Vgp Nv · EURONEXT:VGP
Vgp Nv — Investor Presentation (November 2024)
36 slides from Vgp Nv's investor presentation, November 2024
Slide 1: Company Presentation November 2024
Company Presentation November 2024
Slide 2: VGP at a glance
• • • PIMCO Prime Real Estate (formerly Allianz Real Estate) Source: company information as of 30 June 2024 (and 31 October 2024 when indicated with *) 1Gross Asset Value of VGP, including Owned Portfolio and joint ventures at 100% as of 30 June 2024; 2Weighted average yield of own standing property
Slide 3: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Investment Portfolio Breakdown By Status (in €- million)' Under construction , € 538 Development land €746 10% Completed €6,101 83% Investment Portfolio Breakdown By Owner {in €- billion)! \ €1.97 \ N NV N N €5.42 73% oo & Sc SS "JV's at 100%, As
Slide 4: Well diversified portfolio across Continental Europe
Well diversified portfolio across Continental Europe Germany Czech Republic 1. Berlin-Bernau 40. Brno 2. Berlin-Ludwigsfelde 41. Geské Budéjovice 3. Berlin-Oberkramer 42. Cesky Ujezd 4. Berlin-Wustermark 43. Chomutov, 5. Bingen 44, Hrddek nad Nisou 6. Bischofsheim 45. Jeneé 7. Bobenheim-Roxheim 46.
Slide 5: Fully integrated business model
Fully integrated business model with in-house capabilities and competences Land + Identification of prime locations + Comprehensive due diligence - Technical, legal, environmental * Obtain the zoning and building permit Concept & design Construction + In-house design of buildings based on strict gui
Slide 6: Successful and long-standing track record of geographic expansion
Successful and long-standing track record of geographic VGP expansion and continued delivery across markets... GAV (€mm) 7.194 7-385 Corporate activity 5.746 aa @ Capital market activity @ Acquisition / divestment 3.843 @ vs 2.771 1.195 1506 1.936 677 2000 225 «428 106 S226 go e 1998 2007 2007- 2011
Slide 7: Number of tenancy contracts
• Rolling rental income Signed & renewed rental income Number of contracts • € 400 700 • € 350 • 600 € 300 500 Number of tenancy contracts € 250 400 € 200 300 € 150 200 € 100 100 € 50 €- 0 2016 2017 2018 2019 2020 2021 2022 2023 YTD '24 Signed and renewed rental income of € 64.9 million YTD 2024 77
Slide 8: Active annualized rental income growth incl. JV's at 100%
Active annualized rental income growth incl. JV’s at 100% VGP € 394.3 million € 47.0 million € 114.1 million Own Portfolio € 347.3 million € 43 million €76.1 million € 304.3 million Own Portfolio |. €256.6 million ona proportional basis € 80.8 million Own Portfolio € 271.1 million € 280.1 million Jo
Slide 9: Combined occupancy of 99% and WALT of 7.6 years
7.6 years 7.3 years 8.5 years • The combined occupancy of the portfolio stood at 99 % • The WALT stands at 7.6 years • The WAULB stands at 7.2 years • Top ten customers represent 29% of total portfolio and have a combined WAULT of 9.6 years
Slide 10: Customer breakdown by sector
• • Light industrial Logistics E-commerce Other 1Oct 2024; including 100% of JVs’ assets per lettable m2 10
Slide 11: Slide 11
Slide 12: Development pipeline as of 31 October 2024
• • • • • As of 31 October 2024 1Calculated on basis of expected rental value and committed rental prices 2 Based on rental value
Slide 13: Developments - geographic breakdown
..and is well spread across our geographical footprint Developments —- geographic breakdown (by rental value) Slovakia Serbia “omar 3% 4% Portugal 4% Croatia 4% Czech Republic 5% Hungary 6% France Romania 6% 14% Austria 8% Germany 23% Spain Italy 10% 9% VGP Park Berlin- Ludwigsfelde, Germany
Slide 14: Delivery of new developments YTD 2024
Delivery of new developments YTD 2024 * 17 buildings representing 446,000 m2 GLA * €29.7 million rental income by 25 new contracts, 100% let * 100% will be rated BREEAM ‘Very Good’ (or equivalent) or better and be EU Taxonomy compliant. 1 Based on lettable m? io) == : VGP Park Giessen am Alten Flugh
Slide 15: Examples of deliveries YTD '24
Examples of deliveries YTD ‘24 1 Based on lettable m2
Slide 16: Build-up of Land bank incl. JV's at 100%
Build-up of Land bank (‘000 m²) incl JV’s at 100% 8,566 699 (1,101) 795 806 8,234 (720) 790 7,444 (497) Acquired Acquired 1H 24 Sold Sold Committed Committed Oct '24 Under Under Option & YTD ’24 YTD ’24 YTD ’24 Option Pre-contract Land Land owned owned 2023 Deployed Deployed Land Land Owned Owned Oc
Slide 17: Renewable Energy
Slide 18: Renewable energy capacity
• • • • 1 Includes 14 MWp of third-party owned systems.
