Full Year 2024 VGP NV Earnings Call Transcript
Key Points
- VGP SA (VGPBF) reported a net profit of EUR287 million for 2024, marking a 229% increase from the previous year.
- The company's EBITDA from recurring rental business increased by 19%, contributing EUR204.3 million.
- VGP SA (VGPBF) achieved a record EUR91.6 million in new and renewed leases, with a significant portion signed in the last quarter of 2024.
- The company's photovoltaic capacity grew by 53% year-on-year, doubling the effective output.
- VGP SA (VGPBF) plans to propose an ordinary dividend of EUR3.3 per share, a 12% increase from the previous year.
- Despite positive financial results, VGP SA (VGPBF) is trading below its net asset value.
- The company faces challenges with land regulations in Europe, which are described as a 'mess' and a brake on development.
- There is a slowdown in development starts, with only 30,000 square meters initiated in the last quarter of 2024.
- The company has a gearing ratio of 33.6%, which, although improved, still indicates a significant level of debt.
- VGP SA (VGPBF) relies heavily on joint ventures for cash recycling, which may pose risks if market conditions change.
Good day and welcome to today's VGP Full year 2024 results call. [Operator Instructions] and now I'd like to hand the call over to your host, Mr. Jan Van Geet please go ahead, sir.
Good morning everybody on the call and thank you for being here present at our CGP financial results call. I will start immediately with the executive summary. The building which you're seeing on the picture now is our battery assembly plant in Pamplona. manufacturing products have been projects have been the main driver of our new rental income in 2024, of which most of them we closed actually in the first quarter, and the one which you're seeing is MOBI's Hyundai in Pamplona, which is now virtually finished.
I will immediately go to the highlights in 2024. I'm happy to announce a net profit of EUR287 million. which is an increase of EUR20 million versus 2023 or 229%. many of you look at the EPRA NTA Well, it's up 7% despite the
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