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    VGP   BE0003878957

VGP NV

(VGP)
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VGP : 1H 2021 Financial Results presentation

08/30/2021 | 02:12pm EDT

VGP

1H21 Results Presentation

31 August 2021

1

Fully integrated pure-play logistics real-estate company

Company at a glance

  • Pan-European operator, owner and developer of prime logistics and light industrial parks
  • Fully integrated business model with expertise across value chain: >300 employees in 13 countries
  • High quality standardised logistic and semi-industrial real estate asset base
  • All new buildings delivered at least certified BREEAM
    Very Good or equivalent4
  • Fully let standing portfolio and significantly pre-let development pipeline: Completed portfolio is 99.4% let and Portfolio under construction is 81.3% pre-letas of June 2021
  • VGP well financed and strongly capitalized: shares listed on Euronext Brussels since 2007
  • Successful and long-term partnership with Allianz Real Estate since 2016: 3 joint ventures since inception

Portfolio KPI's as of 30-Jun-21

130

€4.48bn1

85

324

Number of

Total GAV

Parks

Tenants

completed

buildings

3.9 years

99.4%2

8.2 years3

€205.7mm

Committed

Average

Occupancy

WAULT

annualised

Building Age

rental income

Financial KPI's as of 30-Jun-21

€184.3mm5

30.4%

€1.4bn

:

Shareholders'

EBITDA

Gearing ratio

BBB-

Equity

  1. Gross Asset Value of VGP, including own portfolio and joint ventures at 100% as of 30 June 2021
  2. Including JV portfolio at 100%
  3. Refers to WAULT of JV and Own portfolio combined.
  4. Started-upafter 1 January 2020.
  5. Operating EBITDA (Incl. JV at share) and is calculated as investment EBITDA, property development EBITDA and property management and asset management EBITDA

2

1. Highlights H1 2021

H1 2021 results - Highlights

  • Record net profit for the period of €203.4 million
  • Strong operating performance across regions
    • Record 42 buildings with 1,127,000 m² under construction (81.3% pre-let)
      • 17 buildings with 426,000 m2 have been started up in H2 2021 (currently 1,559,000 m2 under construction)
    • 8.56 million m2 land bank owned or committed (+11.9% YTD)
    • Our total signed and renewed rental income grew with 21.9% over the first 8 months of 2021 to € 225.7 million1
    • Strong delivery pipeline of >550,000m2 for H2 2021 expected2
  • Anticipated capex roll-forward is expected to be fully covered by net cash proceeds from joint venture closings
  • Advanced discussions with Allianz regarding expansion of partnership through launch of fourth joint venture ongoing
  • Strong cash position with €469 million available on balance sheet and gearing ratio at 30.4% as of 30 June 2021
    • Successful €600 million green bond issue earlier in the year
  • inclusive of Joint Ventures at 100%. Additional signed and renewed rental income of €22.7 mm with total of €205.7mm as of 30th June 2021

2 Delivered 5 projects with 81,000 m² of lettable area during 1H 2021

4

Resilient financial performance

Strong growth of total portfolio value1

€4,480m

€3,231m

Driven by portfolio growth and yield compression

+39%

across regions

1H20

1H21

  • Continued growth in committed annualised

€205.7m

€165.2m

rental income1

+25%

Several iconic parks being brought to market

1H20

1H21

  • Record net profit
    Despite one-off forward sale of VGP Park München positively affected 1H 2020

€203.5m €196.9m

+3.3%

1H20 1H21

  • Earnings per share impacted by last year's share issuance

€10.19 €9.90

-2.8%

1H20 1H21

1 Including JVs portfolio at 100%

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

VGP NV published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2021 18:11:08 UTC.


© Publicnow 2021
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Sales 2021 37,0 M 43,1 M 43,1 M
Net income 2021 338 M 393 M 393 M
Net Debt 2021 1 443 M 1 681 M 1 681 M
P/E ratio 2021 13,5x
Yield 2021 2,16%
Capitalization 4 549 M 5 297 M 5 296 M
EV / Sales 2021 162x
EV / Sales 2022 124x
Nbr of Employees 300
Free-Float 46,0%
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Last Close Price 221,00 €
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Jan van Geet Chief Executive Officer & Executive Director
Dirk Stoop Chief Financial Officer
Bart van Malderen Chairman
Miquel-David Martinez Chief Technical Officer
Ann Gaeremynck Independent Director