ANNUAL RESULTS FOR THE PERIOD 01/01/2011 to 31/12/2011

Transcription

1 1 / 17 Press release Regulated information Wednesday, 15 February 2012, 7:00am ANNUAL RESULTS FOR THE PERIOD 01/01/2011 to 31/12/2011 NET CURRENT PROFIT 1 FOR 2011 OF 44.3 MILLION EURO OR A 13% INCREASE COMPARED TO 2010 PROPOSED 2011 DIVIDEND OF 2.94 EURO GROSS PER SHARE IN THE FORM OF AN OPTIONAL DIVIDEND AND RETURN TO USUAL PAYOUT RATIO OF 90% EXPECTED NET CURRENT PROFIT FOR 2012 OF AT LEAST 49 MILLION EURO AND EXPECTED RISE IN DIVIDEND TO EUR 3.10 PER SHARE 1. SUMMARY Net current profit for 2011 of 44.3 million euros, an increase of 13.4% compared with 2010 (39.0 million euros) and significantly better than the initial earnings expectations for The net current profit per share for 2011 rose by 9.7% to 3.42 euros compared to 3.11 euros in With this improvement, WDP is on schedule to achieve the planned cumulative profit growth of 20% per share for Dividend maintained at the 2010 level, namely 2.94 euros gross or 2.32 euros net per share 4. This results in the payout ratio returning to the usual 90%. Optional dividend to be repeated. The occupancy rate 5 on 31 December 2011 was 96.7%, compared to 95.7% at the end of The average lease duration (until first break) of the WDP portfolio is 7.2 years (including solar panels). 1 Net current result is the exclusive result for the portfolio and the IAS 39 result. 2 See press release dated 22 February 2011 as well as the Annual Financial Report Based on the weighted average number of outstanding shares for 2011 of 12,958, After deduction of the dividend withholding tax of 21%. 5 The occupancy rate is calculated in relation to the rental values of leased buildings and un-leased surfaces including income from solar panels. Projects under construction and/or renovation are not taken into account.

2 2 / 17 WDP realises overall investment volume of approximately 100 million euros in 2011, taking into account a constant capital structure. On 31 December 2011, the gearing ratio was 55.1% compared to 55.2% on 31 December The fair value of the portfolio 6 equates to million euros compared to million euros at the end of Through the strong and profitable growth in the second home market in the Netherlands, WDP became market leader in the Benelux. The net asset value 7 of the WDP share on 31 December 2011 was euros, compared with euros on 31 December For the 2012 financial year, WDP expects to achieve a further increase in net current profit to at least 49 million euros 8. Taking into account a payout ratio of 90%, the company forecasts a dividend of 3.10 euros gross per share for the 2012 financial year (payable in 2013), an increase of 5.4% compared to OPERATIONAL & FINANCIAL ACTIVITIES 2.1. Occupancy rate and leasing activity On 31 December 2011, the WDP portfolio achieved an occupancy rate of 96.7%, an increase compared to the occupancy rate of 95.7% on 31 December This positive trend is mainly the result of various lettings in the existing portfolio, including the properties in Nivelles (10,000 m²), Courcelles (10,000 m²), Kortenberg (5,000 m²), Libercourt (6,000 m²) and Seclin (4,000 m²) and numerous contract renewals by existing tenants (with a success rate of nearly 90%), and despite the partial release of rentable office space (4,500 m²) at the Hungaria site in Leuven and a property in Londerzeel (8,500 m²). The rental activity has entirely eliminated the vacancy in Wallonia and France Acquisitions - disinvestments On 1 May 2011, WDP took over the Dutch logistics portfolio of Wereldhave for 42 million euros. 9 It includes six leased logistics sites, mainly in the Randstad. Five of them (in Alkmaar, Amsterdam, Amersfoort, Utrecht and Roosendaal) are leased to DHL Express. A sixth site, in Alphen aan den 6 The portfolio value is composed of investment properties, investment properties in development in view of rentals,, assets held for sale and the fair value of the solar panels. If the solar panels are not taken into consideration, the portfolio value is million euro compared to million euro at the end of The net asset value (excluding the IAS 39 result and before the dividend payment for the current financial year) is the equity capital per share based solely on the estimated individual properties and is not a valuation of WDP in its entirety. 8 This profit forecast is based on the current situation and barring unforeseen circumstances (such as, for example, a further decline in the economic and financial climate) and typical solar insolation. 9 See press releases dated 3 March and 11 April 2011.

