Slides
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1 Results FY 2024 30 January 2025
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2 Table of contents 00 1 Introduction 2 Key highlights 2024 3 Growth plan #BLEND2027 4 Outlook 2025 5 Market insights 6 Activity report 7 Property report 8 ESG 9 Financial results 10 WDP share
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3 Introduction on WDP 01 Breda (The Netherlands)
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4 WDP Developing critical supply chain infrastructure ATTRACTIVE RISK/REWARD PROFILE IRREPLICABLE PORTFOLIO NET INVESTOR WITH EXECUTION POWER Decade-long track record of strong total returns Unique core European platform Positioned to capitalize on growth opportunities • Superior delivery of strong EPS & NAV growth • Attractive development exposure • Focus on profitability, cash flow growth & operational excellence • Rental growth beyond inflation • Unmatched industry track record • Pure-play integrated logistics real estate developer-investor model • Large, diversified & high- quality portfolio • Granular tenant base • Client-centric focus • Regional leadership & density • In-house development machine • Embedded value creation in portfolio • Boots on the ground in each market, reflecting expertise and deep-rooted network • Supported by strong balance sheet and financial discipline GROWTH BACKED BY ROBUST MARKET FUNDAMENTALS Attractive market dynamics • Critical role of (urban) logistics infrastructure • Robust long-term demand drivers, such as omni- channel, supply chain optimization and near- shoring • Rising entry barriers • Internal & external growth opportunities • Climate as an opportunity Towards a core € 10bn+ European logistics platform
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5 Key highlights 2024 02 Constanta harbour (Romania)
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6 EPRA EPS PORTFOLIO EPRA NTA €1.50 €8bn €21.1 €1bn invested 10% total accounting return Sustained earnings momentum of +7%, coupled with exceptional investment activity 2024 Another year of excellence driven by profitable growth and healthy market dynamics positive revaluations driving total return, backed by a strong balance sheet DPS OCCUPANCY ANNUALISED RENT LOAN-TO-VALUE NET DEBT / EBITDA (adj.) €1.20 98.0% €440m 38.3% 7.2x +20 bps q/q +18% y/y OUTPERFORMED 2024 €1.47 EPS GUIDANCE +7% y/y +7% y/y
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7 €1BN NEW INVESTMENTS SECURED including FRANCE BREAKTHROUGH €1.1BN INVESTMENT PIPELINE IN EXECUTION FUNDING IN PLACE FULL EXECUTION MODE Successfully secured accretive opportunities across the entire value curve Portfolio more than doubled French Country Manager appointed, building local team €730m committed pipeline €400m in exclusive negotiations Strong balance sheet capacity, liquidity and auto- financing available to execute growth plan with newly-installed management structure to drive growth beyond 2027 6.4% NOI yield(1) Growing towards €700m Expected 6.6% NOI yield(1) €1.7bn liquidity(2) 2024 Towards a €10bn+ core European platform Pivotal year for strategic ambitions 2027 EPRA EPS TARGET OF € 1.70 CONFIRMEDINVESTMENT ACTIVITY IN 2024 21 3 4 (1) NOI yield is defined as the net operating income (gross rental income minus non -recoverable operating expenses) divided by the t otal investment made. (2) €1.7bn in unused credit facilities, in addition to €600m in expected equity strengthening through retained earnings and scrip dividend over the period 2025 -27.
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8 France Next strategic growth platform to drive European expansion TO ESTABLISH LOCAL PRESENCE & WDP´S NEW GROWTH PLATFORM 2024 INVESTMENT ACTIVITY WDP FRANCE TO REACH €370m ~€700m New Country Manager WDP FRANCE, installing local team Significant milestone for WDP France 2024 EXPANSION FRENCH PORTFOLIO 345k m² Directly yielding assets 76k m² Forward purchase
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9 Profitable growth across the value curve in all geographies €1bn in secured investment volume in 2024 New investments secured in 2024 Investment (in €) NOI yield(1) Development projects & land purchases 150m 7.5% Core+ and value-add acquisitions With (re-)development potential 400m 7.0% Core acquisitions in FR & DE Strategic platform expansion with reversionary potential 400m 5.3% Energy investments 75m >10% (IRR) Disposals -25m n.a. TOTAL INVESTMENT VOLUME SECURED 1bn 6.4% Western- Europe 85% Romania 15% FUTURE EARNINGS GROWTH SECURED THROUGH ROBUST PIPELINE EXPANSION (1) NOI yield is defined as the net operating income (gross rental income minus non -recoverable operating expenses) divided by the t otal investment made.
