DGAP-News: VIB Vermögen confirms the positive growth trends for revenue and profitability in the first quarter of 2019

Corporate news

VIB Vermögen confirms the positive growth trends for revenue and profitability in the first quarter of 2019

- Revenue increases by 5.9 per cent to EUR 22.5 million in the first quarter

- Adjusted EBT grows more sharply by 11.1 per cent to EUR 13.9 million

- Promissory note loans totalling EUR 42.5 million successfully placed

- Outlook for full-year 2019 confirmed

Neuburg/Danube, May 15, 2019 - VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, continued the positive trends for revenue and profitability during the first three months of the 2019 financial year. Between January and March 2019, revenue increased from EUR 21.3 million in the previous-year period to EUR 22.5 million and adjusted EBT increased from EUR 12.5 million to EUR 13.9 million. Consolidated net income therefore also increased by 10.6 per cent to EUR 11.6 million. The main reasons for this are the additional rental income from new properties in the portfolio and the further reduction in interest expenses.

"The significant drivers of our good start to the new financial year are the continuous investments in development projects," explains Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG. "The favourable interest rates of our promissory note loan, which we recently placed
successfully, will also make a contribution. Thanks to the high demand, we were able to increase the originally planned volume of EUR 30 million up to EUR 42.5 million. The additional funds will help us in continuing our successful course of profitable growth."

High-quality and structurally balanced portfolio
As of March 31, 2019, the real estate portfolio of VIB Vermögen consisted of 108 properties with a total rentable area of 1.12 million square metres. At 0.6 per cent, the vacancy rate remained at a very low level compared to the rest of the industry. During the reporting period, funds from operations (FFO) from rental activities totalled EUR 12.1 million, an increase of 11.9 per cent, or EUR 1.3 million. FFO per share also increased accordingly in the first quarter from EUR 0.39 to EUR 0.44.

In the reporting period, diluted and undiluted NAV (net asset value according to the definition of the European Public Real Estate Association (EPRA)) rose by 2.1 per cent to EUR 572.0 million (December 31, 2018: EUR 560.0 million). This is also reflected in the NAV per share, which rose from EUR 20.30 to EUR 20.74 per share.

On the basis of the results to date and the macroeconomic and industry-specific underlying conditions, the Managing Board of VIB Vermögen confirms its forecasts for the 2019 full financial year as made in the 2018 Annual Report.

The full interim report for the first quarter of 2019 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: petra.riechert@vib-ag.de

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. 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.