3 3 / 17 Rijn, is leased to Iron Mountain. This portfolio generates an annual rental income of 4 million euros which is equivalent to an initial yield of 9.6%. On 12 September, the acquisition of GDP NV (Genk Distribution Platform) was completed. As a result WDP became the owner of a property of 18,000 m² in the Hermespark in Genk, adjoining the existing WDP site, which thereby extends the total area to 50,000 m². 10 Yusen Logistics (formerly NYK) leased the property until the end of In the meantime, a new tenant has been found for the entire building. The total investment was 8.7 million euros and generates an initial yield of 8.6%. On 21 November, WDP acquired a 15,000 m 2 site in Alphen aan den Rijn from a multinational that centralizes its main activities elsewhere in the Netherlands. The transaction concerns three different logistics properties connected to each other that were acquired for a total investment budget of 7 million euros (including the complete renovation). The site will be let out for a fixed period of 10 years beginning in January 2012 to VT Verkerk, a logistics services provider from the Randstad. 11 On 1 December, WDP took over the Betafence distribution centre in Zwevegem for 16.3 million euros. The acquisition was completed through a partial split and payment by the issue of new WDP shares. 12 It is a triple net provision for a fixed period of 20 years with an indexed annual allowance of million euros. This transaction provides a net initial yield for WDP of 7.7%. On 19 December, WDP bought 16 hectares of land in Heppignies near the Charleroi airport for 2.3 million euros excluding the remaining remediation requirements yet to be completed. The site is very strategically located in the heart of economic activity around the airport and near a motorway junction. In 2012, the site will initially be demolished and decontaminated. Additionally, the eighth floor of the office building in Anderlecht was sold for 325,000 euros, a property in Wespelaar was sold for 1.9 million euros and an undeveloped site in the centre of Boom was sold to the district council for 550,000 euros. A receivable for 2.8 million euros was also repaid in advance by tenant Kuehne + Nagel. Finally, WDP is in negotiations for the sale of four smaller, non-strategic sites for a total of 14.3 million euros. These were classified in the published accounts of 31 December 2011 as assets intended for sale Projects In Flémalle, near Liège, a 5,700 m² cross-dock centre was delivered for DPD, which is leasing this property since September 2011 for a fixed period of 15 years. It is the second project between WDP and DPD, the first being the distribution centre at Courcelles. 10 See press release dated 15 July See press releases dated 24 August 2011, 15 November 2011 and 11 January See press release from 30 September and 1 December 2011.

4 4 / 17 Transforming an old industrial site into a contemporary retail park created added value to the project in Merchtem. The pre-let project of 3,000 m² was handed over to Aldi and Brico in September In Puurs, the available surface was renovated in preparation for the long-term lease to Femstaal beginning late Femstaal previously leased warehouses on the Willebroek site, but the Puurs site was more appropriate for the industrial activities of the company. This 'move' also offers WDP the opportunity to realize a new construction project for Distrilog at the site in Willebroek which will be completed in In Libercourt, the remaining 6,000 m² of Phase I of the logistics park was completed and leased. At the Oarja site in Romania, the two announced projects were completed on schedule. Since late September, the German Röchling-Automotive is leasing a 5,000 m² semi-industrial complex for a fixed period of 10 years. The agreement also provides an option to extend an additional 2,500 m². The second project of 7,000 m², also linked to a 10 year contract, was completed at year end and delivered to Pelzer-Pimsa Sustainability During 2011 financial year, solar panel systems were set in operation on roofs at 7 sites in Belgium for a total capacity of 1.8 MWp (megawatt peak) and a total investment of 4.4 million euros. Currently, WDP already has installations with a total capacity of approximately 15 MWp. The company aims to further strengthen its pioneering role in sustainable construction in the logistics real estate industry and continues to pursue a total capacity of approximately 30 MWp to achieve CO 2 -neutrality for the portfolio. WDP is examining various possibilities to achieve this second phase and is considering not only solar, but also wind and other energy sources. Moreover, WDP pursues a policy of 'sustainable warehouses. The sustainable projects in fields such as electricity, heating and insulation are aimed at reducing CO 2 emissions from warehouses within the portfolio, while also lowering the tenant's energy bill. The new property for Distrilog in Willebroek, expected to be completed in the summer of 2012, will be the first logistics site in Belgium to receive a BREEAM certificate with a 'Very Good' rating. 14 The new airport project in Schiphol will also be BREEAM certified 15. This focus on sustainability does not only apply to new projects. Older sites in the portfolio are also being upgraded to modern, efficient and sustainable properties. 13 See press release dated 17 November. 14 idem 15 See section 2.6. Post balance sheet events.

