2012

19 Mar 2012

• Group debt free1 at year end in respect of bank and shareholder loans
• > 84,000 m² of new leases signed in 2011 representing € 4.6 million of committed annualised rent income
• Operating result (before result on portfolio) for the period of € 12.2 million versus € 9.1 million (on a like for like basis2)
• Net profit for the period of € 12.9 million after impact of VGP CZ I and VGP CZ II transactions
• 12 projects under construction representing 110,487 m² of future lettable area
• > 741,000 m² of new land plots already committed to expand land bank and support the future development pipeline, of which 311,000m² were already bought during the second half of 2011
• Completion of the sale of an 80% equity interest in VGP CZ I and VGP CZ II during 2011
• Conclusion of a binding agreement with East Capital to sell the newly built logistics property of 40,000 m² located in Tallinn (Estonia) and conclusion of a second agreement with Property Investors Special Opportunities, L.P. (EPISO) for the sale of an 80% equity interest in VGP CZ IV a.s. The aggregated transaction value is in excess of € 30 million
• The Board of Directors has decided to convene an Extraordinary Shareholders' Meeting³ to propose a further capital reduction in cash of € 15 million (€ 0.81 per share)

^[1] On a net debt basis which is measured as: (Outstanding bank debt + shareholder loans) minus cash
^[2] VGP CZI and VGP CZ II were de-consolidated during 2011. Therefore for comparative purposes the figures as at 31 December 2010 were amended in order to include VGP CZ I only until16 March 2010 and VGP CZ II until 9 November 2010.
^[3] The Extraordinary Shareholders' Meeting is planed to be held on the date as the next General meeting of shareholders i.e. 11 May 2012.