Slide 1: H1 2020 Results Presentation
H1 2020 Results Presentation 24 August 2020 www.vgpparks.eu
Slide 2: 1. Highlights H1 2020
1. Highlights H1 2020
Slide 3: H1 2020 results - Highlights
H1 2020 results - Highlights Record net profit for the period of €196.9 million Positively affected by the new 50:50 VGP Park München joint venture Resilient business performance and impact of Covid-19 remains limited so far Additional signed and renewed rental income of €20.1 million YTD
Slide 4: Resilient financial performance
Resilient financial performance Strong growth of total portfolio value1 €3,231m €2,249m +44% 1H19 1H20 €165.2m €129.3m Continued growth in committed annualised rental income1 +28% 1H19 1H20 €196.9m Record net profit €75.0m Positively affected by the new 50:50 VGP Park München +163% joint ventu
Slide 5: Update on sustainable development goals for 2020 onwards
Update on sustainable development goals for 2020 onwards Launch of VGP Renewable Energy N.V. 18.1MWP of PV installed on roofs1 Further 17.6 MWP under construction Target 100% BREEAM Very Good certification for new developments All projects launched since start 2020 on track for certification L
Slide 6: 2. Operational performance
2. Operational performance
Slide 7: Despite the challenging market environment, H1 2020 saw resilient leasing growth…
Despite the challenging market environment, H1 2020 saw resilient leasing growth… Committed annualised rental income and number of tenancy contracts1 1H 2020 In total 263 tenant contracts driving committed annualised leases to € 165.2 million (2019: €155.0 million) € 37.0 million through own por
Slide 8: …driving continued portfolio growth …
…driving continued portfolio growth … Total portfolio – including 100% JV (€ million) Own portfolio JVs-related1 3,500 3,231 3,000 2,771 2,500 1,936 2,396 2,000 1,978 1,506 1,500 1,195 1,360 878 1,000 645 500 793 834 677 550 628 576 - 2015 2016 2017 2018 2019 1H2020 2020 Capital expenditure €337.0m
Slide 9: …which has resulted in a diversified investment portfolio
…which has resulted in a diversified investment portfolio Investment portfolio breakdown 1 Country breakdown Completed vs Under Construction vs Land Bank Hungary Slovakia €86mm – 3% Development land €98mm €405mm 3% Other Romania 13% €118mm €103mm 4% 3% Netherlands Under €153mm – 5% Construction Spai
Slide 10: Portfolio leased on a long-term basis to a diversified and blue-chip customer base
Portfolio leased on a long-term basis to a diversified and blue-chip customer base Weighted average term of the portfolio Blue-chip top 10 Tenants (JVs at 100%) Combined 8.7 years Krauss Maffei 16.9% Amazon 6.9% JV 8.2 years Rhenus 4.9% Own 10.3 years Drylock 2.9% MediaMarktSaturn 2.8% years 0 2 4 6
Slide 11: Solid delivery of new developments in first half of 2020
Solid delivery of new developments in first half of 2020 During 1H 2020 a total of 12 buildings were delivered, representing 190,000 m2 As of 24 Aug 2020, this has grown to 311,000 m2 Largest share of new VGP Park Halle, Germany VGP Park Valsamoggia, Italy developments delivered for tenants ac
Slide 12: Current development pipeline
Current development pipeline At Jun 2020, 33 buildings were under construction, representing 795,000 m2 This equates to € 49.5 million of new lease contracts The portfolio Under Construction was 73% pre-let Western Europe reflects 82% of the total development pipeline VGP Park Magdeburg, Ger
Slide 13: Well advanced land bank to support future growth
Well advanced land bank to support future growth Build-up of Land bank (m2) Land bank1 – geographic breakdown 7,740,000 6,890,000 850,000 Other 8% 1,960,000 Italy 5% Germany 28% 4,930,000 Netherlands 5% 4,410,000 1,170,000 Spain 7% 650,000 Slovakia 10% Romania 17% Czech Republic 18% Land owned Deplo
