COMPLIANCE CERTIFICATE
To: The Bondholders
From: VGP NV
Dated: 26 August 2022
Dear Sirs
VGP NV - EUR 75,000,000 3.25 per cent fixed rate bonds due 6 July 2024 (ISIN BE0002287564 - Common Code 163738783) (the "Bonds")
- We refer to the terms and conditions of the Bonds (the Conditions). This is a Compliance Certificate (Verklaring van Nakoming) pursuant to Condition 11. Terms defined in the Conditions have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.
- We do hereby certify that as at 30 June 2022 the financial covenants pursuant to Condition 10 have been fulfilled and are as follows:
- The Aggregate Net Rental income (increased with the available Cash and Cash Equivalents) was EUR 669.297 k and the Finance Charges were EUR 29.590, therefore the Interest Cover Ratio was 22,62;
- The Cash Available for Debt Service was EUR 848.404 k and the Net Debt Service was EUR 48.590k, therefore, the Net Debt Service was 17,46;
- Total Consolidated Net Debt was EUR 1.721.251 k and total equity and liabilities was EUR 4.876.236k, therefore, the Consolidated Gearing was 35,3%;
- We set out below the calculations establishing the figures in item (2) above in Schedule 1.
- The auditor of VGP NV has confirmed that the calculation of the financial covenants included in this Compliance Certificate, has been accurately performed and is in accordance with the Conditions.
Yours faithfully
Urraco BV
Represented by Piet Van Geet Chief Financial Officer
VGP NV
Jan Van Geet s.r.o Represented by Jan Van Geet Chief Executive Officer
VGP NV
1/2
Schedule 1: Calculation details covenants | ('000 EUR) | ||||
1 AGGREGATE NET RENTAL INCOME - LAST 12 MONTHS | 22.530 | ||||
2 CASH AND CASH EQUIVALENTS | 646.767 | ||||
3 | FINANCE CHARGES - LAST 12 MONTHS | (29.590) | |||
Net financial charges | (29.590) | ||||
Less Arranagement and Placement fee paid during first 12 months | - | ||||
(29.590) | |||||
4 CASH AVAILABLE FOR DEBT SERVICE | 848.404 | ||||
+ | After tax profit of the Issuer - Last 12 Months | 68.697 | |||
+ | intercompany interest paid / accrued to Issuer - Last 12 Months | 68.277 | |||
+ | depreciation and amortisation - Last 12 Months | 12.925 | |||
+ | non-realised foreign exchange losses - Last 12 Months | 910 | |||
- | non-realised foreign exchange gains - Last 12 Months | (373) | |||
+ | Interest expense & other costs - Last 12 Months | 51.201 | |||
+ | revaluation loss on of financial instruments - Last 12 Months | - | |||
- | revaluation gain on of financial instruments - Last 12 Months | - | |||
+ | available cash and cash equivalents - Period-end | 646.767 | |||
848.404 | |||||
5 | NET DEBT SERVICE | (48.590) | |||
Net Finance Charges | (29.590) | ||||
Repayments made during the period | (19.000) | ||||
(48.590) | |||||
6 TOTAL NET DEBT / (CASH) | 1.721.251 | ||||
Total debt (including off balance sheet liabilities) | 2.368.018 | ||||
Cash | (646.767) | ||||
1.721.251 | |||||
7 | EQUITY AND TOTAL LIABILITIES | 4.876.236 | |||
Equity | 2.179.146 | ||||
Total liabilities (including off balance sheet liabilities) | 2.697.090 | ||||
4.876.236 | |||||
8 | COVENANTS | ||||
8,1 | |||||
Interest Cover ratio (LTM) | 30-Jun-22 | Covenant | Compliance | ||
Aggregate Net Rental Income (increased with available cash) | 669.297 | ||||
Finance Charges | (29.590) | ||||
Interest Cover Ratio | 22,62 | 1,20 | YES | ||
8,2 | |||||
Debt Service Cover Ratio (LTM) | 30-Jun-22 | Covenant | Compliance | ||
Cash Available for Debt Service | 848.404 | ||||
Net Debt Service | (48.590) | ||||
Debt Service Cover Ratio | 17,46 | 1,20 | YES | ||
8,3 | |||||
Consolidated Gearing (LTM) | 30-Jun-22 | Covenant | Compliance | ||
Consolidated total net debt (Incl. off balance sheet liabilities) | 1.721.251 | ||||
Consolidated equity and total liabilities (Incl. off balance sheet | 4.876.236 | ||||
liabilities) | |||||
Consolidated Gearing | 35,3% | 65,0% | YES |
2/2
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
VGP NV published this content on 26 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2022 05:20:02 UTC.