DGAP-News: VIB Vermögen continues its successful growth trajectory in the first quarter of 2020
DGAP-News: VIB Vermögen AG
/ Key word(s): Quarter Results
Corporate news VIB Vermögen continues its successful growth trajectory in the first quarter of 2020 - Revenue increases by 4.0 per cent to EUR 23.4 million in the first three months of the year - Adjusted EBT climbs by 4.9 per cent to EUR 14.6 million - Forecast confirmed for the full financial year 2020
Neuburg/Danube, May 13, 2020 - VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial properties, can look back on a strong opening quarter of the year. Between January and March 2020, revenue rose from EUR 22.5 million in the prior-year period to EUR 23.4 million in the period under review. Adjusted EBT improved by 4.9 per cent to EUR 14.6 million. Consolidated net income came in at EUR 12.2 million in the first quarter of 2020, which corresponds to an increase of roughly 5.4 per cent on the prior-year figure of EUR 11.6 million. As of March 31, 2020, the real estate portfolio of VIB Vermögen consisted of 111 properties with a total rentable area of 1.18 million square metres. At 1.7 per cent, the vacancy rate remained extremely low compared with the rest of the industry. Funds from operations (FFO) from letting activities amounted to EUR 12.7 million in the period under review, which equates to an increase of 4.9 per cent/EUR 0.6 million. FFO per share also increased accordingly in the first quarter from EUR 0.44 to EUR 0.46. NAV (net asset value) rose to EUR 625.6 million in the reporting period (December 31, 2019: EUR 613.0 million). The effect of the temporary shutdown from 17. March 2020 has not yet affected the result in the first quarter of 2020.On account of the diversified structure of the portfolio, some 90 per cent of rents are not directly affected by the closures ordered by the authorities. In the interests of long-standing business relations, however, VIB is offering solutions for individual tenants who have been directly affected by the crisis. In most cases, this means granting deferrals, but - where legitimate exceptional circumstances apply - also includes rental waivers. Including these agreements, over 92 percent of the rents for the month of April 2020 have been received. "We are pleased that, despite the current challenging economic environment, we are able to send positive signals for the current fiscal year with our solid quarterly figures and operational successes in terms of rental renewals and the development of new projects," explains Holger Pilgenröther, Chief Financial Officer of VIB Vermögen AG. The full interim report for the first quarter of 2020 can be accessed at www.vib-ag.de. Contact VIB Vermögen AG
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.
13.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | VIB Vermögen AG |
Tilly-Park 1 | |
86633 Neuburg/Donau | |
Germany | |
Phone: | +49 (0)8431 / 9077 952 |
Fax: | +49 (0)8431 / 9077 973 |
E-mail: | [email protected] |
Internet: | www.vib-ag.de |
ISIN: | DE0002457512 |
WKN: | 245751 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange |
EQS News ID: | 1042229 |
End of News | DGAP News Service |
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1042229 13.05.2020