5 5 / Management of financial resources In 2011, a significant investment volume of approximately 100 million euros was achieved for which an appropriate funding strategy was developed in advance to meet the investment requirements as well as maintain the company's capital structure. Thus, of the approximately 100 million euros capital spending, approximately 45 million euros was financed through new equity (by the optional dividend, the Betafence transaction and retained earnings) and the balance via new debt. Moreover, the debt maturities of were proactively addressed and a buffer of credit facilities was created 16. The company's financial resources in 2011 were reinforced successively by: The allocation of an 105 million euros financing package from ABN AMRO Within the framework of funding of its growth plans in the Netherlands, WDP concluded in phases a financing package of 105 million euros with ABN AMRO. The package includes a bullet loan (2 +2 years) for 80 million euros. Furthermore, a short term loan of 25 million euros is also included in the package which ABN AMRO shall make available for financing further WDP growth in the Netherlands. The optional dividend totalling 23 million euros WDP was the first investment company to launch an optional dividend to its shareholders. This was a complete success with more than 70% of WDP shareholders opting to invest their dividend rights in exchange for new shares instead of payment of the dividend in cash. This result led to the creation of 650,437 new shares at an issue price of euros. As a result, the equity of the company was strengthened in May by approximately 23 million euros which created additional investment capacity. The extension of a bilateral credit with BNP Paribas Fortis until 2016 A traditional bilateral revolving credit facility with BNP Paribas Fortis for an amount of 25 million euros, and which was maturing in 2012, was extended until the end of June The capital increase by acquisition of the Betafence distribution centre through a partial split and payment via the issue of new WDP shares In early December, the Extraordinary General Meeting of shareholders approved the acquisition through partial split of the distribution centre of Betafence in Zwevegem for an amount of 16.3 million euros, which gave rise to a capital increase for WDP of (rounded) 16.3 million euros and the issue of 454,146 new WDP shares at an issue price of (rounded) euros per share. 16 See section 2.6. Post balance sheet events.

6 6 / Post balance sheet events In early January 2012, WDP finalised the planned project in the Netherlands, in which the investment company becomes co-developer as well as 100% end investor in a property consisting of 10,000 m² storage space and 1,600 m ² office space on the brand new logistics hotspot of Schiphol Logistics Park from SADC (Schiphol Area Development Company) for a total investment budget of 14 million euros. The project will be built and delivered in phases over the course of the third quarter of Rapid Logistics, specialised in airport-related logistics in the Schiphol region, will become the tenant of the new site, with a 10-year firm lease contract. This access to an absolute top region such as Schiphol, a strategic niche market, secures WDP's position as a key player in the logistics real estate industry in the Netherlands. Thanks to this recent expansion of the Dutch portfolio WDP also becomes market leader in the Benelux. In early February, WDP signed a new financing agreement with KBC Bank. This credit facility concerns a bullet loan of 40 million euros for a term of 6 years ( ) 17. This agreement allows the investment company's core funding with Belgian banks to be reinforced and the financing risk to be distributed across multiple banks. Furthermore, it enhances WDP's funding base to support further growth. Moreover, WDP was also able to extend various credit lines with ING Bank for a total of 75 million euros and termination dates at the end of 2013, with a duration of 6 years ( ) 18. As a consequence, WDP has already proactively extended all termination dates for debts in 2012 and half of the termination dates in FINANCIAL RESULTS 3.1. Summary The net current result of WDP for 2011 amounted to 44.3 million euros. This result implies an increase of 13.4% compared to the result of 39.0 million euros in With this result, WDP is performing well above the initial expectations for and slightly above the updated profit outlook as adjusted in the third quarter numbers 20. This strong increase in net current result is the consequence of the further growth of the WDP portfolio through acquisitions in 2011, for pre-leased projects and the implementation of the solar energy projects which lead to an increase of the property result. In addition, operational and financial costs were actively managed and kept under control. 17 The maturity of the loan can be extended at the discretion of the lender up to two times for a period of one year each time via an extension option, which must be exercised after year 1 and year 2, respectively, as from the start of the credit. 18 idem 19 See press release dated 22 February 2011 as well as the Annual Financial Report See press release dated 15 November 2011.