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10 31.12.2023 Pipeline in execution 2024 New investments secured 2024 Accrued in balance sheet 31.12.2024 Deals in exclusive negotiation 31.12.2024 Investment pipeline in execution(2) Development projects & land purchases Core+ and value-add acquisitions Core acquisitions Energy investments Disposal +150m +400m +400m +75m -25m +€1bn 950m accrued in balance sheet +400m(1) (1) €400 million of deals in exclusive negotiation. These investments include development projects, acquisitions and energy investments, on which WDP targets a blended NOI yield of 6-7% (excluding energy investments). (2) Cost to come of €1.0 billion per 31.12.2024. 640m €1.1bn(2) Confident for what lies ahead with robust pipeline in execution Future earnings growth secured across the value curve Investment pipeline in execution ✓ Internal growth opportunities ✓ Robust fundamental drivers ✓ Liquidity available ✓ Balance sheet capacity 2024 investments secured NOW IS THE TIME TO EXECUTE WDP HOLDS ALL BUILDING BLOCKS TO ACHIEVE ITS EPRA EPS TARGET OF €1.70 BY 2027
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11 31.12.2024 Investment pipeline in execution €1.1bn €1.1bn investment pipeline in execution
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12 (1) The information in this chart is not construed as a profit forecast or guidance of any kind and should therefore not be read as such and is thus solely intended for illustr ative purposes. It depicts the short- and medium-term impact of indexation based on economic forecasts and the impact of the committed development pipeline as well as the potential from deals in exclusive negotiation, and the theoretical potential of rent reversion and rent from buildable surface of uncommitted projects on the land bank. (2) Assumption based on 5y inflation swap of 2%. DRIVING MOMENTUM TOWARDS 2027 TARGET WHILE UNLOCKING TOTAL RETURN POTENTIAL Continuous replenishment of investment pipeline driving future EPRA EPS growth Project completions and acquisitions Medium term 2026-27 Short term 2025 Long term Reversion and development potential Annualized rent 31.12.2024 Indexation 2025 Project completions & acquisitions 2025 Annualized rent 31.12.2025 Indexation for 2026-27(2) Rent reversion potential Potential annualized rent 31.12.2027 Potential long- term annualized rent Rent potential of secured land bank €m Annualized rent 31.12.2023 Rent added 2024 Potential deals in exclusive negotiation Annualized rent potential as leading indicator for future earnings growth
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13 #BLEND2027 Growth plan 03
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14 #BLEND2027 Growth plan 2024-27 Continued delivery of EPS growth - capitalizing on internal growth and developments, selective value-add acquisitions, and energy solutions, with strategic platform expansion in France and Germany. BUILD LOAD EXTRACT NEUTRALIZE DISCIPLINED This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment.
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15 ▪ Robust investment pipeline: €1.1bn in execution ▪ Organic growth: full CPI indexation & capturing rent reversion ▪ Funding requirements covered: €1.7bn in funding available with another ca. €600m of equity from retained earnings & scrip dividend expected to be generated in 2025-27 ▪ Key financial metrics by the end of 2027: ▪ Net debt / EBITDA: <8x ▪ Loan-to-value: <40% ▪ Cost of debt: <2.5%(2) Key assumptions #BLEND2027 (1) Representing an underlying CAGR of +6% versus EPRA EPS of €1.50 in 2024, adjusted for one -offs of €0.03 per share in 2024 and th e impact of the abolishment of the Dutch REIT status as from 2025 of -€0.05 per share. (2) Based on the current interest rate curve. • Short-term gradual recovery in demand, long-term structural demand drivers sustained. • Stable operational metrics (high occupancy, long lease terms and high client retention). • Abolishment of the Dutch REIT regime implies an annual impact on EPRA Earnings per share of -€0.05 as from 2025. 2027 growth targets confirmed €1.70 +6% CAGR(1) EPRA EPS 2027 DPS €1.36 Based on Building blocks and funding in place to reach targets
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16 Outlook 2025 04
