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VALUES BUILT
ON FORESIGHT
Company Presentation
1st Half Year 2020
August 7, 2020
Page 2Company | Real Estate Portfolio | Financials | Share | Annex
Sustainable financing strategy In-house portfolio managementDevelop-or-Buy-and-Hold strategy
► Long-term holding strategy
► Focus on economically strong
South of Germany
► Portfolio growth through
developments and acquisitions
► Sector focus on logistic/light industry
and retail
► Debt
► Annuity loans
► Bonded loans
► Equity
► Straight capital increase
► Mandatory convertible
bonds
► Close contact with our tenants
► Fast communication and prompt
reaction to changes
► Low vacancy rate
► High cost efficiency
Strong FFO
(2019: 1.77 EUR/share)
Continuous increase of the NAV
(December, 31 2019: 22.23 EUR/share)
Sustainable dividend policy
(for 2019: 0.70 EUR/share)
Company profile - strategy
Page 3Company | Real Estate Portfolio | Financials | Share | Annex
Flexibility in real estate procurement
VALUES BUILT
ON FORESIGHT
Market environment
Page 5Company | Real Estate Portfolio | Financials | Share | Annex
451 458478
493513 525
544
2013 2014 2015 2016 2017 2018 2019
230 235253 258
267 274 279
2013 2014 2015 2016 2017 2018 2019
Market Environment: Logistics and retail in Germany
► Strong sectors with constant growth rates
Sales trend logistics (EUR bn)
Source: Federal Statistical Office
Sales trend retail (EUR bn)
BIP EUR 3.440 bn
Logistics
EUR 279 bn
Retail
EUR 544 bn
Gross Domestic Product (GDP) 2019 (EUR bn)
CAGR: 3.3 %
CAGR: 3.2 %
VALUES BUILT
ON FORESIGHT
Real Estate Portfolio
Page 7Company | Real Estate Portfolio | Financials | Share | Appendix
Future map Germany Locations VIB Group
Source: Prognos AG
Number of Properties 112
Page 8Company | Real Estate Portfolio | Financials | Share | Appendix
Acquisition in 2019:
Seubtendorf/Tanna (19,500 sqm rental area)
Completion in 2019
Interpark Ingolstadt (27,500 sqm rental area)
Schwarzenbruck ( 9,700 sqm rental area)
Densification
Regensburg (3,700 sqm rental area)
Completion in 2020:
Ehningen ( 9,100 sqm rental area)
Göppingen (10,170 sqm rental area)
Gersthofen ( 7,500 sqm rental area)
Interpark Ingolstadt (87,000 sqm rental area)
Pipeline
is currently at ~ 130,000 m² rentable area for future
developments at various locations and ~40,000 m²
in the Joint Venture
Portfolio activities and pipeline for new developments
Page 9Company | Real Estate Portfolio | Financials | Share | Appendix
Schwarzenbruck I
2 tenants, fully let
31,000 sqm
Vaihingen/Enz
1 tenant, fully let
11,800 sqm
Interpark Ingolstadt
2 tenants, fully let
13,700 sqm
2018:
2019:
Capex:
EUR 41.3 million
Net rent p.a.
EUR 3.4 million
Capex:
EUR 41.0 million
Net rent p.a.:
EUR 3.2 million
Completion of own developments in 2018/2019 (Extract)
Regensburg
(Redensification)
4 tenant, fully let
3,700 sqm
Schwarzenbruck II
1 tenant, fully let
9,700 sqm
Interpark Ingolstadt
1 tenant, fully let
27,500 sqm
Site
Tenant
Rentable area
Site
Tenant
Rentable area
Page 10Company | Real Estate Portfolio | Financials | Share | Appendix
Sector split based on the annualized
net rental income
Real Estate KPI‘s
► Efficient portfolio management results in a low vacancy rate
1,183 Tm²
1,043 Tm²
1,163 Tm²
1,061 Tm²
(as of 30.06.2020)
EUR
million
81.5
1,123 Tm²
12.2016 12.2017 12.2018 12.2019 06.2020
Development of annualized net rental income, vacany rate
and rental area
66.6%12.1%
8.1%
7.3%
3.4% 2.5%
Page 11Company | Real Estate Portfolio | Financials | Share | Appendix
► Focus on logistics and retail leading to attractive rental yield of the portfolio
Real Estate KPI‘s
31.12.2019
Logistics / Light Industry 7.1 %
