Belgian logistics developer WDP recorded a 34% increase in pre-tax profits in 2015, driven by strong growth in the size of its portfolio through acquisitions and leasing deals.
Belgian logistics developer WDP recorded a 34% increase in pre-tax profits in 2015, driven by strong growth in the size of its portfolio through acquisitions and leasing deals.
The company, which is active across the Benelux, booked profits of €90.9 mln, compared to €67.3 mln the previous year, it said at the publication of its annual results.
Net earnings per share rose by 22.1% to €5.00, from €4.10 in 2014. Its proposed dividend increased by 18% to €4.00 per share.
WDP said it had achieved the targets of its growth plan for 2013-2016 early and set out a new plan taking it up to 2020, with the goal of raising its net earnings per share to a minimum of €6.25.
The company took a dual listing in November on the Euronext index in Amsterdam in November, as well as its home market in Brussels.
Acquisitions and pre-leased projects accounted for €0.50 of the increase in earnings per share, while €0.25 was attributed to reductions in the cost of debt and €0.15 came from one-off lease termination fees in Q4.
The total volume of acquisitions during the year was €235 mln, generating an overall gross rental yield of approximately 7.25%. Major purchases included a strategic XXL site in Bornem, Belgium, acquired through the purchase of 100% of the shares in the company MLB NV, which owns the rights to the site, for €58 mln. Other acquisitions were made in Belgium, the Netherlands and Romania.
The fair value of the portfolio on December 31 2015 was €1.93 bn, compared to €1.57 bn at the end of 2014. The gearing ratio was 55.7%.
Occupancy was 97.5% at year-end, stable when compared to 2014’s figure of 97.6%.
WDP said it had achieved the total investment volume of €800 mln set out in its 2013-16 growth plan and aimed to increase the value of its portfolio to €3 bn by 2020.