Company presentation 9 monthly figures 2018 November 7, 2018

Transcription

1 Company presentation 9 monthly figures 2018 November 7, 2018

2 Company profile - strategy Develop-or-Buy-and-Hold strategy Sustainable financing strategy In-house portfolio management Long-term holding strategy Debt Close contact with our tenants Focus on economically strong South of Germany Portfolio growth through developments and acquisitions Sector focus on logistic/light industry and retail Equity Annuity loans Bonded loans Straight capital increase Mandatory convertible bonds Fast communication and prompt reaction to changes Low vacancy rate High cost efficiency Strong FFO (2017: 1.49 EUR/share) Continuous increase of the NAV (December, : EUR/share) Sustainable dividend policy (for 2017: 0.60 EUR/share) Page 2

3 Flexibility in real estate procurement Page 3

4 Market environment Page 4

5 Market Environment: Logistics and retail in Germany Gross Domestic Product (GDP) 2017 (EUR bn) Sales-trend Logistics (EUR bn) Logistics EUR 263 bn CAGR: 2.8% GDP EUR 3,277 bn P Retail EUR 513 bn Sales-trend Retail (EUR bn) CAGR: 2.7% Strong sectors with constant growth rats P Page 5

6 Real Estate Portfolio Company Real Estate Portfolio Financials Share Appendix Page 6

7 Future map Germany Locations VIB Group Number of Properties 108 Source: Prognos AG VIB focuses on the economically strong growth region Southern Germany Company Real Estate Portfolio Financials Share Appendix Page 7

8 Portfolio activities and pipeline for new developments 2018: Current Development (completed in 2019) Interpark Ingolstadt (27,500 sqm rental area) Densification (completed in 2019) Regensburg (3,500 sqm rental area) In addition ~ 155,000 sqm pipeline for future developments (expected rental area) In greater Augsburg (area ~ 20,000 sqm) In greater Nuremberg (area ~ 9,000 sqm) In greater Ingolstadt (area ~ 46,000 sqm) In greater Munich (area ~ 80,000 sqm) Company Real Estate Portfolio Financials Share Appendix Page 8

9 Completion of own developments in 2017/ : Investment-Volume: EUR 31 million Site Tenant Interpark Ingolstadt 1 tenant, fully let Interpark Ingolstadt 1 tenant, fully let Nürnberg (densification) 2 tenants, fully let Net rent p.a.: EUR 2.5 million Rentable area Portfolio transfer 21,000 sqm April ,800 sqm June ,500 sqm December : Investment-Volume: EUR 41.3 million Site Tenant Vaihingen/Enz 1 tenant, fully let Interpark Ingolstadt 2 tenants, fully let Schwarzenbruck 2 tenants, fully let Net rent p.a.: EUR 3.4 million Rentable area 11,800 sqm 13,700 sqm 31,000 sqm Portfolio transfer September 2018 September 2018 October 2018 Company Real Estate Portfolio Financials Share Appendix Page 9

10 Real estate KPIs Development of annualized net rental income, vacany rate and rental area Net rental income by residual term of rental contracts 893 Tsqm 928 Tsqm 1,004 Tsqm 1,043 Tsqm 1,123 Tsqm Up to 1 year 6 % 1 to 3 years 35 % 3 to 5 years 23 % 5 to 7 years 10 % 7 to 10 years 18 % More than 10 years 8 % Average term: 4 years, 10 month (as of ) Efficient portfolio management results in a low vacancy rate Company Real Estate Portfolio Financials Share Appendix Page 10

11 Real Estate KPIs Share of total net rental income TOP 10 tenants Tenant Segment Share Locations Gartenfachmarkt Dehner Retail 8.9 % 15 Rudolph-Gruppe Logistics/Light Industry 6.9 % 11 Geis Industrie-Service GmbH Logistics/Light Industry 5.6 % 2 Audi AG Logistics/Light Industry 4.3 % 1 Imperial Automotive Logistics GmbH Logistics/Light Industry 3.6 % 1 Loxxess-Group Logistics/Light Industry 3.5 % 2 Continental Automotive GmbH Logistics/Light Industry 3.3 % % of total net rental income with 40 locations BayWa Bau- und Gartenmärkte Retail 3.3 % 3 Conti Temic microelectronic GmbH Logistics/Light Industry 3.2 % 1 LIV Logistikimmobilienvermietung GmbH Logistics/Light Industry 2.8 % 2 Diversified tenant structure reduces sector and cluster risks Company Real Estate Portfolio Financials Share Appendix Page 11

12 Real Estate KPIs Sector split based on the annualized net rental income Rental yield by sector (based on market values as of ) 4% 2% 30% 76.3 Mio. 64% Logistics / Light Industry 7.3 % Retail 6.8 % Office 7.4 % Commercial buildings & others 5.4 % (as of ) Average rental yield: 7.09 % (as of ) Focus on logistics and retail leading to attractive rental yield of the portfolio Company Real Estate Portfolio Financials Share Appendix Page 12

13 Financials Company Real Estate Portfolio Financials Share Appendix Page 13

14 5-years development - key figures 65.0 Revenue (in EUR million) FFO (in EUR million) Increase in revenue by 29 % to EUR 83.6 million Increase of FFO by 66 % to EUR 41.2 million 35.1 EBT (in EUR million) NAV (in EUR million) Increase in EBT by 84 % to 64.5 million Increase in NAV by 67 % to EUR million Page 14

15 5-years development - key figures per share FFO per share in EUR Dividend per share in EUR NAV per share in EUR : FFO per share increased by 39 % NAV per share increased by 34 % Dividende per share increased by 33 % Continous positive trend of all KPIs Page 15

