Slide 1: Montea Q4 2020 - Space for Growth
TT MONTEA SPACE FOR GROWTH Q4 2020 February 11, 2021
Slide 2: Highlights Q4 2020 | Growth Program 2021 | ESG | About Montea
Highlights Q4 2020 Growth Program 2021 ESG About Montea
Slide 3: Together we will beat COVID-19
Together we will beat COVID- 19 ✓ With all-time high KPI’s, Montea was never better prepared to tackle a crisis: ▪ 38% debt ratio ▪ ▪ > 99% occupancy rate 8 year lease term until first expiry € 1.082 M € 12 M ▪ Conservative portfolio valuation (gross yield at 5,8%, at 100% occupation) ▪ Qualitative
Slide 4: Together we will beat COVID-19
Together we will beat COVID- 19 ✓ Tackling customer challenges together through balanced solutions ▪ Case by case judgement of adequate action per customer o Most of the balanced solutions were quarterly payments transformed into monthly payments o No rent reductions or rent waivers ▪ Q1 ’21 + Janua
Slide 5: Total portfolio Q4 '20: €1.364 M
Total portfolio Q4 ‘20: € 1.364 M 1.364 Overview of FV Portfolio (€ M) Belgium France The Netherlands € 1.280 M € 74 M Yearly rent 521 Standing investments @100% occupancy 423 € 53 M Developments €4M Future rental income 326 201 174 213 73 134 176 109 139 € 30 MSolar panels €4M Income solar panels 1
Slide 6: 7
7
Slide 7: Belgium portfolio
Antwerp Ghent Brussels Liège Charleroi 34 718 € 608 M € 36 M 5,9% 100% 47% BE Sites sqm (‘000) Fair Value Yearly Rent Gross yield Occupancy Share (incl. ERV unlet) 8
Slide 8: Netherlands portfolio
Amsterdam Rotterdam Tilburg 22 525 € 473 M € 27 M 5,7% 100% 37% NL Sites sqm (‘000) Fair value Yearly Rent Gross yield Occupancy Share (incl. ERV unlet) 9
Slide 9: France portfolio
Lille Paris Lyon Marseille 18 220 € 199 M € 12 M 5,8% 97% 16% FR Sites sqm (‘000) Fair value Yearly Rent Gross yield Occupancy Share (incl. ERV unlet) 10
Slide 10: Portfolio Roll Forward
Portfolio Roll Forward Continuous arbitration of portfolio (e.g. €85 M disposals in the last 6 years) Leading to exceptional portfolio KPI’s All amounts in mio € 7,9y 7,5y 99,4% 7,7y Sites Residual lease Average portfolio Occupancy rate duration age 5,8% Gross yield (incl. ERV unlet, at 100% occupat
Slide 11: Significant events Q4 2020
Significant events Q4 2020 Amsterdam Schiphol Airport (NL) – Delivery Rotterdam Tilburg Delivery station On 15/10/2020 the delivery of ca. 1.000 m² of office and 8.500 m² of warehouse space for Amazon Logistics took place at Schiphol Airport. The total investment amounts to ca. € 17 M Parking Acquis
Slide 12: Significant events Q4 2020
Significant events Q4 2020 Amsterdam Echt (NL) – Acquisition Rotterdam In December 2020, Montea acquired a site located Tilburg between the A2 motorway and the Juliana Canal at the Echt exit. The site is fully let under a triple-net lease to Michel Oprey en Beisterveld Natuursteen BV for a 15- year
Slide 13: High qualitative client portfolio
High qualitative client portfolio ◆ Top 10 of clients represent 33% of the rental income of 2020 ◆ Top 20 of clients represent 49% of the rental income of 2020 ◆ 74% of sites are single tenant 4,6% 4,2% 4,0% 3,9% 3,2% 2,8% 2,7% 2,5% 2,6% 2,1%
Slide 14: High qualitative client portfolio
High qualitative client portfolio Logistics type Type of Sector 9% 10% Low risk profile 9% 19% 65% 32% 29% 12% 3% 12% Brand Logistics (end user) Network Logistics (distribution) Food & Beverage Retail Construction/Industry Contract Logistics (single client) Automotive Pharma & Medical Other Third Pa
Slide 15: Occupancy rate & rental activity
Occupancy rate & rental activity Occupancy rate (%) Portfolio Management 99,1% 99,3% 99,4% 2020 2021 98,1% 99% 9% of rental income of the YE 2020 current with a break or rent has a break or 96,5% contract end in contract end in 2021, 96,6% 96,3% 96,3% 2020, has been representing 96,0% 95,6% extended
