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Interimreportforthefirstthreemonths
visionary | individual | benefical
Interim report for the first three months 2
VIB Vermögen AG reports substantial growth in revenue and earnings
• Salesrevenuesincreasedbyaround8%toEUR 13.9 million• Earningsbeforetax(EBT)riseby70%toEUR 8.0 million• Full-yearforecastconfirmed
Results of operations
Inthefirstthreemonthsof2012,VIB Vermögen AGachievedconsolidatedIFRSrevenueamountingto EUR 13.9 million. Compared with the previous year’s figure of EUR 12.9 million, this representsan increaseofalmost8%.Thesegainswereattributable toadditional rental income resulting frominvestments inthepastyear.Otheroperating incomeamountedtoTEUR 139(Q1/2011:TEUR 547).OperatingincomeintotalamountedtoEUR 14.0 million(Q1/2011:EUR 13.4 million).
TheincreaseinvalueofrecentlyacquiredpropertiesintheamountofEUR 2.4 millionresultingfromaninitialvaluationisreportedundertheheadingofchangesinvalueofinvestmentproperties(previousyear:EUR 0).AsaresultoflowermaintenancecostsexpensesforinvestmentpropertiesweresomeTEUR 514loweratEUR 2.6 million–despiteanincreaseinthesizeoftheinvestmentportfolio.Bycontrastasaresultofthecompany‘sgrowth,personnelcostsincreasedtoTEUR 532(Q1/2011:TEUR 468).OtheroperatingexpensesincreasedtoTEUR 530(Q1/2011:TEUR 380).Asaconsequence,VIB Vermögen AGgeneratedEUR 12.7 millioninearningsbeforeinterestandtaxes(EBIT)inthefirstquarterof2012.Thissubstantial increaseof35.2%relativetotheyearbefore(Q1/2011:EUR 9.4 million)underscoresthecontinuinghighlevelofprofitabilityofthecompany’sbusinessoperations.
The year-on-year improvement in results from investments accounted for using the equity methodamountedtoTEUR 61duringthefirstthreemonths(previousyear:TEUR -11),whiletheexpenseresultingfromthevaluationoffinancialderivativescameinatTEUR -40(Q1/2011:EUR 0).Increasedfinancingcosts inconnectionwith investmentsaccountedforan interest resultofEUR -4.7 million,comparedwithEUR -4.6 millioninthepreviousyear.TakingintoaccountthecostoftheguaranteeddividendforoutsideshareholdersinsubsidiarycompanyBBIImmobilienAG,VIB Vermögen AGgeneratedearningsbeforetax(EBT)ofEUR 8.0 million.Thisequatestogrowthofalmost70%relativetothepreviousyear’sfigureofEUR 4.7 millionandrepresentsapre-taxmarginof57.2%(Q1/2011:35.2%).
ThetaxesonincomeitemwasreportedatEUR 1.3 million(previousyear:EUR 0.8 million),andincludesboth current tax payments (EUR 0.4 million) and deferred taxes (EUR 0.9 million). After taking intoaccount taxes on income, the consolidated result for the period under review was 68% higher atEUR 6.7 million(previousyear:EUR 4.0 million).
Interim report for the first three months 3
Consolidated income statement (IFRS)
in EUR thousand01.01.2012
- 31.03.2012
01.01.2011
- 31.03.2011
Revenue 13,856 12,872
Otheroperatingincome 139 547
Total operating revenue 13,995 13,419
Changesinvalueforinvestmentproperties 2,423 0
Expensesforinvestmentproperties -2,589 -3,103
Personnelexpenses -532 -468
Otheroperatingexpenses -530 -380
Earning before interests, taxes, depreciation and amortisation (EBITDA) 12,767 9,468
Amortisationanddepreciation -22 -38
Profit from operating activities (EBIT) 12,745 9,430
Profit/lossoninvestmentsaccountedforusingtheequitymethod 61 -11
Financialderivativesmeasurementexpense -40 0
Otherinterestandsimilarincome 79 18
Interestandsimilarexpenses -4,779 -4,653
Expensesfromguaranteeddividend -62 -62
Earnings before tax (EBT) 8,004 4,722
Incometaxes -1,334 -753
Consolidated net income 6,670 3,969
Market trends
AftertwoyearsinwhichtheGermaneconomydevelopedalonghighlypositivelines,thistrendcametoahaltinthefirstthreemonthsof2012.TheGermanInstituteforEconomicResearch(DIW)estimatesthatasaresultofreducedexportactivity,price-adjustedgrossdomesticproductinthefirstquarterof2012mayhavegrownbyas littleas0.1percentrelativetotheprecedingquarter.EconomicgrowthinGermanyinthemonthsof January to March 2012wasnolongerdrivenasinthepastbyexports,butbystrongdomesticdemand.Incomparisonwithothereurozonecountries,Germany’seconomicdevelopmentremainscomparativelyrobust.Accordingtotheeconomicexperts,economicoutput intheeurozonedeclinedinthefirstquarter. IntheopinionofeconomicresearchersatDIWtheglobaleconomytooisnolongergrowingasdynamicallyasinpreviousyears.
