Brief: VGP FY Net Profit Up At 650.1 Million Euros

VGP NV

23/02/2022 06:25

Feb 23 (Reuters) - VGP NV  VGP1.BR :
    * NEW LEASES SIGNED FOR 1.35 MILLION SQUARE METER UNDERPIN
STRONG
FINANCIAL RESULT FOR FY2021
    * FY NET PROFIT OF EUR 650.1 MILLION, A 75.2% YOY INCREASE
    * TOTAL CAPITAL EXPENDITURE FOR GROUP OVER 2021 (INCLUDING
CAPITAL
EXPENDITURE RELATED TO JOINT VENTURES PROJECTS) AMOUNTED EUR 743
MILLION
    * INTENTION TO PROPOSE TO ANNUAL MEETING OF SHAREHOLDERS A
DISTRIBUTION OF A GROSS DIVIDEND OF EUR 149.6 MILLION WHICH
EQUATES TO EUR 6.85 PER SHARE
    * SIGNIFICANT CASH BALANCE IS EXPECTED TO BE RECYCLED FROM
JOINT
VENTURE CLOSINGS IN 2022
    * DEVELOPMENT ACTIVITIES ARE EXPECTED TO CONTINUE TO OPERATE
AT
ELEVATED LEVELS WELL INTO 2022
    * IN RESPECT OF EXPANSION OF SECOND JOINT VENTURE, IT IS
ANTICIPATED THAT A FURTHER CLOSING WILL OCCUR DURING FIRST HALF
OF 2022. GROSS TRANSACTION VALUE IS ESTIMATED TO BE WELL ABOVE
EUR 300 MILLION
    * UNDERLYING FUNDAMENTALS FOR LOGISTICS AND SEMI-INDUSTRIAL
REAL
ESTATE REMAIN ROBUST WITH E-COMMERCE CONTINUING TO BE A BIG
DRIVER FOR DEMAND OF NEW LETTABLE SPACE
    * FY IFRS OPERATING PROFIT BEFORE TAX EUR 776.6 MILLION
VERSUS EUR
419.4 YEAR AGO
    * FY COMMITTED ANNUALISED RENTAL INCOME EUR 256.1 MILLION
VERSUS
EUR 185.2 YEAR AGO

Source text for Eikon:  ID:nGNE4XQn2M 
Further company coverage:  VGP1.BR 

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