Local services/DIY superstore 6.7 %
Office 7.2 %
Commercial buildings & others 5.3 %
30.06.2020
Up to 1 year 4.7%
1 to 3 years 31.5%
3 to 5 years 16.0%
5 to 7 years 15.0%
7 to 10 years 18.5%
More than 10 years 14.3%
Net rental income by residual term of
rental contracts
Average term: 5 years, 7 month
Rental yield by sector(based on market values as of 31.12.2019)
Average rental yield: 6.92 %
Page 12Company | Real Estate Portfolio | Financials | Share | Appendix
Real Estate KPIs – Share of total net rental income TOP 10 tenants
Tenant Segment Share Locations
Gartenfachmarkt Dehner DIY Garden market 9.1 % 16
Geis Industrie-Service GmbH Logistics/Light Industry 6.8 % 3
Audi AG Logistics/Light Industry 6.5 % 2
Rudolph Gruppe Logistics/Light Industry 4.7 % 8
Imperial Automotive Logistics GmbH Logistics/Light Industry 3.3 % 1
Loxxess-Group Logistics/Light Industry 3.2 % 2
Continental Automotive GmbH Logistics/Light Industry 3.2 % 2
BayWa Bau- und Gartenmärkte DIY Garden market 3.0 % 3
Conti Temic microelectronic GmbH Logistics/Light Industry 3.0 % 1
Schwarz-Group Food 2.7 % 4
► Diversified tenant structure reduces sector and cluster risks
As of 30.06.2020
45 %
of total net rental
income with
42 locations
VALUES BUILT
ON FORESIGHT
Financials
Page 14Company | Real Estate Portfolio | Financials | Share | Annex
► Increase in revenue by 21 % to EUR 91.0 million ► Increase of FFO by 50 % to EUR 48.9 million
► Increase in EBT by 48 % to EUR 78.3 million ► Increase in NAV by 48 % to EUR 613.0 million
5-years development - key figures
Revenues (in EUR million) FFO (in EUR million)
EBT (in EUR million) NAV (in EUR million)
Page 15Company | Real Estate Portfolio | Financials | Share | Annex
► Continous positive trend of all KPIs
2015 – 2019:
► FFO per share increased by 50 %
► NAV per share increased by 42 %
► Dividende per share increased by 37 %
5-years development - key figures per share
FFO per share
NAV per share
Dividend per share
Page 16Company | Real Estate Portfolio | Financials | Share | Annex
Consolidated Income Statement (IFRS)
In kEURHY/2020 HY/2019 ∆ 2019
Revenues 46,408 45,084 2.9% 90,995
Other operating income 984 267 268.5% 1,645
Total operating income 47,392 45,351 4.5% 92,640
Change in value of investment
properties 5,897 2,276 159.1% 22,319
Expenses for investment
properties -8,063 -7,251 11.2% -16,057
Personnel expenses -2,084 -1,942 7.3% -3,861
Other operating expenses -916 -802 14.2% -1,775
Depreciation and amortization -155 -153 1.3% -313
EBIT 42,071 37,479 12.3% 92,953
Other financial results -219 47 - 302
Interest expenses (net) -7,259 -7,573 -4.1% -14,968
EBT 34,593 29,953 15.5% 78,287
Taxes -5,543 -4,905 13.0% -12,876
Consolidated net income 29,050 25,048 16.0% 65,41101.0
1.
Adjusted EBT
increased by 3.7% from
27,677 kEUR
to 28,696 kEUR
Revenue increased by
2.9% due to new
investments and
indexation
FFO
increased by 4.1% from
24,081 kEUR
to 25,063 kEUR
Page 17Company | Real Estate Portfolio | Financials | Share | Annex
Consolidated Balance sheet as of June 30, 2020
► Equity ratio: 43.3%
(31.12.2019: 42.5%)
► Loan-to-Value ratio: 50.6%
(31.12.2019: 51.0 %)
1,362
40
606
761
35
Assets Equity and
liabilitiesIn EUR million
Non-current assets
Equity
Non-current liabilities
Current assets Current liabilities
1,402 1,402
► Solid balance sheet with investment property of around 1.3 billion EUR
Page 18Company | Real Estate Portfolio | Financials | Share | Annex
EPRA – Best Practice Reporting
HY/2020 HY/2019 D
EPRA-EarningsEUR
million23.1 22.2 3.9%
EPRA-Earnings per share EUR 0.84 0.81 3.7%
30.06.2020 31.12.2019
EPRA-NAVEUR
million644 613 5.0%
EPRA-NAV per share EUR 23.34 22.23 5.0%
EPRA-vacancy-rate In % 2.7 1.0 1.7 pt.
