Warehouses De Pauw SA · EURONEXT:WDP
Warehouses De Pauw SA — FY2009 Earnings Presentation
30 slides from Warehouses De Pauw SA's earnings presentation, Feb 17, 2010
Slide 1: Full Year Results 2009
Full Year Results 2009 February 17th 2010
Slide 2: Introduction
Introduction Mark Duyck – Chairman “Optimism is the cure for the downturn” Sir David Tang
Slide 3: Agenda
Agenda Full Year Results • Portfolio: real estate projects 2009: purchases – sales – projects executed – projects in execution – potential • Occupancy rate • Portfolio • Strengthen our balance sheet • Presentation of FY 2009 results • Results per share and dividend • WDP share • Outlook • Summarizin
Slide 4: Real estate projects 2009: Purchases
Real estate projects 2009: Purchases • Mechelen, Meer and Willebroek (Belgium) let to DHL Total transaction of 30 million euro for 3 sites totaling 85,000 m² with capital increase of 21.8 million euro and WDP becoming the biggest DHL landlord in Belgium • Nijvel (Belgium) Building new project for Bl
Slide 5: Real estate projects 2009: Sales
Real estate projects 2009: Sales Sales of non-strategic buildings Realised • Retail part of Wespelaar • Neder-Over-Heembeek Assets held for sale • Sint-Jans-Molenbeek • Part of land in Sint-Niklaas Totaling 16.4 million euro
Slide 6: Real estate projects 2009: Projects executed (pre-let)
Real estate projects 2009: Projects executed (pre-let) • Aarschot – 8,500m² – Distrilog • Courcelles (phase I) – 10,000m² – Blount Europe NV • Raamsdonksveer – 7,000m² – BSB • Ridderkerk – 20,000m² – Univeg • Libercourt – 30,000m² – ID Logistics • Completion of solar energy power stations totaling 1
Slide 7: Real estate projects 2009: Projects executed (not let)
Real estate projects 2009: Projects executed (not let) • Courcelles (phase II) – 10,000m² • Nivelles – 10,000m² • Venlo – 13,000m² • Seclin (phase II) – 4,000m²
Slide 8: Real estate projects 2009: Projects in execution (pre-let)
Real estate projects 2009: Projects in execution (pre-let) • Genk – completion 4 2010 – Terumo • Merchtem – completion Q4 2010 – Retail Warehousing • Nijmegen – completion 10 2010 – Ter Beke • Tilburg – completion 3 2010 – K+N Yearly revenue impact of 3.2 million euro • Solar energy project of 0.8 M
Slide 9: Real estate projects 2009: Projects in execution (not let)
Real estate projects 2009: Projects in execution (not let) • Venlo – 15,000m² (on hold) • Puurs – 14,000m² (on hold) • Ternat – 10,000m² (renovation, works not yet started) • Libercourt – 6,000m² Total investment to be executed (pre-let and not let) of 25 million euro until completion Financing in p
Slide 10: 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 14.5 million euro • Landbank Romania At fair value in balance sheet for 23.3 million euro Can be initiated subject to:
Slide 11: Investments
Strength of the portfolio further underlined by, Global portfolio evolution 920 • Asset-backed investment 900 Real estate in prime locations; 880 869 35% of portfolio value is land 860 25 -40 • Low geographical risk 840 94% of the portfolio located in core (EURm) 820 800 Western Europe 780 773 • Rep
Slide 12: Geographical footprint
Geographical footprint Fair value split as per 31/12/2009 Czech Czech Republic Republic 3,5% Romania Netherlands 3,2% • Value: EUR 24m 16,3% • Gross yield: 10.92% • 39,000m² France 9,3% Belgium 67,7% Romania Belgium • Value: EUR 23m • Gross yield: N/A • Value: EUR 528m • 929,000m² (landbank) • Gross
Slide 13: Occupancy rate 2009
Occupancy rate 2009 • Average occupancy rate 2009 of 95% • Total occupancy rate reaches 92.3% on December 31st 2009 • Decrease of 7% compared to December 31st 2008 • 4.2% on standing portfolio • 2.8% on projects executed not let
Slide 14: Preview occupancy rate 2010
Preview occupancy rate 2010 Standing portfolio • Maximum 48,000m² lease contracts can expire in 2010 – negotiations for different sites ungoing • Impact on occupancy rate max. 3% Projects not-let • Venlo, Libercourt on hold • Ternat, Puurs renovation in function of tenants • No new developments not
Slide 15: Historical occupancy rate
Historical occupancy rate 99% 99% 99% 98% 98% 97% 97% 96% 95% 94% 95% 93% 92% 91% 89% 90% 87% 85% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2004 vacancy was 90% but amounted to 95% excluding the impact of the vacancy of the Hazeldonk site