Looking ahead to the coming quarters, the German Institute for Economic Research anticipates anupturninGermany.Inparticularstrongconsumerdemandduetothecontinuinggoodhealthoftheemploymentmarket–theunemploymentratefellslightlyin April to7.0%–aswellasrisingwageswillunderpingrowth.Full-yeargrossdomesticproductisexpectedtoriseby1.0%comparedwith2011.DIW is forecastinggrowthof3.3% in theglobal economy,witheconomicoutput in theeurozoneslippingslightlyby0.4%.
The stalled economic development in Germany in the first quarter also had consequences for thecommercialpropertymarket.AsurveybyJonesLangLaSallerevealsthatthenumberoftransactionsactuallyroseby10%,whereasthevolumeofinvestmentfellby9%year-on-yeartoEUR 5.2 billion.In
Interim report for the first three months 4
themonthsfrom January to March 2012inparticularthebreakdownbytypesofusechangedrelativeto2011asawhole.Whereaslastyearretailpropertieswerestillinstrongdemandat45%,theemphasisinthefirstquarterof2012shiftedmarkedlytowardsofficeproperties(45%,EUR 2.35 billion;2011:30%).Retailpropertiesinthereportingperiodaccountedforonlyaroundaquarterofalltransactions(27%,EUR 1.4 billion).Ontheotherhandtheproportionofpropertiesinmixeduserosebytwopercentagepointsto12%,withlogisticspropertiesputtingonthreepercentagepointstoreach8%oftheoveralltransactionvolume.Foreigninvestorswereresponsibleforjustunder30%oftheinvestmentvolume,downfrom40%lastyear.
Fortheyear2012asawhole,however,therealestateexpertsatJonesLangLaSalleexpectanincreaseininvestmentactivitiesfromabroad,risingtosome50%ofoverallrealestatetransactionsandavolumeonaparwithlastyear.AccordingtoJonesLangLaSallethistrendisflaggedbythecontinuingrobustdemandforgoodinvestmentproductscoupledwiththelowlevelofsupply.
Business trends
VIB Vermögen AGistheparentcompanyoftheVIBGroup,andisamedium-sizedrealestateholdingcompany whose investments focus on commercial properties in Southern Germany. The companypursues a “develop-or-buy-and-hold” strategy. It acquires portfolio properties, but also developspropertiesfor itsownportfolio, inordertoincludetheseasportfoliopropertiesoverthelongterm.TheVIBGroup‘sportfolioonthequalifyingdateof March 31,2012consistedof91propertieswithatotal rentableareaofaround695,000m².Thepropertiesparticularlycomprise logisticspropertiesandindustrialsites,shoppingandspecialistmarketcentres,aswellascommercialandservicecentres.TheVIBGroupisrelativelyindependentofindividualsectortrendsduetothehighdiversificationofitsportfolio.
Duringthereportingperiod(January1– March 31,2012)ownershipofandliabilityfornewlyacquiredpropertiestransferredtothecompanyandpurchasepricepaymentsweremadetotallingEUR 30.2 million.
Outlook
VIB Vermögen AGremainsoncourseforsuccessfulgrowthinthecurrentfinancialyear.Revenueandincomeagainincreasedsubstantiallyinthefirstquarterof2012,dueontheonehandtothecompany‘sfocusontheSouthernGermanregionwhichwill infuturecontinuetoexperiencepositiveeconomicdevelopmentandstronggrowth.Inadditiontoitsnetworkinthisregion,thecompanyisalsoprofitingfromasustainedfinancialpolicywhichisfoundedonasubstantialequitybaseandpredominantlylong-termsecuredborrowings.Atthesametimeanactiveassetmanagementandcontinuousrenovationandmaintenancemeasuresstrengthenthenetassetvalueof theportfolio.Thestrategyofenteringintolong-termrentalagreements,andofcultivatingadiversifiedstructureoftenantswithstrongcreditratings, will enable VIB Vermögen AG to enjoy sustainable rental income and successful corporateprogressinthemonthsahead,eveniftheeconomyweakens.
Interim report for the first three months 5
Onceagainin2012VIB Vermögen AGwillmaketargetedinvestmentsandachieveincreasingrevenuesandattractiverentalyieldsthroughitsproven“develop-or-buy-and-hold”strategy.Projectsstillatthedevelopmentstage(IngolstadtandNeuburg)willalsocontributetoafurtherincreaseinprofitability.Thepositivetrendinbusinessinthefirstquarterislikelytocontinuethroughouttheyearasawhole.TheManagementBoardthereforeconfirmsitsforecastfor2012(ineachcasebeforevaluationadjustments)andexpectsrevenuestoincreasetoatleastEUR 56.5to57.5 millionwithEBITrisingtoaroundEUR 41.0to42.0 million.Thecompanyalsoexpectsapre-taxprofitofapprox.EUR 21.5to22.5 million.
Neuburg/Danube,May15,2012
TheManagingBoard
Interim report for the first three months 6
Contact
Investor Relations
VIB Vermögen AGPetraRiechertTel.:+49(0)8431504952Fax:+49(0)8431504973E-mail:[email protected]
cometisAGUlrichWiehle/PatrickOrtnerTel:+49(0)61120585516Fax:+49(0)61120585566E-mail:[email protected]
