Slide 1: Company Presentation
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Slide 2: Introduction to VGP
yduction to VG
Slide 3: VGP key figures at a glance
• 178 2.9 years • €6.44bn1 17 109 Number of Average Total GAV Countries Parks completed building age buildings • €320.7 mm 5.29%4 99.2%2 8.1 years3 Committed 499 Yield Occupancy WALT annualised Tenants rental income • • • €177.5 mm 34.4%5 €2.2bn • Operating Profit Gearing ratio Shareholders’ Equity
Slide 4: Diversified investment portfolio (breakdown by country)
DIVERSIFIED INVESTMENT PORTFOLIO (BREAKDOWN BY COUNTRY1) Hungary Austria €207mm – 3% €143mm – 2% Italy Romania €127mm – 2% €207mm – 3% Other Slovakia €204mm – 3% €251mm – 4% Netherlands €450mm – 7% Germany Spain €3,488mm €553mm – 9% 54% Czech Republic €813mm 13% 4
Slide 5: GAV growth and company history
1998 2007 - 2009 2013 2016 2018 2020 2022 ◼ VGP founded in ◼ Expansion through CEE ◼ Expansion to ◼ Established partnership ◼ Further expansion ◼ Launch of two development ◼ Expansion into Denmark Czech Republic and Baltics Germany with Allianz Real Estate throughout Western and JVs and Croatia Sout
Slide 6: Committed annualised rental income
Committed rental income – including JVs at 100% – increased by 5.8% over ‘4M COMMITTED ANNUALISED RENTAL INCOME AND NUMBER OF TENANCY CONTRACTS Increase in rental income Rolling rental income Number of contracts € 350 500 450 ▪ In total 499 tenant contracts € 300 400 ▪ Committed annualised leases of
Slide 7: Reflection of committed rental growth on the effective rental income
Reflection of committed rental growth on the effective rental income 7
Slide 8: Net rental and renewable energy income has grown y-o-y with 51%
Net rental and renewable energy income has grown y-o-y with 51% Total net rental and renewable energy income at share (’000 €) ▪ Total net rental and renewable energy income at share increased y-o-y by 51% to € 107.1 million in 2022 ▪ Similar growth rate expected in 2023 107.134 70.718 55.256 43.417
Slide 9: …fully let on a long-term basis
…fully let on a long-term basis Portfolio virtually fully-let on a long-term basis1 Occupancy evolution (%) Weighted average lease term (WALT) of the Own Portfolio Joint Ventures portfolio 100,0% 100,0% 100,0% 99,8% 99,4% 99,3% 99,3% 99,2% 99,1% 98,5% 98,4% 98.4% 99.3% 99.8% 99.3% 99.2% 100.0% 100.0
Slide 10: Weighted average lease term and top tenants
• Weighted average lease term of 8.1 years1 • Top 10 tenants represents 33% of committed leases Other 5% E-commerce Light industrial Logistics 22% Logistics 42% E-commerce Other Light industrial 31% 10
Slide 11: Predominantly pre-let portfolio under construction represents €47 million once fully let
The predominantly pre-let portfolio under construction represents € 47 million once fully let ▪ ▪ ▪ ▪ ▪ VGP Park Giessen Am Alten Flughafen, Germany VGP Park Wiesloch-Walldorf, Germany VGP Park Graz, Austria 11
Slide 12: …and is well spread across our geographical footprint
…and is well spread across our geographical footprint Austria 2% Slovakia 1% Portugal 3% Romania 6% Czech Republic 6% VGP Park Erfurt 2, Germany Serbia 6% Germany 60% Hungary 15% VGP Park Graz, Austria 12
Slide 13: Overview of owned and committed landbank
Overview of owned and committed landbank 10,081 2,094 7,956 7,987 (269) 300 Land owned Deployed Acquired Committed Dec 2022 4M 2023 4M 2023 Owned and committed land bank ▪ ▪ VGP site Rouen, brownfield 13
Slide 14: Landbank geographically well diversified across countries of operations
Landbank geographically well diversified across countries of operations Other 11% ▪ We remain vigilantly focused The Netherlands 15% on expanding our landbank France 4% Germany 6% ▪ Priority focus on Germany and new countries France Serbia 13% and Denmark Czech Republic 9% Slovakia 10% Romania 11% H
Slide 15: HUGE REEESBEH
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Slide 16: Photovoltaic roll-out (MWp)
▪ ▪ ▪ ▪ VGP Park Magdeburg - Sülzetal ▪ 4.8 MWp PV capacity installed in December 2022 Photovoltaic roll-out (MWp) ▪ 21.1 MWp in under construction & in the pipeline 83.4 300 65.4 216.6 84.6 151.2 66.6 VGP Park Nijmegen ▪ 17.61 MWp PV plant ▪ 4.8 MWp in use since 2021 ▪ Final part connected in 2023
Slide 17: Renewable energy production (KWh)
▪ ▪ VGP Park Valsamoggia ▪ 1.3 MWp PV plant operational and under construction ▪ Works envisaged to finish summer 2023 Renewable energy production (KWh) 300000000 250000000 200000000 Electricity consumption of all tenants FY2021 150000000 100000000 50000000 0 2021A 2022F Annualized production Annual
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Slide 20: Income statement
Income statement Income Statement (€mm) FY2022 FY 2021 • Gross rental income increases 158% to € 45.3 mm due to high number of delivered assets Revenue 84.8 44.3 • Gross renewable income of € 5.9 mm Gross rental and renewable energy income 51.2 18.3 Property operating expenses (8.2) (2.9) Net rental
Slide 21: Operating EBITDA – by segment
Operating EBITDA – by segment Investment Development Renewable Energy (€mm) FY22 FY21 (€mm) FY22 FY21 (€mm) FY22 FY21 Gross rental and renewable energy Gross rental and renewable energy Gross rental and renewable 45.3 17.6 – – 5.9 0.7 income income energy income Property operating expenses (0.8) (0.