Slide 16: Land bank: potential for future developments
Land bank: potential for future developments Total land bank: 1,4 mio m² Future development potential > 700K m² Extension potential of current portfolio by > 45% Composition of the land bank LEASED LAND 61% Land owned by Montea and let to a client at yields between 5 and 6% Tiel: 47,9 ha 28% ACQUIRE
Slide 17: Strong balance sheet
Strong balance sheet Shooting Debt ratio (%) capacity: 56,4% 51,3% 52,8% 52,1% 55,8% 51,6% 51,9% 51,3% > €400 M 50,1% 47,6% 49,9% towards 55% 39,4% 38,0% 38,0% 31/12/2020 (without taking into account further portfolio revaluation) Target: c. 50-55%
Slide 18: Well diversified long term financing
Well diversified long term financing (as per 31/12/2020) Maturity (y) Maturity creditlines & bonds 120 86% 100 80 14% 60 6,6 < 1% 3,9 40 20 0 BANKS BONDS LEASING MATURITY FINANCING MATURITY HEDGING '20 '21 '22 '23 '24 '25 '26 '27 '28 Creditlines Bond Financing sources & maturities
Slide 19: Financial KPI's
Financial KPI’s EPRA Cost Ratio & EPRA NIY NET DEBT / EBITDA & ICR 15,00% 12,0 7,0 13,3% 6,2 10,0 5,5 6,0 5,0 8,0 9,3% 4,0 10,00% 6,0 3,0 3,0 8,3% 4,0 7,2 7,4 2,0 6,6% 6,0% 9,6 9,9 2,0 8,0 1,0 5,5% 5,00% 0,0 0,0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 EPRA Cost Ratio* EPRA NIY NET DEBT / E
Slide 20: EPS & DPS
EPS & DPS Evolution of EPRA result per share* & Dividend per share (€) 2,66 EPS DPS (*) As of 2016: EPRA result per share instead of Net Current Result (**) DPS subject to General Shareholders’ Meeting in May 2021
Slide 21: 2020 targets achieved
2020 targets achieved Actuals Outlook Q4 – 2020 Full year 2020 Check ◆ EPRA result per share growth + 7% (€ 3,50) Minimum +5% (€ 3,44) √ ◆ DPS growth* + 11% (€ 2,83) Minimum +5% (€ 2,67) √ ◆ Portfolio size € 1.364 m € 1.450 m by end of 2021 √ past halfway, on track ◆ Occupancy rate 99,4% > 97% √ ◆ A
Slide 22: Highlights Q4 2020 | Growth Program 2021 | ESG | About Montea
Highlights Q4 2020 Growth Program 2021 ESG About Montea
Slide 23: Growth Program 2021
Growth Program 2021 Portfolio objectives 2021 Overview of FV Portfolio (€m) +25% Belgium France The Netherlands 1600 Portfolio growth + 25% 1.450 1400 1.364 1200 1.159 521 589 7,5y > 97% Residual lease duration 1000 912 423 800 719 326 201 212 600 552 213 174 > 97% Occupancy rate 139 134 176 109 400
Slide 24: Growth Program 2021
Growth Program 2021
Slide 25: Growth Program 2021 - Blue Gate Antwerp
Growth Program 2021 Antwerp Ghent Brussels Liège Circular and climate-neutral Blue Gate industrial Charleroi estate in Antwerp (BE) – Delivery Q1 2021 Start of the build-to-suit project in Q4 2019, with delivery on 08/01/2021. Montea is the logistics partner in ambitious partnership regarding first
Slide 26: Growth Program 2021 - Lummen
Growth Program 2021 Antwerp Ghent Brussels Liège Lummen (BE) Charleroi Montea acquired the land in Q2 2019 and will develop the first carbon-free 30,000 m² building for logistical activities. The site is at a strategic location between E314 & E313 and near the Albert Canal. The expected construction
Slide 27: Growth Program 2021 - Etten-Leur
Growth Program 2021 Amsterdam Etten-Leur (NL) – Delivery Q4 2021 Rotterdam Tilburg The acquired land “Vosdonk” is currently in prepara- tion for construction of a build-to-suit project of ca. 24.500 m². Montea already invested €5.5 M (acquisition of the land). The expected construction will start af
Slide 28: Growth Program 2021 - Waddinxveen
Growth Program 2021 Amsterdam LP A12, Waddinxveen (NL) - Delivery Q4 2021 Rotterdam Tilburg Acquisition of plot of land (120.000 m²) in Q3 2020 on a strategic location between Rotterdam & Amsterdam (near motorway A12). In a first phase, 50.000 m² will be developed, with 36.000 m² rented out to HBM M
