HALF YEAR RESULTS 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
Summary
In a continuing difficult economic and financial environment VGP has managed to post a strong performance during the first six months of 2009.
During the first half of 2009 VGP’s activities can be summarised as follows:
· 9 projects representing a lettable area of 114,846 m² were completed whilst 5 projects representing a lettable area of 67,884 m² are due to be delivered during the second half of 2009. These projects resulted in a EUR 17.5 million positive contribution to the portfolio result.
· The occupancy rate of the portfolio was 91% at the end of June 2009 compared to 95% as at 31 December 2008. This was significantly better than the Czech industrial markets which showed an occupancy rate of 83% at the end of June 2009.
· The net current result for the period increased by 41.9% to EUR 3.3 million as compared to EUR 2.3 million as at 30 June 2008.
· The annualised committed leases increased to EUR 27.0 million as at 30 June 2009. During the first half of 2009 the total new annualised committed leases signed were in excess of EUR 3.1 million. During Q2 of 2009 VGP was able to sign its first 4 lease agreements outside the Czech Republic. At the same time VGP continued to perform strongly in its Czech home market where it had an overall 58%1development market share for the Czech-industrial market and an 85%1market share in Prague in the second quarter of 2009.
· The revaluation of financial instruments on interest rate derivatives held for trading resulted in an unrealised loss of EUR 1.0 million against an unrealised profit of EUR 0.8 million as at 30 June 2008.
· The net valuation of the property portfolio as at 30 June 2009 includes besides the unrealised gain of EUR 17.5 million on the completed projects of the period and projects under construction i.e. the development activities, an unrealised loss of EUR 36.0 million on the existing portfolio as at 31 December 2008 (the “historic portfolio”).
· Taking the aforementioned adverse effects of the revaluation of the interest rate derivatives and the historic portfolio into consideration, VGP recorded a net loss for the first half of EUR 11.7 million.
· The debt ratio as at 30 June 2009 was 41.6% compared to 39.0% at the end of December 2008.
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