Slide 19: Corporate Responsibility
Slide 20: Promote Green Energy Adoption and Expansion of Renewable Energy
Promote Green Energy Carbon Pricing, Supplier EU Taxonomy and Employee Development Recognition Adoption and Expansion Engagement and CRREM Enhanced Green Bonds Initiatives of Renewable Energy Pathway Allocation Initiatives • Utility status in Germany • Initiatives identified to achieve • Additional
Slide 21: Appendix
| Appendix
Slide 22: Financial Performance H1 2024
’ a > = 2 i acfi CO a HH t i Es . i mm (i 7 — re mast! : . == f , — q i = n 4) ell Financial Performance [eh 2024
Slide 23: Net rental and renewable energy income is stable; Income Statement
Net rental and renewable energy income is stable at € 33 mm Income Statement (€ thousands) • Significant shift of € 71.3 mm annual lease income to JV’s in H2 ‘23 and H1 ’24 30.6.2024 30.6.2023 Revenue 59,322 59,740 • Including VGP’s share of the joint ventures on a “look-through” basis net rental &
Slide 24: Income Statement details
Income Statement details Administration expenses of (€ 27.9) mm (in thousand of €) 30.6.2024 30.6.2023 • General increase in wages, LTIP and admin costs Joint venture management fee income 15,710 11,685 Net valuation gains / (losses) on investment properties 99,056 45,540 • Stable FTE at 372 Adminis
Slide 25: Investment, Development and Renewable Energy segments
Investment Development Renewable Energy (€mm) H1 ‘24 H1 ‘23 (€mm) H1 ‘24 H1 ‘23 (€mm) H1 ‘24 H1 ‘23 Gross rental and renewable energy Gross rental and renewable energy Gross renewable energy 32.4 35.2 – – 3.8 2.9 income income income Property operating expenses (0.2) (0.4) Property operating expense
Slide 26: Consolidated Balance Sheet – Assets
Investment Properties (own portfolio) grew to € 1,739 mm Consolidated Balance Sheet – Assets (€ thousands) • Completed portfolio: € 777 mm (‘23: € 1,154 mm) Assets (in thousand of €) 30.6.2024 31.12.2023 • Under construction: € 521 mm (‘23: € 544 mm) Intangible assets 887 1,000 • Development land: €
Slide 27: Consolidated Balance Sheet – Shareholders' equity and liability
Consolidated Balance Sheet – Shareholders equity and liability (€ thousand) Shareholders’ equity of € 2,254 mm • Following a net profit of € 141.5 mm Shareholders' Equity And Liabilities (in 30.6.2024 31.12.2023 thousands of €) • And a dividend of € 101 million Share capital 105,676 105,676 Share pr
Slide 28: Average cost of debt
Average cost of debt 3.40% € 2,118 mm Total Debt 3.20% 2.25% Average Cost of Debt Lowered to 2.21% after bond repayment in July ‘24 3.00% Significant liquidity of + € 1 bn € 625 mm Cash 2.80% € 400 mm non-utilised Credit Facility 2.60% Bond maturities € 75 mm bond matured in Jul ‘24
Slide 29: Cash flow statement
Cash flow statement 30.6.2024 30.6.2023 Cash at beginning of period 209,921 699,168 Net cash generated from operating activities (33,393) (22,780) Net cash used in investing activities 405,103 (99,449) Proceeds from disposal 662,288 268,217 Capex (198,648) (333,673) Loans to JV (61,146) (37,399) Dis
Slide 30: 4.10 years average debt maturity
Maturity profile financial debt (€mm) 4.10 years average debt maturity Source: Company information as of June 2024
Slide 31: Gearing, covenants and Joint Venture financing
Gearing Ratio1 Debt service cover ratio2 Covenants: <65% Covenants: ≥1.2 Interest Cover Ratio3 Joint Venture financing covenants4 Joint Venture LTV Convenant Covenants: ≥1.2 Rheingold (JV1) 35.9% 65%4 Aurora (JV2) 50.6% 75%5 Ymir (JV3) 3.2% 65% Red (JV5) 21.9% 50% Saga (JV6) 31.7% 47% - 55%6 Proport
Slide 32: ia
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Slide 33: Closings '24: RED II + III (Deka) – Saga (Areim)
Gross Asset Value from closings per year with JVs (€m) Number of closings Net cash proceeds (€m) 2 1 1 3 4 1 3 3 3 235 122 290 339 409 50 347 676 662 2016 2017 2018 2019 2020 2021 2022 2023 2024 822 1098 1098 887 887 68 68 68 68 666 666 666 666 666 610 610 610 610 610 610 400 400 400 400 400 400 400
Slide 34: Deka, joint venture acquisitions completed
Deka, joint venture acquisitions completed Following the Joint Venture agreement with Deka in ‘23, the Joint venture has now completed all acquisitions. The third and last closing occurred in August ‘24 and generated € 68.1 mm of cash proceeds. Deka has acquired as such a 50% stake in five project c
Slide 35: New Joint Venture Saga on track in H1 '24
New Joint Venture Saga on track in H1 ‘24 VGP + In‘23 VGP agreed with Areim to create a new Joint Venture with the purpose of investing into VGP developed assets in Germany, Czech Republic, Slovakia, Hungary and France. The venture will utilize debt up to an LTV of 35% and the Investor has committed
Slide 36: Disclaimer
Disclaimer VGP ABOUT VGP VGP is a pan-European owner, manager and developer 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