INTERIM ANNOUNCEMENT Q1 2017

Transcription

1 INTERIM ANNOUNCEMENT Q1 2017

2 KEY GROUP INDICATORS IN EUR THOUSAND 31/03/ /03/2016 Change in % Income Statement Revenue 20,383 19, Total operating revenue 20,422 19, Changes in value for investment properties 1,310 0 EBIT (earnings before interest and tax) 17,406 15, EBIT without valuation effects 16,096 15, EBT (earnings before tax) 12,692 10, EBT without valuation effects and extraordinary items 11,382 10, Consolidated net income 10,651 8, Earnings per share 1 (undiluted/diluted, in EUR) FFO (funds from operations) 9,818 8, FFO per share 1 (in EUR) Balance sheet 31/03/ /12/2016 NAV (net asset value) undiluted and diluted 481, , NAV per share, undiluted 2 and diluted 2 (in EUR) LTV (loan-to-value ratio, in %) pt. Other key financials 31/03/ /12/2016 Share price (Xetra closing price, in EUR) Number of shares on balance sheet date 27,579,779 27,579,779 0 Market capitalisation 589, , Average number of shares during the financial year 27,579,779 27,579,779 0 ICR (interest coverage ratio, interest expense/net basic rents, in %) pt. Average borrowing rate (in %) pt. Vacancy rate (in %) pt. EPRA performance indicators 31/03/ /03/2016 EPRA earnings per share (in EUR) /03/ /12/2016 EPRA NAV per share (in EUR) EPRA vacancy rate (in %) pt. 1 Average number of shares during the financial year 2 Shares in issue as of the balance sheet date

3 SHARE 1 KEY DATA (AS OF MARCH 31, 2017) Market capitalisation as of the balance sheet date (in EUR million) Number of shares (balance sheet date) 27,579,779 Share price as of the balance sheet date (XETRA, in EUR) Securities identification number (within Germany) Stock exchanges / market segment Munich: open market (m:access) Frankfurt: open market/xetra SHARE PRICE DEVELOPMENT FROM JANUARY 1, 2016 TO MAY 3, 2017 INDEXED COMPARISON WITH EPRA AND THE DAX AND SDAX PRICE INDEXES, IN % /01/ /05/2017 SDAX DAX EPRA Index Germany VIB Vermögen

4 2 VIB BEGINS THE 2017 FINANCIAL YEAR ON SCHEDULE COURSE OF BUSINESS AND OUTLOOK We began the new financial year according to plan and have further increased both revenue as well as profit. After investing more heavily in the acquisition of sites for the development of additional logistics properties in the last year, we have now completed one of the two ongoing developments at Interpark Kösching on schedule and handed it over to the tenant. The logistics property, which entered the portfolio as of March 31, 2017, has a useful area of 21,000 sqm and has been rented to a well-known company in the logistics sector for a period of six years. The investment volume stands at EUR 15.4 million and generates a net initial yield of some 8%. In addition to the second ongoing development in Interpark which is expected to be completed in summer 2017, VIB is currently also expanding its commercial property at the Grundig commercial park in Nuremberg as part of optimisation measures for existing properties. The logistics property, which was completely rented even before construction began, has a rental area of 7,500 sqm and is expected to be finished at the beginning of Moreover, marketing for sites already in the VIB portfolio continues to be spurred on or rather, further interesting sites continue to be assessed and secured, primarily for the construction of logistics properties in southern Germany. In the first quarter of the current financial year, total operating income increased by 4.6% to EUR 20.4 million (3M 2016: EUR 19.5 million). This increase is chiefly attributable to rental proceeds from new properties that were not held in our portfolio in the prior-year period or not for the entire duration of the prior-year period. Changes in value for investment properties in the reporting period amounted to EUR 1.3 million (3M 2016: EUR 0 million). At EUR 3.0 million, expenses for investment properties were marginally below the previous year s figure (3M 2016: EUR 3.1 million) and primarily consisted of operating costs and maintenance expenses for the properties. Personnel expenses remained unchanged in the first three months at EUR 0.9 million (3M 2016: EUR 0.9 million). Compared to the previous year, other operating expenses increased by EUR 0.1 million to EUR 0.4 million (3M 2016: EUR 0.3 million). Earnings before interest and tax (EBIT) rose by 13.9% to EUR 17.4 million in the reporting period (3M 2016: EUR 15.3 million). EBIT adjusted for valuation effects for investment properties amounted to EUR 16.1 million, which is an increase of 5.3% compared to the previous year (3M 2016: EUR 15.3 million). Due to the decrease in the average interest rate of borrowing liabilities compared to the previous year, interest and other similar expenses decreased significantly by 9.6% to EUR 4.6 million (3M 2016: EUR 5.1 million). Earnings before tax (EBT) amounted to EUR 12.7 million (3M 2016: EUR 10.1 million). Due to higher operating income and lower interest expenses, EBT adjusted for valuation effects and extraordinary items increased significantly by EUR 1.3 million, or 12.9%, to EUR 11.4 million (3M 2016: EUR 10.1 million).