► VIB again awarded with „Gold Award“ for the Annual Report 2018
Page 19Company | Real Estate Portfolio | Financials | Share | Annex
► Loan amount of EUR 723 million as of June 30, 2020.
► Average interest rate of 2.04 % as of June 30, 2020 (31.12.2019: 2.10%)
► Trend of declining average interest rates will continue due to the current low interest rate level
Loans split by expiration of the fixed-interest period
As of June 30, 2020
Page 20Company | Real Estate Portfolio | Financials | Share | Annex
Guidance 2020 Actual 2019
Revenues EUR 91.0 – 97.0 million EUR 91.0 million
EBT (Earnings before taxes)EUR 55.0 – 59.0 million EUR 56.0 million
FFO EUR 48.0 – 52.0 million EUR 48.9 million
► Continuation of the sustainable and profitable growth path
Guidance for financial year 2020
w/o valuation effects and
non-recurring items
VALUES BUILT
ON FORESIGHT
Share
Page 22Company | Real Estate Portfolio | Financials | Share | Annex
VIB Registered Share
Share price since January 1, 2020 (XETRA)
► WKN: A2YPDD ISIN: DE000A2YPDD0
► Current number of registered shares outstanding (as of December 31, 2019): 27,579,779
► Average daily trading volume in first half year 2020: approx. 52,000 shares
► Market capitalization as of July 31, 2020: EUR 763 million (Xetra closing price: EUR 27,65)
Shareholder structure (as of December 31, 2019)
16
18
20
22
24
26
28
30
32
Jan. 20 Feb. 20 Mrz. 20 Apr. 20 Mai. 20 Jun. 20 Jul. 20
Page 23Company | Real Estate Portfolio | Financials | Share | Annex
40
60
80
100
120
140
160
180
Dez. 18 Feb. 19 Apr. 19 Jun. 19 Aug. 19 Okt. 19 Dez. 19 Feb. 20 Apr. 20 Jun. 20
%DAX SDAX EPRA Germany VIB
Comparison VIB / DAX / SDAX / EPRA-Germany
► The corona crisis affects all sectors in 2020
(as of July 31, 2020)
VALUES BUILT
ON FORESIGHT
If you have any questions
please do not hesitate
to contact us
Page 25Company | Real Estate Portfolio | Financials | Share | Annex
Dividend / FFO
► Continuous dividend growth
► Dividend per share increased by 7.7%
in 2019
► Arround 40% of FFO payed out as
dividend for fiscal year 2019
► Eleventh dividend increase in a row
Pay-out ratio dividend/FFO (operating cash flow)
In EUR
Page 26Company | Real Estate Portfolio | Financials | Share | Annex
25 years VIB – 11 years in a row dividend increase
► Dividend per share increased by 250 % since 2008
Page 27Company | Real Estate Portfolio | Financials | Share | Annex
Consolidated balance sheet as of June 30, 2020 (assets)
In kEUR30.06.2020 31.12.2019 Change
Non-current assets
Intangible assets 8 2 300%
Property, plant and equipment 10,119 10,031 0.9%
Investment properties 1,338,251 1,296,352 3.2%
Interests in associated companies 13,975 11,941 17.0%
Total non-current assets 1,362,353 1,318,326 3.3%
Current assets
Receivables and other assets 4,754 3,555 33.7%
Bank balances and cash in hand 33,503 36,738 -8.8%
Prepaid expenses 1,329 1,112 19.5%
Total current assets 39,586 41,405 -4.4%
Total assets 1,401,939 1,359,731 3.1%
Page 28Company | Real Estate Portfolio | Financials | Share | Annex
Consolidated balance sheet as of June 30, 2020 (equity & liabilities)
In kEUR 30.06.2020 31.12.2019 Change
Equity
Subscribed capital 27,580 27,580 -
Reserves and net retained profits 553,394 525,316 5.3%
Cash Flow Hedges/others -292 -929 -68.6%
Foreign currency translation 13 22 -40.9%
Non-controlling shareholders’ share of earnings 25,815 25,306 2.0%
Total equity 606,510 577,295 5.1%
Non-current liabilities
Financial liabilities 694,569 680,915 2.0%
Derivative financial instruments 396 1,161 -65.9%
Deferred tax 62,578 59,824 4.6%
Pension provisions 3,062 2,928 4.6%
Total non-current liabilities 760,605 744,828 2.1%
Current liabilities
Financial liabilities 28,423 27,687 2.7%
Other liabilities 6,401 9,921 -35.5%
Total current liabilities 34,824 37,608 -7.4%
Total equity and liabilities 1,401,939 1,359,731 3.1%
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