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17 1.47 1.58 1.53 +0.03 0.09 0.02 -0.05 EPRA EPS 2024 Investment activity Like-for-like rental growth Underlying EPS growth Impact abolishment Dutch-REIT regime EPRA EPS 2025 Guidance Outlook 2025 7% underlying EPS growth Underlying assumptions: • Impact from developments and acquisitions (including minority stake WDP Romania) • Organic growth through CPl-indexation (+2.6%) and rent reversion (+0.4%) • Minimum occupancy rate of 97% and stable client payment behaviour • Abolishment of Dutch REIT status for WDP Netherlands with a -€0.05 per share impact through higher taxes • Loan-to-value of around 40% (based on the current portfolio valuation) and average cost of debt of 2.25% This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment. €1.53 +7% underlying EPRA EPS DPS €1.23 +0.05 CPI and rent reversion -0.03 Occupancy (minimum 97%) one-off €/share +7%
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18 Market insights 05
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19 Market vacancy rates to stabilize and remain low coupled with lower development activity and a gradual recovery in tenant demand Market insights Vacancy rate (in %) Prime yield (in %) Prime rent (base 100, 2020) ▪ Robust rental market fundamentals reflect critical role of logistics infrastructure ▪ Liquidity in investment market is improving as higher yield requirements gain market acceptance ▪ Valuation supported by ERV growth and the inflation-hedging characteristics of logistics assets 0% 1% 2% 3% 4% 5% 6% 7% 8% 2020 2021 2022 2023 2024 2025e 0% 1% 2% 3% 4% 5% 6% 7% 8% 2020 2021 2022 2023 2024 2025e 90 100 110 120 130 140 150 160 2020 2021 2022 2023 2024 2025e Source: Broker reports.
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20 Sustained structural demand drivers Fundamentals bolster demand for logistics space OUTBOUND INBOUND ESG Outbound demand to grow at a normalized pace Inbound demand in response to supply chain resilience Increased focus on ESG and electrification Digital economy & Omnichannel Cold storage space Last-mile & reverse logistics Reshoring Optimization of distribution networks Supply chain resilience & diversification Temporary demand Strategic stock Electrification and renewable energy infrastructure Decarbonization & circularity Brownfield redevelopments Facility upgrades to promote operational efficiency Emergence of ESG (legislation, emission targets, etc.) Grid connection Land scarcity Higher construction cost Labour shortages Temporary slowdown in decision-making due to macro headwinds Challenges
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21 ² 9% 21% 19% 13% 19% 16% 13% 9% 9% 13% 5% 15% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Unmatched track record of execution in each phase of the capital cycle Focused strategy, adapted to capital market cycle The 2024 recovery in the capital cycle has set the stage for accretive acquisitions. With demand expected to gradually improve in 2025, WDP expects future growth to be balanced between developments and acquisitions. Share of CAPEX invested CAPEX as % of portfolio Developments as % CAPEX invested Acquisitions as % CAPEX invested Prime yield (%, RHS) STABLE GROWTH FOCUSED ON LONG- TERM VALUE CREATION Integrated developer-investor model: developments (majority of WDP portfolio developed in-house), value-add acquisitions and strategic platform expansion Net-investor navigating the entire value curve: as pricing adjusts, WDP strategically navigates the risk spectrum Selective capital deployment in each phase of the capital cycle 3% 4% 5% 6% 7% 0% 20% 40% 60% 80% 100% 2010-2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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22 Activity report 06 Zwolle (The Netherlands)
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23 2024 Pre-let development projects delivered in 2024 100% Leased 12y Lease duration (1) Western-Europe: 6.0% and in Romania: 7.7% Capex €151m NOI yield(1) 6.7% Kerkrade (The Netherlands) Breda (The Netherlands) Zwolle (The Netherlands) Sibiu (Romania) Completed development projects that have become income-generating during the year
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24 Bollène (France) Willebroek (Belgium) Constanta (Romania) Zülpich (Germany) Investments secured in 2024 2024 New investments secured over last 12 months (1) Excluding land reserves and energy investments. (1)
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25 Brussels city Port of Brussels Brussels Airport Cargovil Container terminal E19 Brussels ring road WDP VILVOORDE (BELGIUM) Investment €100m Net initial yield 7% ✓ Prime multimodal industrial location ✓ Unique redevelopment potential 19 ha Transformation into a pioneering area beyond traditional industrial or logistics purposes ✓ Innovative real estate solutions (multi-layer, green microhub, multimodal, …) ✓ Combination of functions (SME, manufacturing, hybrid urban, …) ✓ Energy solutions ✓ Harmonious integration with surrounding environment