Slide 29: Growth Program 2021 - Solar panels
Growth Program 2021 Solar panels in The Netherlands In the Netherlands, Montea installed 6 new PV installations during 2020, for a total investment cost of € 4,7 M. An additional budget of € 9 M is provided, which means that about 60% of all roofs of the warehouses will be equiped with solar panels
Slide 30: Guidance 2021
Guidance 2021 Evolution of EPRA result per share* & Dividend per share (€) (*) As of 2016: EPRA result per share instead of Net Current Result (**) DPS subject to General Shareholders’ Meeting in May 2021 EPS DPS
Slide 31: Guidance 2021
Guidance 2021 Full year 2021 ◆ EPRA result per share growth 3,68 € ( +5% vs ’20 ; previous 2021 guidance was 3,60€) ◆ DPS growth 2,96 € ( +5% vs ’20 ; previous 2021 guidance was 2,80€) ◆ Occupancy rate > 97% ◆ Average residual lease term > 7,5 years ◆ Portfolio > 1.450 € m
Slide 32: Highlights Q4 2020 | Growth Program 2021 | ESG | About Montea
Highlights Q4 2020 Growth Program 2021 ESG About Montea
Slide 33: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) ✓ Environmental ✓ Sustainable ambition, long & short term ✓ Framework: UN Sustainable Development Goals (SDG) ✓ Minimum requirements ✓ Differentiation areas ✓ Social ✓ Montea employees ✓ Governance ✓ Board of Directors ✓ The articles of association of Montea
Slide 34: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Purpose We turn our expertise in logistics real estate into sustainable and long-term investments that create added value for our clients. Our sustainable ambition –> Long term Making smart investments in real estate which offer our clients well-located, well
Slide 35: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) Ambition 2021 Our sustainable ambition –> Short term • Montea aspires to make its own operations CO2-neutral by the end of the year by reducing CO2 emissions (various transport options, improving energy efficiency and using renewable energy sources. • Montea
Slide 36: Environmental: 7. Affordable and clean energy
Environmental: 7. Affordable and clean energy Not the Olympic minimum and not just picking low hanging fruits on sustainable energy: we're raising the bar. Concrete actions ✓ BE: 90%, the maximum technical capacity of the current portfolio, will be equipped Photovoltaic installations ✓ FR: start ins
Slide 37: Slide 37
Slide 38: Environmental: 8. Decent work and economic growth
Environmental: 8. Decent work and economic growth Personal growth of our employees, regardless equal opportunities for everyone and good governance. Concrete actions ✓ Training for all employees not only about competences, but also soft skills Employees ✓ Promoting a healthy working environment by f
Slide 39: Training platform and partnerships
24/7 Partnership Training Platform with for all employees De Kampenhoeve Partnership with “Learning chair” Dennie Lockefeer
Slide 40: Environmental: 11. Sustainable cities and communities
Environmental: 11. Sustainable cities and communities Efficient management of logistics in densely populated areas are key in order to deal with the challenges brought by urbanization. Concrete actions ✓ Investing in hubs for smart city distribution, for delivery via electric vans and electric cargo
Slide 41: Slide 41
Slide 42: Environmental: 12. Responsible consumption and production
Environmental: 12. Responsible consumption and production Our planet has a limited source of raw materials. Montea focusses on a responsible way of dealing with scarce materials, land, ... Concrete actions ✓ Circular building and use of C2C-products Materials ✓ BlueGate: supply of building materials
Slide 43: Did you know: DHL Express building materials transported by water
