Reports

Semi-Annual Reports

23. 08. 2018

  • Record profit of € 74.8 million (+ € 12.3 million compared to 1H 2017).
  • Signed and renewed annualised rental income of € 18.5 million driven by 264,000 m² of new lease agreements signed corresponding to € 15.0 million of new annualised rental income combined with 68,000 m² of lease agreements renewed corresponding to € 3.5 million of annualised rental income - the signed annualised committed leases represent € 96.8 million, equivalent to 1.90 million m² of lettable area, a 14.7% increase since December 2017.
  • New development land of nearly 654,000 m² acquired and an additional 1,439,000 m² of new land plots under option, subject to receiving permits expected to be acquired during the next 12 months which adds to a total remaining development land bank as of 30 June 2018 of 3,335,000 m² (compared to 3,261,000 as at the end of December 2017).
  • A total of 12 projects delivered representing 307,000 m² of lettable area, with an additional 22 projects under construction representing 455,000 m² of future lettable area.
  • Closed the fourth transaction with our VGP European Logistics joint venture with a transaction value in excess of € 400 million generating net proceeds of € 289.7 million.
  • Because of the current geographic expansion and the accelerated growth of the development activities, VGP is currently reviewing its financing strategy, in order to assess how best to finance its future development pipeline. The different alternatives which are being investigated include amongst others the potential issuance of new bonds.
  • The earlier announced dividend distribution of € 35.3 million (€ 1.90 per share) representing a gross dividend yield of 3.1% was paid out on 16 May 2018.
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22. 08. 2017

VGP NV (‘VGP’ or ‘the Group’, Euronext Brussels ISIN BE0003878957) today announced results for the six months ending 30 June 2017.

  • Profit for the period of € 62.5 million (+ € 19.7 million compared to 30 June 2016)
  • Net valuation gain on the investment portfolio reaches € 59.9 million (compared to € 65.1 million at the end of June 2016)
  • At the end of May, a third closing occurred with the VGP European Logistics joint venture (50/50 JV with Allianz Real Estate) with a transaction value in excess of € 173 million
  • Capital distribution in cash of € 20.1 million (€ 1.08 per share) paid to the shareholders on 4 August 2017

VGP, the developer, manager and owner of high quality logistics real estate in Europe, has today published its half-year 2017 results. The Group experienced strong growth in all its active markets, with profits for the period up to € 62.5 million, an increase of 46.1% on the same period last year, and net valuation gain on the portfolio amounting to €59.9 million.

Jan Van Geet, CEO of VGP Group, said: “We are delighted with a positive set of half yearly results which demonstrate the strength of our business model. Our future project pipeline is robust, supported by a successful bond issuance program that has exceeded expectations, and we are completing current projects at record pace, driving profits higher from this period last year. We believe in rewarding the loyalty of our investors and so we are delighted to share our success with them.”

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22. 08. 2016

  • Profit for the period of € 42.7 million (+ € 10.5 million compared to 30 June 2015)
  • 18.6% increase of committed annualised rental income to € 45.0 million[1] (+ € 7.0 million compared to 31 December 2015)
  • 87.5% growth in gross rental income (+ € 6.1 million) to € 13.1 million
  • The signed committed lease agreements represent a total of 865,855 m² [2] of lettable area with the weighted average term of the committed leases standing at 7.4 years as at the end of June 2016 (7.5 years as at 31 December 2015)
  • 7 projects delivered during the first half of 2016 representing 139,955 m² of lettable area
  • In addition 17 projects under construction representing 384,612 m² of future lettable area
  • 597,000 m² of new development land plots acquired and 600,000 m² new land plots under option to support the development pipeline and which are expected to be acquired during the second half of 2016
  • Net valuation gain on the investment portfolio reaches € 65.1 million (against € 48.1 million at the end of June 2015)
  • Establishment of a 50/50 joint venture (VGP European Logistics) with Allianz Real Estate and acquisition by the joint venture of the initial seed portfolio consisting of 15 parks from VGP for a transaction value in excess of € 500 million
  • During the second half of the year there are a number of large transactions in the pipeline, which, if successfully completed, will have a significant positive impact on the annualised rental income and the weighted average term of the committed leases

[1] Including VGP European Logistics (joint venture with Allianz Real Estate). As at 30 June 2016 the committed annualised rent income for VGP European Logistics stood at € 33.6 million.
[2] Including VGP European Logistics. As at 30 June 2016 the committed lease agreements of VGP European Logistics represent 655,568 m² of lettable area having a weighted average term of 7.5 years.

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31. 08. 2015

  • Profit for the period of € 32.2 million (compared to 30.0 million on a like for like basis[1] as at 30 June 2014)
  • 46.5% increase of committed annualised rent income to € 33.1 million (+ € 10.5 million compared to 31 December 2014)
  • 71.6% growth in gross rental income (+ € 2.9 million) to € 7.0 million
  • The signed committed lease agreements at year end represent a total of 614,477 m² of lettable area with the weighted average term of the committed leases standing at 7.9 years at the end of June 2015 (7.8 years as at 31 December 2014)
  • 8 projects delivered during the first half of 2015 representing 98,567 m² of lettable area
  • 19 projects under construction representing 322,014 m² of future lettable area
  • 954,000 m² of new development land plots committed to expand land bank and support development pipeline and which are expected to be acquired during the second half of 2015
  • Net valuation gain on the investment portfolio reaches € 48.1 million (against € 40.9 million at the end of June 2014)
  • The fair value of the investment property and the investment property under construction (the “property portfolio”) as at 30 June 2015 increased with 21.0% (+ € 87.4 million) to a record level of € 503.5 million compared to € 416.1 million as at 31 December 2014
  • Establishment of presence in Spain with the opening of a new office in Barcelona and with first offers on land initiated

[1] The net profit as at 30 June 2014 included the estimated € 13.4 million profit on the sale of the associates’ portfolio (VGP CZ I & IV and II). The sale of these portfolios was completed in October 2014.

