents

EUR82,766 thousand

Vacancy rate

1.7 %

INSTITUTIONAL BUSINESS

Number of properties

75

Rentable space

1,169,464 sqm

Annualised net basic rents

EUR78,874 thousand

Vacancy rate

0.8 %

The VIB in-house property portfolio is characterised by an attractive average remaining term of rental agreements. As of the balance sheet date of June 30, 2023, this stands at four years and nine months (December 31, 2022: five years and three months), thus ensuring a high degree of predictability in relation to rental revenues.

TO OUR ­SHAREHOLDERS

Successful first half of 2023 Property portfolio

2023 Annual General Meeting

INTERIM MANAGEMENT REPORT

Wirtschaftsbericht

Risiken und Chancen

Prognosebericht

INTERIM FINANCIAL STATEMENTS

Consolidated income statement (IFRS)

Consolidated balance sheet (IFRS)

IR-Contact

Masthead

VIB VERMÖGEN AG | 2023 HALF-YEAR FINANCIAL REPORT

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2023 Annual General Meeting

At the Annual General Meeting for the 2022 fiscal year on July 4, 2023, which was once again held virtually, VIB Vermögen AG provided insights into the course of business in the previous year and explained the company's strategy and business model to its shareholders. The Annual General Meeting approved all agenda items with an overwhelming majority in each case.

For more information on the Annual General Meeting and details of voting results, please visit the company website at www.vib-ag.de.

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VIB Vermögen AG published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 05:33:37 UTC.