Vgp Nv · EURONEXT:VGP
Vgp Nv — Investor Presentation (March 2022)
24 slides from Vgp Nv's investor presentation, Mar 10, 2022
Slide 1: Company Presentation
BUILDING Company Presentation TOMORROW TODAY
Slide 2: Introduction to VGP
Introduction to VGP 2
Slide 3: Fully integrated pure-play logistics real-estate company
Fully integrated pure-play logistics real-estate company Company at a glance Portfolio KPI’s as of 31-Dec-21 ◼ Pan-European operator, owner and developer of prime logistics 151 and light industrial parks €5.75bn2 16 100 Number of 3.9 years Average Total GAV Countries Parks completed building age ◼
Slide 4: Pan-European expansion and stronghold Germany lead to record leasing and construction activity
Pan-European expansion and stronghold Germany lead to record leasing- and construction activity, and underpin strong FY2021 financial performance ◼ Record net profit of €650.1 million, an 75.2% YoY increase ◼ Strong business growth across the portfolio ◼ Signed and renewed rental income of €79.7 mil
Slide 5: Key ESG achievements & highlights of VGP in 2021
Key ESG achievements & highlights of VGP in 2021 Carbon footprint scope 1 and 2 reduction ◼ On track to achieve net carbon neutrality by 2025 and 50% gross reduction by 2030 1 2 ◼ All VGP offices green energy PPA contract as of 1 Jan 20221 Carbon footprint Scope 3 reduction ◼ Engaging with tenants o
Slide 6: Key ESG achievements & highlights of VGP in 2021
Key ESG achievements & highlights of VGP in 2021 Governance ◼ Implemented principles 3.19 of the Belgian Code on Corporate Governance by appointing Company Secretary ◼ Updating charter and various policies and guidelines to demonstrate highest standards of business conduct and integrity Diversity an
Slide 7: Well diversified and strategically located asset base
Well diversified and strategically located asset base Investment portfolio breakdown (as of fair value)1 Geographic footprint of the portfolio1 Completed vs Under construction vs Development land Geographic breakdown Germany Development land GAV: €3,233mm Latvia 3% 3% €565mm Parks: 36 GAV: €72mm 10%
Slide 8: Successful and long-standing track record of geographic expansion and continued delivery
Successful and long-standing track record of geographic expansion and continued delivery across markets… 1998 2007 - 2009 2013 2016 2018 2020 ◼ VGP founded in Czech ◼ Expansion through CEE ◼ Expansion to Germany ◼ Established partnership ◼ Further expansion ◼ Launch of two development JVs Republic a
Slide 9: Supported by continuous cash recycling with Joint Ventures
…supported by continuous cash recycling with Joint Ventures … Total portfolio – including 100% JV (€ million) 5,746 6.000 Own portfolio ◼ Expected Capital JVs-related1 Expenditure 5.000 (predominantly based on pre-let construction 3,843 projects) for 3.492 4.000 2022 > 2021 ◼ Significant cash balanc
Slide 10: Driven by solid leasing growth
… driven by solid leasing growth Committed annualised rental income and number of tenancy contracts €300 450 400 €250 Committed annualised rental income 350 Number of tenancy contracts €200 300 250 €150 200 €100 150 100 €50 50 €- 0 2016 2017 2018 2019 2020 2021 Rolling rental income Increase in rent
Slide 11: Portfolio virtually fully-let on a long-term basis
Portfolio virtually fully-let on a long-term basis Occupancy evolution (%) Weighted average lease term (WALT) of the portfolio Own Portfolio Joint Ventures 100,0% 100,0% 100,0% 100,0% 100,0% 99,8% 99,4% 99,3% 99,3% 98,4% Combined 8.6 years JV 7.4 years Own 10.2 years 0 2 4 6 8 10 12 14 2017 2018 201
Slide 12: Portfolio leased to a diversified and blue-chip customer base
Portfolio leased to a diversified and blue-chip customer base Blue-chip top 10 Tenants (JVs at 100%) Tenant portfolio breakdown – by industry segment Krauss Maffei 10,9% Amazon 6,1% Other Zalando 5,5% 3.9% Rhenus Logistics 3,8% Logistics E-commerce Drylock Technologies 2,5% 38.6% 25.2% TBU BMW Group
