Vgp Nv · EURONEXT:VGP
Vgp Nv — Investor Presentation (May 2021)
24 slides from Vgp Nv's investor presentation, May 2021
Slide 1: VGP Company Presentation
VGP Company Presentation May 2021 www.vgpparks.eu
Slide 2: 1. Introduction to VGP
1. Introduction to VGP
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 30-Apr-21 n Pan-European operator, owner and developer of prime 129 logistics and light industrial parks €3.84bn1 80 311 Number of Total GAV Parks Tenants completed n Fully integrated business model wi
Slide 4: Overview of VGP Parks
Overview of VGP Parks GERMANY HUNGARY 01 VGP Park Frankenthal 50 VGP Park Győr 02 VGP Park Bobenheim-Roxheim 51 VGP Park Alsónémedi 03 VGP Park Leipzig 52 VGP Park Kecskemét 04 VGP Park Leipzig-Borna 53 VGP Park Hatvan 05 VGP Park Berlin ROMANIA 06 VGP Park Höchstadt 54 VGP Park Timisoara 07 VGP Par
Slide 5: Key ESG goals of VGP: Net carbon neutrality by 2025 target introduced in 2021
Key ESG goals of VGP: Net carbon neutrality by 2025 target introduced in 2021 Invest in income generating renewable energy assets Green power generation capacity of 48.8 MWp; target increased to 200MWp 34.9% of the total portfolio has now been environmentally certified; All new buildings delivered a
Slide 6: Successful track record of geographic expansion and continued delivery across markets
Successful track record of geographic expansion and continued delivery across markets 2020 2018 n€309mm ABBs (€109mm in September and €200mm in April) 2016 nFurther expansion nLaunch of 3rd JV (first development JV) nLaunch of 4th JV (second throughout Western development JV) 2013 nEstablished and S
Slide 7: Fully integrated business model with in-house capabilities and competences
Fully integrated business model with in-house capabilities and competences Concept & Ancillary Land Construction Rent Portfolio Design Services n Identification of n In-house design n Acting as a n Mainly long term n Long term n Assisting clients top locations of buildings general lease agreements d
Slide 8: Unique strategy enabling growth
Unique strategy enabling growth Develop, hold and sell-to-jv strategy with an aim to maximise shareholder value and optimise capital allocation 8
Slide 9: Strategic partnership with Allianz Real Estate through three established joint ventures
Strategic partnership with Allianz Real Estate through three established joint ventures VGP European Logistics VGP European Logistics 2 3rd JV: VGP Park München 50% 50% 50% 50% 50% 50% 100% 5.1% 94.9% 100% Czech Austria Germany Republic 100% Italy 100% Slovakia 100% Netherlands 100% Hungary 100% Por
Slide 10: Premium asset base comprising modern and well located parks
Premium asset base comprising modern and well located parks VGP Park Frankenthal VGP Park Olomouc VGP Park Moerdijk VGP Park München VGP Park San Fernando Completed 2018 Construction 2016 (started) Infrastructure works started Construction 2019 (started) Construction 2017-2020 Total Gross Lettable a
Slide 11: 2. Operational performance
2. Operational performance
Slide 12: Proven ability to rapidly convert acquired land into fully-let and operational parks
Proven ability to rapidly convert acquired land into fully-let and operational parks Total land bank secured (Mio. m²) Completed1 gross leasable area (‘000 m²) 5,000 t e 4,500 Ra 4,371 t h ow % l Gr : 27 a 1 4,000 n u M ’2 900 te An 7-4 Ra 12.37 d th u n ) ’1 3,341 row 3 % 3,500 po G R l G m A u a ’
Slide 13: …driving resilient portfolio growth …