7 7 / 17 The net current profit per share is 3.42 euros, compared with 3.11 euros for the same period last year, and taking into account the weighted average of outstanding shares for the period 21. This increase of 9.7% means that WDP is on schedule to achieve the proposed 20% profit growth for When the dilution from the newly issued shares in the context of capital increases resulting from the optional dividend and the contribution in kind from the Betafence distribution centre are taken into account, the net current profit in 2011 is 3.25 per share 22. Based on this net current result, the manager of WDP will propose to the General Assembly a total 2011 dividend pay-out of 2.94 euros gross or 2.32 euros net per share. This means maintaining the dividend at 2010 levels. This is the payout ratio 90.5% for The WDP manager intends to offer shareholders an optional dividend again at the General Meeting on 25 April An optional dividend is a dividend payout form in which the shareholders may decide to reinvest the amount of their claim arising from the distribution, as capital for the company in exchange for new shares 23 (in addition to the option to receive the dividend in cash). In other words, the shareholder has the choice of receiving the dividend in cash or in shares. The shareholders will be informed of the practical details of the optional dividend, including the issue price of the shares and the acceptance period, at the General Assembly. 21 The weighted average of outstanding shares for 2011 is 12,958,501, taking into account the creation of 650,437 new shares following the optional dividend and 454,146 as a result of the contribution in kind from the Betafence distribution centre. 22 The total number of dividend-entitled shares over 2011 was 13,638, With an optional dividend, the dividend payout that is linked to a specific number of existing shares shall entitle the shareholder to one new share at an issue price per share that may be discounted compared to the stock market price (or an average stock market price over a given period). The issuance of shares under the optional dividend is subject to the general company law on capital increases. The special regulations on in kind contributions in a closed-end real estate investment company, as stated in Article 13 2 of the Royal Decree of 7 December 2010, shall not apply provided certain conditions are met.

8 3.2. Key figures 8 / 17 KEY FIGURES Operational Fair value of property investments (incl solar panels) (mio EUR) 989,4 889,2 Gross initial yield (incl. vacancy) (%) 1 8,27% 8,30% Net initial yield (EPRA) (%) 2 7,53% 7,52% Average lease length till first break (y) 3 7,2 6,1 Occupancy rate (%) 4 96,9% 95,7% Like-for-like rental growth (%) 5 2,8% n.b. Operating margin (%) 6 91,7% 91,8% Financial Gearing ratio (%) 7 55,1% 55,2% Interest Coverage Ratio (x) 8 3,1x 2,9x Average cost of debt (%) 3,95% 4,28% Average remaining duration of outstanding debt (y) 3,5 3,9 Average remaining duration long-term credit facilities (y) 4,1 5,1 Hedge ratio (%) 9 76% 84% Average remaining duration of hedges (y) 10 6,3 4,9 Result (EUR mio) Property result 69,1 62,7 Operating result (before result for the portfolio) 63,3 57,5 Financial result (excl. IAS 39 result) -18,9-18,5 Net current result 44,3 39,0 Result for the portfolio 2,7-4,2 IAS 39 result -17,3-2,3 Net result 29,7 32,6 Data per share (EUR) Net current result (EPRA) 2, 11 3,42 3,11 Result on the portfolio 0,21-0,33 IAS 39 result -1,34-0,18 Net result 2,29 2,60 NAV (IFRS) 11 29,43 29,62 NAV (EPRA) 2, 11 33,32 32,48 NNNAV (EPRA) 2, 11 29,43 29,62 1 Calculated by dividing the annualized contractual gross (cash) rents by the fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax). 2 Financial performance indicators calculated according to EPRA's (European Public Real Estate Association) Best Practices Recommendations. See 3 Including solar panels that are taken into account at the remaining weighted average duration of green energy certificates. 4 Calculated in relation to the rental values of leased buildings and vacant surfaces and including the income from solar panels. Projects under construction and/or renovation projects are not taken into account. 5 Evolution of the net rental income on a constant portfolio basis. Calculated according to the EPRA Best Practices Recommendations. See 6 The operating margin is obtained by dividing the net property result by the property result. 7 For the method of calculating the gearing ratio, refer to the RD of 7 December 2010 on closed-end real estate companies. 8 Defined as 'operating result before the result for the portfolio' divided by 'interests changes - interests and dividends received - remuneration of finance leases and related products'. 9 Percentage of debt at fixed interest cost or debts covered against variations in interest rates by derivative financial products. 10 Remaining duration of hedges that were undertaken to protect the debt against interest rates variations. 11 NAV = Net Asset Value before profit distribution for the current financial year.

