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    VGP   BE0003878957

VGP NV

(VGP)
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VGP : Compliance Certificate 30 June 2021

09/01/2021 | 03:32am EST

COMPLIANCE CERTIFICATE

To: The Bondholders

From: VGP NV

Dated: 31 August 2021

Dear Sirs

VGP NV - EUR 600,000,000 1.50 per cent fixed rate bonds due 8 April 2029 (ISIN BE6327721237- Common Code 232974028) (the "Bonds")

  1. We refer to the terms and conditions of the Bonds (the Conditions). This is a Compliance Certificate (Verklaring van Nakoming) pursuant to Condition 11. Terms defined in the Conditions have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.
  2. We do hereby certify that as at 30 June 2021 the financial covenants pursuant to Condition 10 have been fulfilled and are as follows:
    • The Aggregate Net Rental income (increased with the available Cash and Cash Equivalents) was EUR 477,712k and the Finance Charges were EUR 12,160k, therefore the Interest Cover Ratio was 39.29;
    • The Cash Available for Debt Service was EUR 662,457k and the Net Debt Service was EUR 12,827k, therefore, the Net Debt Service was 51.65;
    • Total Consolidated Net Debt was EUR 911,614k and total equity and liabilities was EUR 2,988,171k, therefore, the Consolidated Gearing was 30.5%;
  3. We set out below the calculations establishing the figures in item (2) above in Schedule 1.
  4. The auditor of VGP NV has confirmed that the calculation of the financial covenants included in this Compliance Certificate, has been accurately performed and is in accordance with the Conditions.

Yours faithfully

Dirk Stoop BV Represented by Dirk Stoop Chief Financial Officer

VGP NV

Jan Van Geet s.r.o Represented by Jan Van Geet Chief Executive Officer

VGP NV

1/2

Schedule 1: Calculation details covenants

('000 EUR)

1

AGGREGATE NET RENTAL INCOME - LAST 12 MONTHS

9,626

2

CASH AND CASH EQUIVALENTS

468,086

3

FINANCE CHARGES - LAST 12 MONTHS

(12,160)

Net financial charges

(12,160)

4

CASH AVAILABLE FOR DEBT SERVICE

662,457

+

After tax profit of the Issuer - Last 12 Months

130,579

+

intercompany interest paid / accrued to Issuer - Last 12 Months

39,883

+

depreciation and amortisation - Last 12 Months

6,365

+

non-realised foreign exchange losses - Last 12 Months

1,158

-

non-realised foreign exchange gains - Last 12 Months

(1,009)

+

Interest expense & other costs - Last 12 Months

17,395

+

revaluation loss on of financial instruments - Last 12 Months

0

-

revaluation gain on of financial instruments - Last 12 Months

0

+

available cash and cash equivalents - Period-end

468,086

662,457

5

NET DEBT SERVICE

(12,827)

Net Finance Charges

(12,160)

Repayments made during the period

(667)

(12,827)

6

TOTAL NET DEBT / (CASH)

911,614

Total debt (including off balance sheet liabilities)

1,379,700

Cash

(468,086)

911,614

7 EQUITY AND TOTAL LIABILITIES

2,988,171

Equity

1,434,406

Total liabilities (including off balance sheet liabilities)

1,553,765

2,988,171

8

COVENANTS

8.1

Interest Cover ratio (LTM)

30-Jun-21

Covenant

Compliance

Aggregate Net Rental Income (increased with available cash)

477,712

Finance Charges

(12,160)

Interest Cover Ratio

39.29

1.20

YES

8.2

Debt Service Cover Ratio (LTM)

30-Jun-21

Covenant

Compliance

Cash Available for Debt Service

662,457

Net Debt Service

(12,827)

Debt Service Cover Ratio

51.65

1.20

YES

8.3

Consolidated Gearing (LTM)

30-Jun-21

Covenant

Compliance

Consolidated total net debt (Incl. off balance sheet liabilities)

911,614

Consolidated equity and total liabilities (Incl. off balance sheet liabilities)

2,988,171

Consolidated Gearing

30.5%

65.0%

YES

2/2

Disclaimer

VGP NV published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 07:31:04 UTC.


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Sales 2021 34,0 M 38,4 M 38,4 M
Net income 2021 345 M 389 M 389 M
Net cash 2021 10,0 M 11,3 M 11,3 M
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Managers and Directors
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