Vib Vermoegen Ag · XETR:VIH1
Vib Vermoegen — VIB Vermögen — Investor Presentation (May 2023)
32 slides from Vib Vermoegen's investor presentation, May 26, 2023
Slide 1: The Logistics Powerhouse
2022 Financial Year The Logistics Powerhouse Company Presentation May 2023
Slide 2: The Logistics Powerhouse
Company The Logistics Powerhouse High-yield logistics and light industrial real estate know-how 30 years of logistics & light Annualised rental Logistics development industrial development, Portfolio value of 114 properties, property ownership and income of pipeline2 of c. EUR 2.2 billion1 occupancy
Slide 3: Strategic Orientation
Company Strategic Orientation Logistics & light industrial Proprietary portfolio & institutional business In-house Portfolio Management Positioning as logistics & light industrial Long-term property asset ownership Close relations to tenants specialist within the corporate conglomerate of Po
Slide 4: Flexibility in Real Estate Procurement
Company Flexibility in Real Estate Procurement Growing the value of our real estate portfolio Transact Standing-property acquisitions Plot acquisitions Operate Property management Inventory optimisation Develop Property pipeline In-house development Redensification Manage-to-gr
Slide 5: Market Environment
Market Environment
Slide 6: Fast-Growing Logistics Market – Despite the War in Ukraine
Market Environment Fast-Growing Logistics Market – Despite the War in Ukraine Logistics Market Germany Third-largest economic sector, with long years of steady growth rates (2022: +8.5 %) 70,000 mostly mid-market companies with a combined workforce of 3.4 million Germany is Europe’s leading lo
Slide 7: Real Estate Portfolio
Real Estate Portfolio
Slide 8: Key Real Estate Performance Indicators
Real Estate Portfolio Key Real Estate Performance Indicators Trend in annualised net rental income, Breakdown of industry shares in the annualised net rental income EPRA vacancy rate and lettable area (as of 31/12/2022) 120 1,365k sqm in mEUR 1,286k sqm 1,288k sqm 99,6 100 1,123k sqm 1,163k sqm 92,0
Slide 9: Breakdown of Logistics & Light Industrial Portfolio
Real Estate Portfolio Breakdown of Logistics & Light Industrial Portfolio As of: 31/12/2022 Split of Logistics & Light Industrial sector Size bands of logistics & Light Industrial sector 27 properties < 10,000 sqm Light industrial 38 % 13 properties > 25,000 sqm EUR 74.2 EUR 74.2 million million Log
Slide 10: Real Estate KPIs
Real Estate Portfolio Real Estate KPIs Net rental income by remaining lease term Large-scale lease signings/renewals in 2022 31/12/2022 Property Lettable area Term rollover 9% Neuburg Industrial Park 9,700 sqm 10 years 1 to 3 years 26 % Mitterteich 10,500 sqm 3 years 3 to 5 years 16 % Interpark/Kösc
Slide 11: Share of Top-10 Tenants in Total Net Rental Income
Real Estate Portfolio Share of Top-10 Tenants in Total Net Rental Income As of: 31/12/2022 Tenant Industry Share locations Volkswagen AG Logistics & light industrial 7.1 % 2 Audi AG Logistics & light industrial 5.9 % 2 Geis Industrie-Service GmbH Logistics & light industrial 5.7 % 3 Rudolph Group Lo
Slide 12: Extensive Logistics Development Pipeline
Real Estate Portfolio Extensive Logistics Development Pipeline 3 Ingolstadt Secured pipeline forecast: about 12,000 sqm Investments total: Logistics c. EUR 250 million Investments pending: 4 Ingolstadt c. EUR 150 million about 12,000 sqm Net rental income p.a.: 1 Erding Logistics c. EU
Slide 13: “NEXT HORIZON” Project in Erding Progressing on Schedule
Real Estate Portfolio “NEXT HORIZON” Project in Erding Progressing on Schedule Description Selected forecast figures Optimal motorway access; located just 15 minutes from Munich Airport 107,000 sqm 79,000 sqm EUR 161 million Floor areas suitable for various use classes include > two office build
Slide 14: ESG
ESG
Slide 15: The Three Pillars of Our Sustainability Strategy
ESG The Three Pillars of Our Sustainability Strategy – in Sync and of Equal Significance An Integrated Sustainability Strategy VIB Sustainability Strategy Profitable long-term corporate development dovetailed with environmental and social responsibility Economy Environment Governance & Social Econom
Slide 16: Environmental Sustainability within the VIB Group
ESG Environmental Sustainability within the VIB Group Transparent reporting Energetic optimisation upgrades: Photovoltaics: Sustainable construction methods EPRA “Gold” Sustainability Award Modernisation of heating systems, Installation of PV systems in all new-build Certification to the DGN
