Vgp Nv · EURONEXT:VGP
Vgp Nv — Investor Presentation (October 2022)
22 slides from Vgp Nv's investor presentation, October 2022
Slide 1: Building Tomorrow – Company Presentation
BUILDING TOMORROW » ‘Company he Dp agoritatiny aah
Slide 2: VGP at a glance
• Pan-European operator, owner and developer of prime logistics and light industrial parks 169 • Fully integrated business model with expertise across value chain: €6.53bn1 3.5 years 19 104 Number of Average c.385 FTE’s in 19 countries Total GAV Countries Parks completed building age buildings • Hig
Slide 3: Carbon footprint reduction and green building
Carbon footprint scope 1 and 2 reduction • On track to achieve net carbon neutrality by 2025 and 50% gross reduction by 2030 • All VGP offices green energy PPA contract as of 1 Jan 20221 Carbon footprint scope 3 reduction • Engaging with tenants on self-consumption renewable energy • Aim for net 55%
Slide 4: Governance, diversity and VGP Foundation
Governance • Implemented principles 3.19 of the Belgian Code on Corporate Governance by appointing Company Secretary • Updating charter and various policies and guidelines to demonstrate highest standards of business conduct and integrity Diversity and talent management • Board continues diversity l
Slide 5: Investment portfolio breakdown and geographic footprint
Investment portfolio breakdown Geographic footprint of the portfolio1 (as of fair value)1 Completed vs Under construction vs Development land Geographic breakdown Development land 3% 3% Other €0.7bn 6% 11% 4% Under construction 8% €1.5bn 24% 9% Completed 55% €4.3bn 65% 12% Portfolio breakdown by own
Slide 6: Track record of geographic expansion
Successful and long-standing track record of geographic expansion and continued delivery across markets… 1998 2007 - 2009 2013 2016 2018 2020 2022 ◼ VGP founded in ◼ Expansion through CEE ◼ Expansion to ◼ Established partnership ◼ Further expansion ◼ Launch of two development ◼ Entry in the BEL20 in
Slide 7: Gross asset value growth and capital expenditure
• 6,534 7.000 Own portfolio JVs-related1 5,746 6.000 5.000 4.109 3,843 3.492 4.000 2,771 3.000 1,936 2.923 2.000 1.978 1.360 2.424 2.254 1.000 793 920 576 - 2018 2019 2020 2021 H1 2022 Capital expenditure €352.7m €539.5m €479.8m €743.2m €503.1m €2,618m Net cash inflow from €438.4m €339.0m €405.6m €4
Slide 8: Committed annualised rental income
Increase in rental income Rolling rental income Number of contracts € 300 450 400 • € 250 350 € 200 300 Committed annualised rental income Number of tenancy contracts 250 • € 150 200 € 100 150 100 € 50 50 €- 0 2016 2017 2018 2019 2020 2021 H1 2022 1 8
Slide 9: Occupancy, WALT and green certification
1 Own Portfolio Joint Ventures 100,0% 100,0% 100,0% 100,0% 100,0% 99,8% 99,4% 99,4% 99,3% 99,3% 98,4% 97,0% Combined 8.3 years JVs 7.1 years Own 10.1 years 0 2 4 6 8 10 12 14 2017 2018 2019 2020 2021 H1 2022 First Break WALT • 0,8% • 33,4% • 38,8% • 27,0% Leed BREEAM DGNB Not Certified 9
Slide 10: Tenant base and credit ratings
Credit ratings Market cap Fitch / Moody’s /S&P Krauss Maffei 9,92% A / Baa2 / A- Other 3.9% Amazon 5,57% €1,004bn AA- / A1 / - Logistics Zalando 5,02% 38.6% €7bn E-commerce Rhenus Logistics 3,73% 25.2% Drylock Technologies 2,31% Siemens 1,77% €82bn - / A1/ A+ BMW 1,71% €51bn - / A2 / A MediaMarktSat
Slide 11: Buildings under construction and development landbank
