Slide 1: H1 2019 Results Presentation
H1 2019 Results Presentation 23 August 2019
Slide 2: 1. Highlights H1 2019
VGP 1. Highlights H1 2019
Slide 3: H1 2019: Record amount of new lease contracts solidifies path of continued future growth
H1 2019: Record amount of new lease contracts solidifies path of continued future growth = New lease agreements corresponding to € 27.0 million of annualised rent income = Bringing the total annualised rental income to € 129.3 million (+24% YTD) = Significant development pipeline = Delivered 175,000
Slide 4: 1 Including JV portfolio at 100%. VGP’s own portfolio, including JV at share, grew
€2,249m ◼ €1,936m +16% Dec ‘18 Jun ‘19 ◼ €27.0m €18.5m +46% Jun ‘18 Jun ‘19 ◼ €91.1m € 96.1m +5.6% Jun ‘18 Jun ‘19 ◼ € 74.8m € 75.0m +0.3% Jun ‘18 Jun ‘19 1 Including JV portfolio at 100%. VGP’s own portfolio, including JV at share, grew 15% to € 1.56 billion 4
Slide 5: 2. Operational performance
2. Operational performance
Slide 6: Including 100% of JV assets
◼ ◼ ◼ 1 Including 100% of JV assets 6
Slide 7: Annualised Rent income (€ million)
€140 250 Annualised Rent income - (€ million) €120 200 €100 Number of contracts 150 €80 €60 100 €40 50 €20 €- 0 2014 2015 2016 2017 2018 2019 2 2019YTD Rolling rental income Increase in rental income Number of contracts ◼ Over 220 tenant contracts driving committed annualised leases to € 129.3 milli
Slide 8: Weighted average term of the portfolio and top tenants
Weighted average term of the portfolio Blue-chip top 10 Tenants (JV at 100%) Combined 8.6 years KraussMaffei Gruppe 11.8% JV 7.4 years Amazon 8.7% Own 10.4 years Rhenus 6.3% years 0 Drylock Technologies 2.8% 2 4 6 8 10 12 4PX Express 2.5% First break Term BMW 2.5% Volkswagen 2.5% Lekkerland 2.0% Oth
Slide 9: VGP development projects
◼ ◼ ◼ ◼ VGP Park Valsamoggia, Italy ◼ VGP Park Munchen, Germany VGP Park Nijmegen, The Netherlands 1 VGP Park Munich and VGP Park Laatzen are combined 88% pre-let 9
Slide 10: Land bank owned and secured
Land owned Deployed Acquired Secured Letters of Dec 2018 2019YTD 2019YTD intent 1 Geographical breakdown of development potential (m2) of the owned and secured land bank ◼ ◼ As of 30 June 2019 10
Slide 11: Joint ventures with Allianz Real Estate
▪ In Q1 2016 VGP entered into a 50/50 JV with Allianz Real Estate (VGP European Logistics) for a period of ten years with possible extensions ▪ This JV has a right of first refusal at market value for income generating assets developed by VGP in Germany, Czech Republic, Hungary and Slovakia ▪ In Jul
Slide 12: 3. Financial performance
3. Financial performance
Slide 13: Income Statement
Income Statement ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ 1 Look-through basis includes VGP’s share of the JV net rental income 2 The (re)valuation of the own portfolio was based on the appraisal report of the property expert Jones Lang LaSalle 13
Slide 14: Income Statement – by segment
Income Statement – by segment ◼ ◼ ◼ Please note the segment reporting disclosure in our H1 2019 press release for overview of adjustments to operating EBITDA 14
Slide 15: Balance sheet - assets
Balance sheet - assets ◼ Investment Properties of €541 million, up €73 million since Dec ’18, despite €203 million closing with JV ◼ Completed portfolio has decreased by €20 million to €102 million ➢ HFS has increased €16 million to €291 million ◼ Under Construction has increased by €70 million to €
Slide 16: Balance sheet – Shareholders' equity and liabilities
Balance sheet – Shareholders’ equity and liabilities ◼ Shareholders’ equity of €569 million, up €26 million since Dec ‘18 ◼ Total liabilities of €714 million, up €45 million since Dec ‘18 ◼ Increase in non-current financial liabilities mainly due to remaining balance due in respect of acquired devel
Slide 17: 4. Outlook and Summary
4. Outlook and Summary
Slide 18: Summary and Outlook
Summary and Outlook Solid financial performance driven by record operating result Broadened partnership with Allianz Real Estate through launch of second 50:50 joint venture Several, largely pre-let milestone projects in pipeline, including VGP Park Laatzen and VGP Park Munich Land bank significantl
Slide 19: Appendix
Appendix fal G) “U
Slide 20: Prior 2018
◼ ◼ ◼ ◼ ◼ ◼ ◼ Prior 2018 2018 2019 20
Slide 21: Value creation crystallisation through strategic partnership with Allianz
Value creation crystallisation through strategic partnership with 2 Allianz enabling capital recycling for all new projects ▪ Two joint ventures, each with an investment target of €1.7 billion gross asset value (first JV already reached c. € 1.5 billion) ▪ Exclusive Right of First Refusal for the re
Slide 22: Location of land plots bought or secured in 2019
Location of land plots bought or secured in 2019 or land plots for which a Letter of Intent is signed as of 30 June 2019 22
Slide 23: Disclaimer
Disclaimer ABOUT VGP VGP is a leading 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 well-advanced land bank of