Did you know that prefab construction materials for the construction of the DHL Express Belgium building at BLUE GATE ANTWERP business park are mostly transported by water? So lesser trucks on the road and an ecofriendly way for transport,
Slide 44: Environmental: 13. Climate action
Environmental: 13. Climate action Montea subscribes to the goals to strive for climate neutrality by 2050. The legal framework will be developed in our 3 core countries in 2021 Concrete actions ✓ Longtime focus on reducing emissions throughout Lean and Green (-26%) CO2 emissions to zero ✓ Cooling au
Slide 45: Carbon Reduction plan 2021-2030
Data collection & Carbon footprint calculations 2019 – 2020 Carbon Reduction plan 2021-2030 Carbon neutral with compensation as of 2021 Carbon neutral without compensation by 2030
Slide 46: Social
Social Belgium Netherlands France 21 5 6 66% 16% 19% Management 8 12 25% Number of 38% employees (*) at the end of 2020 Montea Professionals 32 20 24 75% 62% (*) Employees with a permanent employment contract or as an independant service provider
Slide 47: Governance
Governance De Pauw family Board of directors ▪ Dirk De Pauw (chairman) 100% ▪ Jo De Wolf (CEO) (ED) Man Woman ▪ Sophie Maes (ID) Montea management NV = sole director ▪ Ciska Servais (ID) ▪ Philippe Mathieu (ID) 1 share ▪ Peter Snoeck (NED) Average age Montea NV/SA* ▪ Jean-Marc Mayeur (NED) 55 yr (Na
Slide 48: Governance
Governance Dirk De Pauw Jo De Wolf Chairman of the Board Executive Director Chief Executive Officer He is one of the founding shareholders of He holds a Master’s degree in Applied Montea. He holds a degree Accounting and Economics from KU Leuven, an MBA from Business Management and additional the Vl
Slide 49: Governance
Governance Jean-Marc Mayeur Sophie Maes Non-executive Director Independant Director He holds a degree in Commercial She holds a degree in Commercial and Engineering (Solvay Business School – ULB). Financial Sciences. Other current mandates: Federale Management, Federale Invest, director of various r
Slide 50: Highlights Q3 2020 | Growth Program 2021 | ESG | About Montea
Highlights Q3 2020 Growth Program 2021 ESG About Montea
Slide 51: Who we are
Who we are Shareholder base (based on transparency notifications) 65% ▪ Montea is the result of Pierre De Pauw’s lifework, who has been one of the Belgian pioneers in logistic real estate since the late 1960s ▪ The IPO of Montea in 2006 was the start of a strong growth path 6% ▪ Montea has a market
Slide 52: Share price & IFRS NAV evolution
Share price & IFRS NAV evolution (as per 31/12/2020) 93,10 IRR > 13% A shareholder, who invested at 50,93 the IPO (2006) and participated every time in the optional dividend, realizes an IRR of >13 % on the date of publication of the Q4’20 results (just over 14 years). Target: > 97,5%
Slide 53: What we do
What we do WAREHOUSING PURE PLAYER END INVESTOR SHAREHOLDERS’ RETURN ❑ Land value has a higher ❑ Ambition to be best in ❑ No speculative develop- ❑ Strong dividend track share in the total value class through ment record than in other asset specialisation (Logistics, ❑ Long term vision with ❑ Suppor
Slide 54: Environmental, Social & Governance (ESG)
Environmental, Social & Governance (ESG) The articles of association of Montea NV/SA provide for A veto for the statutory director against its dismissal A veto for the statutory director against amendments to the articles of associations Authorized share capital up to EUR 159.117.963,54 A mandate fo
Slide 55: Belgium (HQ), France, Netherlands contacts
BELGIUM (HQ) FRANCE NETHERLANDS Industriezone III Zuid EnTrada Industrielaan 27 Box 6 18-20 Place de la Madeleine Ellen Pankhurststraat 1c 9320 Aalst 75008 Paris 5032 MD Tilburg +32 (0) 53 82 62 62 +33 (0) 1 83 22 25 00 +31 (0) 88 2053 888 www.montea.com www.montea.com www.montea.com This presentati