…driving resilient portfolio growth … Total portfolio – including 100% JV (€ million) 3,843 Own portfolio 4,000 e Rat JVs-related1 wth a l G ro .9 % 3,500 nnu : 33 2,771 u n d A 6-’ 20 1 mp o R) ’ C o (C A G 3,000 1,936 2,500 2,923 1,506 2,000 1,978 1,195 1,500 1,360 878 1,000 645 920 500 793 550 62
Slide 14: …which has resulted in a diversified investment portfolio
…which has resulted in a diversified investment portfolio Investment portfolio breakdown1 Country breakdown Completed vs Under Construction vs Land Bank Hungary Slovakia €93mm – 2% Development land €91mm €399mm 3% Other Romania 10% €140mm €120mm 4% 3% Netherlands Under €276mm – 7% Construction Spain
Slide 15: Portfolio leased on a long-term basis to a diversified and blue-chip customer base
Portfolio leased on a long-term basis to a diversified and blue-chip customer base Weighted average term of the portfolio Blue-chip top 10 Tenants (JVs at 100%) Combined 8.3 years Krauss Maffei 14.1% Amazon 6.5% JV 7.8 years Rhenus Logistics 4.1% Own 9.8 years Drylock Technologies 2.5% BMW Group 2.4
Slide 16: Well advanced land bank to support future growth
Well advanced land bank to support future growth Build-up of Land bank (m2 ) Land bank1 – geographic breakdown 12,360,000 3,820,000 8,540,000 Other 19% Germany 21% 5,470,000 3,090,000 5,450,000 Slovakia 8% (490,000) 470,000 Spain 8% Netherlands 16% Czech Republic 14% Romania 14% Land owned Deployed
Slide 17: 3. Financial performance
3. Financial performance
Slide 18: Income Statement – FY2020
Income Statement – FY2020 n Operating profit up €165.3mm to €370.9mm n Increase driven by higher net valuation gain (up €178.2mm) and lower financial expense (down €5.6 mm) compensating higher admin expenses (€11.2mm) n On a “look-through”- basis 1 net rental is up by € 8.6 mm YoY to € 55.3mm n Net
Slide 19: Income Statement – FY2020 by segment
Income Statement – FY2020 by segment Investment Development Property and Asset Management € million 2020 2019 € million 2020 2019 € million 2020 2019 Gross rental income 12.1 11.7 Gross rental income - - Gross rental income - - Property operating expenses (0.4) (0.3) Property operating expenses (3.4
Slide 20: Balance sheet – assets as of Dec 2020
Balance sheet – assets as of Dec 2020 n Investment Properties of €920.2mm n Completed portfolio €166mm (’19: €94mm) n Under Construction €457mm (‘19: €338mm) n Development land €297mm (‘19: €361mm) n Investment in Joint Ventures and associates increased to €654.8 mm by €267.5 mm, reflecting: n JV1:
Slide 21: Balance sheet – Shareholders’ equity and liabilities as of Dec 2020
Balance sheet – Shareholders’ equity and liabilities as of Dec 2020 n Shareholders’ equity of €1,306mm, up €606mm since Dec ’19 n Includes effect of €309 mm of two share placements n Total liabilities of €922 mm (2019: €925 mm) n Financial debt of €783 mm (2019: €780 mm) n Gearing at Dec ‘20 stood a
Slide 22: Significant headroom to key covenants
Significant headroom to key covenants Overview Gearing ratio (%) n The group has adequate cash buffers in its Joint Ventures’ portfolio’s 100 and the Group expects that it will be able to retain its sound liquidity Covenants: <65% 80 position for the foreseeable future through (as of Dec-20): n Cash
Slide 23: Track record of the joint ventures: in excess of €1.3bn net cash proceeds in first two joint ventures
Track record of the joint ventures: in excess of €1.3bn net cash proceeds in first two joint ventures First JV: VGP European Logistics Second JV: VGP European Logistics 2 €176mmn €91mm GAV: c.€500mm GAV: c.€175mm Closing I et cash Closing I net cash (May ‘16) 15 parks (28 buildings) in Germany, Czec
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 an owned and committed development la