Slide 13: Prudent development strategy with majority pre-let developments
Prudent development strategy with majority pre-let developments Under construction Development land VGP Park Magdeburg, Germany, Building C1, F 50 1.48mm sqm 10.94mm sqm 4.98mm sqm Buildings under Under Total Development construction construction landbank potential 83.8% €93.9mm3 2.86mm sqm >1.30mm
Slide 14: Rapid derisking and cash recycling through strategic partnership with Allianz Real Estate
Rapid derisking and cash recycling through long term strategic partnership with Allianz Real Estate VGP European Logistics VGP European Logistics 2 3rd JV: VGP Park München 4th JV: Agreed with Allianz 50% 50% 100% 50% 50% 50% 50% 100% Austria 5.1% 94.9% 100% Czech Germany Italy Republic 100% 100% Sl
Slide 15: Appendix
Appendix 15
Slide 16: Owned and committed land bank expanded further to support future growth
Owned and committed land bank expanded further to support future growth Build-up of Land bank (m2) Land bank1 – geographic breakdown 13,797,000 2,859,000 Other 11% 10,938,000 Austria 5% Germany 24% 3,981,000 6,957,000 Romania 7% 5,464,000 Slovakia 9% 4,037,000 Netherlands 20% 2,544,000 Czech Republi
Slide 17: Income Statement
Income Statement ◼ Operating profit up €279.1mm to €650.0mm Income Statement (€mm) ◼ Increase driven by higher net valuation gain (up €243.9mm) and FY21 FY20 Joint-Venture contribution (up €123.4 mm) compensating higher Revenue 44.3 29.6 admin expenses (up €19.3mm) Gross rental income 17.6 12.1 ◼ On
Slide 18: Income Statement – by segment
Income Statement – by segment Investment Development Property and Asset Management (€mm) FY21 FY20 (€mm) FY21 FY20 (€mm) FY21 FY20 Gross rental income 17.6 12.1 Gross rental income – – Gross rental income – – Property operating expenses (0.2) (0.4) Property operating expenses (2.0) (3.4) Property op
Slide 19: Balance sheet - assets
Balance sheet - assets ◼ Investment Properties (own portfolio) incl Disposal group held for sale total Consolidated Balance Sheet – Assets (€mm) €2,354mm (€mm) 31 Dec '21 31 Dec '20 ◼ Completed portfolio €563mm (’20: €166mm) ASSETS ◼ Under Construction €855mm (‘20: €457mm) Investment properties 1,85
Slide 20: Balance sheet – Shareholders' equity and liabilities
Balance sheet – Shareholders’ equity and liabilities ◼ Shareholders’ equity of €2,176 mm, up €870 mm since Dec ’20 Consolidated Balance Sheet – Shareholders equity and liability (€mm) ◼ Includes effect of the €300 mm capital increase in Nov 2021 (€mm) 31 Dec '21 31 Dec '20 ◼ Total liabilities of €1,
Slide 21: Significant headroom to key covenants
Significant headroom to key covenants Overview as of December 2021 Gearing ratio (%)1 80 €200mm4 Covenants: <65% €1,384mm €226mm 60 Unutilised 39,4 42,3 Total Debt Cash 34,6 37,2 Credit Facility 25,2 29,8 40 20 0 2.55% 4.61 years 2016 2017 2018 2019 2020 2021 Average Average Cost of Debt Debt Maturi
Slide 22: Income statement – proportionally consolidated
Income statement – proportionally consolidated 2021 2020 (mm €) Group Joint Ventures Total Group Joint Ventures Total Gross rental income 17.6 62.4 80.0 12.0 52.1 64.1 Property operating expenses (2.2) (7.1) (9.3) (3.8) (5.1) (8.9) Net rental and related income 15.4 55.3 70.7 8.3 46.9 55.2 Joint ven
Slide 23: Balance sheet – proportionally consolidated
Balance sheet – proportionally consolidated 2021 2020 (mm€) Group Joint Ventures Total Group Joint Ventures Total Investment properties 1,852.5 1,746.8 3,599.3 920.1 1,445.0 2,365.2 Investment properties included in assets held for sale 484.3 - 484.3 102.3 - 102.3 Total investment properties 2,336.9
Slide 24: Disclaimer
Disclaimer ABOUT VGP VGP is a pan-European developer, manager and owner of high-quality logistics and semi-industrial real estate. VGP operates a fully integrated business model with capabilities and longstanding expertise across the value chain. The company has a development land bank (owned or com