Ad-hoc notification as of 25.05.2022/11:56 CET/CEST
Neuburg/Danube, May 25, 2022 - Due to the current market situation, VIB Vermögen AG has had the valuation of its real estate portfolio updated by an external, internationally practicing appraiser as of April 1, 2022. As of today, the Managing Board assumes on the basis of the preliminary valuation result that the market value of the real estate portfolio, taking into account the ongoing project developments, will probably increase to 2.3 billion euros as of April 1, 2022 (the last valuation of the real estate portfolio carried out as of December 31, 2021 still resulted in a market value of 1.5 billion euros excluding ongoing project developments). Based on the figures reported as at 31 March 2022, the Executive Board expects the net asset value per share pro forma to be around 59 euros as at 1 April 2022 (net asset value per share as at 31.03.2022: 30.02 euros). The final appraisal and the resulting final valuation of the real estate portfolio are expected to be available on 30 June 2022.
This fair value will not be included in VIB Vermögen AG's half-year consolidated balance sheet as of June 30, 2022, as the company will change its accounting to cost accounting in line with IAS 40 in conjunction with IAS 16 as part of the standardisation of accounting principles in the new group with DIC Asset AG as of June 30, 2022.
As a result, no more fair value adjustments to the real estate portfolio will be recognised in the balance sheet and income statement. The amount of the real estate portfolio as at 31 March 2022, which is accounted for by adjusting the accounting principles, is pro forma 1.3 billion euros and thus deviates by around 0.2 billion euros from the amount of 1.5 billion euros reported in the interim report Q1/2022. In the 2022 half-year report, VIB Vermögen AG will apply the new accounting principles for the first time with correspondingly adjusted figures for the previous year.
Head of Investor Relations
+49 (0) 8431 9077 952
Note on the use of alternative key performance indicators
This publication contains a supplementary financial figure that is not precisely defined in IFRS, HGB or other generally accepted accounting principles, which is or can be so-called alternative performance measures (APMs). VIB presents Net asset value (NAV) as these measures are used by the Board of Directors for monitoring, economic planning and management of business performance and the Board of Directors believes that this measure provides a more comprehensive understanding of the underlying performance and related trend. NAV is a performance indicator used to assess the Company's net assets position.
NAV is calculated as the sum of the fair values of the real estate assets as determined by external experts plus the value of other assets less all liabilities.
Based on the total of investment properties plus other non-current assets, plus shares in associated companies, plus the value of other assets and plus assets held for sale reported on the assets side of the balance sheet, the resulting total of assets is reduced by the total of net financial liabilities (= financial debt less cash at banks and in hand). Furthermore, all other liabilities, including minority interests recognized in equity, are deducted. However, deferred taxes are not taken into account and are not deducted.
Dividing the resulting net assets (net asset value) by the number of shares outstanding at the respective reporting date gives the NAV per share.
This publication constitutes neither an offer to sell nor a solicitation to buy any securities.
Insofar as this publication contains forward-looking statements, these do not represent facts and are identified by the words "will", "expect", "believe", "estimate", "intend", "aim", "assume" and similar formulations. These statements express intentions, views or current expectations and assumptions of the VIB Vermögen AG and the persons acting jointly with it. The forward-looking statements are based on current plans, estimates and forecasts which the VIB Vermögen AG and the persons acting jointly with it have made to the best of their knowledge, but do not make any statement about their future correctness. Forward-looking statements are subject to risks and uncertainties that are mostly difficult to predict and are usually not within the sphere of influence of the VIB Vermögen AG or the persons acting jointly with it. It should be taken into account that the actual results or consequences may differ significantly from those stated or contained in the forward-looking statements. The VIB Vermögen AG does not assume any obligation to update such forward-looking statements or to adjust them to future events or developments.