5 3 Income tax amounted to EUR 2.0 million (3M 2016: EUR 1.6 million). EUR 1.0 million thereof was attributable to current taxes (3M 2016: EUR 0.8 million) and EUR 1.0 million thereof was attributable to deferred taxes (3M 2016: EUR 0.8 million). Consolidated net income improved to EUR 10.7 million and was therefore 25.7% up on the previous year (3M 2016: EUR 8.5 million). Undiluted and diluted earnings per share (each at an average of 27,579,779 shares) came to EUR 0.37 (3M 2016: EUR 0.29). FFO (funds from operations), which is an indicator of cash inflow from operating activities, improved by EUR 1.0 million, or 11.5%, to EUR 9.8 million in the first three months (3M 2016: EUR 8.8 million). Taking the average number of shares, FFO per share came in at EUR 0.36, compared with EUR 0.32 in the previous year. Undiluted and diluted net asset value (NAV) increased by 2.4% compared to the end of the 2016 financial year to EUR million (December 31, 2016: EUR million). Undiluted and diluted NAV per share stood at EUR 17.45, compared with EUR as of December 31, In the first few months of the current financial year, there have been no significant changes to the macroeconomic and industry-specific underlying conditions forming the basis for our planning, which remain stable. In light of this, we confirm the guidance for the 2017 financial year issued in the 2016 Annual Report. Neuburg/Danube, May 10, 2017 The Management Board

6 4 CONSOLIDATED INCOME STATEMENT (IFRS) FOR THE PERIOD FROM JANUARY 1, 2017 TO MARCH 31, 2017 IN EUR THOUSAND 31/03/ /03/2016 Revenue 20,383 19,494 Other operating income Total operating revenue 20,422 19,531 Changes in value for investment properties 1,310 0 Expenses for investment properties 3,006 3,073 Personnel expenses Other operating expenses Earnings before interest, tax, depreciation 17,433 15,294 and amortisation (EBITDA) Depreciation and amortisation Earnings before interest and tax (EBIT) 17,406 15,280 Profit/loss on equity accounted investments Other interest and similar income 7 11 Interest and similar expenses 4,626 5,115 Expenses from guaranteed dividend Earnings before tax (EBT) 12,692 10,082 Income taxes 2,041 1,611 Consolidated net income 10,651 8,471 Group shareholders share of earnings 10,142 8,041 Non-controlling shareholders share of earnings Earnings per share (undiluted, in EUR)

7 IMPRINT IR-CONTACT VIB Vermögen AG Tilly-Park Neuburg/Danube Germany Telephone: +49 (0) Telefax: +49 (0) Petra Riechert Telephone: +49 (0) Telefax: +49 (0) petra.riechert@vib-ag.de info@vib-ag.de Directors entitled to represent the company: Martin Pfandzelter (CEO), Holger Pilgenröther Court of registration: Ingolstadt Registration no: HRB