Slide 17: Modern PV Systems Reduce Pollution and Help Ensure a Sustainable Use of Fossil Fuels
ESG Modern PV Systems Reduce Pollution and Help Ensure a Sustainable Use of Fossil Fuels. Installed photovoltaics capacity in VIB Group (in kWp) 30,000 kWp PV capacity newly installed in 2022: ~ 7,300 kWp > This means the cumulative capacity of VIB has increased by around 90 % year on year, up to a
Slide 18: Key Financial Figures
Key Financial Figures
Slide 19: Consolidated Income Statement (IFRS)
Key Financial Figures Consolidated Income Statement (IFRS) 2022 2021 in TEUR Gross rental income 93,784 90,322 Service charge income on principle basis 12,965 12,456 Service charge expenses on principle basis -13,758 -12,138 Other property-related expenses -4,532 -3,528 Net rental income 88,459 87,1
Slide 20: Consolidated Income Statement (IFRS)
Key Financial Figures Consolidated Income Statement (IFRS) 2022 2021 in TEUR Share of the profit of associates 21,518 -638 Interest income 2,910 0 Interest expense -12,294 -13,529 Profit / loss before tax 61,851 37,210 Current income tax expense -7,404 -6,925 Deferred tax expense 257 754 Consolidate
Slide 21: Consolidated balance sheet as of 31 December 2022
Key Financial Figures Consolidated balance sheet as of 31 December 2022 in mEUR Assets Equity and Liabilities Equity ratio: 745 31/12/2022: 46.9 % 1.218 Equity 31/12/2021: 42.3 % Non-current assets Non-current liabilities Current assets Current liabilities LTV: 31/12/2022: 28.9 % 645 31/12/2
Slide 22: Key Financial Figures: 5-Year Trend
Key Financial Figures Key Financial Figures: 5-Year Trend Gross rental income (in mEUR) FFO (in mEUR) 1 62.7 58.6 93.8 50.4 90.3 48.9 + 25 % 45,3 + 38 % 82.1 79.2 75.0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 EBT without one-time effects (in mEUR) EPRA NTA (in mEUR) 1.471 70.8 66.2 56.0 57.
Slide 23: Key Financial Figures: 5-Year Trend
Key Financial Figures Key Financial Figures: 5-Year Trend FFO per share 1 EPRA NTA per share 2.22 44.51 2.11 + 35 % + 112 % 1.77 1.83 1.64 26.93 25.18 23.16 21.03 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 1 2021 and 2022 figures before taxes Positive 5-year trend of all key financial figures
Slide 24: EPRA Financial Reporting
Key Financial Figures EPRA Financial Reporting 2022 2021 Δ EPRA earnings TEUR 57,257 54,752 4.6 % EPRA earnings per share EUR 2.03 1.98 2.5 % EPRA NRV TEUR 1,737,064 887,090 95.8 % EPRA NRV per share EUR 52.55 32.01 64.2 % EPRA NDV TEUR 1,530,026 705,188 117.0 % EPRA NDV per share EUR 46.29 25.45 81
Slide 25: Loan Debt after Expiry of the Fixed-Interest Period
Key Financial Figures Loan Debt after Expiry of the Fixed-Interest Period As of: 31/12/2022 in mEUR 160 1.73% 140 1.70% 1.10% 120 100 3.25% 1.74% 80 2.14% 60 2.68% 1.92% 1.72% 40 1.01% 0.95% 20 0 variable 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Loan volume (in mEUR) & average interest rate
Slide 26: 2023 Financial Year | Guidance
Key Financial Figures 2023 Financial Year | Guidance 93.8 Gross rental income: EUR 82-88 million 70.1 62.7 FFO70.1 before taxes and minority interests: EUR 58-64 million 1.4 % Vacancy rate in the low single percentage range VIB I Part of DIC 26 Company Presentation | May 2023
Slide 27: Stock
Stock
Slide 28: VIB Stock
Real Estate Portfolio VIB Stock Share price performance since 01/01/2022 (XETRA) WKN: A2YPDD ISIN: DE000A2YPDD0 Number of shares (as of: 31/12/2022): 33,054,587 Average daily trading volume in 2022: about 43,400 shares Market capitalisation as of 31/12/2022: EUR 671 million (Xetra closing price EUR
Slide 29: Annex
Annex
Slide 30: Assets
Annex Assets Consolidated balance sheet in TEUR 31/12/2022 31/12/2021 as of 31 December 2022 Non-current assets Investment property 1,145,908 1,300,628 Property, plant and equipment 10,923 10,767 Interests in associates 17,868 16,098 Intangible assets 43,034 26 Total non-current assets 1,217,733 1,3
Slide 31: Equity and Liabilities
Notes Equity and Liabilities in TEUR Equity 31/12/2022 31/12/2021 Consolidated balance sheet Issued capital 33,055 27,710 Share premium 299,307 195,496 as of 31/12/2022 Retained earnings 104,150 104,150 Cumulative results 277,054 246,290 Foreign currency translations 0 25 Equity attributable to shar
Slide 32: Disclaimer
Disclaimer This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe to any securities. In case of an offer of securities the information legally required to be provided to investors will be contained only in a securities prospectus as approved by the competent aut