Brief: VGP H1 Net Profit At Eur 153.1 Mln

VGP NV

26/08/2022 06:00

Aug 26 (Reuters) - VGP NV  VGP1.BR :
    * H1 STRONG OPERATING PERFORMANCE RESULTING IN A NET PROFIT
OF EUR
153.1 MILLION
    * EUR 35.4 MILLION WORTH OF SIGNED AND RENEWED LEASE
AGREEMENTS
DURING H1'22
    * AS AT 30 JUNE 2022, A TOTAL OF 1,346,000 M2 UNDER
CONSTRUCTION
THROUGH 40 PROJECTS REPRESENTING EUR 88.1 MILLION IN ADDITIONAL
ANNUAL RENT ONCE FULLY BUILT AND LET
    * END-H1 STRONG LIQUIDITY POSITION OF EUR 730 MILLION
    * AS A RESULT OF THE STRONG RENTAL AND ASSET GROWTH AND +1
MILLION
M2 TO BE DELIVERED IN 2022, VGP’S RECURRING RENTAL INCOME BASIS
WILL INCREASE TO EUR 280 MILLION WITHIN THE NEXT 12 MONTHS
    * ANY ADVERSE CHANGE IN ANY OF THE AFOREMENTIONED COMPONENTS
MIGHT
NOT BE FULLY OFFSET AND HENCE MIGHT HAVE ADVERSE EFFECT ON THE
DEVELOPMENT MARGINS
    * VGP HAS CURRENTLY BEEN ABLE TO MOSTLY MITIGATE THE
INCREASED
CONSTRUCTION COSTS THROUGH A MIX OF HIGHER RENTAL INCOME AND
YIELD COMPRESSION
    * THE GROUP ANTICIPATES TO BE ABLE TO ANNOUNCE THE OPENING
OF
FIRST OFFICE IN SWEDEN IN 2H 2022
    * INCREASING RECURRING CASH FLOW, INFLATION PROTECTED
PORTFOLIO,
STRATEGIC LAND BANK AND PARTNERSHIP WITH ALLIANZ REAL ESTATE,
ATTRACTIVE LAND ACQUISITION OPPORTUNITIES AND RENEWABLE ENERGY
DYNAMICS ARE EXPECTED TO RESULT IN FURTHER – SOLID - NAV

Source text for Eikon:  ID:nGNE5xKyGy 
Further company coverage:  VGP1.BR 

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