Slide 14: 2. Financial performance
2. Financial performance
Slide 15: Income Statement
Income Statement Operating profit up €121.8mm to €217.9mm Increase driven by higher net valuation gain (up €139.3mm), compensating lower share in result of JV (€(10.7)mm) and higher admin expenses (€5.6mm) On a “look-through”- basis 1 net rental is up by € 2.7 mm YoY to € 26.9mm Net valuatio
Slide 16: Income Statement – by segment
Income Statement – by segment Investment Development Property and Asset Management € million € million € million Share in result of JVs up €5.1 million Valuation gains/(losses) up €140.7 Revenues include asset YoY corresponds to VGP’s share in million YoY – Positively affected by management, p
Slide 17: Balance sheet - assets
Balance sheet - assets Investment Properties of €834.4mm (of which €238.5mm reclassified as held for sale) Completed portfolio €173mm (’19: €94mm) Under Construction €344mm (‘19: €338mm) Development land €318mm (‘19: €361mm) Investment in Joint Ventures and associates increased to €534.2 m
Slide 18: Balance sheet – Shareholders’ equity and liabilities
Balance sheet – Shareholders’ equity and liabilities Shareholders’ equity of €1,035mm, up €335mm since Dec ’19 Includes effect of €200 mm equity capital raising Total liabilities of €922 mm (2019: €925 mm) Financial debt of €782 mm (2019: €780 mm) Trade debt and other current liabilities d
Slide 19: 3. Summary and Outlook
3. Summary and Outlook
Slide 20: Summary and Outlook
Summary and Outlook Summary Resilient business performance across portfolio; achieved many new milestones Third joint venture with Allianz Real Estate has taken cooperation to new level and made VGP balance sheet stronger than ever before Formidable land bank expanded with some trophy new posi
Slide 21: Appendix
Appendix
Slide 22: Track record of the two joint ventures
Track record of the two joint ventures: in excess of € 1 billion of net cash proceeds First JV: VGP European Logistics Second JV: VGP European Logistics 2 €176mm €96mm GAV: c.€500mm GAV: c.€175mm Closing I net cash Closing I net cash (May ‘16) 15 parks (28 buildings) in Germany, Czech (Jul ‘19) 3 pa
Slide 23: VGP Park München
VGP Park Munchen Kirchheim 1S 2:- Heinystettef Kreuz Miinchen-Ost Ld
Slide 24: VGP Park München
VGP Park München Building Land plot (m 2 ) Total GLA (m 2 ) Tenant GERMUER - A1 95,148 38,380 BMW GERMUER - A2 37,523 15,136 BMW GERMUER - PHN 4,615 22,213 KMT GERMUER - B 202,165 81,548 KMT GERMUER - E 97,555 39,351 KMT GERMUER - F 18,559 7,486 KMT GERMUER - PHS 4,615 19,418 KMT GERMUER - C 120,162
Slide 25: VGP Park München
VGP Park München 25
Slide 26: VGP Park Gießen - Am Alten Flughafen
VGP Park Gießen - Am Alten Flughafen Secured sought after location in ‘transport hub’ city of Gießen, Hesse 26
Slide 27: VGP Park Gießen - Am Alten Flughafen
VGP Park Gießen - Am Alten Flughafen LOCATION —Gießen, Hessen • 316,603 m2 development land acquired in May ‘20 • Construction works expected to start early 2021 27
Slide 28: VGP Park Magdeburg
VGP Park Magdeburg 28
Slide 29: VGP Park Magdeburg
VGP Park Magdeburg Building Land Plot Total GLA LOCATION —Magdeburg (Osterweddingen) GERMAG - A 54,619 m² 26,365 m² GERMAG - B 72,715 m² 35,100 m² • Circa 240,000 inhabitants GERMAG - C 65,522 m² 31,628 m² • Capital city of Saxony-Anhalt GERMAG - D 65,522 m² 31,628 m² GERMAG - E 115,870 m² 55,931 m²
Slide 30: VGP Park Bratislava (Bernolakova)
VGP Park Bratislava (Bernolakova) LOCATION — Bratislava - Bernolákovo Land area: 576 000 m2. . Exit under construction – expected 4Q 2020 Infrastructure on our land started in Aug-20 30
Slide 31: 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 development land bank (owne