Warehouses De Pauw SA · EURONEXT:WDP
Warehouses De Pauw SA — H1 2010 Earnings Presentation
31 slides from Warehouses De Pauw SA's earnings presentation, Aug 25, 2010
Slide 1: Half Year Results 2010
Half Year Results 2010 August 25th 2010
Slide 2: Introduction – Mark Duyck, Chairman
Introduction Mark Duyck – Chairman
Slide 3: 1 HY 2010 – Joost Uwents, CEO
1 HY 2010 Joost Uwents — CEO —S WwDP warehouses with brains
Slide 4: Agenda HY Results 2010
Agenda 1 HY Results 2010 • Portfolio: real estate projects 1 HY 2010: purchases – sales – projects executed – projects in execution – potential • Occupancy rate • Portfolio • Presentation of 1 HY 2010 results • Financing structure • WDP share • Outlook
Slide 5: Real estate projects HY 2010: Purchases
Real estate projects 1 HY 2010: Purchases • No purchases in 1 HY 2010
Slide 6: Real estate projects HY 2010: Sales
Real estate projects 1 HY 2010: Sales •Sale of part of land (111,000 m²) in Sint-Niklaas • Sale of vacant site (17,000 m²) in Lesquin • Sale of site in Sint-Jans-Molenbeek Totaling 20 million euro
Slide 7: Projects executed (pre-let)
Real estate projects 1 HY 2010: Projects executed (pre-let) • Genk – 16.000m² – completion 5 2010 – Terumo Incl. solar installation of 0.8 MWp • Tilburg – 16.000m² – completion 3 2010 – K+N • Libercourt – 6.000m² – completion 3 2010 – ID Logistics Yearly revenue impact of 2.1 million euro Total fair
Slide 8: Projects executed (not let)
Real estate projects 1HY 2010: Projects executed (not let) • No projects were executed without being pre-let
Slide 9: Projects in execution (pre-let) H2 2010
Real estate projects 1 HY 2010: Projects in execution (pre-let) H2 2010 • Nijmegen – 16.000m² – completion 10 2010 – Ter Beke • Vilvoorde – 11.000m² – completion Q4 2010 – KDL • Solar energy project extra 2.5 MWp on Belgian sites will be completed by end 2010 bringing total on 13.3 MwP Yearly revenu
Slide 10: Projects in execution (pre-let) 2011
Real estate projects 1 HY 2010: Projects in execution (pre-let) 2011 • Merchtem – Retail Warehousing • Parking Ridderkerk • Preparations started for installing 4 MWp on French sites by mid 2011 Yearly revenue impact of 1.5 million euro Total investment of 11.5 million euro until completion
Slide 11: Projects in execution (not let)
Real estate projects 1 HY 2010: Projects in execution (not let) • Venlo – 15,000m² (on hold) • Libercourt – 6,000m² (on hold) • Puurs – 14,000m² (renovation, in function of tenants) • Ternat – 10,000m² (renovation, in function of tenants)
Slide 12: Non-committed development potential
Non-committed development potential • Landbank Belgium and France Sint-Niklaas, Courcelles III, Nivelles, Libercourt II Concession at Trilogiport At fair value in balance sheet for 15 million euro • Landbank Romania At fair value in balance sheet for 23 million euro Can be initiated subject
Slide 13: New Investments
Strength of the portfolio further underlined by… Global portfolio evolution 920 • Asset-backed investment 900 886 Real estate in prime locations; 880 869 35% of portfolio value is land 860 -20 4 33 • Low geographical risk 840 94% of the portfolio located in core (EURm) 820 800 Western Europe 780
Slide 14: Geographical footprint
Geographical footprint Fair value split as per 30/06/2010 Czech Republic Czech Romania • Value: EUR 24m Republic 2,8% • Gross yield: 10.76% Netherlan 2,9% • 39,000m² ds 20,0% France 9,4% Belgium 64,9% Romania Belgium • Value: EUR 23m • Gross yield: N/A • Value: EUR 537m • 929,000m² (landbank) • Gros
Slide 15: Occupancy rate HY 2010
Occupancy rate 1 HY 2010 • Occupancy rate: 94.8% (92.4% on December 31st 2009) • Standing portfolio: maximum 1% lease contracts can expire in 2 HY 2010 negotiations for different sites ungoing • Projects not-let: No new developments not pre-let to be delivered in H2 2010
Slide 16: Historical occupancy rate
Historical occupancy rate 99% 98% 99% 99% 98% 97% 97% 96% 95% 94% 95% 95% 93% 92% 91% 90% 89% 87% 85% 2001 2002 2003 2004 2005 2006 2007 2008 2009 1 HY 2010 2004 vacancy was 90% but amounted to 95% excluding the impact of the vacancy of the Hazeldonk site
Slide 17: High profile client base