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26 2024 Investment pipeline in execution (1) Excluding energy projects and land reserves. Committed investments and deals in exclusive negotiation (1)
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27 4,900,000 m² ~2,100,000 m² Land bank Development potential GLA Development potential
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28 Energy integrated in projects Green electricity through PV for warehouse EV charging infrastructure for cars and trucks Batteries supporting EV charging Intelligent energy management system Heating and cooling through heat pumps (gasless) WDP ENERGY Decarbonisation of supply chain 350 MWp 20272022 113 MWp 2024 234 MWp Targeted capacity 2008 Installed capacity 114 MWp under development Targeted IRR ~8% Potential annualised revenue by 2027: ~€40m Solar capacity
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29 FRONT OF THE METER BATTERY ENERGY STORAGE SYSTEM STABILITY & FLEXIBILITY TO GRID • BALANCING GRID DURING PEAK/SHORTAGES • RESPONDING TO ENERGY PRICE VARIABILITY WDP GENK (BELGIUM) Capex €65m Targeted IRR 10-15% 60 MW power capacity 240 MWh storage Delivery envisaged end 2028, subject to connection to the high-voltage grid
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30 Property report 07 Zülpich (Germany)
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31 WDP market share The Netherlands 39% of the portfolio 2.9 million m² GLA 118k m² GLA under construction 91 MWp Belgium - Luxembourg 32% of the portfolio 2.6 million m² GLA 259k m² GLA under construction 95 MWp France 7% of the portfolio 540k m² GLA 15k m² GLA under construction 16 MWp Germany 2% of the portfolio 120k m² GLA 3 MWp Romania 20% of the portfolio 2.0 million m² GLA 60k m² GLA under construction 29 MWp Developing essential supply chain infrastructure HIGH-QUALITY, DIVERSIFIED PLATFORM €8bn 5.7y Fair value portfolio WAULT 98 % €440 m Occupancy rate Annualized rents 5.4% EPRA Net Initial Yield 100 % CPI-linked leases €1.1bn Pipeline in Execution 6.2% Net Reversionary yield 11% Reversionary potential 2.1 m m² GLA Development potential WDP PORTFOLIO 8.1 million m² GLA lettable area 450k m² GLA under construction 234 MWp solar capacity installed 61% WDP in-house developed 56% Green certified 85% Class A POSITIONED TO UNLOCK LONG-TERM VALUE POTENTIAL Towards a core €10bn + European platform n.r. 1% 2015 2024 14% 15% 4% 6% n.r. <1% 2% 25%
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32 (1) Excluding solar panels and including projects, land reserve and assets held for sale. Including the proportional share of WDP in the portfolio of the joint ventures (mainly WDP Luxembourg). In the IFRS accounts, those joint ventures are reflected through the equity metho d. Portfolio fair value split (1) Investment properties Fair value €/m² 950
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33 ▪ Locations on strategic logistic corridors with around 55% suitable for urban logistics ▪ Robust building quality, integrating sustainability & flexibility throughout lifecycle ▪ Diversified portfolio and integrated property management to tailor clients’ needs High-quality portfolio (1) This refers to the BREEAM and EDGE certified warehouses within the WDP portfolio. WAREHOUSE QUALITY WAREHOUSE TYPE 8 y average age
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34 Occupancy High occupancy and strong client retention HISTORICAL OCCUPANCY RATE LEASE MATURITY PROFILE (TILL FIRST BREAK) ▪ Occupancy rate remains high at 98.0% on 31 December 2024 (+20 bps q/q). ▪ 70% of the 13% leases maturing in 2025 already extended. ▪ Lease renewal rate of circa 90% over the last 10 years of which 88% in 2024. ▪ Lease duration till first break: ~6y (7y till expiration). 11% Rent reversion potential
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35 Diversified Well-spread tenant profile ▪ Active in multiple industries and predominantly large (inter)national corporates ▪ Healthy mix between end-users and logistic service providers ▪ Top tenants spread over multiple buildings/businesses/countries (max. building risk <2%) (1) Every tenant out of the top-10 is located at multiple locations within the property portfolio. TOP-10 TENANTS (EXCL. SOLAR ~24%) (1) TENANT INDUSTRY ACTIVITIES BE NL 15% Dedicated e-commerce
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36 ESG 09 Bucharest – Stefanestii de Jos (Romania)