9 9 / Notes to the income statement of 31 December 2011 Property Result The property result in 2011 was 69.1 million euro, an increase of 10.3% over the same period last year (62.7 million euro). The increase is partly achieved by the further growth of the portfolio, mainly in Belgium and the Netherlands through the completion of pre-leased projects in Genk, Tilburg and Nijmegen in 2010, and the acquisition of the portfolio of Wereldhave NL, the acquisition of GDP NV (Genk Distribution Platform) and delivery of new solar panel projects in With 6.2 million euros, solar panels contributed 9% to revenues in the 2011 financial year. On the other hand, this increase is also the result of internal growth through an increase in the occupancy rate and the indexing of rental income. With an unchanged portfolio, the level of rental income over the last 12 months increased by 2.8%. Net property result The net property result in 2011 was 63.3 million euros, an increase of 10.0% over the same period last year (57.5 million euro). The real estate and other general costs amount to 5.8 million euros for the entire financial year, an increase by 0.6 million euros compared to the costs for WDP succeeds in further bringing the costs under control in which the operating margin 24 over 2011 is 91.7% - nearly stable compared to Financial result (excluding IAS 39 result) The financial result (excluding IAS 39 result) was million euros over 2011, a slight increase compared to last year (-18.5 million euros) including an increase in the financial liabilities to 549 million euros compared to 501 million euros at the start of the year. The average interest cost in 2011 was 4.0% compared to 4.3% in This decrease is due to the fact that WDP extended a part of its interest-rate hedging instruments at a lower interest rate. Result on the portfolio The result on the portfolio for the full financial year amounted to +2.7 million euros or euros per share. For the same period last year, this result was -4.2 million euros or per share. This yields the following results for 2011 per country: Belgium (-0.4 million euros), Netherlands (+2.2 million euros), France (+1.8 million euros), Czech Republic (+0.6 million euros) and Romania (-1.5 million euros). IAS result The impact of the IAS 39 result was million euros, or -1.3 per share, in the course of 2011 (compared to -2.3 million euros or per share in 2010). This negative impact is the result of the change in fair value of the interest-rate hedging instruments held (mainly Interest Rate Swaps) as at 31 December 2011, as a result of the sharp decrease of long-term interest rates in the course of The operating margins obtained by dividing the net property result by the property result. 25 The impact of the IAS 39 (non-cash item) is calculated on the basis of the mark-to-market (MtM) value of the interestrate hedging instruments held.

10 10 / 17 The change in the fair value of these interest-rate hedging instruments is incorporated completely through the income statement and not through the company's equity. Because this concerns a noncash and non-realised item, in the analytical presentation of the results it is excluded from the financial result and is shown separately in the income statement. Net result The net current profit and the result for the portfolio and the IAS 39 result, lead in 2011 to a net result of 29.7 million euros (compared to 32.6 million euros in 2010). The difference between the net result of 29.7 million euros and net current result of 44.3 million euros can be attributed to the negative change in real value of the interest-rate hedging instruments (IAS 39 result) and partially offset by the positive change in fair value of the portfolio (see above) Balance Further clarification of the balance of 31 December 2011: Property portfolio According to independent real estate experts Stadim, Cushman & Wakefield, DTZ and BNP Paribas Real Estate, the fair value 26 of the WDP property portfolio in compliance with IAS 40 was million euros on 31 December 2011 compared to million euros at the start of the year. Together with the valuation at fair value of investments in solar panels 27, the total portfolio value increased to million euros as opposed to million euros at the end of This value of million euros includes million euros in completed buildings (standing portfolio). This increase can be largely attributed to the acquisition of the logistics portfolio of Wereldhave in the Netherlands, the takeover of GDP NV (Genk Distribution Platform), the contribution in kind of the Betafence distribution centre, the purchase of the property in Alphen aan den Rijn and to a lesser degree, the implementation of the (100% pre-leased) projects. The projects under construction represent a value of 28.1 million euros including projects on sites at Ternat, Anderlecht, Willebroek and Mollem (Asse) in Belgium, and Venlo and Ridderkerk in the Netherlands. There are also ground reserves in Sint-Niklaas, Nivelles, Courcelles, Heppignies, Libercourt and the landbank in Romania for a fair value of 44.4 million euros. The completed investments in solar panels as of 31 December 2011 were valued at a fair value of 67.0 million euros, including projects in progress with respect to the solar panels which are valued at cost until completion. The total portfolio is currently valued at a gross rental yield of 8.0% 28. The gross rental yield after addition of the estimated market rental value for the unrented parts is 8.3%. 26 For full details on the valuation method used, we refer to the BEAMA press release dated 6 February 2006: 27 The investments in solar panels are valued in compliance with IAS 16 by applying the revaluation model. 28 Calculated by dividing the annualized contractual gross (cash) rentals by the fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax).