16 Consolidated Income Statement (IFRS) In keur Q3/2018 Q1/ Revenues 64,352 62, % 83,550 Other operating income % 344 Total operating income 64,541 62, % 83,894 Change in value of investment properties 7,408 2, % 17,380 Expenses for investment properties -10,479-9, % -13,775 Personnel expenses -2,777-2, % -3,621 Revenue increased by 3.8% due to new investments and indexation Other operating expenses -1,316-1, % -1,785 Amortization of intangible assets % -271 EBIT 57,147 51, % 81,822 Other financial results Interest expenses (net) -11,696-13, % -17,378 EBT 45,386 37, % 64,453 Taxes -7,299-5, % -10,515 Consolidated net income 38,087 31, % 53,938 Adjusted EBT increased by 8.4% from 35,021 keur to 37,978 keur Page 16

17 Consolidated Balance sheet as of September 30, 2018 In EUR million Assets Equity and liabilities 505 Equity Equity ratio: 41.6% ( : 41.9%) Non-current assets 1, Non-current liabilities Loan-to-Value ratio: 52.2% ( : 51.4 %) Current assets Current liabilities 1,215 1,215 Solid balance sheet with investment property of around 1.1 billion EUR Page 17

18 Further KPI s FFO EUR million Q3/2018 Q3/ % 41.2 FFO per share EUR % 1.49 Earnings per share EUR % 1.87 NAV EUR million % NAV per share EUR % Sustainable growth of company value (NAV) based on FFO increase Page 18

19 EPRA KPI s EPRA-Earnings EUR million Q3/ D % EPRA-Earnings per share EUR % EPRA-NAV EUR million % EPRA-NAV per share EUR % EPRA-vacancy-rate In % pt. EPRA-net-initial yield In % EPRA-cost ratio In % pt. VIB received Most Improved Award and Gold Award for Annual Report 2017 Page 19

20 Loans split by expiration of the fixed-interest period Loan amount of EUR 647 million as of September 30, Average interest rate of 2.36 % as of September 30, 2018 ( : 2.55%) Due to ongoing low interest environment, the trend of falling average interest rates is expected to continue Page 20

21 Guidance for financial year 2018 Guidance 2018 Actual 2017 Revenues EUR million EUR 83.6 million EBT (Earnings before tax) * EUR million EUR 47.1 million *w/o valuation effects and non-recurring items FFO EUR million EUR 41.2 million Continuation of the sustainable and profitable growth path Page 21

22 Share Page 22

23 VIB Share Share price since January 1, 2016 (XETRA) Shareholder structure (as of AGM June 2018) EUR Jan. 16 Mai. 16 Sep. 16 Jan. 17 Mai. 17 Sep. 17 Jan. 18 Mai. 18 Sep. 18 WKN: Current number of shares outstanding (as of December 31, 2017): 27,579,779 Average daily trading volume in HY 2018: approx. 24,700 shares Market capitalization as of November 14, 2018: EUR million (Xetra closing price: EUR 22.40) Broad investors base and rising market capitalization Page 23

24 Comparison VIB / DAX / SDAX / EPRA-Germany % 270 DAX SDAX EPRA-Germany VIB (as of November 14, 2018) Jan. 08 Jan. 09 Jan. 10 Jan. 11 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 16 Jan. 17 Jan. 18 The development of the VIB share price in 10 years reflects the sustainability of the business model Page 24

25 If you have any questions please do not hesitate to contact us Page 25

26 Dividend / FFO Pay-out ratio dividend/ffo (operating cash flow) 2,1 1,6 1,1 In EUR FFO per share increased by 39% since ,6 0,1-0, Dvidend per share FFO per share Dividend per share increased by 33% since 2013 Arround 40% of FFO payed out as dividend for fiscal year 2017 Continuous dividend growth Page 26

27 Analyst s Recommendation André Remke Baader Bank EUR Buy Dr. Georg Kanders Bankhaus Lampe EUR Hold Kai Klose Berenberg EUR Buy Herman van der Loos Degroof/Petercam EUR Buy Emmanuel Valavanis Mirabaud EUR Buy Stefan Scharff SRC Research EUR Buy Bernd Janssen Victoria Partners EUR Buy Andreas Pläsier Warburg Research EUR Buy Extensive Coverage Page 27

28 Consolidated balance sheet as of September 30, 2018 (assets) In keur Change Non-current assets Intangible assets % Property, plant and equipment 8,166 8, % Investment properties 1,164,192 1,096, % Interests in associated companies 5,866 5, % Total non-current assets 1,178,230 1,110, % Current assets Receivables and other assets 3,985 4, % Bank balances and cash in hand 31,448 37, % Prepaid expenses 1,348 1, % Total current assets 36,781 43, % Total assets 1,215,011 1,153, % Page 28

29 Consolidated balance sheet as of September 30, 2018 (equity & liabilities) In keur Change Equity Subscribed capital 27,580 27,580 - Reserves and net retained profits 458, , % Cash Flow Hedges/others -2,769-3, % Foreign currency translation % Non-controlling shareholders share of earnings 21,811 21, % Total equity 505, , % Non-current liabilities Financial liabilities 626, , % Derivative financial instruments 3,367 4, % Deferred tax 49,453 45, % Pension provisions 2,451 2, % Total non-current liabilities 681, , % Current liabilities Financial liabilities 20,000 21, % Other liabilities 7,802 9, % Total current liabilities 27,802 30, % Total equity and liabilities 1,215,011 1,153, % Page 29