VGP : H1 2021 Resultaten Presentatie

VGP

1H21 Results Presentation

31 August 2021

1

Fully integrated pure-play logistics real-estate company

Company at a glance

• Pan-European operator, owner and developer of prime logistics and light industrial parks
• Fully integrated business model with expertise across value chain: >300 employees in 13 countries
• High quality standardised logistic and semi-industrial real estate asset base
• All new buildings delivered at least certified BREEAM
  Very Good or equivalent4
• Fully let standing portfolio and significantly pre-letdevelopment pipeline: Completed portfolio is 99.4% let and Portfolio under construction is 81.3% pre-let as of June 2021
• VGP well financed and strongly capitalized: shares listed on Euronext Brussels since 2007
• Successful and long-termpartnership with Allianz Real Estate since 2016: 3 joint ventures since inception

Portfolio KPI's as of 30-Jun-21

€4.48bn1		85		324
Total GAV		Parks		Tenants

3.9 years		99.4%2		8.2 years3
Average
	Occupancy		WAULT
Building Age

Financial KPI's as of 30-Jun-21
€184.3mm5		30.4%			€1.4bn
			Shareholders'
EBITDA		Gearing ratio
			Equity

130

Number of completed buildings

€205.7mm

Committed annualised rental income

:

BBB-

1. Gross Asset Value of VGP, including own portfolio and joint ventures at 100% as of 30 June 2021
2. Including JV portfolio at 100%
3. Refers to WAULT of JV and Own portfolio combined.
4. Started-upafter 1 January 2020.
5. Operating EBITDA (Incl. JV at share) and is calculated as investment EBITDA, property development EBITDA and property management and asset management EBITDA

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1. Highlights H1 2021

H1 2021 results - Highlights

n Record net profit for the period of €203.8 million n Strong operating performance across regions

n Record 42 buildings with 1,127,000 m² under construction (81.3% pre-let)

n 17 buildings with 426,000 m2 have been started up in H2 2021 (currently 1,559,000 m2 under construction)

• 8.56 million m2 land bank owned or committed (+11.9% YTD)
• Our total signed and renewed rental income grew with 21.9% over the first 8 months of 2021 to € 225.7 million1
• Strong delivery pipeline of >550,000m2 for H2 2021 expected2

• Anticipated capex roll-forward is expected to be fully covered by net cash proceeds from joint venture closings
• Advanced discussions with Allianz regarding expansion of partnership through launch of fourth joint venture ongoing
• Strong cash position with €469 million available on balance sheet and gearing ratio at 30.4% as of 30 June 2021

• Successful €600 million green bond issue earlier in the year

1 inclusive of Joint Ventures at 100%. Additional signed and renewed rental income of €22.7 mm with total of €205.7mm as of 30th June 2021

2 Delivered 5 projects with 81,000 m² of lettable area during 1H 2021

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Resilient financial performance

• Strong growth of total portfolio value1
  Driven by portfolio growth and yield compression across regions
• Continued growth in committed annualised rental income1
  Several iconic parks being brought to market
• Record net profit
  Despite one-off forward sale of VGP Park München positively affected 1H 2020
• Earnings per share impacted by last year's share issuance

1 Including JVs portfolio at 100%

€4,480m

€3,231m

+39%

1H20 1H21

€205.7m

€165.2m

+25%

1H20 1H21

€196.9m€203.8m

+3.3%

1H20 1H21

€10.19 €9.90

-2.8%

1H20 1H21

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