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37 Climate Action Plan Download with solid fill (1) For contracts under control of WDP. (2) For relevant properties. (3) Market-based. Target 2021 2024 WDP Energy Lead the transition towards renewable energy generation and optimized consumption WDP electricity procurement green(1) 100% by 2023 56% 100% Renewable energy capacity 250 MWp by 2025 95 MWp 234 MWp Energy monitoring system 100% by 2025 73% 79% LED coverage(2) 100% by 2030 40% 76% 2020 base year WDP Decarb+ Reducing GHG emissions and the environmental impact by becoming net-zero by 2050 (scope 1, 2 and 3) Scope 1 & 2 corporate offices(3) Net-zero by 2025 25 kgCO2e/m² 1 kgCO2e/m² Scope 1 & 2 car park Net-zero by 2030 1,150 kgCO2e/m² 3,459 kgCO2e/FTE Scope 3 leased assets (downstream)(3) Net-zero by 2040 17 kgCO2e/m² On track Scope 3 capital goods (upstream) Net-zero by 2050 270 kgCO2e/m² On track WDP Green Integrate sustainability in the development, financing and operations of the Group Adoption of recommendations TCFD by 2024 Incorporated in CSRD track Green certified assets >75% by 2025 29% 56% Green financing >75% by 2025 36% 68% Download with solid fill Document in full
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39 Financial results 08 Chitila (Romania)
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40 Consolidated results
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41 Consolidated results (1) Including the proportional share of WDP in the portfolio of the joint ventures.
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42 Consolidated results B/S
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43 Consolidated results B/S
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44 Financial management (1) The net debt / EBITDA (adjusted) is calculated starting from the proportional accounts: in the denominator taking into accoun t the trailing-twelve-months EBITDA but adjusted to reflect the annualized impact of acquisitions/developments/disposals; in the numerator taking into consideration the net financial indebtedness adjusted for t he projects under development multiplied by the loan-to-value of the group (as these projects are not yet income contributing but already (partially) financed on the balance sheet). (2) Excluding the backup facilities for the commercial paper programme which have already been subtracted for the full amount. ▪ Strong liquidity with 24 months covered for committed capex and refinancings ▪ Yearly strengthening of equity through retained earnings, stock dividend and contributions in kind ▪ Well-balanced capital structure and proven track record of access to multiple sources of liquidity Loan-to-value % 100% ▪ 100% Refinancing next 24 months covered ▪ 100% Committed capex covered ▪ 100% Commercial paper covered of financing needs covered % Hedge ratio Net debt / EBITDA (adj.)(1) x Leverage Interest Coverage Ratio Coverage Financing Cost of debt years Duration of hedges x Unused credit facilities(2) 38.3 6.9 4.8 Ensuring consistency of financial strategy 7.2 1.9 % 89 1.7 billion euros Fitch BBB+ Stable Outlook Moody’s Baa1 Positive Outlook Solid investment grade
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45 Solid debt metrics and active liquidity management Debt overview DEBT MATURITIES 60% Bank financing 40% Bonds CP ▪ Well-spread debt maturities with 5-year debt duration on average ▪ Limited long-term debt maturities till end-2025 (ca. 80m euros) ▪ Continued solid access to unsecured lending % Green financing Cost of debt years Average debt maturity 4.8 1.9 % 68
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46 Stable cost of debt despite increased interest rates Hedging profile EVOLUTION HEDGE RATIOEVOLUTION COST OF DEBT ▪ Cost of debt at 1.9% over 2024 and expected to be ~2.3% over 2025 ▪ Quasi fully-hedged debt profile with average hedge maturity of 5y ▪ Prior to 2027, quasi no hedges come to maturity, safeguarding low cost of debt and cashflow 5y Average hedge duration
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47 Strict capital discipline and well-balanced capital structure Prudent financial policy throughout the cycle ▪ Policy: Loan-to-value across the cycle below 50% ▪ Low LTV in an environment of yield decompression > Prudent balance sheet management and not adding leverage against property revaluations 5.4% EPRA NIY % Loan-to-value ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financial robustness in volatile rate climate Historic policy of not adding leverage against revaluations based on 38.3
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48 Strong track record of issuing equity to calibrate leverage Financial management driven by cash-flow leverage ▪ Policy: Net debt / EBITDA (adj.) around 8x, as embedded in remuneration policy ▪ New investment commitments funded with minimum 50% equity and maximum 50% debt(1) > Combined policy metrics(2) imply that no active increase in LTV is possible ✓ Real measure of leverage on the business ✓ Within control of management ✓ Not impacted by property valuations (1) Investments in aggregate and over time funded with minimum 50% equity and maximum 50% debt. (2) A net debt / EBITDA (adj.) of ~8x and a l oan-to-value of below 50% throughout the cycle. x Net debt / EBITDA (adj.) 8.0x 10-year average 7.2