11 11 / 17 METRICS STANDING PORTFOLIO Belgium Netherlands France Czech Republic Romania Total Number of lettable sites (#) Gross Lettable Area (m²) Land (m²) Fair value (EUR m) 579,08 210,16 82,61 25,18 25,38 922,40 % of total fair value 63% 23% 9% 3% 3% 100% % change in fair value over ,1% 1,8% 2,3% 4,0% -7,7% 0,4% Vacancy rate (EPRA) 1, 2 4,3% 3,6% 0,7% 0,0% 0,0% 3,6% Average lease length till first break (y) 2 5,6 8,9 3,5 2,8 9,9 6,2 WDP gross initial yield 3 7,7% 9,5% 8,0% 10,5% 9,4% 8,3% Effect of vacancies -0,3% -0,3% -0,1% 0,0% 0,0% -0,3% Adjustment gross to net rental income (EPRA) -0,2% -0,2% -0,1% -0,6% 0,0% -0,2% Adjustment for transfer taxes -0,2% -0,5% -0,2% -0,2% -0,3% -0,2% EPRA net initial yield 1 7,0% 8,6% 7,6% 9,7% 9,1% 7,5% 1 Financial performance indicators calculated according to EPRA's (European Public Real Estate Association) Best Practices Recommendations. Please see 2 Excluding solar panels. 3 Calculated by dividing the annualized contractual gross (cash) rents by the fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax). Net asset value The net asset value per share (excluding the IAS 39 result) totals euro as at 31 December This represents an increase of 0.65 euros compared to the net asset value of euros on 31 December Including the IAS 39 result, the net asset value as at 31 December 2011 is euros per share as opposed to euros on 31 December Financial position The debts and liabilities as included in the calculation of the gearing ratio in compliance with the Royal Decree of 7 December 2010, increased from million to million euros. At the same time, the total assets increased from million to 1,018.9 million euros. The gearing ratio therefore remained nearly stable through 2011, namely 55.1% at the end of December 2011 as opposed to 55.2% on 31 December The weighted average term of WDP s outstanding financial liabilities on 31 December 2011 equates to 3.5 years 29. If only the total drawn and undrawn long-term credit lines are taken into account, the average weighted term amounts to 4.1 years. 30 On 31 December 2011, the total amount of undrawn, long-term confirmed credit lines was 70 million euros 31. Next to that a short-term 29 The short-term liabilities comprise mainly the commercial paper programme which is fully funded by annual revolving backup facilities. 30 Consideration was taken for new financing operations achieved after the balance sheet date (see also 2.6. Post balance sheet events). For some credit lines the lender can decide to prolong the credit by means of an extension option. If this would be the case, the average weighted duration of the long-term credit lines would amount to 4.9 years. 31 Excluding a credit facility from the European Investment Bank to finance pre-leased projects in Romania.