Slide 22: Balance sheet - assets
Balance sheet - assets Consolidated Balance Sheet – Assets (€mm) • Completed portfolio € 1,482 mm (’21: €563mm) • Under Construction € 632 mm (’21 : €855mm) (€mm) 31 Dec ‘22 31 Dec '21 • Development land € 573 mm (’21 : €435mm) ASSETS Intangible assets 1.2 1.0 Investment properties 2,396 1,853 • JV1
Slide 23: Balance sheet – Shareholders’ equity and liabilities
Balance sheet – Shareholders’ equity and liabilities Consolidated Balance Sheet – Shareholders equity and liability (€mm) • Following a rights issue of € 300 mm, VGP issued 5,458,262 new shares (€mm) 31 Dec ‘22 31 Dec '21 • IFRS NAV of 80.7 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity 2
Slide 24: Update on 2022 financing activities: available liquidity more than doubled
Update on 2022 financing activities: available liquidity more than doubled 2,500 ▪ Issued €1 billion in euro bonds ▪ € 500 million 5-year tranche 1.625% ▪ € 500 million 8-year tranche 2.250% 2,000 2,000 ▪ € 300 million rights issue 1,500 ▪ € 200 million increase in RCF, total of €400 million untappe
Slide 25: Low average cost of debt and significant liquidity
Low average cost of debt and significant liquidity 3,40% ▪ € 2,374mm Total Debt ▪ 2.3% Average Cost of Debt 3,20% ▪ Significant liquidity 3,00% ▪ € 699mm Cash (+€ 6 mm in HFS) ▪ € 400mm Unutilised Credit Facility 2,80% ▪ Bond maturities in 2023 2,60% ▪ 2.75% for € 150 million Apr-23 ▪ 3.90% for € 22
Slide 26: Near term refinancing covered through available cash and cash recycling
Near term refinancing covered through available cash and cash recycling 150 600 500 502 225 214 78 80 2023 2024 2025 2026 2027 2028 2029 2030 4.48 years average debt maturity 26 Source: Company information as of Dec 2022
Slide 27: Significant headroom to key covenants
Significant headroom to key covenants Gearing ratio (%)1 Debt service cover ratio (x)2 80 Covenants: <65% 60 60 39,4 42,3 37,2 45 34,6 34,4 25,2 29,8 40 26,4 22,6 25,9 30 20,4 14,8 20 Covenants: ≥1.2 15 3,4 2,1 0 0 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022 100% Unencumber
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Slide 29: ESG Strategy: Building Tomorrow Today Together
ESG Strategy: Building Tomorrow Today Together 29
Slide 30: ESG Achievements 2022
ESG Achievements 2022 ▪ 45% of portfolio on a Paris-aligned 1.5oc ▪ 100% certified pathway in 2050 Green Power for all VGP offices ▪ Science based targets affirmed ▪ External CO2 assurance ▪ All VGP parks to be ▪ Working on reducing ▪ 55,000 tonnes of CO2-e equipped with EV embodied emissions p.a. w
Slide 31: ESG Achievements 2022
ESG Achievements 2022 ▪ Improve eco- ▪ Biodiversity: ▪ Aiming for carbon efficiency: ▪ 4,201 trees improvements within ▪ Refurbishment planted in VGP supply chain program Parks ▪ 488,284 m2 of ▪ Supply chain ethics ▪ Portfolio EU biotopes in Taxonomy our parks compliance review ▪ €3 million UNHCR ▪
Slide 32: Summary of the Group’s ESG performance indicators
Summary of the Group’s ESG performance indicators Target 2022 achievements Sustainable properties ▪ Based on risk assessment of long-term climate change risks, the Group will work on ▪ For all parks to perform a climate change risk plan adaptation plans for its standing assets ▪ 100% of projects to
Slide 33: Summary of the Group’s ESG performance indicators
Summary of the Group’s ESG performance indicators Target 2022 achievements Protect and improve biodiversity ▪ 100% of development projects to implement an ecology plan ▪ 100% of development projects started up in 2022 have an ecology plan ▪ 100% of standing assets with high biodiversity stakes to ▪
Slide 34: Disclaimer
Disclaimer ABOUT VGP VGP is a pan-European owner, manager and developer 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. Founded in 1998 as a Belgian family-owned real estate