Press Information

01. 03. 2019

Transformation into truly Pan-European platform results in record profit and creates solid base for future growth

VGP NV (‘VGP’ or ‘the Group’), a leading European provider of high-quality logistics and semi-industrial real estate, today announces the results for year ended 31 December 2018:

  • Broadened European footprint, having entered Italy, the Netherlands and Austria in 2018
  • Strong operating performance resulting in record profit of € 121.1 million (+26% YoY)
     - Signed and renewed lease agreements corresponding to € 38.7 million of annualised rent income bringing the total annualised rental income to € 104.1 million (+38% YoY)[1]
     - VGP delivered 505.000 m2 of lettable area in 2018 (+44% YoY)
  • Strengthened platform for future growth
     - VGP invested in its future pipeline with 1.7 million m2 of new land bought
     - A further 1.6 million m2 committed subject to permits
     - Joint commitment with Allianz Real Estate to expand JV structure beyond existing countries[2]
  • Proposal to increase dividend by 15.8% to € 2.20 per share representing a gross dividend yield of 3.2%[3]

VGP’s Chief Executive Officer, Jan van Geet, said: “Delivering record profits, 2018 was another intensive year for VGP. We managed to successfully transform VGP towards a truly Pan-European platform as we expanded into new key markets. We put significant effort in introducing a new matrix organisation to stay close to our clients across Europe and to allow for VGP’s further geographic expansion. The significant increase of our land bank in 2018 laid the foundation for growth over the coming years.”

Jan Van Geet added: “We successfully continued our growth path in early 2019 with the expansion into Portugal and several landmark projects in Germany. We expect our development activities to continue to grow in 2019 supported by solid client demand driven by e-commerce and changing business needs. Through our integrated business model, VGP is uniquely positioned to capture the growth opportunities across Europe.”

[1] Year-over-year inclusive of Joint Venture at 100% and when excluding the sale of Mango. The Mango building located in Barcelona (Spain) sold during 2018, represented € 7.6 million in annualised rent income. [2] Of the twelve countries in which the group is active, the JV currently covers Germany, Slovakia, Czech Republic and Hungary   [3] Based on the closing share price of € 69.60 as at 28 February 2019

KEY FINANCIAL METRICS

Operations and results 2018 2017 Change (%)
Committed annualised rental income (€mm) 104.1 82.8 25.7%
IFRS Operating Profit before tax (€mm) 151.1 127.7 18.3%
IFRS net profit (€mm) 121.1 96.0 26.1%
IFRS earnings per share (€ per share) 6.52 5.17 26.1%
Dividend per share (€ per share) 2.20 1.90 15.8%

 

Portfolio and balance sheet 2018 2017 Change (%)
Portfolio value, including joint venture at 100% (€mm) 1,936 1,563 23.9%
Portfolio value, including joint venture at share (€mm) 1,355 1,206 12.4%
EPRA NAV per share (€ per share) 30.94 27.06 14.3%
IFRS NAV per share (€ per share) 29.25 25.09 16.6%
Net financial debt (€mm) 419.3 436.6 (4.0)%
Gearing[1] (%) 34.6 42.3 -

 

CONFERENCE CALL FOR INVESTORS AND ANALYSTS

VGP will host a conference call at 10:30 (CET) on 1 March 2019
The conference call will be available on:

  • Belgium: 0800 58228 (toll free) / +32 (0)2 404 0659
  • UK: 0800 358 6377 (toll free) / +44 (0)330 336 9105
  • US: 800-239-9838 (toll free) / +1 323-794-2551
  • Confirmation Code: 9976957

A presentation is available on VGP website: http://www.vgpparks.eu/investors/en/reports-and-presentations/presentations

FINANCIAL CALENDAR

  Annual Report 2018 9 April 2019
First quarter 2019 trading update 10 May 2019
General meeting of shareholders 10 May 2019
Dividend ex-date 20 May 2019
Dividend payment date 22 May 2019
Half year results 2019 23 August 2019
Third quarter 2019 trading update 22 November 2019


Contact details for investors and Media enquiries

Martijn Vlutters
Tel: +32 (0)3 289 1433
(VP – Business Development & Investor Relations)

Petra Vanclova
Tel: +42 0 602 262 107
(External Communications)