12 12 / 17 credit facility to pre-finance projects in the Netherlands is also available as well as the available short-term lines to finance the dividend, working capital and to cover the commercial paper programme. The average cost of debt in 2011 was 4.0%. The interest coverage ratio 32 was equal to 3.1x for the same period. The financial liabilities are hedged for 416 million euros, primarily through Interest Rate Swaps (IRS) with a weighted average maturity of 6.3 years, which implies a hedge rate of 76%. 4. FORECASTS 2012: WDP expects an increase in net current result to at least 49 million and an increase in the dividend per share by 5.4% to 3.10 euros gross For 2012, WDP remains positive with regard to the further evolution of the net current profit. The basis for this has largely been created through investments made in 2011 equalling approximately 100 million euro and which will fully contribute to the result during the 2012 financial year. In addition, the fundamentals of the company are strong, such as the high occupancy rate, the long lease terms, sustainable average rental levels and a cost of debt that remains under control. In 2012, as in recent years, 10% of the leases will reach their next termination date, of which half could already be extended. Based on currently available information and the present rental market situation, WDP assumes a minimum average occupancy rate of 95% for Furthermore, the accumulated hedging position with the prevailing interest rates ensures that the average cost of debt remains under control at around 4% (including bank margins). Further growth was also assumed by using the investment potential created by the optional dividend and the recently completed new credit facilities for new acquisitions and the projects in progress at Schiphol and Willebroek and taking into consideration a constant capital structure with a debt ratio of 55%. Considering all this, WDP expects a further increase in net current profit to at least 49 million euros. This profit forecast is based on the current situation and barring unforeseen circumstances (such as a further deterioration of the economic and financial climate) and a constant level of solar irradiation. This expected growth should also allow the dividend to grow to 3.10 euros gross per share, taking into account the usual payout ratio of 90%. 32 Defined as "operating result for the result on the portfolio" divided by "interest expenses - interest income and dividends - income from financial leasings and similar."

13 13 / 17 For further information, please contact: Joost Uwents, WDP, Tel: +32 (0) ; joost.uwents@wdp.be or Nathalie Verbeeck, Citigate, Tel: +32 (0) ; nverbeeck@citigate.be The presentation of today s press conference, 15 February 2012, is available as from 12:00pm on the WDP website under the feature Presentations, in the feature Investor Relations. In this presentation you will find more detailed information about the results and plans of WDP. You will also find visuals of the several WDP locations on the website. Closed-end real-estate investment company WDP develops and invests in semi-industrial and logistics property (warehouses and offices). WDP s property portfolio amounts to more than 1.5 million m 2. This international portfolio of semi-industrial and logistics buildings is spread over some 100 sites at prime logistical locations for storage and distribution in Belgium, France, the Netherlands and the Czech Republic. Furthermore, WDP has a ground potential of almost 2 million m2 in Romania. WDP is listed on Euronext Brussels. More information about WDP can be found at WDP Comm VA Closed-end real estate investment company under Belgian law Blakebergen 15, 1861 Wolvertem, Belgium Company number (RPR Brussels) The statutory auditor, Deloitte Bedrijfsrevisoren, represented by Rik Neckebroeck, confirmed not to have any reservation with respect to the accounting information included in this press release and that it corresponds with the financial statements as approved by the Board of Directors.

14 FINANCIAL OVERVIEWS 14 / 17 Key figures 31 December analytic (results and balance sheet) Consolidated results (in EUR x 1.000) 2011.DEC 2010.DEC 2009.DEC Net profit on ordinary activities Net rental results Income from solar energy Other operating income/charges Property result Property costs Corporate overheads Net property result Financial result excl. IAS 39 result Taxes payable on net operating result Latent taxes on net operating result Net current result Result for the portfolio * Changes in fair value of property investments (+/-) Result on disposal of investment property (+/-) Latent taxes on portfolio result Result for the portfolio IAS 39 result Revaluation of financial instruments (IAS 39 impact) Latent taxes on revaluation of IRSs IAS 39 result NET PROFIT In EUR Key ratios Net current result/share** 3,25 3,11 3,14 Net current result/share*** 3,42 3,11 3,14 Result for the portfolio/share *** 0,21-0,33-2,29 Net profits/share *** 2,29 2,60-0,21 Proposed dividend Pay-out ratio (w.r.t. net current result) **** 90,48% 94,47% 94,77% Gross dividend/share 2,94 2,94 2,94 Net dividend/share 2,32 2,50 2,50 Number of shares at the end of the period Weighted average number of shares * Result for the portfolio does not include changes in the fair value of the solar panels, which are valued in compliance with IAS 16 where previuosly mentioned variations appear directly under equity. ** Calculation based on the number of dividend-bearing shares. *** Calculation on the basis of the weighted average number of shares. Until 27 May 2011: shares, from 27 May 2011 until 2 December 2011: shares and as of 2 December 2011: shares. **** The pay-out ratio is calculated on the basis of the consolidated result. The actual payement of dividend will occur on a statutory basis from WDP Comm. VA