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49 WDP share 10 Aricestii Rahtivani (Romania)
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50 Return on equity Valuation 20.14 -1.12 +1.50 +0.08 +0.49 21.09 23.05 +1.95 15.00 20.00 EPRA NTA 2023 Dividend distribution EPRA Earnings Effect capital increases Portfolio result and other EPRA NTA 2024 Transfer taxes EPRA NRV 2024 (1) 10% Return on Equity (1) Return on Equity or total accounting return is calculated as yearly ERPA NTA growth including gross dividends distributed.. AFTER A 2-Y CYCLE ADJUSTMENT, WDP’S €1.1BN INVESTMENT PIPELINE IN EXECUTION WILL DRIVE PROFITABLE GROWTH AND IMPROVING TOTAL RETURN
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51 Supported by strong dividend & earnings growth Superior total returns by navigating the capital cycle RETURN ON EQUITY(1) +21% EPRA EPS +10% TOTAL ACCOUNTING RETURN SINCE 2014 (in % per year)(1) EPRA NTA +14% CAGRs 2014-24 EPS EPRA (y/y, %) 6% 22% 6% 6% 7% 8% 8% 10% 13% 12% 7% DPS (y/y, %) 5% 18% 6% 6% 7% 8% 8% 10% 14% 12% 7% EPRA NTA (y/y, %) 9% 15% 14% 14% 22% 26% 12% 40% 3% -3% 5% GROWTH RATES Y/Y (in %) 18% 23% 23% 22% 30% 32% 18% 46% 7% 2% 10% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 AFTER A 2-Y CYCLE ADJUSTMENT, WDP’S €1.1BN INVESTMENT PIPELINE IN EXECUTION WILL DRIVE PROFITABLE GROWTH AND IMPROVING TOTAL RETURN (1) Return on Equity or total accounting return is calculated as yearly ERPA NTA growth including gross dividends distributed.
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52 WDP Share Share statistics ▪ Market cap ~5bn euros ▪ Free float of 79% - Family Jos De Pauw 21% ▪ Member of EPRA, Euronext BEL20, AMX, DJSI Sustainability Index World/Europe and GPR indices
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53 Q&A 11
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54 Disclaimer Warehouses De Pauw NV/SA, abbreviated WDP, having its registered office at Blakebergen 15, 1861 Wolvertem (Belgium), is a public regulated real estate company, incorporated under Belgian law and listed on Euronext. This presentation contains forward-looking information, forecasts, beliefs, opinions and estimates prepared by WDP, relating to the currently expected future performance of WDP and the market in which WDP operates (“forward-looking statements”). By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the forward-looking statements will not be achieved. Investors should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in, or implied by, such forward-looking statements. Such forward-looking statements are based on various hypotheses and assessments of known and unknown risks, uncertainties and other factors which seemed sound at the time they were made, but which may or may not prove to be accurate. Some events are difficult to predict and can depend on factors on which WDP has no control. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. This uncertainty is further increased due to financial, operational and regulatory risks and risks related to the economic outlook, which reduces the predictability of any declaration, forecast or estimate made by WDP. Consequently, the reality of the earnings, financial situation, performance or achievements of WDP may prove substantially different from the guidance regarding the future earnings, financial situation, performance or achievements set out in, or implied by, such forward-looking statements. Given these uncertainties, investors are advised not to place undue reliance on these forward-looking statements. Additionally, the forward-looking statements only apply on the date of this presentation. WDP expressly disclaims any obligation or undertaking, unless if required by applicable law, to release any update or revision in respect of any forward-looking statement, to reflect any changes in its expectations or any change in the events, conditions, assumptions or circumstances on which such forward-looking statements are based. Neither WDP, nor its representatives, officers or advisers, guarantee that the assumptions underlying the forward-looking statements are free from errors, and neither of them makes any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
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55 www.wdp.eu investorrelations@wdp.eu