40 1.35 mm sqm 11.31mm sqm 5.00mm sqm Buildings under Under Total Development construction construction landbank potential 87.4% €88.1 mm3 601.000 sqm >0.25mm sqm VGP Park Giessen Am Alten Flughafen, Germany Pre-let Annualised Land Development GLA: 250,830 m2 portfolio leases under option potential
Slide 12: Joint ventures with Allianz Real Estate
VGP European Logistics VGP European Logistics 2 3rd JV: VGP Park München 4th JV: Agreed with Allianz 50% 50% 100% 50% 50% 50% 50% 100% Austria 10.1% 89.9% 100% Germany Czech Republic 5.1% 94.9% 100% Germany Czech Republic 100% Italy 100% Slovakia 100% Slovakia 100% Netherlands 100% Hungary 100% Hung
Slide 13: Appendix
Appendix
Slide 14: Total land bank and development potential
11,908 11,307 601 Other 19% Germany 24% 3,248 Romania 5% 8,059 6,957 1,547 (445) Slovakia 7% Austria 8% The Netherlands 20% Land owned Deployed Acquired 2022 Committed Letters of Dec 2021 2022 intent Spain 15% 1 Geographical breakdown of development potential (based on € Owned and committed land ban
Slide 15: Income Statement
Income Statement (€mm) 1H22 1H21 • Higher net rental income mitigated by decrease in net valuation gain (€ 7.3 mm YoY) and Revenue 35.1 18.1 Joint-Venture contribution (down € 53 mm) Gross rental income 19.1 7.1 Property operating expenses (2.0) (1.1) Net rental income 17.1 6.0 • Increase from € 31.
Slide 16: Investment, Development, Property and Asset Management results
Investment Development Property and Asset Management (€mm) 1H ‘22 1H ‘21 (€mm) 1H ‘22 1H ‘21 (€mm) 1H ‘22 1H ‘22 Gross rental income 19.1 7.1 Gross rental income – – Gross rental income – – Property operating expenses (0.2) (0.3) Property operating expenses (1.8) (2.4) Property operating expenses –
Slide 17: Consolidated Balance Sheet – Assets
Consolidated Balance Sheet – Assets (€mm) • Completed portfolio € 1.078 mm (1H’21: €195mm) • Under Construction € 1.042 mm (1H’21 : €709mm) (€mm) 30 Jun ‘22 31 Dec '21 • Development land € 569 mm (1H’21 : €359mm) ASSETS Investment properties 2,403.2 1,852.5 Investment in joint ventures and • JV1: €
Slide 18: Consolidated Balance Sheet – Equity and liabilities
Consolidated Balance Sheet – Shareholders equity and liability (€mm) • Dividend pay-out of € 149.6 mm (€mm) 30 Jun ‘22 31 Dec '21 • Profit contribution of € 153.1 mm SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity 2,179.1 2,175.6 Non-current financial debt 2,183.8 1,340.6 • Increase of non
Slide 19: Debt overview, gearing and maturity profile
Overview as of 1H 2022 Gearing ratio (%)1 80 €300mm4 Covenants: <65% €2,362mm €649mm 60 Unutilised 39,4 42,3 Total Debt Cash 34,6 37,2 Credit Facility 25,2 29,8 35,2 40 20 0 2.29% 5.00 years 100% 2016 2017 2018 2019 2020 2021 H1 2022 Average Average Unencumbered Assets Cost of Debt Debt Maturity Deb
Slide 20: Income statement – proportionally consolidated
Income statement – proportionally consolidated 2021 2020 (mm €) Group Joint Ventures Total Group Joint Ventures Total Gross rental income 19,129 34,080 53,209 7,113 30,533 37,646 Property operating expenses (2,028) (3,822) (5,850) (2,714) (2,960) (5,674) Net rental and related income 17,101 30,258 4
Slide 21: Balance sheet – proportionally consolidated
Balance sheet – proportionally consolidated 2021 2020 (mm€) Group Joint Ventures Total Group Joint Ventures Total Investment properties 2,403,174 1,963,415 4,366,589 1,852,514 1,746,770 3,599,284 Investment properties included in assets held for sale 289,443 - 289,443 484,360 - 484,360 Total investm
Slide 22: Disclaimer
ABOUT VGP Disclaimer 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 a development land bank (owned or com