Slide 16: High profile client base
High profile client base Top tenants 31/12/2009 High profile corporates among Top-10 clients Univeg 13,9% DHL Other 6,5% 49,8% Solarpanels 6,4% Philips 5,6% Kühne&Nag el Top 6-10 4,6% 13,2%
Slide 17: With long term leases
,with long term leases • Well balanced industry portfolio • > 75% of contracts longer than 2014 • No increase in DSO observed
Slide 18: Strengthen our balance sheet
Strengthen our balance sheet Realised in 2009: • Sale & rent back transaction DHL with capital increase of 21.8 million euro • Capital increase of 73 million euro by rights issue • Sale of non-strategic assets totaling 2.9 million euro • Capital gains on realisation of solar energy project, totaling
Slide 19: Consolidated balance sheet (Assets)
2009 Consolidated balance sheet (Assets) (in ‘000 euro) 2009.DEC 2008.DEC 2007.DEC Intangible fixed assets 286,61 183,63 105,00 Property investments 815.391,78 742.129,30 614.104,00 Other tangible fixed assets (incl. solar panels) 55.232,14 32.359,32 1.090,00 Financial fixed assets 11.737,25 10.618,
Slide 20: Consolidated balance sheet (Liabilities)
2009 Consolidated balance sheet (Liabilities) (in ‘000 euro) 2009.DEC 2008.DEC 2007.DEC Capital 97.853,12 68.913,37 68.913,00 Issue premiums 63.960,55 ,00 ,00 Reserves 171.524,92 187.288,07 219.449,00 Profit 59.603,67 25.612,71 38.202,00 Impact on fair value of estimated transfer duties and transfer
Slide 21: Financing structure (I)
Financing structure (I) 31/12/2009 Financing (EURk) Long term • Average cost of debt 2009: 4.11% Long Term loans 337.000 Leasing 34.000 • Compared to 2008: 4.44% Other 9.700 • 88% of total debt hedged – duration 6.2 years Short term Commercial Paper 105.250 Straight loans 8.850 TOTAL 494.800
Slide 22: Financing structure (II)
Financing structure (II) 180.000 162.000 160.000 140.000 131.000 121.000 120.000 •Total average duration: 4.8 years 100.000 • Average duration long term loans: (EURk) 6.1 years 80.000 71.000 60.000 40.000 20.000 5.000 5.000 0 2010 2011 2012 2013 2014 > 2014
Slide 23: Consolidated Results
2009 Consolidated Results (in ‘000 euro) 2009.DEC 2008.DEC 2007.DEC Net current profit Net rental result 54.126,90 46.644,87 38.348,13 Other operating income/charges 3.645,89 235,46 -71,44 Property result 57.772,79 46.880,33 38.276,69 Property costs -1.082,89 -1.194,63 -1.389,44 Corporate overheads
Slide 24: Results per share and dividend
2009 Results per share and dividend • Net current result per share of 3.14 euro compared to 3.34 euro over the same period last year (*) • Proposed total dividend of 2.94 euro (net 2.50 euro) for FY 2009 • Dividend in 2 parts (coupon nr 18 for 1 HY – coupon nr 19 for 2 HY) to avoid dilution, both to
Slide 25: WDP share
WDP share 60,0 Share price versus NAV 50,0 40,0 (EUR) 30,0 20,0 10,0 0,0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 WDP NAV • NAV per share: EUR 32,5 (31/12/2009 – excl IAS 39) • Share price of EUR 31,42 (15/02/2010) • Market capitalization of circa EUR 394m (15/02/2010) • Free float 69%
Slide 26: Return of the WDP share
2009 Return of the WDP share Average since 31/12/2009 IPO/Year WDP 27.39% 11.77% GPR 250 Belgium 5.53% 10.83% GPR 250 Europe 41.21% 5.55% BEL 20 31.59% -2.07% Bron: Global Property Research (Kempen BV)
Slide 27: Outlook
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 • After execution of all current projects for 2010, the 2009 dividend and the 2010 results: gearing will s
Slide 28: Summarizing
Summarizing 2009 • Net current result of 34.0 million euro (+18.5%) • Net current result per share of 3.14 euro • Occupancy rate of 92% • NAV of 32.05 euro (excluding IAS 39 result and before profit distribution) • Gearing down to 55.25% thanks to various initiatives 2010 • Net current result of bet
Slide 29: Financial Calendar
2010 Financial Calendar • Annual report March 31st 2010 • AGM April 28th 2010 • Ex dividend date April 30th 2010 • Payment date dividend May 6th 2010 (HY 1 2009 coupon nr 18 and HY 2 2009 coupon nr 19) For further information, see financial calendar at www.wdp.be
Slide 30: Question time
waist BRU Question time SS WwDP warehouses with brains