High profile client base Top tenants 30/06/2010 High profile corporates among Top-10 clients Univeg 15,5% Other 46,8% Solarpanels 8,4% DHL 7,2% Top 6- Philips 10 5,2% 11,8% Kühne&Nag el 5,1%
Slide 18: ...in different industries
…in different industries Well balanced industry portfolio Wholesale Automotive 9% 4% Telecom & ICT 5% Food Others 19% 6% Government & non- profit 4% Industry 12% Logistics, Transport, Distribution & Retail 41%
Slide 19: ...with long term leases
…with long term leases • Univeg + Solar panels count for 25% of total income, 20 year fix • Average duration contracts Avg time to Avg time to (in years) first break expiry Excl. solar income 5,47 7,76 Incl. solar income 6,52 8,62
Slide 20: Consolidated balance sheet (Assets)
1 HY 2010 Consolidated balance sheet (Assets) (in ‘000 euro) 2010.JUN 2009.DEC 2009.JUN Intangible fixed assets 417,18 286,61 184,15 Property investments 828.560,47 815.391,78 807.628,54 Other tangible fixed assets (incl. solar panels) 58.591,79 55.232,14 44.167,87 Financial fixed assets 12.961,89 1
Slide 21: Consolidated balance sheet (Liabilities)
1 HY 2010 Consolidated balance sheet (Liabilities) (in ‘000 euro) 2010.JUN 2009.DEC 2009.JUN Capital 97.853,12 97.853,12 97.927,25 Issue premiums 63.960,55 63.960,55 63.960,55 Reserves 183.116,94 205.078,44 175.246,04 Profit 24.772,09 26.050,15 41.631,85 Impact on fair value of estimated transfer du
Slide 22: Financing structure (I)
Financing structure (I) 30/06/2010 Financing (EURk) Long term • Average cost of debt 2010: 4.20% Long Term loans 340.800 Leasing 32.400 • Compared to 2009: 4.37% Other 7.900 • 87% of total debt hedged – duration 5.6 years Short term Commercial Paper 86.550 Straight loans 38.000 TOTAL 505.650
Slide 23: Financing structure (II)
Financing structure (II) 200.000 180.000 180.000 160.000 140.000 127.000 131.000 •Total average duration: 4.4 years 120.000 • Average duration long term loans: 100.000 5.6 years 80.000 56.000 60.000 40.000 20.000 6.000 6.000 0 2010 2011 2012 2013 2014 > 2014
Slide 24: Consolidated Results
1 HY 2010 Consolidated Results (in ‘000 euro) 2010.JUN 2009.DEC 2009.JUN Net current profit Net rental result 28.617,26 54.126,90 26.014,07 Net result on solar power 2.633,46 3.704,29 1.819,81 Other operating income/charges -179,50 -58,40 -17,66 Property result 31.071,22 57.772,79 27.816,23 Property
Slide 25: Results per share and dividend
1 HY 2010 Results per share and dividend • Net current result per share of 1.52 euro compared to 1.70 euro over the same period last year (*) • Expected total dividend of 2.94 euro (net 2.50 euro) for FY 2010 (*): due to the creation of new shares on the occasion of the capital increases in March an
Slide 26: WDP share
WDP share 60,0 Share price versus NAV • NAV per share: EUR 31.32 50,0 (30/06/2010 – excl IAS 39) 40,0 • Share price of EUR 33.56 (22/08/2010) (EUR) 30,0 • Market capitalization of circa EUR 20,0 421m (22/08/2010) 10,0 • Free float 69% - Family Jos De 0,0 Pauw 31% 2000 2001 2002 2003 2004 2005 2006 2
Slide 27: WDP share
100 125 150 175 200 225 250 275 300 325 350 375 400 425 450 75 jun/99 okt/99 feb/00 jun/00 okt/00 feb/01 jun/01 okt/01 feb/02 jun/02 okt/02 feb/03 WDP share jun/03 okt/03 feb/04 jun/04 GPR 250 Belgium okt/04 feb/05 jun/05 Total return index okt/05 GPR 250 Europe feb/06 jun/06 WDP okt/06 feb/07 jun/0
Slide 28: Return of the WDP share
1 HY 2010 Return of the WDP share Average since 30/06/2010 IPO/Year WDP -0.60% 11.15% GPR 250 Belgium 4.92% -3.89% GPR 250 Europe -3.93% 4.90% BEL 20 -4.98% -2.43% Bron: Global Property Research (Kempen BV)
Slide 29: FY 2010 Outlook
FY 2010 Outlook • Expected net current result of min. 37 to 39 million euro • Expected net current result per share of min. 2.95 to 3.11 euro • Total expected dividend of gross 2.94 euro per share • Gearing will stay at 55% end of 2010, even after execution of all current projects • Occupancy rate s
Slide 30: Financial Calendar
2010 Financial Calendar • Q3 Results November 16th 2010 • FY Results 2010 Week 7-8 2011 • AGM April 27th 2011 • Ex dividend date April 28th 2011 • Payment date dividend May 4th 2011 For further information, see financial calendar at www.wdp.be
Slide 31: Question time
with B Rd Question time ~~ WDP warehouses with brains