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27. 08. 2014

  • Profit for the period of € 43.4 million (+ € 34.3 million against 1H 2013)
  • Sale of the remaining 20% stake of the VGP CZ I and VGP CZ II portfolios during the month of August 2014 creating substantial additional shareholder value
  • 105.3% growth in gross rental income (+ € 2.1 million) to € 4.1 million
  • 25.0 % increase of committed annualised rent income to € 13.0 million (+ € 2.6 million compared to 31 December 2013) The signed committed lease agreements represent a total of 252,288 m² of lettable area with the weighted average term of the committed leases standing at 7.1 years at the end of June 2014 (7.6 years as at 31 December 2013)
  • 8 projects under construction representing 121,148 m² of future lettable area
  • 584,000 m² of new development land acquired in Germany with another 238,000 m² land plots (152,000 m² located in Germany) targeted and already partially committed to expand land bank and support development pipeline
  • Net valuation gain on the investment portfolio reaches € 40.9 million (+ € 33.6 million against 1H 2013)
  • The fair value of the investment properties as at 30 June 2014 increased with 46.2% to € 330.2 million (+ € 104.3 million compared to 31 December 2013) 
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26. 08. 2013

  • Nettogewinn von 9,1 Millionen € für den Zeitraum (+ 3,1 Millionen € gegenüber 1H 2012)
  • Abschluss oder Verlängerung neuer Pachtverträge über 122.321 m2, die verbindliche annualisierte Mieterträge in Höhe von 6,2 Millionen € darstellen, davon 93.875 m² (4,6 Millionen €) im Auftrag von angeschlossenen Unternehmen.
  • Die unterzeichneten verbindlichen Pachtvereinbarungen beinhalten Mietflächen von insgesamt 122.454 m2 bei einer gewichteten mittleren Laufzeit der verbindlichen Pachten von 8,8 Jahren zum Ende Juni 2013
  • Wachstum des Immobilienbestandes um 50,4 % (+ 51,2 Millionen €) auf 152,9 Millionen €
  • 6 im Bau befindliche Projekte mit zukünftiger Mietfläche von 85.218 m2
  • Neue Entwicklungsgrundstücke in Größe von 634.000 m2 erworben und weitere Grundstücke über 370,000 m² identifiziert und bereits teilweise an die Expansion der Land Bank und die Unterstützung der Entwicklungspipeline gebunden
  • Akquisition des tschechischen Objektmanagement-Unternehmens SUTA s.r.o.
  • Erfolgreiche Platzierung einer vierjährigen Anleihe über 75 Millionen € am 12. Juli 2013
  • Der Verwaltungsrat hat die Einberufung einer außerordentlichen Hauptversammlung zur Genehmigung einer weiterer Kapitalherabsetzung liquider Mittel in Höhe von 7,6 Millionen € (0,41 € je Aktie) beschlossen, die von dem Ende Juni 2013 verfügbaren Bargeldüberschuss ausgezahlt wird

22. 08. 2011

Sound results and positive outlook in well performing Mid-European markets

  • Net profit for the period of EUR 10.5 million (+ EUR 0.8 million against 1H 2010)
  • > 42,500 m² of new leases signed representing an increase in committed annualised rent income of EUR 2.3 million
  • 11 projects under construction representing 105,544 m² of future lettable area
  • > 500,000 m² of new land plots targeted and already partially committed to expand land bank and support development pipeline
  • Conclusion of an agreement for the potential sale of an 80% equity interest in VGP CZ II a.s., to a new capital partner for 6 VGP Parks all located in the main regional cities of the Czech Republic
  • Operating result (before result on portfolio) of € 8.8 million for the 1st half of 2011 versus € 7.0 million (on a like for like basis1) for the 1st half of 2010

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16. 08. 2010

Strong results on the back of the semi industrial markets in the mid-European region gaining momentum

  • EUR 5.4 million new lease contracts signed resulting in a 14.0% increase of the committed annualised rent income from EUR 29.2 million (31 Dec-09) to EUR 33.3 million (30 Jun-10)
  • Occupancy rate improved to 96.5% for the Czech portfolio (from 94.4% at 31 Dec-09) and 95.0% for the Group's portfolio (against 91.4% at 31 Dec-09) respectively
  • On track to outperform 2010 rent income targets with a 44.7% growth in gross rental income (+ EUR 4.2 million) over the first half year to EUR 13.5 million
  • 55.3% growth in operating result (before result on portfolio) (+ EUR 4.4 million) to EUR 12.2 million
  • Net profit for the period of EUR 9.7 million (+ EUR 21.4 million against 1H 2009)
  • EUR 25 million additional committed credit facilities arranged to secure financing of current development pipeline

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17. 08. 2009

VGP outperforms the market

  • 81.2% growth in gross rental income (+EUR 4.2 million) to EUR 9.3 million (against 1H 2008)
  • 41.9% growth in net current result to EUR 3.3 million (against 1H 2008)- Committed annualised rent income increased to EUR 27.0 million
  • 32.7% growth in total lettable area (+ 114,846m²) to 466,507m²
  • EUR 17.5 million profit contribution from the development activities

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18. 08. 2008

VGP on track to double its portfolio and rental income

Summary of financial results

  • Committed annualised rent income increased to EUR 20.1 million
  • Gross rental income up 149.1 % (+ EUR 3.1 million) to EUR 5.1 million (compared to 1H 2007)
  • Property portfolio up 29.3% (+ EUR 65.9 million) to EUR 291.1 million (compared to 31-Dec 07

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