Anette Nachbar
Brunswick Groupe
Tel.: +49 152 288 10363

 

Annual Report 2018 9 April 2019
First quarter 2019 trading update 10 May 2019
General meeting of shareholders 10 May 2019
Dividend ex-date 20 May 2019
Dividend payment date 22 May 2019
Half year results 2019 23 August 2019
Third quarter 2019 trading update 22 November 2019

29. 11. 2018

VGP NV (‘VGP’ or ‘the Group’) today announces the successful acquisition of a warehouse let to a reputable automotive supplier in Graz, Austria. The new warehouse has a size of circa 17,000 SQM of gross lettable area and is leased under a long term contract. The transaction also consists of around 9 hectares of additional development land.

Jan van Geet, CEO of VGP, commented: “We are very pleased with this transaction as this building, with the adjacent development land, gives us a good starting footprint in the Austrian market, which we will cover out of our offices in Germany for now.”

Read more

23. 11. 2018

VGP NV (‘VGP’ or ‘the Group’) today publishes a trading update for the period 1 July 2018 until 31 October 2018.

Jan van Geet, CEO of VGP, said: “We continue to see very supportive trends in all our European markets. During the quarter we sold the Mango building in Spain taking advantage of this strong market backdrop whilst improving our Group’s risk profile. The gross proceeds are being reinvested in land acquisitions and the realisation of our development pipeline.

We also managed to successfully close a bond offering and thereby extend our debt maturity profile significantly. I am very pleased with the strength of our balance sheet and our ability to invest in the future of our company.”

Jan van Geet continued: “For Amazon we delivered a second logistics centre, a facility with ultimately up to 80,000 sqm warehouse space at our extended park in Göttingen, Germany and BMW signed-up for our Munich site at Parsdorf for the development of a new warehouse for their Forschungs- und Innovationszentrum (FIZ), a main engineering and development campus, subject to achieving the necessary permits.”

Our land bank remains one of our strongest assets and we are pleased that we have been able to increase the size by securing additional strategically located sites across Europe including in Spain, Italy, Romania, Germany, Czech Republic and Slovakia.”

Jan van Geet concluded: “Our new matrix organization has been successfully rolled-out, each country is managed by a dedicated country team supported by extended Group functions including CIO office, Group Control, Investor Relations and Marketing. This streamlined organizational structure gives us the platform to deliver on our goals.

And we are excited to be expanding again, as we are soon opening an office in Portugal. This will bring the number of European countries in which we are active to twelve. We have seen a number of interesting opportunities in Portugal and we are in discussions about first plots in the Lisbon and Porto regions.”

Read more

05. 10. 2018

VGP NV (‘VGP’ or ‘the Group’,) today announced it has moved into new corporate offices in Antwerp, Belgium. In addition to the Group’s head office functions, VGP will also use the offices, at Uitbreidingstraat 72, 2600 Antwerp (Berchem), Belgium, as its hub for business expansion into the Benelux.

VGP today also announced that Martijn Vlutters has joined VGP as Vice President Business Development and Investor Relations, effective 1 October, 2018. In this role, he will be responsible for communication to the financial markets, as well as for crafting financial plans and analysing acquisitive growth opportunities.

Before joining VGP Martijn worked 13 years at J.P. Morgan based in London and New York. He held various roles in Capital Markets and Corporate Finance, and he spent two years in New York as Vice President Investor Relations for J.P. Morgan Chase & Co. Martijn will be based in Antwerp and will report to the Group’s Chief Executive Officer, Jan Van Geet.


26. 09. 2018

VGP NV (‘VGP’ or ‘the Group’) today announced the completion of the sale of the Mango Global Distribution Centre located in its VGP Park Mango at Lliçà d’Amunt, Barcelona (Spain).

The gross proceeds of the sale amount to € 150 million and will allow VGP to realise a significant capital gain on the building compared to the acquisition price. The net proceeds will be reinvested in the further expansion of VGP’s development pipeline.

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Press

Petra Vanclová

VGP - industriální stavby s.r.o.


Červený dvůr
Jenišovice 59 CZ-468 33, Jenišovice u Jablonce nad Nisou
Czech Republic

+420 226 212 001