15 15 / 17 Consolidated balance (in EUR x 1.000) 2011.DEC 2010.DEC 2009.DEC Intangible fixed assets Investment properties Other material fixed assets (incl. solar panels) Financial fixed assets Financial leasing receivables Trade debtors receivable and other fixed assets Deferred tax assets 836 Fixed assets Assets intended for sale Financial leasing receivables Trade receivables Taxes receivables and other current assets Cash and cash equivalents Deferrals and accruals Current assets TOTAL ASSETS Capital Share premiums Reserves Net profit for the fiscal year Equity Long-term liabilities Short-term liabilities Liabilities TOTAL Liabilities Key ratios In EUR NAV*/share 29,43 29,62 29,27 NAV* (excl. IAS 39 result) /share 33,24 32,58 32,05 Share price 37,06 36,65 33,93 Premium /Discount on price compared with NAV* (excl. IAS 39 result) 11,50% 12,48% 5,87% In EUR x 1000 Fair value for the portfolio (including solar panels) Debts and liabilities included in the gearing Balance total Gearing ratio** 55,09% 55,19% 55,25% * NAV = Net Asset Value or Material Asset Value before profit distribution for the current financial year. ** For the method of calculating the gearing ratio, refer to the RD of 7 December 2010 on closed-end real estate companies.

16 16 / 17 Balance Sheet and Income Statement 31 December IFRS BALANCE SHEET - ASSETS 31/12/ /12/2010 EUR (x1.000) EUR (x1.000) FIXED ASSETS Intangible fixed assets Investment properties Other tangible fixed assets Financial fixed assets Finanical leasing receivables Trade receivables and other fixed assets Deferred tax assets 0 0 CURRENT ASSETS Assets intended for sale Financial leasing receivables 0 88 Trade receivables Tax receivables and other current assets Cash and cash equivalents Deferrals and accruals TOTAL ASSETS BALANCE SHEET - LIABILITIES EQUITY CAPITAL I. Equity capital allocated to the parent company shareholders Capital Share premiums Reserves Net profit for the fiscal year II. Minority interests 0 0 LIABILITIES I Long-term liabilities Provisions Long-term financial debts Other long-term financial liabilities Deffered tax liabilities II Short-term liabilities Short-term financial debts Trade debts and other short-term debts Other short-term liabilities Accrued charges and liabilities TOTAL LIABILITIES

17 17 / 17 INCOME STATEMENT 31/12/ /12/2010 EUR (x1.000) EUR (x1.000) Rental income Rental-related expenses NET RENTAL RESULT Recovered rental charges normally payable by tenants on lent properties Rental charges and taxes normally payable by tenants on lent properties Other rental-related income and expenditure PROPERTY RESULT Technical costs Commercial costs Property management costs Other property costs 0 0 PROPERTY COSTS OPERATING RESULT FOR PROPERTY Corporate overheads OPERATING RESULT BEFORE THE RESULT ON THE PORTFOLIO Result on the disposal of property investments Changes in the fair value of property investments OPERATIONAL RESULT Financial income Interest charges Other financial charges Changes in the fair value of financial assets and liabilities FINANCIAL RESULT RESULT BEFORE TAXES TAX LIABILITIES NET PROFIT NUMBER OF SHARES NET PROFIT PER SHARE (EUR)* 2,29 2,60 NET PROFIT OTHER ELEMENTS OF THE GLOBAL RESULT AFTER TAXES Changes in the fair value of solar panels Exchange rate differences TOTAL RESULT FOR THE FISCAL YEAR ALLOCATIONS TO SHAREHOLDERS WITHIN THE GROUP MINORITY INTERESTS 0 0 * The calculation of the profit/share is done pro rata on the number of dividend-entitled shares. Until 26 May 2011: 12,533,938 shares, from 27 May 2011 until 2 December 2011: 13,184,375 and as from 2 December 2011: 13,638,521 shares.