VIB Vermögen AG achieves record results

Press releases

  • Revenues increase by 10.2 percent to EUR 103.8 million
  • Adjusted earnings before taxes (EBT) rise by 15.6 percent to EUR 66.7 million
  • Group profit grows by 128.5 percent to EUR 153.7 million
  • Dividend proposal for thirteenth consecutive increase to EUR 0.85 per share
  • Forecast for fiscal year 2022 envisages further growth

According to preliminary calculations, VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, was able to increase its revenues and earnings considerably in fiscal year 2021. Compared to the same period of the previous year, revenues increased by 10.2 percent from EUR 94.2 million to EUR 103.8 million as a result of additional rental income.

Group earnings reach record level of EUR 153.7 million

Expenses for financing the portfolio decreased to EUR 13.4 million (previous year: EUR 14.1 million) due to the continued favorable financing conditions. Earnings before taxes (EBT) adjusted for valuation effects rose significantly by 15.6 percent to EUR 66.7 million (previous year: EUR 57.7 million). Consolidated net profit more than doubled compared to the same period of the previous year, growing by 128.5 percent to EUR 153.7 million (previous year: EUR 67.3 million). Based on the number of EUR 27.6 million shares, this corresponds to earnings per share of EUR 5.39 (previous year: EUR 2.39).

Further growth in value of real estate portfolio

At the end of the year, the portfolio comprised 112 properties with a balance sheet value of EUR 1.5 billion. The net reinstatement value (NRV), which determines the value of the long-term portfolio, improved by 21.9 percent to EUR 887.3 million. In relation to shares outstanding, this corresponds to a 21.3 percent increase in the value of EUR 32.02 per share.

The positive change in value of investment properties increased significantly to EUR 108.2 million (previous year: EUR 22.3 million). At the same time expenses for investment properties fell to EUR 16.6 million (previous year: EUR 17.4 million) and group personnel expenses increased from EUR 4.2 million to EUR 4.5 million. Other operating expenses increased by 13.7 percent to EUR 2.1 million (previous year: EUR 1.9 million). Furthermore, funds from operations (FFO), as an indicator of the company's operating cash inflows, increased by 15.3 percent year-on-year from EUR 1.83 to EUR 2.11 per share.

A look at the balance sheet shows how solidly VIB Vermögen is positioned: Equity reached around EUR 762.0 million on December 31, 2021 (December 31, 2020: EUR 625.2 million). The equity ratio on the balance sheet date 2021 was 47.4 percent (December 31, 2020: 43.0 percent).

Thirteenth consecutive dividend increase planned

In order to allow shareholders to participate in the excellent results in fiscal year 2021, the Managing and Supervisory Boards are planning to propose the thirteenth consecutive increase in the dividend to VIB Vermögen AG's General Meeting. It is to increase by EUR 0.10 year-on-year to EUR 0.85 per share.

"We are very pleased that, despite the more difficult conditions caused by the pandemic, we once again succeeded in further increasing all key figures in the past fiscal year and achieving a record result. We have thus impressively demonstrated that our business model allows us to grow profitably and crisis-resistant on a sustained basis, and that the company is excellently positioned for the future," commented Holger Pilgenröther, CFO of VIB Vermögen AG.

Forecast 2022 foresees further growth

Revenues are expected to reach between EUR 103 and EUR 109 million in fiscal 2022. Operating EBT adjusted for valuation and special items is expected to increase to between EUR 67 and EUR 71 million. The operating cash flow FFO is expected to increase to between EUR 58 and EUR 62 million in fiscal 2022. Possible negative consequences due to the spread of the Corona virus were taken into account in the planning on the basis of the current state of knowledge.

The Company will publish its final results for 2021 fiscal year together with the Annual Report 2021 on April 27, 2022. A corporate presentation with further details on the preliminary 2021 financial results is available at www.vib-ag.de.